National Vision Holdings, Inc. (EYE) Financial Ratios
11 years of historical data (2015–2025) · Consumer Cyclical · Specialty Retail
EV/EBITDA
↓
13.22
↓-48% vs avg
5yr avg: 25.24
30Y Low17.7·High46.9
P/FCF
↑
18.50
↓-86% vs avg
5yr avg: 131.47
30Y Low21.8·High41.5
P/B Ratio
↓
1.57
↓-43% vs avg
5yr avg: 2.77
30Y Low1.0·High5.0
ROE
↓
3.5%
↓+59% vs avg
5yr avg: 2.2%
30Y Low-8%·High14%
Debt/EBITDA
↑
4.56
↓-45% vs avg
5yr avg: 8.31
30Y Low3.5·High18.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
EYE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
National Vision Holdings, Inc. trades at 45.8x earnings, 23% below its 5-year average of 59.4x, sitting at the 14th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 20.8x, the stock trades at a premium of 120%. On a free-cash-flow basis, the stock trades at 18.5x P/FCF, 86% below the 5-year average of 131.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $2.1B | $831M | $1.6B | $3.1B | $4.6B | $3.7B | $2.6B | $2.2B | $2.5B | — |
| Enterprise Value | $2.0B | $2.7B | $1.6B | $2.4B | $3.9B | $5.3B | $4.4B | $3.6B | $2.8B | $3.1B | — |
| P/E Ratio → | 45.84 | 70.14 | — | — | 74.54 | 33.56 | 102.93 | 81.07 | 93.90 | 58.01 | — |
| P/S Ratio | 0.68 | 1.05 | 0.46 | 0.77 | 1.89 | 2.22 | 2.19 | 1.54 | 1.45 | 1.83 | — |
| P/B Ratio | 1.57 | 2.40 | 1.02 | 1.98 | 3.45 | 4.98 | 4.14 | 3.41 | 3.00 | 3.82 | — |
| P/FCF | 18.50 | 28.47 | 21.78 | 28.13 | 550.76 | 28.23 | 23.71 | 41.55 | 1042.90 | — | — |
| P/OCF | 9.29 | 14.29 | 6.22 | 9.47 | 26.11 | 17.82 | 15.96 | 16.05 | 20.88 | 27.91 | — |
P/E links to full P/E history page with 30-year chart
EYE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
National Vision Holdings, Inc.'s enterprise value stands at 13.2x EBITDA, 48% below its 5-year average of 25.2x. The Consumer Cyclical sector median is 12.1x, placing the stock at a 9% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.38 | 0.86 | 1.13 | 2.36 | 2.54 | 2.58 | 2.07 | 1.81 | 2.24 | — |
| EV / EBITDA | 13.22 | 18.02 | 17.73 | 46.91 | 24.48 | 19.08 | 24.75 | 22.16 | 23.89 | 23.87 | — |
| EV / EBIT | 32.89 | 44.84 | — | — | 73.64 | 30.19 | 50.81 | 55.86 | 66.13 | 51.61 | — |
| EV / FCF | — | 37.40 | 41.23 | 41.41 | 687.62 | 32.31 | 27.95 | 55.89 | 1305.65 | — | — |
EYE Profitability
Margins and return-on-capital ratios measuring operating efficiency
National Vision Holdings, Inc. earns an operating margin of 3.1%, roughly in line with the Consumer Cyclical sector average. Operating margins have expanded from -2.2% to 3.1% over the past 3 years, signaling improving operational efficiency. ROE of 3.5% is modest, trailing the sector median of 5.3%. ROIC of 3.0% represents below-average returns on invested capital versus a sector median of 5.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.2% | 54.2% | 58.1% | 52.9% | 59.4% | 56.5% | 54.0% | 53.2% | 53.6% | 53.7% | 54.5% |
| Operating Margin | 3.1% | 3.1% | -0.6% | -2.2% | 3.2% | 8.4% | 5.1% | 4.3% | 2.8% | 4.9% | 5.5% |
| Net Profit Margin | 1.5% | 1.5% | -1.6% | -3.1% | 2.6% | 6.2% | 2.1% | 1.9% | 1.5% | 3.3% | 1.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.5% | 3.5% | -3.5% | -7.6% | 4.6% | 14.0% | 4.3% | 4.3% | 3.4% | 8.6% | 3.7% |
| ROA | 1.4% | 1.4% | -1.4% | -3.0% | 1.8% | 5.5% | 1.7% | 1.8% | 1.5% | 2.9% | 1.0% |
| ROIC | 3.0% | 3.0% | -0.5% | -2.1% | 2.4% | 8.3% | 4.0% | 3.7% | 2.5% | 4.3% | 4.4% |
| ROCE | 3.8% | 3.8% | -0.6% | -2.5% | 2.7% | 8.8% | 4.6% | 4.6% | 3.0% | 5.0% | 5.0% |
EYE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
National Vision Holdings, Inc. carries a Debt/EBITDA ratio of 4.6x, which is highly leveraged (roughly in line with the sector average of 4.8x). Net debt stands at $656M ($695M total debt minus $39M cash). Interest coverage of 3.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.80 | 0.80 | 1.00 | 1.11 | 1.11 | 1.05 | 1.15 | 1.23 | 0.78 | 0.86 | 1.86 |
| Debt / EBITDA | 4.56 | 4.56 | 9.20 | 17.95 | 6.32 | 3.52 | 5.85 | 5.93 | 4.95 | 4.41 | 6.30 |
