Latest Ratios: P/E Ratio 2063.4x · EV/EBITDA 72.6x · ROE 0.5%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.3B | $2.7B | $2.9B | $1.7B | $1.6B | $5.3B | — | — |
| Enterprise Value | $3.3B | $2.7B | $2.9B | $1.6B | $1.5B | $5.0B | — | — |
| P/E Ratio → | 2063.36 | 1663.36 | — | — | — | — | — | — |
| P/S Ratio | 3.80 | 3.13 | 3.78 | 2.47 | 2.59 | 9.78 | — | — |
| P/B Ratio | 9.20 | 7.41 | 8.57 | 5.48 | 5.41 | 18.50 | — | — |
| P/FCF | 75.84 | 62.33 | 83.96 | 226.12 | — | — | — | — |
| P/OCF | 29.94 | 24.61 | 29.52 | 27.14 | 149.52 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.07 | 3.74 | 2.41 | 2.53 | 9.31 | — | — |
| EV / EBITDA | 72.62 | 59.47 | 183.19 | — | — | — | — | — |
| EV / EBIT | — | 878.32 | — | — | — | — | — | — |
| EV / FCF | — | 61.11 | 83.13 | 220.32 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.0% | 54.0% | 55.3% | 54.5% | 57.0% | 58.8% | 58.9% | 60.2% |
| Operating Margin | -0.6% | -0.6% | -3.9% | -10.7% | -18.6% | -26.6% | -14.1% | -0.4% |
| Net Profit Margin | 0.2% | 0.2% | -2.6% | -9.4% | -18.5% | -26.7% | -14.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 0.5% | -6.4% | -21.5% | -38.6% | -48.5% | -29.3% | — |
| ROA | 0.2% | 0.2% | -3.2% | -11.0% | -21.9% | -32.6% | -18.0% | — |
| ROIC | -1.3% | -1.3% | -7.9% | -21.1% | -59.4% | -901.3% | -678.4% | -6.9% |
| ROCE | -1.0% | -1.0% | -6.0% | -16.1% | -29.2% | -43.4% | -25.3% | -1.7% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.63 | 0.63 | 0.66 | 0.58 | 0.60 | — | — | — |
| Debt / EBITDA | 5.19 | 5.19 | 14.31 | — | — | — | — | — |
| Net Debt / Equity | — | -0.14 | -0.08 | -0.14 | -0.12 | -0.90 | -1.02 | -0.76 |
| Net Debt / EBITDA | -1.18 | -1.18 | -1.83 | — | — | — | — | -4.31 |
| Debt / FCF | — | -1.22 | -0.83 | -5.80 | — | — | -24.75 | — |
| Interest Coverage | — | — | — | — | — | -415.01 | -573.53 | — |
Net cash position: cash ($286M) exceeds total debt ($233M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.35 | 2.35 | 2.50 | 2.35 | 2.27 | 2.78 | 3.42 | 1.21 |
| Quick Ratio | 2.05 | 2.05 | 2.10 | 1.86 | 1.74 | 2.29 | 3.05 | 0.83 |
| Cash Ratio | 1.91 | 1.91 | 1.95 | 1.71 | 1.61 | 2.17 | 2.98 | 0.73 |
| Asset Turnover | — | 1.21 | 1.14 | 1.15 | 1.05 | 1.23 | 0.89 | 2.11 |
| Inventory Turnover | 9.02 | 9.02 | 6.58 | 4.89 | 3.73 | 3.91 | 4.21 | 5.18 |
| Days Sales Outstanding | — | 1.38 | 0.92 | 0.97 | 0.88 | 0.67 | 0.56 | 1.10 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.0% | 0.1% | — | — | — | — | — | — |
| FCF Yield | 1.3% | 1.6% | 1.2% | 0.4% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | — | — |
| Shares Outstanding | — | $125M | $120M | $117M | $115M | $114M | $111M | $111M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WRBY stock.
Warby Parker Inc.'s current P/E ratio is 2063.4x. This places it at the 50th percentile of its historical range.
Warby Parker Inc.'s current EV/EBITDA is 72.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 59.5x.
Warby Parker Inc.'s return on equity (ROE) is 0.5%. The historical average is -24.0%.
Based on historical data, Warby Parker Inc. is trading at a P/E of 2063.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Warby Parker Inc. has 54.0% gross margin and -0.6% operating margin.
