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National Vision Holdings, Inc. (EYE) stock

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NASDAQ: EYE Nasdaq Other Specialty Retail Next results ~November 12, 2026

C+ Fundamentals grade

National Vision Holdings, Inc. is a US-listed company in the other specialty retail industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$9.5

Cash-flow model

Base case. Range ~$6.5–$13 across our lower- and higher-growth cases (4.2%–14.2% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 44% below it.

Price used: $17.13, November 2, 2026

National Vision Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 2 selling1 purchase and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds124 adding, 140 cuttingOf 52 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter National Vision Holdings files

Where National Vision stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $2.03bn, up 7.8% on a year earlier, slower than the 9.2% growth a quarter earlier. Free-cash-flow margin held at 2.4%. Operating margin widened to 4.1% from 0.4%. The diluted share count is up 2.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $9.38 a share, against a share price of $17.84. At that price, our model says the market is pricing in about 17.9% a year of cash-flow growth for five years, faster than the -0.4% a year revenue growth it has delivered.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

National Vision Holdings, Inc.'s trailing-twelve-month revenue grew 7.8% year on year, with a free-cash-flow margin of 2.4%.

Our discounted-cash-flow model values the business at ~$9.5 per share in the base case (~$6.5–$13 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 37% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 3.6 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $17.13 is 44% above our value per share of $10.
  • Share dilution. Diluted shares rose 2.6% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 52% and a beta of 0.9 against the S&P 500.
  • Below peers: change in growth rate. Change in growth rate of -1.4pp ranks 27 of 35 other specialty retail companies we cover (median -0.2pp).
  • Heavily shorted. 28.3% of the shares available to trade are sold short (7.5 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
$0.25 against an average estimate of $0.18: beat by 37.4%
Revenue
$499m, up 2.5% on a year earlier
Share reaction
-13.6% in the first session after the results on August 12, 2026, against +0.9% for the S&P 500
Guidance given
new Stores 30 to 35 (fiscal 2026); adjusted Comparable Store Sales Growth growth 3% to 5% (fiscal 2026)
Next report
November 12, 2026; average EPS estimate $0.17

National Vision Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.3%
  • 1 week-3.8%
  • 1 month+4.5%
  • This year-33.7%
  • 1 year-33.5%
  • 5 years-73.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2B
Operating margin
4.1%
Net margin
2.5%
EPS (TTM, diluted)
$0.62

Growth

Revenue growth
+7.8%
Change in growth rate
−1.4 pts
Share count change
+2.6%

Cash

Free cash flow (TTM)
$49.1M
FCF margin
2.4%
Stock pay % of revenue
1.2%

Earnings

Last results
August 12, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

National Vision Holdings, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 16.8% a year of cash-flow growth for five years.That is faster than the -0.4% a year revenue growth National Vision Holdings has delivered.

  • Priced in16.8%
  • Last 12 months7.8%
  • 3 years a year10.6%
  • 5 years a year-0.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($16.92, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$9.5
Price used
$16.92close November 3, 2026
Implied change
▼ 44%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of National Vision Holdings, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($40.4M, FY2026 Q2 TTM), growing 5.2% and 8% in the next two years (forecasts, guidance and its record), then back to 9.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$6.5–~$13 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of National Vision Holdings, Inc.'s free cash flow after stock-based pay ( $40.4M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value National Vision Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$9.5 ~$6.5–$13 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$12 ~$8.5–$20 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$3.5 ~$2.1–$5.3 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$0.8 ~$0.7–$0.8 Left out: out of range vs price (0.04x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$8.6 ~$3.5–$12 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare National Vision Holdings, Inc. with Other Specialty Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −50%
  • Last year's free-cash-flow margin change, if it persists ▼ −23%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $5$7$11$16$22$29
8.5% $3$5$8$11$15$21
10% $2$4$5$8$11$15

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$40.61$28.98$33.10$45.29$47.99$38.76$20.93$10.57$25.95$17.13
Market value$2.5bn$2.3bn$2.7bn$3.7bn$4.6bn$3.1bn$1.6bn$831m$2.1bn$1.4bn
+ Net debt (− = net cash)$565m$561m$530m$346m$264m$338m$311m$276m$207m$202m
Enterprise value$3.1bn$2.9bn$3.2bn$4.1bn$4.9bn$3.5bn$2.0bn$1.1bn$2.3bn$1.6bn
Multiples
Price / sales 1.8x1.5x1.6x2.2x2.2x1.9x0.9x0.5x1.1x0.7x
Price / earnings 58.4x96.8x82.4x103.4x36.0x73.9x——70.6x27.7x
Price / free cash flow —n/m42.4x23.7x28.2xn/m28.2x21.8x28.5x28.4x
EV / EBITDA 24.4x24.4x20.1x22.9x17.9x24.4x17.1x13.7x15.3x9.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

34 /100

Weak moat

How hard National Vision Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.1% of total assets over 9 years.

