National Vision Holdings, Inc.
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Range $21 – $40
Price Chart
About the company
National Vision Holdings, Inc. operates as a leading optical retail chain across the United States, conducting business through its various subsidiary companies. The company's operations are categorized into two primary divisions: Owned & Host, and Legacy.
- CEO
- Alexander N. Wilkes
- IPO
- 2017
- Employees
- 13,138
- HQ
- Duluth, GA, US
AI snapshot
Six angles, distilled from the data.
The stock is still in a longer-term recovery, but it remains below its 200-day average, so the broader trend has not fully reset. It is also well off the 52-week high, which keeps the setup in a rebuilding phase rather than a confirmed breakout.
Street sentiment is constructive, with a Buy consensus and an average target of about $30.67 versus the current share price. Recent target moves have been mixed but mostly trimmed, with UBS, Roth Capital, and Morgan Stanley all lowering targets in August while keeping a positive stance.
The earnings profile is strong: the company has beaten EPS in all 8 of the last 8 quarters, including an 88.9% surprise in the latest report. Next-year EPS is modeled at 1.21 versus 0.62 TTM, so shareholders should watch whether margin gains and demand can keep that step-up intact.
Insider activity leans supportive, led by a 50,000-share open-market purchase from director Michael J. Nicholson. Most of the other recent activity is award, exempt, or in-kind vesting-related flow, while the CEO and President also showed net buying through exempt and in-kind transactions.
Profitability is modest but improving, with gross margin at 58.6% and operating margin at 4.89%. Revenue grew 2.5% year over year and earnings grew 36.4%, while free cash flow reached $219.1 million, giving the business real cash generation despite a leveraged balance sheet.
EYE competes as a value-oriented optical retailer, with scale across America’s Best, Eyeglass World, and related banners. The valuation still looks reasonable at 20.01x earnings, below the company’s target range implied by the analyst consensus, but the balance sheet remains the main offset.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $1.47B
- P/E
- 28.99
- Fwd P/E
- 18.29
- PEG
- 0.01
- P/S
- 0.72
- P/B
- 1.63
- EV/EBITDA
- 12.19
- Div Yield
- 0.00%
- Gross Margin
- 55.22%
- Op Margin
- 4.13%
- Net Margin
- 2.47%
- ROE
- 5.71%
- ROIC
- 3.61%
Latest fiscal year · YoY change
- Revenue
- $1.99B+9.0%
- Gross Profit
- $1.08B+1.7%
- Op Income
- $61.26M
- Net Income
- $29.60M+203.9%
- EPS
- $0.37+202.8%
- OCF Growth
- +9.5%
- FCF Growth
- +92.6%
- 52W High
- $30.02
- 52W Low
- $14.75
- 50D MA
- $19.69
- 200D MA
- $23.86
- Beta
- 1.01
- RSI (14)
- 35
- Avg Volume
- 2.14M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
National Vision delivered Q2 sales growth and meaningful margin expansion, while raising full-year profit guidance despite softer traffic from lower-value customers and a temporary e-commerce replatform disruption.· August 12, 2026
- Net revenue rose 2.5% to $499 million, adjusted comparable store sales increased 2.2%, and adjusted EPS improved to $0.25 from $0.18.
- Adjusted operating margin expanded 140 basis points to 6.3%, with adjusted operating income up to $31.6 million from $23.8 million.
- Traffic fell 4.9% as average ticket grew 7.1%; management said the replatform hurt comps by about 150 basis points and lower-value transactions were deferred.
- The company raised full-year profit guidance, but narrowed the sales range and remains more cautious on when value-seeking customers return.
- Management emphasized continued momentum in premium products, managed care, smart eyewear, and store segmentation across both America’s Best and Eyeglass World.
Second-quarter net revenue increased 2.5% to $499 million. Adjusted comparable store sales grew 2.2%, helped by a 7.1% increase in average ticket, while overall customer traffic declined 4.9%; management also said the e-commerce replatform reduced total adjusted comp sales by about 150 basis points, and there was a positive 0.8% impact from the timing of unearned revenue. Gross profit increased 1.5%, or $4.4 million, while adjusted operating income rose to $31.6 million from $23.8 million and adjusted operating margin expanded 140 basis points to 6.3%; adjusted EPS was $0.25 versus $0.18 a year ago. For the first half of fiscal 2026, adjusted comparable store sales grew 3.4%, adjusted operating income margin expanded 180 basis points, and adjusted EPS grew nearly 37%. Full-year 2026 guidance now calls for net revenue of $2.03 billion to $2.08 billion, adjusted comparable store sales growth of 3% to 5%, adjusted operating income of $119 million to $139 million, and adjusted diluted EPS of $0.90 to $1.09. Management expects about $72 million to $76 million of CapEx, approximately $11 million to $13 million of interest expense, a roughly 30% tax rate, and around 30 to 35 new stores with about 15 closures for net growth of roughly 15 to 20 stores.
Alex Wilkes said Q2 was an important step forward because the company completed its e-commerce replatform and is now seeing its strategy show up in stronger customer mix, higher premium attachment, and better profitability. He framed the business as a “flywheel” built around underdeveloped customers, underpenetrated products, and a more connected experience, with unified commerce and AI-enabled digital engagement as key longer-term opportunities. His tone was upbeat but measured: he acknowledged lower-value customers are still deferring purchases, while stressing that higher-value growth is making the business more durable and profitable.
Chris Laden focused on the financial proof points behind the strategy: 2.5% revenue growth, 2.2% comps, 7.1% ticket growth, 140 basis points of margin expansion, and adjusted operating income of $31.6 million. He said gross profit increased $4.4 million despite gross margin rate dilution from mix, SG&A leveraged 200 basis points, and net interest expense fell to $3.3 million from $4.2 million due to lower debt and lower SOFR. On the balance sheet, he cited $36 million of cash, $329.3 million of liquidity, $237.7 million of debt net of discounts, 0.9x net debt to adjusted EBITDA, $69.8 million of operating cash flow year-to-date, $39.8 million of CapEx year-to-date, and $20 million spent to repurchase about 1.2 million shares. He also noted about $3 million of noncash charges for the Eyeglass World lab shift, up to another $1 million possible, and roughly $5 million of tariff refunds expected to benefit Q3 cost of revenue.
Analysts focused on the size and duration of the e-commerce replatform hit, the sharp traffic slowdown versus Q1, and whether weaker traffic reflected deferral, price elasticity, or broader consumer weakness. Management said the replatform impact was about 150 basis points and lasted roughly six weeks, with signs of normalization in acquisition, bookings, and conversion; they also said the deferred traffic is mainly coming from value-seeking, lower-margin bundle customers rather than broad-based income weakness. Questions also centered on the raised profit outlook, where management said the main upside comes from cost control, annualized savings of about $10 million, and re-investment choices, while the biggest comp variable remains when lower-value consumers return.
The call supports a bull case that National Vision is successfully shifting toward a more profitable mix: higher ticket, better premium attachment, stronger managed care, and improved margins. Management also pointed to multiple growth levers still early in execution — store segmentation, Nikon Eyes, premium brands, smart eyewear, and a new digital platform — with more upside they believe can extend into 2027 and beyond.
The main bear case is that traffic is still down 4.9% and management does not know when lower-value consumers will reengage, which is the single biggest variable in the comp outlook. The company is also facing near-term noise from the replatform, reinvesting tariff refunds and marketing dollars, and taking a more cautious top-end view on comps, while Eyeglass World still needs proof that its changes will translate into durable growth.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 97.5%
- Shares Outstanding
- 80.12M
- Float Shares
- 78.10M
of shares held by institutions
266 13F filers
Buy/sell ratio 0.50. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 12.11M | ▲ 578.75K |
| Vanguard Group Inc | 10.59M | ▲ 24.24K |
| Wellington Management Group Llp | 7.67M | ▲ 2.17M |
| William Blair Investment Management, LLC | 4.75M | ▲ 521.66K |
| Fmr LLC | 4.07M | ▲ 2.98M |
| Engine Capital Management, LP | 3.52M | ▲ 3.51M |
| State Street Corp | 3.47M | ▲ 287.08K |
| Vanguard Capital Management LLC | 3.40M | ▼ 37.74K |
| Dimensional Fund Advisors LP | 3.38M | ▲ 322.61K |
| Ameriprise Financial Inc | 3.15M | ▲ 1.85M |
| Glenview Capital Management, LLC | 3.10M | ▲ 1.54M |
| Boston Partners | 2.25M | ▲ 823.95K |
Held by 277 ETFs
Biggest fund positions in EYE by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 31, 26 | Wilkes Alexander | other | 13,768 |
| Jul 31, 26 | Wilkes Alexander | other | 13,768 |
| Jul 31, 26 | Wilkes Alexander | other | 6,660 |
| Jul 8, 26 | Banner Mark | other | 11,728 |
| Jul 8, 26 | Banner Mark | other | 11,728 |
| Jul 8, 26 | Banner Mark | other | 4,964 |
| Jun 17, 26 | Zulla Caitlin | other | 16,258 |
| Jun 17, 26 | OFarrell Susan C | other | 14,571 |
| Jun 17, 26 | Nicholson Michael J | other | 11,350 |
| Jun 17, 26 | McGrann James M. | other | 11,350 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our EYE coverage
Recent articles, reports, and earnings notes.

