EYENasdaqOphthalmic GoodsFiscal year ends January 2
National Vision Holdings, Inc.
Financials through Q2 FY2026, quarter ended Jul 4, 2026Last filing: 10-Q on Aug 13, 2026
$17.52+0.09 (+0.52%)
Close on Oct 19, 2026
- Market cap
- $1.41B
- P/E (TTM)
- 28.7
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
58.8%+4.7 pts over 5 years
Operating margin
3.0%−2.1 pts over 5 years
Net margin
1.5%−0.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.0% | +6.5% | +3.0% | +6.5% | |
| Gross profit | +10.3% | +6.1% | +4.8% | +7.4% | |
| Operating income | – | +3.7% | -7.5% | +2.8% | |
| Net income | – | -11.1% | -4.0% | +23.4% | |
| EPS, diluted | – | -10.7% | -3.4% | +20.0% | |
| Free cash flow | +92.6% | +135.1% | -14.2% | +28.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 3.4% | 4.3% | 3.5% | |
| Return on assets | – | 1.7% | 1.5% | |
| Current ratio | 0.74 | 1.72 | 0.55 | |
| Debt to equity | 1.87 | 0.69 | 0.27 | |
| Net debt to EBITDA | 6.34× | 1.40× | 1.32× | |
| Interest coverage | 1.6× | 1.8× | – | |
| Inventory turnover | – | 6.6× | 8.9× | |
| Capex to revenue | 7.5% | 4.5% | 3.7% | |
| Diluted shares | 57M | 83M | 81M |
Where the cash went
Fiscal 2021 to 2025, five years combined
National Vision generated $831.11M from operations and spent $684.58M on capital expenditure, dividends and share buybacks. 72% of that went back into the business.
Generated
$831.11M
Used
$684.58M
Capital expenditure$492.18M72%Dividends$00%Share buybacks$192.40M28%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.5%
×Asset turnover1.00×
×Equity multiplier2.37×
=Return on equity, FY20253.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 1.5% | 1.00× | 2.37× | 3.5% |
| FY2024 | -1.6% | 0.87× | 2.54× | -3.5% |
| FY2023 | -3.8% | 0.79× | 2.58× | -7.6% |
| FY2022 | 2.6% | 0.72× | 2.51× | 4.6% |
| FY2021 | 6.2% | 0.90× | 2.52× | 14.0% |
| FY2020 | 2.1% | 0.78× | 2.59× | 4.3% |
| FY2019 | 1.9% | 0.93× | 2.43× | 4.3% |
| FY2018 | 1.5% | 0.95× | 2.32× | 3.4% |
| FY2017 | 3.1% | 0.88× | 2.95× | 8.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$29.60M
- Cash generatingOperating cash flow above zero$146.29M
- Return on assets improvedROA up on the prior year-1.3% → 1.5%
- Earnings backed by cashOperating cash flow above net income$146.29M vs $29.60M
- Less leverageLong-term debt to assets fell11.9% → 11.3%
- Better liquidityCurrent ratio rose0.53 → 0.55
- No dilutionShare count did not rise79M → 81M
- Gross margin improvedGross margin up on the prior year58.10% → 58.77%
- More efficientAsset turnover rose0.84 → 0.99