National Vision Holdings Inc
NASDAQ:EYE
National Vision Holdings Inc
National Vision Holdings, Inc. engages in the retail of optical products. The company is headquartered in Duluth, Georgia and currently employs 13,735 full-time employees. The company went IPO on 2017-10-26. The firm's segments include Owned & Host, and Legacy. The Owned & Host segment includes its two owned brands, America's Best and Eyeglass World, and Vista Optical locations in select Fred Meyer stores. The Owned & Host segment also provides vision care products and services to American military service members by operating Vista Optical locations on selected military bases across the country. The Legacy segment consists of its long-term strategic relationship with Walmart to operate Vision Centers in selected Walmart stores. The company also operates e-commerce websites and the e-commerce websites of third parties, including Walmart, Sam’s Club and Giant Eagle. The firm operates approximately 1,200 stores in over 44 states and Puerto Rico. Its America’s Best Brand offers two pairs of eyeglasses including a free eye exam.
National Vision Holdings, Inc. engages in the retail of optical products. The company is headquartered in Duluth, Georgia and currently employs 13,735 full-time employees. The company went IPO on 2017-10-26. The firm's segments include Owned & Host, and Legacy. The Owned & Host segment includes its two owned brands, America's Best and Eyeglass World, and Vista Optical locations in select Fred Meyer stores. The Owned & Host segment also provides vision care products and services to American military service members by operating Vista Optical locations on selected military bases across the country. The Legacy segment consists of its long-term strategic relationship with Walmart to operate Vision Centers in selected Walmart stores. The company also operates e-commerce websites and the e-commerce websites of third parties, including Walmart, Sam’s Club and Giant Eagle. The firm operates approximately 1,200 stores in over 44 states and Puerto Rico. Its America’s Best Brand offers two pairs of eyeglasses including a free eye exam.
Results: Net revenue grew 9% to $1.99 billion in fiscal 2025 and adjusted operating income expanded to $102.5 million, with AOI margin at 5.2%.
Profitability: Adjusted operating income rose 56% year-over-year and adjusted EPS increased to $0.80 from $0.52 in 2024, reflecting 160 bps AOI margin expansion.
Q4 momentum: Q4 net revenue was $503 million (up 15.1%), adjusted comp store sales +4.8%, adjusted operating income $17.6 million and adjusted EPS $0.15.
Strategy working: Management says customer-mix shift toward managed care, progressive lenses and outside Rx is driving higher ticket and healthier margins (managed care ~42% of revenue).
Product & innovation: Rapid rollout of smart eyewear (Ray-Ban Meta in 300 stores, planned fleetwide by end of Q2) and a big increase in premium frames (40% >$99 vs 20% start of year).
2026 outlook: Net revenue guide $2.03–$2.09 billion; comp store sales +3% to +6%; adjusted operating income $107–$133 million; adjusted EPS $0.85–$1.09; mid-single-digit comps expected.
Capital & balance sheet: Cash $38.7 million, total liquidity $332 million, net debt $245.9 million, net debt/Adjusted EBITDA 1.1x; board approved $50 million repurchase authorization.