National Vision Holdings (EYE): Turnaround Gains, Valuation Limits Upside
National Vision is showing real turnaround progress, with stronger sales, margin expansion and premium product adoption. But the stock already prices in much of the recovery, keeping the rating at Hold.

National Vision Holdings, Inc. (EYE) drops on deeper earnings
National Vision Holdings, Inc. (EYE) drops after a Q2 EPS beat as investors focus on a cautious sales outlook and valuation concerns. This deep-dive breaks down margin expansion, comparable-store sales trends, guidance changes, and why strong profitability still failed to support the stock.

National Vision Holdings, Inc. (EYE) drops on earnings beats
National Vision Holdings, Inc. (EYE) drops 8.6% as investors react to earnings beats, with shares under pressure despite the company topping expectations.
Want a deeper read on EYE?
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Here's Why National Vision (EYE) is a Strong Value Stock
zacks.com · Aug 17
National Vision Holdings, Inc. $EYE Shares Purchased by Bank of America Corp DE
defenseworld.net · Aug 16
National Vision Stock Down Despite Q2 Earnings & Revenue Beat
zacks.com · Aug 13
National Vision Holdings, Inc. (EYE) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 12
National Vision (EYE) Reports Q2 Earnings: What Key Metrics Have to Say
zacks.com · Aug 12
National Vision Q2 Earnings Call Highlights
marketbeat.com · Aug 12
National Vision (EYE) Surpasses Q2 Earnings and Revenue Estimates
zacks.com · Aug 12
National Vision Holdings, Inc. Reports Second Quarter 2026 Financial Results
businesswire.com · Aug 12
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed August 20, 2026 · Live quote · Not investment advice