WRBYWarby Parker Inc.
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
A balanced mix of margins, efficiency, and leverage. ROE 1% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is WRBY?
Warby Parker Inc. earns 1.2% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 7.8 points below what the capital costs: growth destroys value
- Operating margin
- 0.17%
Operating margin · Medical Instruments & Supplies median 6.6% · 12 months to Q2 2026
- Share count, year on year
- +2.6%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 55%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −14% |
| FY2021 | −27% |
| FY2022 | −19% |
| FY2023 | −11% |
| FY2024 | −3.9% |
| FY2025 | −0.61% |
Details›
- Gross margin12 months to Q2 2026
- 55%
- Operating margin12 months to Q2 2026
- 0.17%
- Net margin12 months to Q2 2026
- 0.85%
- Free cash flow margin
- 2.4%
- Revenue, trailing twelve months
- $912M
- Free cash flow, trailing twelve months
- $22M
- Net income, trailing twelve months
- $7.7M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 1.2%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Medical Instruments & Supplies
Ranks #19 of 21 by RyuScore