National Vision Holdings, Inc. key statistics and ratios

In fiscal 2025, National Vision Holdings, Inc. had return on equity of 3.5%, an operating margin of 3.0%, debt equal to 28.3% of equity and a current ratio of 0.55. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

National Vision Holdings, Inc.: financial ratios, annual
Fiscal year	2015Jan 2016	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Jan 2021	2021Jan 2022	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Jan 2026	LTMJul 2026
Gross margin	53.8%	54.5%	53.7%	53.6%	—	—	—	—	—	—	—	—
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%
Return on equity	0.9%	3.4%	8.0%	3.3%	4.3%	4.3%	14.0%	4.6%	−7.6%	−3.5%	3.5%	5.7%
Return on assets	—	0.9%	2.8%	1.5%	1.8%	1.7%	5.5%	1.8%	−3.0%	−1.4%	1.5%	2.5%
Asset turnover	—	0.78	0.88	0.95	0.93	0.78	0.90	0.72	0.79	0.87	1.00	1.03
Current ratio	—	0.74	0.82	1.01	0.86	1.72	1.50	1.38	1.00	0.53	0.55	0.59
Debt to equity	0.0%	186.6%	83.9%	77.8%	73.4%	79.4%	61.6%	63.0%	55.6%	42.9%	28.3%	26.5%
Interest cover (operating income ÷ interest)	1.2x	1.6x	1.2x	1.1x	2.2x	1.8x	6.8x	—	—	—	—	—
Effective tax rate	32.8%	46.6%	—	—	−7.6%	6.2%	14.1%	29.7%	62.9%	—	29.0%	26.3%
SG&A as % of revenue	44.6%	44.0%	43.6%	44.7%	43.2%	42.4%	43.3%	50.6%	51.5%	51.5%	51.1%	49.8%
Capital spending as % of revenue	7.3%	7.5%	6.8%	6.8%	5.9%	4.5%	4.6%	6.9%	6.5%	5.2%	3.7%	4.0%
Free cash flow ÷ net income	165.2%	56.7%	−6.9%	9.0%	194.4%	436.0%	127.4%	13.4%	—	—	248.2%	97.6%
Dividends ÷ net income	>999%	0.0%	396.4%	0.0%	0.0%	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	>999%	2.5%	—	90.3%	40.2%	0.4%	44.8%	>999%	48.8%	8.1%	4.4%	65.5%

US$ thousands unless shown otherwise. Fiscal quarters.

National Vision Holdings, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Jan 2026	2026 Q1Apr 2026	2026 Q2Jul 2026
Operating margin	−2.0%	−5.8%	5.1%	3.4%	2.0%	1.3%	8.3%	4.3%
Net margin	−1.9%	−6.5%	2.8%	1.8%	0.7%	0.7%	5.7%	2.5%
Free-cash-flow margin	0.9%	−0.4%	2.4%	8.7%	6.2%	−2.2%	8.1%	−2.8%
Current ratio	0.57	0.53	0.54	0.52	0.53	0.55	0.62	0.59
Debt to equity	40.5%	41.3%	40.0%	30.7%	28.3%	27.2%	26.0%	25.7%
SG&A as % of revenue	51.8%	53.3%	50.1%	50.8%	51.8%	51.9%	47.1%	48.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: EYE vs HZO EYE vs ONEW EYE vs SVV

More: Other Specialty Retail stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from National Vision Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to National Vision Holdings, Inc.