  • Durability 0 / 20

    Operating margin has been a median 3.0%; its worst year was -0.3%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 9 of 9 years, at a median 2.3% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 9.9% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (39 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, before the open. Analysts expect revenue of $513m and EPS of $0.17 (range $0.10 to $0.22) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.01 +26% $2.1bn +4%
Next $0.96 +38% $2.2bn +5%

Next year's EPS estimate has moved +2.9% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.7% on 90 days ago. In the last 30 days, 7 analysts raised National Vision Holdings, Inc.'s forecast and 1 cut it.

Consensus EPS forecast National Vision Holdings, Inc., last 90 days
$0.92 $0.94 $0.96 $0.98 $1.00 $1.02 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.96 Current fiscal year, 60 days ago: $1.01 Current fiscal year, 30 days ago: $1.01 Current fiscal year, 7 days ago: $1.01 Current fiscal year, Now: $1.01 $1.01 Next fiscal year, 90 days ago: $0.94 Next fiscal year, 60 days ago: $0.96 Next fiscal year, 30 days ago: $0.96 Next fiscal year, 7 days ago: $0.96 Next fiscal year, Now: $0.96 $0.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.96$0.94
60 days ago $1.01$0.96
30 days ago $1.01$0.96
7 days ago $1.01$0.96
Now $1.01$0.96

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.18 $0.25 +37.4%
Mar 2026 $0.43 $0.45 +5.3%
Dec 2025 $0.06 $0.15 +148.8%
Sept 2025 $0.13 $0.13 +0.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 12, 2026
  • Net Revenue fiscal 2026 $2.037bn to $2.076bn
    “Net Revenue $2.033 billion - $2.091 billion $2.037 billion - $2.076 billion” source
  • Adjusted Diluted EPS fiscal 2026 $0.94 to $1.09 Non-GAAP
    “Adjusted Diluted EPS (2)(3) $0.85 - $1.09 $0.94 - $1.09” source
  • New Stores fiscal 2026 30 to 35 Maintained
    “New Stores (1) 30-35 30-35” source
  • Adjusted Comparable Store Sales Growth fiscal 2026 3% growth to 5% growth Non-GAAP Narrowed
    “Adjusted Comparable Store Sales Growth (2) 3.0% - 6.0% 3.0% - 5.0%” source
  • Adjusted Operating Income fiscal 2026 $119m to $139m Non-GAAP Raised
    “Adjusted Operating Income (2) $107 million - $133 million $119 million - $139 million” source
  • Depreciation and Amortization fiscal 2026 $92m to $93m
    “Depreciation and Amortization (4) $88 million - $92 million $92 million - $93 million” source
Show 3 more items
  • Interest fiscal 2026 $11m to $13m
    “Interest (5) $14 million - $16 million $11 million - $13 million” source
  • Tax Rate fiscal 2026 about 30%
    “Tax Rate (6) 28% ~30%” source
  • Capital Expenditures fiscal 2026 $72m to $76m
    “Capital Expenditures $73 million - $78 million $72 million - $76 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows National Vision Holdings, Inc.'s revenue by +5.2% next year and +8.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.8%, weight 55%) , management guidance (+3.7%, weight 19%) and the company's own record (+9.2%, weight 26%) . How the weights are set.

Analyst recommendations

11 analysts, Nov 2026
Buy873%
Hold327%
Sell00%

Monthly trend

  1. Nov 202617311
  2. Oct 202618312
  3. Sep 202618312

Counts of recommendations published by analysts covering National Vision Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
28.3%
of tradable shares
Days to cover
7.46
at average volume
Short interest, 1 month
+0%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.7%
of shares
Employees
13,138
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −33.5%

$25.75 on October 31, 2025 to $17.13

ThenNowEffect
Revenue (last 12 months) $1.9bn $2.0bn +7.8%
P/S multiple 1.1x 0.7x −36.7%
Share count 79m 81m −2.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +0.4%

