At a glance
National Vision Holdings Inc is worth $1.22B, about 42 times its fiscal 2025 earnings. Revenue grew 9.0% to $1.99B in fiscal 2025, with 1.5% kept as profit; over 3 years it has grown 6.5% a year. It pays no dividend; it spent $192.4M buying back its shares over FY2021–FY2025. The stock returned −42.1% over the past year with dividends reinvested and −23.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 64.5% in the 2020 crash (S&P 500: 33.7%) and 53.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
National Vision is one of the largest US optical retailers, focused on the value end of the market. It sells eye exams, eyeglasses and contact lenses through 1,250 stores under four brands, as of January 3, 2026. It also sells through websites, including DiscountContacts.com, an online contact lens shop. Its 10-K for fiscal 2025 describes a modernization plan: refreshed brands, more premium lenses and frames, and new pricing. The aim is to reach beyond the lower-income shoppers it long targeted.
America's Best is the main brand, with 1,057 stores, mostly in strip centers beside other value retailers. Eyeglass World has 122 stores with on-site labs. Vista Optical runs 53 locations on military bases and 18 inside Fred Meyer stores. Optometrists examine patients in person. In over 800 locations they can also use telehealth, where the doctor works remotely. The company reports everything as one segment.
In fiscal 2025, which ended January 3, 2026, revenue was about $1.99 billion. Eyeglasses and sunglasses made up 63.9%, contact lenses 16.3% and eye exams 12.8%. Protection plans, eyecare club memberships and accessories supplied the rest. Online sales, including buy-in-store, ship-to-home orders, were about 7%. Central labs and bulk buying keep costs down. Demand is largely driven by need: eyesight worsens with age, and glasses wearers replace their glasses about every two years.
Price history
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EYE -42.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Eyeglasses and sunglasses | $1.27B | 63.9% |
| Contact lenses | $324.2M | 16.3% |
| Exams | $254.7M | 12.8% |
| Product protection plans | $73.6M | 3.7% |
| Eyecare clubs | $54.6M | 2.7% |
| Accessories and other | $11.3M | 0.6% |
Latest results
- In Q2 FY2026 (ended Jul 4, 2026), revenue was $498.8M, up 2.5% from a year earlier, and net income was $12.4M (+42.3%).
- For fiscal 2025, revenue was $1.99B (+9.0% year over year; +6.5% a year from FY2022 to FY2025) with a 1.5% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +6.5% good |
|---|---|
| Operating margin | 3% weak |
| Free cash flow margin | 3.7% watch |
| Return on equity (FY2025) | 3.4% weak |
| Return on assets (FY2025) | 1.5% weak |
| Net cash (cash minus debt) | $-194.1M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.71B | $36.3M | $158.2M |
| FY2021 | $2.08B | $128.2M | $163.4M |
| FY2022 | $1.64B | $42.1M | $5.7M |
| FY2023 | $1.76B | $-65.9M | $58.3M |
| FY2024 | $1.82B | $-28.5M | $38.1M |
| FY2025 | $1.99B | $29.6M | $73.5M |
Valuation snapshot
| Market value | $1.22B |
|---|---|
| P/E ratio | 41.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
National Vision Holdings’s market value went from $3.03B at the end of 2017 to $1.22B on Oct 28, 2026, down 60%; since the end of 2025 it is down 40%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.22B | -40.3% |
| 2025 | $2.05B | +149.6% |
| 2024 | $820.6M | -49.9% |
| 2023 | $1.64B | -46.5% |
| 2022 | $3.06B | -22.9% |
| 2021 | $3.97B | +8.2% |
| 2020 | $3.67B | +43.0% |
| 2019 | $2.57B | +18.0% |
| 2018 | $2.17B | -28.3% |
| 2017 | $3.03B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EYE price data to Oct 28, 2026 | -40.1% | -42.1% | -0.3% | -23.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -40.1% |
| 2025 | +147.8% |
| 2024 | -50.2% |
| 2023 | -46.0% |
| 2022 | -19.2% |
| 2021 | +6.0% |
| 2020 | +39.6% |
| 2019 | +15.1% |
| 2018 | -30.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 61.4% over that stretch · deepest drop along the way 64.5%, back to its old high 5.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.7% over that stretch · deepest drop along the way 53.2%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($776K) and 1 sales ($929K), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 11, 2026 | Alexander Wilkes Chief Executive Officer, Director | sell (plan) | $929K |
| Jun 5, 2026 | Michael J Nicholson Director | buy | $776K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.4% | Sep 30, 2025 |
| Wellington Management Group LLP | 9.6% | Jun 30, 2026 |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | 6.2% | Sep 30, 2025 |
| Vanguard Portfolio Management | 6.08% | Sep 30, 2026 |
| Dimensional Fund Advisors LP | 5.1% | Sep 30, 2026 |
| FMR LLC | 5.1% | Jun 30, 2026 |
| Vanguard Capital Management | 5.04% | Sep 30, 2026 |
| American Century Investment Management, Inc. | 4.5% | Dec 31, 2025 |
| Burgundy Asset Management Ltd. | 3.17% | Jun 30, 2025 |
| Fund 1 Investments, LLC | 0.45% | Sep 30, 2025 |
ETFs with the most weight in EYE
| FSCC Federated Hermes MDT Small Cap Core ETF | 0.49% |
| ISMD Inspire Small/Mid Cap ETF | 0.2% |
| QIDX Indexperts Quality Earnings Focused ETF | 0.17% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.16% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.16% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.15% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.15% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.13% |
What could go wrong
- Modernization plan may not pay off. The company is refreshing its brands, pricing and products to attract a wider range of customers. Its 10-K warns these plans may be changed or delayed, or fail to deliver expected returns and cost savings.
