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EYE

National Vision Holdings, Inc.

EYE

National Vision Holdings, Inc. • NASDAQ
$28.85 ▼ -0.55% (-0.16)
Market Cap $2.29 B
52w High $29.59
52w Low $9.93
Dividend Yield 0%
P/E -577
Volume 442.01K
Outstanding Shares 79.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $487.33M ▲ $252.339M ▼ $3.372M ▼ 0.692% ▼ $0.04 ▼ $31.793M ▼
Q2-2025 $486.423M ▼ $269.603M ▼ $8.725M ▼ 1.794% ▼ $0.11 ▼ $38.985M ▼
Q1-2025 $510.324M ▲ $278.997M ▲ $14.186M ▲ 2.78% ▲ $0.18 ▲ $51.257M ▲
Q4-2024 $437.278M ▼ $277.848M ▲ $-28.591M ▼ -6.538% ▼ $-0.36 ▼ $3.577M ▼
Q3-2024 $451.515M $270.407M $-8.468M -1.875% $-0.11 $14.696M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $56.03M ▲ $1.958B ▼ $1.1B ▼ $858.761M ▲
Q2-2025 $48.471M ▼ $1.968B ▼ $1.118B ▼ $850.581M ▲
Q1-2025 $80.024M ▲ $2.01B ▲ $1.174B ▼ $836.16M ▲
Q4-2024 $73.948M ▼ $2.008B ▼ $1.191B ▲ $816.333M ▼
Q3-2024 $81.154M $2.02B $1.18B $839.997M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.372M ▼ $46.634M ▼ $-19.365M ▼ $-19.684M ▲ $7.585M ▲ $30.268M ▼
Q2-2025 $8.725M ▼ $54.261M ▲ $-12.699M ▲ $-73.421M ▼ $-31.859M ▼ $42.411M ▲
Q1-2025 $14.186M ▲ $32.239M ▲ $-20.225M ▲ $-5.404M ▼ $6.61M ▲ $12.014M ▲
Q4-2024 $-28.591M ▼ $30.282M ▲ $-33.726M ▼ $-3.994M ▲ $-7.438M ▲ $-1.738M ▼
Q3-2024 $-11.106M $27.919M $-24.325M $-101.911M $-98.361M $4.054M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product Sales
Product Sales
 $650.00M ▲$410.00M ▼$390.00M ▼$390.00M ▲
Services And Plans
Services And Plans
 $180.00M ▲$100.00M ▼$90.00M ▼$90.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the longer term but has been choppy, with sales easing recently after a strong stretch coming out of the pandemic. The company still generates solid gross profit, which suggests its basic business model has pricing power and cost discipline at the store level. However, operating profit has slipped into small losses in the last couple of years, and net results have turned negative. That points to pressure from higher costs, investments in transformation, and possibly a less favorable sales mix. Overall, the income statement tells a story of a solid top line weighed down by thin margins and earnings volatility during a transition period.

Balance Sheet

Balance Sheet The balance sheet looks relatively steady and balanced over the last several years. Total assets and shareholder equity have been broadly stable, which implies no major deterioration in the company’s underlying financial position. Debt is meaningful but has not been rising sharply, so leverage appears manageable rather than escalating. Cash levels, however, are lower than a few years ago, which slightly reduces financial flexibility and puts more importance on the company’s ability to keep generating cash from operations. In general, the balance sheet does not look stretched, but it also does not offer a large cash cushion.

Cash Flow

Cash Flow Cash flow from operations has stayed positive throughout the period, which is an important strength. It indicates that, despite weaker reported earnings lately, the core business continues to bring in cash. Capital spending has been steady and moderate, reflecting ongoing investment in stores, labs, and systems. Free cash flow has remained positive but relatively thin in recent years, leaving less room for big discretionary spending or aggressive debt reduction. The cash flow profile suggests a business that can fund its own needs, but with limited margin for error if trends were to worsen.

Competitive Edge

Competitive Edge National Vision’s core advantage is its focus on value and accessibility in eye care. With a large national store base, in-house optical labs, and multiple brands targeting budget-conscious customers, it has built a strong position in the affordable segment of the market. Its vertically integrated labs help keep costs low and turnaround times fast, which supports its well-known promotional offers. The company is now trying to stretch this advantage into more insured and slightly more premium customers, while still protecting its value roots. Key risks to its position include intense competition from other retail chains, online eyewear providers, and big-box retailers, as well as pressure from insurers and changing consumer behavior. Its scale and brand recognition are clear strengths, but the path to growing in higher-value segments is competitive and execution-sensitive.

Innovation and R&D

Innovation and R&D Rather than traditional lab-based R&D, National Vision is investing heavily in systems, technology, and service innovation. It is upgrading its finance and customer management platforms to better understand and personalize the customer journey, using tools like Adobe-based marketing and virtual try-on features. In its optical labs, it has adopted advanced, energy-efficient equipment and sustainability practices that improve efficiency and support its low-cost model. Remote eye exam technology is another key innovation, helping to make better use of optometrists and expand access. On the product side, the company is broadening into more premium lenses and branded frames and training staff to sell based on lifestyle needs instead of just price. These initiatives are designed to lift revenue per customer and margins over time, but they come with execution risk and may take several years to fully show up in the financials.

Summary

National Vision appears to be in the middle of a strategic transition: moving from a pure low-price, volume-driven model toward a more balanced mix that includes insured and premium-seeking customers, while still leaning on value and access as its core identity. The numbers show a healthy revenue base and decent gross margins, but also very thin profitability and recent losses as costs, investments, and a tougher environment have weighed on results. The balance sheet is stable and debt is manageable, but the cash cushion is smaller than before, which puts more weight on steady cash generation. The company’s large store footprint, vertical integration, and strong value proposition provide a solid foundation, and its technology and product upgrades could improve economics if executed well. At the same time, competitive intensity, consumer affordability concerns, and the complexity of the transformation create uncertainty. How effectively management converts its strategic roadmap into sustained revenue growth and margin recovery will be central to the company’s longer-term trajectory.

NEWS

November 26, 2025 · 8:00 AM UTC

National Vision Announces Participation in Morgan Stanley Global Consumer & Retail Conference

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November 17, 2025 · 6:45 AM UTC

National Vision Holdings, Inc. Details Transformation Strategy and Long-Term Financial Objectives Underpinning Bold Reinvention

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November 10, 2025 · 8:00 AM UTC

National Vision Holdings, Inc. to Host Investor Day November 17, 2025

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November 5, 2025 · 6:00 AM UTC

National Vision Holdings, Inc. Reports Third Quarter 2025 Financial Results

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October 22, 2025 · 8:00 AM UTC

National Vision Holdings, Inc. Announces Third Quarter 2025 Earnings Release and Conference Call

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