$17.06 on November 3, 2023 to $17.13

ThenNowEffect
Revenue (last 12 months) $1.5bn $2.0bn +35.2%
Net margin 1.7% 2.5% +42.4%
P/E multiple 51.6x 27.7x −46.4%
Share count 79m 81m −2.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EYE+6%−19%−46%−50%+148%−34%
Industry peers (median)+44%−35%+3%−20%−11%−17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EYE58%42%42%33%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EYE−30%−53%−68%−59%−20%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 27, 2017: 85% from November 5, 2021 to September 6, 2024. Getting back needed a 571% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$15.44 – $29.46
From 52-week high
−41.9%
vs 50-day average
+0.6%
vs 200-day average
−19.5%
Volatility (1 year)
52%
Beta vs S&P 500
0.91

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±11.6%
After a week
5 up, 7 down
typical move ±12.7%
After a month
5 up, 7 down
typical move ±18.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 12, 2026 −13.6% +0.9% −14.2% −21.6%
May 13, 2026 −15.4% +1.4% −19.6% −11.1%
March 4, 2026 +9.2% +0.1% +0.2% −11.0%
November 5, 2025 −8.3% −0.7% −3.4% +14.4%
August 6, 2025 −2.6% +0.7% −6.4% −5.4%
May 7, 2025 +25.1% +1.1% +39.8% +57.8%
February 26, 2025 +8.1% −1.5% +6.1% +15.9%
January 16, 2025 −0.2% +0.8% +4.4% +13.1%
November 6, 2024 −4.7% +3.3% −9.3% −8.0%
August 7, 2024 −21.6% +1.6% −25.1% −30.7%
May 8, 2024 −15.2% +0.6% −10.4% −19.3%
February 27, 2024 +14.7% +0.1% +13.3% +10.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How National Vision Holdings, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

National Vision Holdings, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) National Vision Holdings, Inc.
$1.4B $1.6B $1.8B $2B $2.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.4B Revenue (TTM), FY23 Q4: $1.8B Revenue (TTM), FY24 Q1: $1.8B Revenue (TTM), FY24 Q2: $1.8B Revenue (TTM), FY24 Q3: $1.8B Revenue (TTM), FY24 Q4: $1.8B Revenue (TTM), FY25 Q1: $1.9B Revenue (TTM), FY25 Q2: $1.9B Revenue (TTM), FY25 Q3: $1.9B Revenue (TTM), FY25 Q4: $2B Revenue (TTM), FY26 Q1: $2B Revenue (TTM), FY26 Q2: $2B $2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.4B
FY23 Q4 $1.8B
FY24 Q1 $1.8B
FY24 Q2 $1.8B
FY24 Q3 $1.8B
FY24 Q4 $1.8B
FY25 Q1 $1.9B
FY25 Q2 $1.9B
FY25 Q3 $1.9B
FY25 Q4 $2B
FY26 Q1 $2B
FY26 Q2 $2B
Revenue growth, TTM YoY National Vision Holdings, Inc.
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -28.3% Revenue growth, TTM YoY, FY23 Q4: 6.8% Revenue growth, TTM YoY, FY24 Q1: 12.2% Revenue growth, TTM YoY, FY24 Q2: 19.3% Revenue growth, TTM YoY, FY24 Q3: 25.2% Revenue growth, TTM YoY, FY24 Q4: 3.8% Revenue growth, TTM YoY, FY25 Q1: 4.3% Revenue growth, TTM YoY, FY25 Q2: 5.1% Revenue growth, TTM YoY, FY25 Q3: 6.3% Revenue growth, TTM YoY, FY25 Q4: 9.0% Revenue growth, TTM YoY, FY26 Q1: 9.2% Revenue growth, TTM YoY, FY26 Q2: 7.8% 7.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -28.3%
FY23 Q4 6.8%
FY24 Q1 12.2%
FY24 Q2 19.3%
FY24 Q3 25.2%
FY24 Q4 3.8%
FY25 Q1 4.3%
FY25 Q2 5.1%
FY25 Q3 6.3%
FY25 Q4 9.0%
FY26 Q1 9.2%
FY26 Q2 7.8%
Operating margin (TTM) National Vision Holdings, Inc.
-2% 0% 2% 4% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 1.3% Operating margin (TTM), FY23 Q4: 1.4% Operating margin (TTM), FY24 Q1: 1.1% Operating margin (TTM), FY24 Q2: 0.8% Operating margin (TTM), FY24 Q3: 0.2% Operating margin (TTM), FY24 Q4: -0.6% Operating margin (TTM), FY25 Q1: -0.4% Operating margin (TTM), FY25 Q2: 0.4% Operating margin (TTM), FY25 Q3: 1.4% Operating margin (TTM), FY25 Q4: 3.0% Operating margin (TTM), FY26 Q1: 3.9% Operating margin (TTM), FY26 Q2: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 1.3%
FY23 Q4 1.4%
FY24 Q1 1.1%
FY24 Q2 0.8%
FY24 Q3 0.2%
FY24 Q4 -0.6%
FY25 Q1 -0.4%
FY25 Q2 0.4%
FY25 Q3 1.4%
FY25 Q4 3.0%
FY26 Q1 3.9%
FY26 Q2 4.1%
FCF margin (TTM) National Vision Holdings, Inc.
0% 2% 4% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 2.9% FCF margin (TTM), FY23 Q4: 3.3% FCF margin (TTM), FY24 Q1: 0.9% FCF margin (TTM), FY24 Q2: 2.0% FCF margin (TTM), FY24 Q3: 1.5% FCF margin (TTM), FY24 Q4: 2.1% FCF margin (TTM), FY25 Q1: 2.5% FCF margin (TTM), FY25 Q2: 3.0% FCF margin (TTM), FY25 Q3: 4.3% FCF margin (TTM), FY25 Q4: 3.7% FCF margin (TTM), FY26 Q1: 5.2% FCF margin (TTM), FY26 Q2: 2.4% 2.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 2.9%
FY23 Q4 3.3%
FY24 Q1 0.9%
FY24 Q2 2.0%
FY24 Q3 1.5%
FY24 Q4 2.1%
FY25 Q1 2.5%
FY25 Q2 3.0%
FY25 Q3 4.3%
FY25 Q4 3.7%
FY26 Q1 5.2%
FY26 Q2 2.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar National Vision Holdings took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2B
  2. Selling, general and admin $1B · 51.1%
  3. Other operating costs $912M · 45.9%
  4. Operating income $58.8M · 3.0%
  5. Income tax $12.1M · 0.6%
  6. Interest and other $17.1M · 0.9%
  7. Net income $29.6M · 1.5%

