Warby Parker Inc.
- Open
- 24.16
- Day high
- 24.33
- Day low
- 23.90
- Prev close
- 24.60
- Volume
- 101K
- Mkt cap
- $3.0B
- P/E (TTM)
- 373.9
- EPS (TTM)
- $0.06
- P/B
- 7.8
- P/S
- 3.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$17.7M over the last 3 months (0 open-market buys, 9 sales)
- 🏛Institutions accumulating (13F)
Warby Parker Inc. (WRBY) is a Healthcare company listed on NYSE. The stock is down 4% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 9 sales (SEC Form 4).
Warby Parker Inc. (WRBY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WRBY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.10 | $0.13 | +27.5% | $236M | -1.1% |
| May 7, 2026 | $0.11 | $0.12 | +7.1% | $242M | +1.0% |
| Feb 26, 2026 | $0.05 | $0.02 | -62.3% | $212M | -0.6% |
| Nov 6, 2025 | $0.09 | $0.11 | +22.2% | $222M | +4.0% |
| Aug 7, 2025 | $0.08 | $0.08 | +0.0% | $214M | -3.8% |
| May 8, 2025 | $0.12 | $0.12 | +0.0% | $224M | +3.3% |
| Feb 27, 2025 | $0.03 | $0.01 | -66.7% | $191M | -15.6% |
| Nov 7, 2024 | $0.05 | $0.05 | +0.0% | $192M | +3.0% |
| Aug 8, 2024 | $0.05 | $0.06 | +20.0% | $188M | -1.2% |
| May 9, 2024 | $0.07 | $0.08 | +14.3% | $200M | +6.9% |
| Feb 28, 2024 | $-0.00 | $-0.01 | -232.2% | $162M | +0.6% |
| Feb 28, 2023 | $-0.02 | $-0.17 | -663.4% | $146M | -11.6% |
WRBY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 14, 2026 | Blumenthal Neil Harrisdirector, officer: Co-Chief Executive Officer | Option | 200,000 | $3.83 |
| Jul 8, 2026 | Gilboa David Abrahamdirector, officer: Co-Chief Executive Officer | Sell | 54,347 | $29.84 |
| Jul 8, 2026 | Gilboa David Abrahamdirector, officer: Co-Chief Executive Officer | Option | 54,347 | $3.83 |
| Jul 8, 2026 | Blumenthal Neil Harrisdirector, officer: Co-Chief Executive Officer | Sell | 9,200 | $29.99 |
| Jul 2, 2026 | Blumenthal Neil Harrisdirector, officer: Co-Chief Executive Officer | Sell | 217,667 | $29.61 |
| Jul 2, 2026 | Gilboa David Abrahamdirector, officer: Co-Chief Executive Officer | Sell | 242,221 | $29.69 |
| Jul 2, 2026 | Gilboa David Abrahamdirector, officer: Co-Chief Executive Officer | Option | 117,221 | $3.83 |
| Jul 2, 2026 | Raider Jeffrey Jacobdirector | Sell | 22,500 | $29.72 |
| Jul 1, 2026 | Blumenthal Neil Harrisdirector, officer: Co-Chief Executive Officer | Sell | 36,300 | $30.04 |
| Jul 1, 2026 | Blumenthal Neil Harrisdirector, officer: Co-Chief Executive Officer | Option | 36,300 | — |
| Jun 23, 2026 | Blumenthal Neil Harrisdirector, officer: Co-Chief Executive Officer | Option | 200,000 | $3.83 |
| Jun 18, 2026 | Briggs Teresadirector | Sell | 3,092 | $25.41 |
| Jun 18, 2026 | Briggs Teresadirector | Sell | 1,908 | $26.79 |
| Jun 12, 2026 | Moon Youngme Edirector | Sell | 10,000 | $26.53 |
| Jun 10, 2026 | Raider Jeffrey Jacobdirector | Grant | 9,004 | — |
Source: WRBY SEC Form 4 filings, latest Aug 14, 2026. For informational purposes only — not investment advice.