- Needs enough optometrists to run exams. Most eyewear sales start with an eye exam. If the company cannot recruit and keep optometrists, or keep remote exams running, it may lose patients and the glasses sales that follow.
- Reliance on vision insurers and government programs. A growing share of revenue is paid through vision insurance plans and government programs. Losing those relationships, or lower payment rates, could cut sales and profits.
- Thin margins leave little room for cost increases. As a value retailer, it keeps prices low. In fiscal 2025 it kept just 3 cents of operating profit per dollar of sales, so higher wages, rents, product costs or tariffs can quickly erode it.
- Debt limits flexibility. As of July 4, 2026, total debt was about $230 million against about $36 million in cash. Loan terms restrict some business decisions, and changes in interest rates could raise its costs.
- Budget-conscious customers cut back in downturns. Some customers are especially sensitive to inflation, job losses and tight credit. They may delay exams, trade down or skip upgrades. A weak first half, its busiest period, hurts the whole year.
Recent events
- Quarterly results released
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Major agreement signed
- Quarterly results released
For income and retirement investors
National Vision pays no dividend, and its 10-K says it has no plans to pay cash dividends. Income investors get no cash from the shares; any return depends on selling for more than they paid. Instead, the company has bought back its own shares: about $192 million over fiscal 2021 to 2025. Most came in fiscal 2021 and 2022, and spending fell to about $3 million in each of fiscal 2024 and 2025. The share count fell 4.4% between October 2021 and July 2026.
The stock has fallen hard in market downturns. In the 2020 COVID crash it dropped 64.5% from February 26 to March 23, 2020, then recovered in about five months. In the 2022 bear market it fell 53.2% from January 3 to May 11, 2022. It had not regained that peak as of October 28, 2026. Single stocks carry more risk than diversified funds, where one company's setbacks matter less.
Questions investors ask
Does National Vision pay a dividend?
No. National Vision does not pay a dividend. Its 10-K for the fiscal year ended January 3, 2026 says it has no plans to pay cash dividends. Shareholders earn a return only if the share price rises. The company has bought back shares instead, about $192 million over fiscal 2021 to 2025. Buybacks shrank to about $3 million in each of fiscal 2024 and 2025.
How does National Vision make money?
Mostly by selling eyeglasses. In fiscal 2025, which ended January 3, 2026, eyeglasses and sunglasses made up 63.9% of its roughly $1.99 billion in revenue. Contact lenses added 16.3% and eye exams 12.8%. The rest came from product protection plans, eyecare club memberships and accessories. It sells through 1,250 stores, mainly under the America's Best brand. Central labs and large-scale buying help keep its costs down.
Does National Vision own America's Best?
Yes. America's Best Contacts and Eyeglasses is National Vision's main brand, with 1,057 of its 1,250 stores as of January 3, 2026. The company also owns Eyeglass World, which has 122 stores. It runs Vista Optical locations too: 53 on military bases and 18 inside Fred Meyer stores. It also operates the online contact lens shop DiscountContacts.com.
Is National Vision profitable?
Yes, but only slightly. In fiscal 2025, which ended January 3, 2026, net income was about $29.6 million on about $1.99 billion of revenue. That is about 1.5 cents of profit per dollar of sales, and it followed net losses in fiscal 2023 and 2024. In the quarter ended July 4, 2026, net income rose 42.3% from a year earlier to about $12.4 million. As of October 28, 2026, the shares traded at about 41.8 times fiscal 2025 earnings.
How volatile is National Vision (EYE) stock?
Very volatile. As of October 28, 2026, the shares were down 42.1% over one year and about 74% over five years. Calendar-year returns have swung widely: down 46% in 2023 and 50% in 2024, then up about 148% in 2025. Its one-year volatility, a measure of how much the price swings, was 54%. Its deepest drop from a peak over about nine years of trading was 85.1%.