National Vision Holdings, Inc.
- Open
- 19.01
- Day high
- 19.38
- Day low
- 18.78
- Prev close
- 19.01
- Volume
- 434K
- Mkt cap
- $1.5B
- P/E (TTM)
- 32.5
- EPS (TTM)
- $0.58
- P/B
- 1.7
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▲Insiders net buying $776K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions mixed (13F)
National Vision Holdings, Inc. (EYE) is a Consumer Cyclical company listed on NASDAQ. The stock is down 21% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4).
National Vision Holdings, Inc. (EYE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EYE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 13, 2026 | $0.43 | $0.45 | +4.7% | $544M | -0.2% |
| Mar 4, 2026 | $0.06 | $0.15 | +148.8% | $503M | +1.6% |
| Nov 5, 2025 | $0.12 | $0.13 | +8.3% | $487M | -1.6% |
| Aug 6, 2025 | $0.13 | $0.18 | +38.5% | $486M | +3.2% |
| May 7, 2025 | $0.29 | $0.34 | +17.2% | $510M | +9.4% |
| Feb 26, 2025 | $-0.07 | $-0.04 | +42.9% | $437M | +0.1% |
| Feb 27, 2024 | $-0.09 | $-0.02 | +77.8% | $506M | +1.3% |
| Nov 9, 2023 | $0.06 | $0.15 | +150.0% | $532M | +6.5% |
| Aug 10, 2023 | $0.15 | $0.17 | +13.3% | $525M | +0.0% |
| May 11, 2023 | $0.19 | $0.31 | +63.2% | $562M | +1.9% |
| Mar 1, 2023 | $-0.06 | $-0.08 | -33.3% | $469M | -0.6% |
| Nov 10, 2022 | $0.13 | $0.15 | +15.4% | $499M | -0.8% |
EYE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | Hepner Virginia Adirector | Grant | 11,350 | — |
| Jun 22, 2026 | Johnson Susan Sdirector | Grant | 11,350 | — |
| Jun 22, 2026 | OFarrell Susan Cdirector | Grant | 14,571 | — |
| Jun 22, 2026 | Nicholson Michael Jdirector | Grant | 11,350 | — |
| Jun 22, 2026 | Armario Josedirector | Grant | 16,258 | — |
| Jun 22, 2026 | Zulla Caitlindirector | Grant | 16,258 | — |
| Jun 22, 2026 | McGrann James M.director | Grant | 11,350 | — |
| Jun 22, 2026 | Kelman Naomidirector | Grant | 11,350 | — |
| Jun 9, 2026 | Nicholson Michael Jdirector | Buy | 50,000 | $15.52 |
| Apr 30, 2026 | Brandman Jaredofficer: Chief Legal & Strategy Officer | Tax | 842 | $22.39 |
| Apr 30, 2026 | Brandman Jaredofficer: Chief Legal & Strategy Officer | Option | 1,890 | — |
| Apr 1, 2026 | Laden Christopherofficer: Chief Financial Officer | Tax | 9,702 | $25.90 |
| Apr 1, 2026 | Laden Christopherofficer: Chief Financial Officer | Option | 26,082 | — |
| Mar 12, 2026 | Wilkes Alexanderdirector, officer: Chief Executive Officer | Sell | 35,000 | $26.54 |
| Mar 9, 2026 | FAHS L READEdirector, officer: Executive Chairman | Sell | 4,071 | $29.57 |
Source: EYE SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full EYE insider & 13F page →National Vision Holdings, Inc. company profile
Overview
National Vision Holdings, Inc. (NASDAQ:EYE) is one of the largest optical retail chains in the United States, operating over 1,200 stores across multiple brands. Founded in 1990 and headquartered in Duluth, Georgia, the company went public in 2017. National Vision provides affordable eyeglasses, contact lenses, and eye exams through its network of retail locations and e-commerce platforms, positioning itself as a value-oriented provider of essential vision care services.
Business
National Vision operates in the optical retail industry, which sits at the intersection of healthcare and consumer retail. The company provides vision care products and services through two primary business segments: Owned & Host Segment represents the majority of operations and includes company-owned retail stores operating under several brand names. America's Best Contacts & Eyeglasses is the flagship brand, offering a signature value proposition of two pairs of eyeglasses plus a free eye exam for $79.95. Eyeglass World focuses on quick turnaround with glasses ready in about an hour, targeting customers who need immediate solutions. The company also operates Vista Optical stores and provides vision services within Fred Meyer locations. Legacy Segment historically included partnerships with major retailers, most notably operating Vision Centers within Walmart stores. However, this partnership ended in 2023 as Walmart transitioned to operating its own vision centers. The optical retail industry serves customers who need prescription eyewear, which is considered a medical necessity rather than a discretionary purchase. Unlike traditional retail, optical stores must combine retail operations with healthcare services, as customers typically need eye exams before purchasing prescription eyewear. The industry has been consolidating, with large chains like National Vision, LensCrafters, and Pearle Vision competing against independent optometrists and online retailers like Warby Parker. National Vision differentiates itself through aggressive value pricing, targeting price-conscious consumers including those with managed care insurance, cash-pay customers, and budget-conscious shoppers. The company's business model centers on high-volume, low-margin operations designed to make vision care accessible to underserved populations.
