Is the business good?
How good a business is EYE?
National Vision Holdings, Inc. earns 5.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
5.8%
Return on invested capital · cost of capital 9.0% · 3.2 points below what the capital costs: growth destroys value
- Operating margin
- 3.9%
Operating margin · Specialty Retail median 8.4% · 12 months to Q1 2026
- Cash conversion
- 2.27×
Cash conversion · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +2.8%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 5.1% |
| FY2021 | 8.4% |
| FY2022 | 3.2% |
| FY2023 | 1.4% |
| FY2024 | −0.57% |
| FY2025 | 3.0% |
Details›
- Gross margin12 months to Q1 2026
- 59%
- Operating margin12 months to Q1 2026
- 3.9%
- Net margin12 months to Q1 2026
- 2.3%
- Free cash flow margin
- 5.2%
- Revenue, trailing twelve months
- $2.02B
- Free cash flow, trailing twelve months
- $106M
- Net income, trailing twelve months
- $47M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.