See the full WRBY insider & 13F page →Warby Parker Inc. company profile
Overview
Warby Parker Inc. (NYSE:WRBY) is a direct-to-consumer eyewear company founded in 2010 that has revolutionized the traditional eyeglasses industry through its omnichannel retail model. Originally launched as an online-first brand offering affordable, stylish prescription glasses and sunglasses, the company has expanded into a comprehensive vision care provider with nearly 300 retail locations across the United States and Canada. The company went public in September 2021 and has since grown into a multi-faceted eyecare business offering glasses, contact lenses, and eye exams while maintaining its social mission of providing eyewear to underserved communities through its "Buy a Pair, Give a Pair" program.
Business
Warby Parker operates in the eyewear and vision care industry, which traditionally has been dominated by large conglomerates like Luxottica that control both manufacturing and retail distribution. The company disrupted this model by offering direct-to-consumer eyewear at significantly lower prices than traditional optical retailers, cutting out middlemen and reducing costs for consumers. The company's core business consists of three main segments: 1. **Eyeglasses and Sunglasses (approximately 80-85% of revenue)**: This includes prescription glasses, non-prescription glasses, and sunglasses sold at various price points ranging from $95 to $395. The company designs its own frames and offers features like progressive lenses, blue-light filtering, and light-responsive lenses. Warby Parker operates its own optical laboratories to manufacture prescription lenses, allowing for quality control and faster delivery times. 2. **Contact Lenses (approximately 10-11% of revenue)**: The company sells daily, weekly, and monthly contact lenses from major brands. This segment has shown rapid growth, expanding 25-45% year-over-year as the company leverages its customer base to cross-sell contact lens subscriptions. 3. **Eye Care Services (approximately 5% of revenue)**: Warby Parker provides comprehensive eye exams and vision tests through licensed optometrists in its retail stores, with eye exam capabilities available in over 85% of its store locations. This segment has grown 40% year-over-year as the company expands its holistic vision care approach. The company operates through both e-commerce channels and physical retail stores, with retail locations generating approximately 70% of total revenue and e-commerce accounting for the remaining 30%. The business model combines the convenience of online shopping with the tactile experience of trying on frames in physical locations.
Revenue model
Warby Parker generates revenue primarily through direct product sales across its three business segments, with customers paying upfront for eyewear products and services. The company's business model eliminates traditional wholesale markups by controlling the entire value chain from design to manufacturing to retail distribution. The primary revenue streams include: **Product Sales** from eyeglasses and sunglasses (80-85% of revenue), **Subscription Revenue** from contact lens deliveries (10-11% of revenue), and **Service Fees** from eye exams and vision tests (5% of revenue). Customers are primarily middle-to-upper income consumers who value both style and affordability, with the company serving over 2.5 million active customers who spend an average of $307 annually. Several factors influence the company's profit margins positively: **Economies of Scale** in manufacturing as volume increases, **Vertical Integration** through owned optical labs reducing third-party costs, **Premium Product Mix** with higher-margin progressive lenses now representing over 22% of prescription sales, and **Insurance Network Expansion** which increases customer accessibility and average order values. The company's partnership with Versant Health has expanded in-network coverage to over 34 million lives, making Warby Parker more affordable for insured customers. Margin pressures come from: **Marketing Investment** requirements to maintain customer acquisition (currently 12-13% of revenue), **Retail Expansion Costs** as the company opens 40-45 new stores annually, **Tariff Exposure** on imported frames and components (though reduced from 20% to under 10% of cost of goods sold), and **Competitive Pricing Pressure** from both traditional retailers and new direct-to-consumer entrants. The company must balance growth investments with profitability while maintaining its value proposition against larger, more established optical chains.