Shares of revenue. Source: National Vision Holdings's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Jan 2016 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Jan 2021 2021 Jan 2022 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Jan 2026 LTM Jul 2026
Income
Revenue 1,063 1,196 1,375 1,537 1,724 1,712 2,080 1,645 1,756 1,823 1,987 2,033
Gross profit 571 651 738 823 — — — — — — — —
EBITDA 89 117 126 117 161 179 272 141 114 81 150 175
Operating income 45 64 64 42 74 87 175 53 24 −10 59 83
Net income 4 13 43 24 33 36 128 42 −66 −28 30 50
Diluted EPS $0.06 $0.23 $0.70 $0.30 $0.40 $0.44 $1.43 $0.52 −$0.84 −$0.36 $0.37 $0.62
Growth (year on year)
Revenue — +12.6% +15.0% +11.7% +12.2% −0.7% +21.5% −20.9% +6.8% +3.8% +9.0% +7.8%
EBITDA — +31.6% +8.2% −7.6% +37.8% +11.1% +52.3% −48.0% −19.2% −29.2% +85.2% +76.6%
Operating income — +43.4% +0.3% −34.1% +73.7% +18.3% +101.1% −69.8% −53.6% — — —
Net income — — — −45.2% — — +253.5% −67.2% −256.5% — — —
Diluted EPS — — — −57.1% — — +225.0% −63.6% −261.5% — — —
Margins
Gross margin 53.8% 54.5% 53.7% 53.6% — — — — — — — —
EBITDA margin 8.4% 9.8% 9.2% 7.6% 9.3% 10.4% 13.1% 8.6% 6.5% 4.4% 7.5% 8.6%
Operating margin 4.2% 5.4% 4.7% 2.8% 4.3% 5.1% 8.4% 3.2% 1.4% −0.6% 3.0% 4.1%
Net margin 0.3% 1.1% 3.1% 1.5% 1.9% 2.1% 6.2% 2.6% −3.8% −1.6% 1.5% 2.5%
Free-cash-flow margin 0.6% 0.6% −0.2% 0.1% 3.7% 9.2% 7.9% 0.3% 3.3% 2.1% 3.7% 2.4%
Cash flow
Cash from operations 83 98 90 107 165 235 259 119 173 134 146 130
Capital spending 77 90 93 104 101 77 96 114 115 96 73 81
Free cash flow 6 8 −3 2 64 158 163 6 58 38 73 49
Stock-based pay 7 4 5 21 13 11 15 14 20 17 24 25
Free cash flow after stock pay −1 3 −8 −19 51 147 149 −8 38 21 50 24
Balance sheet
Cash 6 5 4 17 39 374 306 229 150 74 39 36
Total debt 0 746 569 578 570 720 570 568 461 350 246 238
Net debt (negative = net cash) −6 741 565 561 530 346 264 338 311 276 207 202
Diluted shares 56m 57m 62m 79m 82m 83m 96m 80m 79m 79m 81m 81m
Returned to shareholders
Dividends 146 0 171 0 0 — — — — — — —
Buybacks — 0 0 2 26 1 73 84 28 3 3 32
Total returned 146 0 171 2 26 1 73 84 28 3 3 32

