Is the business good?
How good a business is WRBY?
Warby Parker Inc. earns −5.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−5.5%
Return on invested capital · cost of capital 9.0% · 15 points below what the capital costs: growth destroys value
- Operating margin
- −0.69%
Operating margin · Medical Instruments & Supplies median 5.8% · 12 months to Q1 2026
- Share count, year on year
- +0.74%
Share count, year on year · flat: no meaningful dilution
- Gross margin
- 53%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −14% |
| FY2021 | −27% |
| FY2022 | −19% |
| FY2023 | −11% |
| FY2024 | −3.9% |
| FY2025 | −0.61% |
Details›
- Gross margin12 months to Q1 2026
- 53%
- Operating margin12 months to Q1 2026
- −0.69%
- Net margin12 months to Q1 2026
- 0.15%
- Free cash flow margin
- 4.4%
- Revenue, trailing twelve months
- $891M
- Free cash flow, trailing twelve months
- $39M
- Net income, trailing twelve months
- $1.3M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −5.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Medical Instruments & Supplies
Ranks #25 of 27 by Smart Score