Latest Ratios: P/E Ratio 44.3x · EV/EBITDA 12.9x · ROE 3.5%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $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 → | 44.32 | 70.14 | — | — | 74.54 | 33.56 | 102.93 | 81.07 | 93.90 | 58.01 | — |
| P/S Ratio | 0.66 | 1.05 | 0.46 | 0.77 | 1.89 | 2.22 | 2.19 | 1.54 | 1.45 | 1.83 | — |
| P/B Ratio | 1.52 | 2.40 | 1.02 | 1.98 | 3.45 | 4.98 | 4.14 | 3.41 | 3.00 | 3.82 | — |
| P/FCF | 17.89 | 28.47 | 21.78 | 28.13 | 550.76 | 28.23 | 23.71 | 41.55 | 1042.90 | — | — |
| P/OCF | 8.98 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 12.92 | 18.02 | 17.73 | 46.91 | 24.48 | 19.08 | 24.75 | 22.16 | 23.89 | 23.87 | — |
| EV / EBIT | 32.15 | 46.85 | — | — | 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 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 3.46 | 3.46 | -0.59 | -3.15 | 114.21 | 6.83 | 1.80 | 1.92 | 1.12 | 1.00 | 1.70 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.3% | 1.4% | — | — | 1.3% | 3.0% | 1.0% | 1.2% | 1.1% | 1.7% | — |
| FCF Yield | 5.6% | 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 |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying EYE stock.
National Vision Holdings, Inc.'s current P/E ratio is 44.3x. The historical average is 73.5x. This places it at the 14th percentile of its historical range.
National Vision Holdings, Inc.'s current EV/EBITDA is 12.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.5x.
National Vision Holdings, Inc.'s return on equity (ROE) is 3.5%. The historical average is 3.3%.
Based on historical data, National Vision Holdings, Inc. is trading at a P/E of 44.3x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
National Vision Holdings, Inc. has 54.2% gross margin and 3.1% operating margin.
National Vision Holdings, Inc.'s Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Optometrist shortage and Walmart exit
Metrics are mathematically derived from official filings.
Gross Margin Resilience Masks Operating Strain
Gross margin recovered to 58.2% in Q2 2026 from 53.5% in Q4 2025, yet operating margin remains thin at 4.3%, per reported figures, indicating persistent cost pressures.
The gross margin expansion suggests improved pricing or mix, but the operating margin of 4.3% in Q2 2026 is only slightly above the 3.3% of Q2 2025, implying that SG&A and labor costs continue to absorb most of the gross profit. The net margin of 2.5% in Q2 2026, while improved from negative levels in 2024, remains vulnerable to any reversal in the optometrist labor market or unexpected costs. Investors should monitor whether the gross margin recovery can be sustained as the Walmart wind-down progresses, as the Legacy segment's lower margins may have been masking underlying profitability.
Return on Capital Remains Subdued
ROIC improved to 1.0% in Q2 2026 from -1.2% in Q4 2024, as per financial statements, but remains far below cost of capital, indicating limited value creation.
Despite the recent improvement, ROIC of 1.0% in Q2 2026 is still negligible, reflecting the high capital intensity of the store network and the thin operating margins. The asset turnover of 0.25x is stable, suggesting that the improvement in ROIC is driven by margin recovery rather than efficiency gains. Given the company's heavy investment in physical locations and labs, the return on capital is unlikely to reach attractive levels unless operating margins expand significantly, which may be constrained by the optometrist shortage and competitive pricing pressures.
Working Capital Efficiency Improves but Remains Tight
Cash conversion cycle shortened to 22 days in Q2 2026 from 40 days in Q4 2024, as reported, driven by faster receivables collection and extended payables.
The reduction in DSO from 15 days in Q4 2024 to 7 days in Q2 2026 indicates improved receivables management, while DPO increased from 23 to 36 days, suggesting the company is stretching supplier payments. However, the current ratio of 0.59 and quick ratio of 0.27 in Q2 2026 highlight a thin liquidity buffer, which could be strained if working capital swings reverse. The efficiency gains appear to be a positive sign, but they may not be sustainable if the Walmart wind-down disrupts the supply chain or if inventory levels rise.
Leverage Eases as Debt Declines
Debt-to-equity improved to 0.78 in Q2 2026 from 1.10 in Q1 2024, per balance sheet data, while interest coverage rose to 6.38x, indicating reduced refinancing risk.
Total debt fell from $925.3M to $697.0M over the period, and the D/EBITDA ratio of 15.66 in Q2 2026, though still elevated, is a significant improvement from the 228.13 in Q4 2024 when EBITDA was depressed. Interest coverage of 6.38x in Q2 2026 is comfortable, but the thin operating margin means any sustained downturn could quickly erode coverage. The company appears to be deleveraging, but the upcoming Walmart exit may require additional capital for transition costs, which could pause the debt reduction trend.
Liquidity Buffer Remains Thin
Current ratio of 0.59 and quick ratio of 0.27 in Q2 2026, as reported, indicate a tight liquidity position that could be vulnerable to operational disruptions.
With cash of only $36M and a current ratio below 1, the company relies on operating cash flow and available credit to meet short-term obligations. The negative FCF margin of -2.8% in Q2 2026 suggests that internal cash generation is insufficient to cover capital expenditures, which may increase during the Walmart transition. While the debt reduction provides some cushion, the liquidity position warrants close monitoring, especially if the optometrist shortage or the Walmart exit leads to revenue shortfalls.
Misapplied Metric: P/E on Cyclical Earnings
The trailing P/E of 52.73, based on reported figures, is misleading given the volatile earnings history, and forward P/E of 27.86 may better reflect normalized earnings.
The trailing P/E is distorted by the depressed earnings in 2024 and early 2025, when the company posted losses. Investors should instead focus on EV/EBITDA of 14.56, which is more stable and comparable to peers like Envista (14.80) and Driven Brands (14.74). However, even EV/EBITDA may overstate value if the Walmart wind-down leads to asset impairments or if the optometrist shortage caps growth. A more appropriate metric may be EV/Sales or a normalized earnings power calculation that adjusts for one-time items and the transition costs.