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · July 4, 2026
What it owns · $2.0bn
Short-term assets $227mLonger-term assets $1.8bn
What it owes, and who funded it · $1.3bn
Short-term liabilities $383mShareholders' equity $897m
  • Short-term assets cover short-term liabilities $227m of assets due within a year against $383m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $36m of cash against $230m of debt.
  • Debt below 40% of shareholders' equity Debt is 26% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 59% to 26% over five years.
  • A year's operating cash flow covers at least 20% of debt $130m of operating cash flow against $230m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From National Vision Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$32.1M
Buybacks, last 3 fiscal years
$34.7M
Diluted share count
+2.6%
year over year
Total shareholder yield
2.4%
dividends 0.0% + buybacks 2.4% of market value
Sales & admin spending
49.8%
of revenue
Days sales outstanding
6 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in other specialty retail
Last 12 months unless stated EYE HZO ONEW SVV IMMR BNED Median
Revenue, last 12 months $2.0bn $2.2bn $1.8bn $1.7bn $1.7bn $1.7bn $1.2bn
Revenue growth, last 12 months 7.8% −5.4% 1.3% 10.0% 4.1% 5.0% 4.0%
Revenue growth, 3-year average 10.6% −2.1% −1.2% 5.8% 259.7% 3.4% 2.6%
Revenue growth, latest quarter 2.5% −7.0% −4.0% 7.4% 0.8% 0.8% 2.3%
Gross margin 52.8% 34.2% 23.5% 26.3% 100.0% 21.4% 36.5%
Operating margin 4.1% 3.0% −5.1% 7.7% 1.9% 2.5% 2.2%
Operating margin, 3-year average 1.8% 3.5% −1.8% 7.5% 7.7% 0.9% 1.5%
Net margin 2.5% 0.2% −6.7% 1.4% 0.6% 1.3% 0.8%
Cash from operations / revenue 6.4% 10.0% 3.7% 11.8% 4.5% 3.8% 5.5%
Free-cash-flow margin 2.4% 8.1% 3.1% 4.7% 3.5% 2.8% 3.0%
Free-cash-flow margin, 3-year average 2.5% 0.4% 2.5% 3.9% −9.0% −0.3% 2.7%
Stock pay / revenue 1.2% 0.6% 0.7% 1.4% 0.5% 0.3% 0.6%
Change in share count 2.6% −4.7% — −2.2% 1.0% 10.9% 0.7%

Median of all 35 companies we cover in other specialty retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 other specialty retail companies
Measure Company Peer median Rank
Revenue growth Growth 7.8% 4.0% 14 of 35
Change in growth rate Growth -1.4pp -0.2pp 27 of 35
Operating margin Profitability 4.1% 2.2% 12 of 33
Net margin Profitability 2.5% 0.8% 14 of 35
Free-cash-flow margin Cash generation 2.4% 3.1% 20 of 34
Stock pay as % of revenue Cash generation 1.2% 0.7% 22 of 30
Long-term debt as % of assets Balance sheet 10.9% 14.2% 12 of 26
Change in share count Balance sheet 2.6% 0.6% 21 of 33
Days sales outstanding Balance sheet 6 days 13 days 5 of 20

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 3, 2026
Products and services
Line of business Revenue Share YoY
Product Sales $1.6B 80.7% ▲ 9.7%
Eyeglasses and Sunglasses $1.3B 79.1% ▲ 10.8%
Contact Lenses $324M 20.2% ▲ 5.5%
Accessories and Other $11.3M 0.7% ▲ 11.6%
Services and Plans $383M 19.3% ▲ 6.3%
Exam $255M 66.5% ▲ 9.0%
Product Protection Plans $73.6M 19.2% ▲ 1.0%
Eyecare Clubs $54.6M 14.3% ▲ 1.7%

