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National Vision Holdings, Inc., through its subsidiaries, operates as an optical retailer in the United States. The company offers eyeglasses and contact lenses, and optical accessory products; and provides eye exams through its America's Best, Eyeglass World, Vista Optical, Fred Meyer, Vista Optical military, and DiscountContacts.com. It also offers health maintenance organization and optometric services. In addition, the company sells prescription and non-prescription eyewear, contact lenses and related accessories to retail customers. The company serves a diverse customer base, including price-driven consumers, style leaders, wellness shoppers with vision benefits, managed care customers, outside prescription customers, and progressive lens wearers. The company was formerly known as National Vision, Inc. and changed its name to National Vision Holdings, Inc. in March 2014. The company was founded in 1990 and is headquartered in Duluth, Georgia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.0B | $159M | $30M | $73M | 3.4% | 9.0% | -203.9% |
| 2024 | $1.8B | $90M | $-28M | $38M | -3.5% | 3.8% | -56.8% |
| 2023 | $1.8B | $125M | $-66M | $58M | -7.9% | 6.8% | -256.5% |
| 2022 | $1.6B | $159M | $42M | $6M | 4.7% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,644.68 | 1,756.37 | 1,823.32 | 1,987.49 |
| Operating Revenue | - | 1,644.68 | 1,756.37 | 1,823.32 | 1,987.49 |
| Cost Of Revenue | - | 667.66 | 734.66 | 764.06 | 819.47 |
| Gross Profit | - | 977.01 | 1,021.72 | 1,059.26 | 1,168.02 |
| Operating Expense | - | 918.74 | 994.53 | 1,029.77 | 1,107.20 |
| Selling General And Administration | - | 832.61 | 904.76 | 938.52 | 1,016.25 |
| Total Expenses | - | 1,586.41 | 1,729.18 | 1,793.83 | 1,926.67 |
| Operating Income | - | 58.26 | 27.19 | 29.49 | 60.82 |
| Total Operating Income As Reported | - | 52.77 | 24.49 | -10.36 | 58.83 |
| EBITDA | - | 158.73 | 125.31 | 89.58 | 158.72 |
| Normalized EBITDA | - | 164.23 | 128.61 | 128.57 | 160.71 |
| EBIT | - | 52.77 | 23.89 | -9.50 | 58.83 |
| Interest Expense | - | 0.46 | 14.34 | 16.18 | 17.15 |
| Net Interest Income | - | -0.46 | -14.34 | -16.18 | -17.15 |
| Other Income Expense | - | -5.50 | -3.30 | -38.99 | -1.99 |
| Interest Expense Non Operating | - | 0.46 | 14.34 | 16.18 | 17.15 |
| Net Non Operating Interest Income Expense | - | -0.46 | -14.34 | -16.18 | -17.15 |
| Pretax Income | - | 52.30 | 9.55 | -25.68 | 41.68 |
| Tax Provision | - | 15.54 | 6.01 | 1.48 | 12.08 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.63 | -0.69 | -8.19 | -0.58 |
| Net Income Continuous Operations | - | 36.76 | 3.55 | -27.16 | 29.60 |
| Net Income From Continuing And Discontinued Operation | - | 42.12 | -65.90 | -28.50 | 29.60 |
| Net Income From Continuing Operation Net Minority Interest | - | 36.76 | 3.55 | -27.16 | 29.60 |
| Net Income | - | 42.12 | -65.90 | -28.50 | 29.60 |
| Net Income Common Stockholders | - | 42.12 | -65.90 | -28.50 | 29.60 |
| Net Income Including Noncontrolling Interests | - | 42.12 | -65.90 | -28.50 | 29.60 |
| Normalized Income | - | 40.62 | 6.15 | 3.64 | 31.01 |
| Diluted NI Availto Com Stockholders | - | 42.12 | -65.90 | -28.50 | 29.60 |
| Basic Average Shares | - | 79.83 | 78.31 | 78.59 | 79.13 |
| Diluted Average Shares | - | 80.30 | 78.31 | 78.59 | 80.58 |
| Reconciled Depreciation | - | 105.97 | 101.42 | 99.08 | 99.89 |
| Reconciled Cost Of Revenue | - | 650.39 | 723.11 | 756.32 | 810.73 |
| Total Unusual Items | - | -5.50 | -3.30 | -38.99 | -1.99 |
| Total Unusual Items Excluding Goodwill | - | -5.50 | -3.30 | -38.99 | -1.99 |
| Net Income Discontinuous Operations | - | 5.36 | -69.45 | -1.33 | 0 |
| Special Income Charges | - | -5.50 | -3.30 | -38.99 | -1.99 |
| Other Special Charges | - | - | 0.60 | -0.86 | - |
| Impairment Of Capital Assets | - | 5.50 | 2.70 | 39.85 | 1.99 |
| Depreciation Amortization Depletion Income Statement | - | 88.69 | 89.87 | 91.35 | 91.15 |
| Depreciation And Amortization In Income Statement | - | 88.69 | 89.87 | 91.35 | 91.15 |
| Other Operating Expenses | - | -2.55 | -0.10 | -0.10 | -0.20 |
| Average Dilution Earnings | 9.48 | 0 | 0 | - | - |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| National Vision Holdings, Inc.this co. | EYE | $1.2B | 41.95↑ premium | 1.43 | 3.4% | 11.96 |
| Dream Finders Homes, Inc. | DFH | $1.3B | 6.05 | 0.92 | 15.2% | 8.99 |
| Wolverine World Wide, Inc. | WWW | $1.3B | 13.63 | 3.20 | 23.5% | 10.33 |
| The Wendy's Company | WEN | $1.3B | 7.79 | 10.95 | 140.6% | 9.78 |
| XPEL, Inc. | XPEL |
| - |
| - |
| - |
| - |
| - |
| - |
| $1.3B |
| 24.75 |
| 4.52 |
| 18.3% |
| 16.02 |
| O-I Glass, Inc. | OI | $1.2B | -9.54 | 0.95 | -10.0% | 7.10 |
| Pursuit Attractions and Hospitality, Inc. | PRSU | $1.2B | 53.32 | 2.08 | 3.9% | 12.49 |
| LGI Homes, Inc. | LGIH | $1.2B | 16.21 | 0.56 | 3.5% | 33.11 |
| Gentherm Incorporated | THRM | $1.2B | 63.62 | 1.61 | 2.5% | 12.13 |
| Peer Median | - | 14.92 | 1.85 | 9.6% | 11.23 | |