Revenue model
National Vision generates revenue through multiple streams within its optical retail operations. The primary revenue source is product sales of eyeglasses, contact lenses, and optical accessories. Customers pay either out-of-pocket or through managed care insurance plans, with managed care representing approximately 40% of total revenues and growing at high single-digit rates. The company also generates revenue from eye examination services, which are often bundled with eyewlass purchases in promotional packages. Additionally, National Vision earns revenue from optometric services and health maintenance organization partnerships. The business model relies on high-volume, low-margin operations. Key factors that can increase margins include: successful pricing optimization across different customer segments, improved product mix toward higher-margin frames and lenses, operational efficiencies from remote exam technology, and better cost management through supply chain optimization. The company has been implementing targeted price increases and introducing premium product lines to improve average transaction values. Factors that pressure margins include: intense competition from online retailers and other optical chains, commodity price inflation affecting frame and lens costs, labor shortages particularly for optometrists leading to higher compensation costs, and economic pressures on lower-income customers who may defer purchases or trade down to basic products. The company faces potential tariff exposure on products sourced from China, though management estimates this affects less than 10% of cost of goods sold. Managed care customers tend to be more profitable as they have insurance coverage and are less price-sensitive, while cash-pay customers are more vulnerable to economic pressures and require deeper promotional pricing to drive traffic.
Competitive moat
National Vision's competitive moat is relatively narrow, characteristic of the optical retail industry. The company's primary advantages include scale economies in purchasing and distribution, allowing it to offer competitive pricing on frames and lenses. Its extensive store network of over 1,200 locations provides geographic coverage and convenience, particularly in underserved markets where independent optometrists may be scarce. The company has built some operational expertise in high-volume, low-cost vision care delivery, including innovative approaches like remote eye exams that help address optometrist shortages. National Vision's brand recognition, particularly for America's Best, has established customer loyalty among price-conscious consumers. However, the moat faces significant challenges. The optical retail industry has low barriers to entry, and National Vision competes against well-funded competitors including Luxottica (LensCrafters, Pearle Vision), Costco's optical departments, and rapidly growing online retailers like Warby Parker. Online competitors can offer lower overhead costs and convenient home try-on services, potentially disrupting traditional retail models. The company's value proposition is primarily price-based rather than differentiated through unique products or services, making it vulnerable to price competition. Additionally, the industry faces potential disruption from technological advances in vision correction, telemedicine, and direct-to-consumer models. The dependence on optometrists creates capacity constraints and labor cost pressures that affect the entire industry. National Vision's competitive position is best described as a cost leader in a commoditized industry rather than having a strong sustainable moat. Success depends on execution excellence and maintaining cost advantages rather than unique competitive barriers.
Risks & safety
National Vision's margin of safety appears moderate to weak based on current financial metrics: • Liquidity and Solvency: The company maintains $80 million in cash but has a concerning current ratio of 0.54, indicating potential short-term liquidity pressure. Total debt-to-equity ratio of 0.96 shows moderate leverage. Free cash flow of $12 million in Q1 2025 is positive but relatively thin given the business scale. • Valuation Metrics: Trading at 17.8x P/E ratio and 8.5x EV/EBITDA, which appears reasonable for a retail business but not particularly cheap. Price-to-book ratio of 1.21 suggests modest premium to book value. • Profitability Concerns: The company reported net losses in fiscal 2024 (-$27 million) and has struggled with profitability in recent years. EBITDA margins remain thin at approximately 5% of revenues. • Operational Challenges: Facing headwinds from optometrist shortages, competitive pressure, and economic sensitivity among core customers. Recent store closure plans (39 stores through 2026) indicate some operational stress. • Cyclical Sensitivity: Business is sensitive to economic cycles as lower-income customers may defer vision care purchases during economic downturns.
Recent development
Over the past few years, National Vision has undergone significant strategic transformation focused on operational efficiency and customer segmentation. The company has heavily invested in remote eye exam technology, expanding from 200 stores to over 730 locations with remote capabilities. This technology allows optometrists to conduct exams remotely, helping address the industry-wide optometrist shortage while improving operational efficiency. The company has implemented a comprehensive customer segmentation strategy, focusing on three primary customer groups: managed care patients, progressive lens customers, and outside prescription customers. This shift represents a move away from purely price-focused marketing toward more targeted, personalized approaches using new CRM systems and digital marketing capabilities. Leadership changes have been substantial, with Alex Wilkes joining as President in 2024 and set to become CEO in August 2025, while Reade Fahs transitions to Executive Chair. The company has also restructured its operations, eliminating over 10% of corporate support positions and implementing $12 million in cost reductions. National Vision has expanded its product portfolio with premium offerings including L.A.M.B., Ted Baker, and Ray-Ban Meta smart glasses, alongside partnerships with brands like Pair Eyewear and Florence by Mills. The company has also invested in AI-powered diagnostic tools through its partnership with Toku Inc. The strategic focus has shifted toward store optimization rather than aggressive expansion, with plans to close 39 underperforming stores through 2026 while moderating new store growth. The company completed its transition away from the Walmart partnership, focusing resources on its owned brands America's Best and Eyeglass World.
EYE company profile · for informational purposes only — not investment advice.
Track EYE with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free