From National Vision Holdings, Inc.'s 10-K filed March 4, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.9B
Institutions reporting
230
Shares held vs prior quarter
▲ 5.0%
Positions opened / closed
41 / 65

Top buyers and sellers, Q2 2026: 124 institutions bought and 140 sold ; the biggest buyer was Engine Capital Management, LP (+3.5M shares) and the biggest seller Driehaus Capital Management LLC (−3.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $230M 12.1M 12.1% ▲ 5.0%
Wellington Management Group LLP $146M 7.7M 7.7% ▲ 39.6%
Vanguard Portfolio Management LLC $103M 5.4M 5.4% ▼ 5.5%
William Blair Investment Management, LLC $90.2M 4.7M 4.7% ▲ 12.3%
FMR LLC $77.4M 4.1M 4.1% ▲ 273.3%
Engine Capital Management, LP $66.9M 3.5M 3.5% ▲ 36814.9%
State Street Corp $65.9M 3.5M 3.5% ▲ 9.0%
Vanguard Capital Management LLC $64.6M 3.4M 3.4% ▼ 1.1%
Dimensional Fund Advisors LP $64.3M 3.4M 3.4% ▲ 10.5%
Ameriprise Financial Inc $59.9M 3.1M 3.1% ▲ 142.4%
Glenview Capital Management, LLC $59M 3.1M 3.1% ▲ 98.0%
Boston Partners $42.7M 2.2M 2.2% ▲ 57.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not National Vision Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $776,000 1 trade by 1 insider, last 12 months Insider sales History → $1.3M 3 trades by 2 insiders · 100% under pre-set plans
Net ▼ $498,117 net selling
Insider Date Trade Shares Price Value
Nicholson Michael J Director June 5, 2026 Buy 50,000 $15.52 $776,000
Wilkes Alexander Chief Executive Officer March 11, 2026 Sell pre-set plan 35,000 $26.54 $928,900
Fahs L Reade Executive Chairman March 6, 2026 Sell pre-set plan 4,071 $29.57 $120,379
Fahs L Reade Executive Chairman March 6, 2026 Sell pre-set plan 7,601 $29.58 $224,838

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in National Vision Holdings, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded March 20, 2019, filed April 8, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 12, 2026
  • May 13, 2026
  • March 4, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on National Vision Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

National Vision Holdings, Inc. in brief

What does National Vision Holdings, Inc. do?
National Vision Holdings, Inc. is a US-listed company in the other specialty retail industry. Its financial year ends in December.
What is National Vision Holdings, Inc.'s stock ticker?
National Vision Holdings, Inc. trades under the ticker EYE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is National Vision Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, National Vision Holdings, Inc. reported revenue of $2B, 7.8% higher than a year earlier, according to its SEC filings.
What is National Vision Holdings, Inc.'s free cash flow?
National Vision Holdings, Inc.'s free-cash-flow margin is 2.4% of revenue over the trailing twelve months, ranking 20 of the 34 other specialty retail companies we cover.
What is National Vision Holdings, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of National Vision Holdings, Inc.'s free cash flow after stock-based pay gives ~$9.5 per share in the base case, and ~$6.5–$13 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are National Vision Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Wellington Management Group LLP and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is National Vision Holdings, Inc. buying back stock, and does it pay a dividend?
National Vision Holdings, Inc. spent $32.1M on share repurchases over the trailing twelve months, and its diluted share count still rose 2.6% over the year.
What is National Vision Holdings, Inc.'s market cap?
On November 2, 2026, National Vision Holdings, Inc.'s market capitalisation was about $1.4B, with a price-to-earnings ratio of 27.7 and net debt of $202M. Market figures come from third-party market data and may be delayed.
How much debt does National Vision Holdings, Inc. have?
National Vision Holdings, Inc.'s debt-to-equity ratio is 25.7%, from its latest balance sheet (58.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are National Vision Holdings, Inc.'s competitors?
In our Other Specialty Retail peer group, the companies closest to National Vision Holdings, Inc. are Marinemax Inc, Onewater Marine Inc., Savers Value Village, Inc., Immersion Corp and Barnes & Noble Education, Inc. The side-by-side comparison below sets their revenue, margins and growth against National Vision Holdings, Inc.'s.
Are insiders buying or selling National Vision Holdings, Inc. stock?
Over the last 12 months, National Vision Holdings, Inc.'s directors and officers reported 1 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is National Vision Holdings, Inc.'s next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — National Vision Holdings, Inc. announces its own schedule.