| Net Debt / Equity | — | 0.75 | 0.91 | 0.93 | 0.86 | 0.72 | 0.74 | 1.18 | 0.75 | 0.86 | 1.84 |
| Net Debt / EBITDA | 4.30 | 4.30 | 8.36 | 15.04 | 4.87 | 2.41 | 3.76 | 5.68 | 4.81 | 4.37 | 6.26 |
| Debt / FCF | — | 8.93 | 19.45 | 13.27 | 136.86 | 4.08 | 4.24 | 14.34 | 262.75 | — | 97.95 |
| Interest Coverage | 3.62 | 3.62 | -0.59 | -3.15 | 114.21 | 6.83 | 1.80 | 1.92 | 1.12 | 1.00 | 1.70 |
EYE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.55x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 1.00x to 0.55x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.55 | 0.55 | 0.53 | 1.00 | 1.38 | 1.50 | 1.72 | 0.86 | 1.01 | 0.77 | 0.74 |
| Quick Ratio | 0.33 | 0.33 | 0.33 | 0.70 | 1.02 | 1.14 | 1.39 | 0.39 | 0.47 | 0.34 | 0.30 |
| Cash Ratio | 0.09 | 0.09 | 0.16 | 0.38 | 0.67 | 0.89 | 1.14 | 0.14 | 0.08 | 0.02 | 0.02 |
| Asset Turnover | — | 0.93 | 0.91 | 0.98 | 0.72 | 0.91 | 0.73 | 0.85 | 0.93 | 0.87 | 0.78 |
| Inventory Turnover | 10.20 | 10.20 | 8.14 | 8.35 | 5.42 | 7.32 | 7.07 | 6.32 | 6.15 | 6.99 | 6.26 |
| Days Sales Outstanding | — | 10.53 | 10.00 | 14.91 | 17.73 | 9.78 | 12.37 | 9.41 | 12.05 | 11.46 | 10.49 |
EYE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
National Vision Holdings, Inc. returns 0.2% to shareholders annually primarily through share buybacks. The earnings yield of 2.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | 6.8% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 373.2% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 1.4% | — | — | 1.3% | 3.0% | 1.0% | 1.2% | 1.1% | 1.7% | — |
| FCF Yield | 5.4% | 3.5% | 4.6% | 3.6% | 0.2% | 3.5% | 4.2% | 2.4% | 0.1% | — | — |
| Buyback Yield | 0.2% | 0.2% | 0.4% | 1.7% | 2.7% | 1.6% | 0.0% | 1.0% | 0.1% | 0.0% | — |
| Total Shareholder Yield | 0.2% | 0.2% | 0.4% | 1.7% | 2.7% | 1.6% | 0.0% | 1.0% | 0.1% | 6.8% | — |
| Shares Outstanding | — | $81M | $79M | $78M | $80M | $96M | $83M | $82M | $79M | $62M | $72M |
Peer Comparison
Compare EYE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 EYEYou | $1B | 45.8 | 13.2 | 18.5 | 54.2% | 3.1% | 3.5% | 3.0% | 4.6 |
 NVST | $4B | 91.1 | 13.6 | 18.0 | 55.0% | 8.3% | 1.6% | 4.8% | 5.0 |
 HSIC | $9B | 24.1 | 11.7 | 15.8 | 29.1% | 5.7% | 8.3% | 7.1% | 3.4 |
 DRVN | $2B | 14.4 | 14.6 | 18.8 | 45.0% | 12.4% | 20.4% | 4.5% | 8.5 |
 AMSF | $590M | 12.7 | 8.9 | 66.1 | 46.4% | 18.6% | 18.5% | 21.9% | 0.0 |
 ACHC | $2B | -2.1 | 8.4 | — | 17.6% | 11.7% | -41.4% | 5.9% | 4.6 |
 ENSG | $9B | 26.8 | 23.8 | 24.7 | 13.7% | 8.6% | 16.9% | 7.0% | 7.7 |
 ALGN | $12B | 30.8 | 14.4 | 25.4 | 68.3% | 15.3% | 10.4% | 15.4% | 0.1 |
 IDXX | $43B | 41.7 | 30.2 | 41.1 | 61.8% | 31.6% | 66.2% | 42.5% | 0.7 |
 HOLX | $17B | 30.5 | 17.4 | 18.4 | 61.0% | 17.4% | 11.1% | 9.4% | 2.6 |
 LMAT | $2B | 35.2 | 27.8 | 27.1 | 71.5% | 27.2% | 15.8% | 9.7% | 2.4 |
| Consumer Cyclical Median | — | 20.8 | 12.1 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 11 years · Updated daily
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EYE — Frequently Asked Questions
Quick answers to the most common questions about buying EYE stock.
What is National Vision Holdings, Inc.'s P/E ratio?
National Vision Holdings, Inc.'s current P/E ratio is 45.8x. The historical average is 73.5x. This places it at the 14th percentile of its historical range.
What is National Vision Holdings, Inc.'s EV/EBITDA?
National Vision Holdings, Inc.'s current EV/EBITDA is 13.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.5x.
What is National Vision Holdings, Inc.'s ROE?
National Vision Holdings, Inc.'s return on equity (ROE) is 3.5%. The historical average is 3.3%.
Is EYE stock overvalued?
Based on historical data, National Vision Holdings, Inc. is trading at a P/E of 45.8x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are National Vision Holdings, Inc.'s profit margins?
National Vision Holdings, Inc. has 54.2% gross margin and 3.1% operating margin.
How much debt does National Vision Holdings, Inc. have?
National Vision Holdings, Inc.'s Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.