Competitive moat
Warby Parker's competitive moat is moderate but strengthening, built primarily around brand differentiation and operational advantages rather than insurmountable barriers to entry. The company's strongest defensive position comes from its **Brand Recognition and Customer Loyalty** - it has successfully positioned itself as the stylish, socially-conscious alternative to traditional optical retailers, with strong customer satisfaction and repeat purchase rates. The company's **Vertical Integration** provides some competitive advantages through its owned optical laboratories, which enable faster turnaround times, quality control, and better margins compared to competitors who outsource lens manufacturing. Additionally, its **Omnichannel Infrastructure** combining e-commerce with strategically located retail stores creates convenience and reduces customer acquisition costs, as stores serve both as sales channels and marketing vehicles. However, the moat faces several vulnerabilities. **Low Barriers to Entry** in eyewear design and manufacturing mean new competitors can relatively easily enter the market, as evidenced by numerous direct-to-consumer eyewear startups. **Limited Network Effects** - unlike platform businesses, Warby Parker doesn't benefit significantly from having more customers, beyond basic economies of scale. The **Commoditized Nature** of the core product (prescription lenses) means differentiation relies heavily on frame design and customer experience, which can be replicated. **Potential Disruption** could come from technology companies entering smart glasses (which Warby Parker acknowledges as a future opportunity/threat), traditional optical giants like Luxottica expanding their direct-to-consumer efforts, or major retailers like Amazon further investing in eyewear. The company's expansion into comprehensive eye care services and insurance network partnerships represents an attempt to strengthen its moat by increasing customer switching costs and creating a more integrated healthcare offering.
Risks & safety
Warby Parker demonstrates a **solid margin of safety** from a balance sheet perspective, though valuation metrics suggest limited upside protection. **Cash Position and Solvency:** - Strong cash position: $265 million in cash and short-term investments - Current ratio of 2.7x indicates healthy liquidity - Minimal debt burden with debt-to-equity ratio of 0.63x - Positive free cash flow of $35 million annually, indicating operational cash generation - Low cash burn risk given profitable operations and strong balance sheet **Valuation Metrics:** - EV/EBITDA of 37x appears elevated for current growth rates - Price-to-book ratio of 6.3x suggests premium valuation - Graham number of 1.36 indicates potential overvaluation relative to conservative metrics - Trading at significant premium to tangible book value **Other Considerations:** - Recent profitability achievement provides operational validation - Revenue growth of 13-15% guided for 2025 supports current investment levels - Tariff exposure mitigation strategies reduce external risk factors - Market leadership position in direct-to-consumer eyewear provides some downside protection
Recent development
Over the past few years, Warby Parker has executed a significant strategic transformation from a primarily online eyewear retailer to a comprehensive vision care provider. The company has **accelerated retail expansion**, growing from 200 stores in 2022 to 287 stores by Q1 2025, with plans to open 45 additional locations in 2025 including five Target shop-in-shop partnerships. This expansion focuses heavily on suburban markets where the company sees significant growth opportunities. The company has **diversified its product portfolio** beyond core eyeglasses, with contact lens sales growing 25-45% annually and now representing over 10% of revenue, while eye exam services have expanded to 85% of store locations and grown 40% year-over-year. **Insurance integration** has become a key strategic pillar, with the expanded Versant Health partnership providing in-network coverage to over 34 million lives, significantly improving affordability for customers and driving higher utilization rates. **Technology investments** have focused on AI-powered personalization, including virtual try-on features and recommendation engines to enhance the digital shopping experience. The company has also **strengthened its supply chain resilience** by reducing dependence on Chinese manufacturing from 20% to under 10% of cost of goods sold to mitigate tariff exposure. Recent **pricing strategy evolution** includes expanding price points across multiple tiers ($125-$395) and introducing premium products like Precision Progressive lenses, helping to improve average order values and margins while maintaining the brand's accessible positioning.
WRBY company profile · for informational purposes only — not investment advice.
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