Warby Parker Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
SBC dilutes earnings quality
Metrics are mathematically derived from official filings.
Margin Inflection Points to Operating Leverage
Gross margin expanded from 54.0% in 2024Q2 to 57.9% in 2026Q2, while operating margin turned positive at 1.3%, per quarterly filings, signaling early operating leverage.
The sequential improvement in gross margin from 52.4% in 2025Q4 to 57.9% in 2026Q2 suggests better cost absorption and product mix, but operating margin remains razor-thin at 1.3%, indicating that fixed costs still consume a large portion of revenue. Net margin of 2.0% in 2026Q2 is positive for the first time in the data, yet stock-based compensation of $9.9M exceeded net income of $4.6M, implying that reported profitability overstates cash earnings. Investors should monitor whether margin expansion can sustain as revenue growth decelerates to 9.8%.
Returns on Capital Remain Subdued
ROIC improved from -2.4% in 2024Q2 to 0.7% in 2026Q2, per financial statements, but remains below the cost of capital, indicating value creation is still nascent.
Despite the positive turn in ROIC, the absolute level is negligible, and ROE of 1.2% in 2026Q2 is far below the peer average of 29.4% for Victoria's Secret, highlighting a structural disadvantage in capital efficiency. The improvement is driven by margin recovery rather than asset turnover, which has stayed flat around 0.31, suggesting that the company's heavy investment in physical stores has not yet translated into higher sales per dollar of assets. This implies that returns on capital will only compound if the retail footprint matures and generates higher revenue density.
Working Capital Efficiency Improves
Cash conversion cycle shortened from 36 days in 2024Q1 to 5 days in 2026Q2, as reported in quarterly data, driven by faster inventory turnover and extended payables.
The dramatic reduction in CCC from 36 to 5 days is primarily due to DIO falling from 60 to 41 days and DPO rising from 25 to 36 days, indicating better inventory management and increased supplier leverage. DSO remains negligible at 1 day, reflecting the direct-to-consumer model with minimal receivables. However, the improvement in working capital efficiency may be partly seasonal, as CCC has fluctuated between 5 and 24 days over the past year, so investors should assess whether this is a sustainable trend or a one-time optimization.
Leverage Creeps Higher but Serviceable
Debt-to-equity rose from 0.57 to 0.64 over ten quarters, while D/EBITDA spiked to 7.59 in 2026Q2, per balance sheet data, indicating increased leverage relative to earnings.
The D/EBITDA ratio of 7.59 in 2026Q2 is elevated, but this is distorted by EBITDA being near breakeven; as EBITDA grows, the ratio should normalize. Interest coverage is not reported, but cash of $292.7M covers 1.17 times total debt, providing a liquidity cushion. The increase in debt to fund store expansion appears deliberate, but the thin operating margin means that any revenue shortfall could quickly strain debt service, warranting close monitoring of EBITDA growth.
Liquidity Buffer Remains Comfortable
Current ratio stands at 2.27 in 2026Q2, down from 2.50 a year earlier, but cash of $292.7M covers 1.17 times total debt, per financial statements, indicating ample near-term liquidity.
The quick ratio of 2.01 suggests that inventory is not a significant liquidity concern, as the company can meet short-term obligations without relying on inventory sales. However, the current ratio has been declining steadily from 2.70 in 2025Q1, reflecting increased investment in fixed assets and higher debt levels. Under a severe stress scenario, the cash position provides a buffer, but the negative retained earnings of -$677.8M limit financial flexibility, so the company may need to rely on external financing if cash flows deteriorate.
P/E Misleading for Near-Breakeven Earnings
The trailing P/E of 1975.57 is meaningless given near-zero EPS, as reported in valuation data, obscuring the company's true earnings power and forward valuation.
With TTM net income barely positive, the P/E ratio is distorted and should be disregarded; instead, EV/EBITDA of 69.48 and P/S of 3.64 provide more meaningful comparisons, though they still imply high growth expectations. The forward P/E of 55.30 suggests the market is pricing in substantial earnings growth, but the company's thin margins and heavy SBC mean that reported EPS may not translate to cash returns. Investors should focus on EV/EBITDA and P/FCF (72.61) to assess valuation, as these metrics better capture the underlying economics of the business.