Latest Ratios: P/E Ratio 2298.5x · EV/EBITDA 81.0x · 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 | $3.7B | $2.7B | $2.9B | $1.7B | $1.6B | $5.3B | — | — |
| Enterprise Value | $3.6B | $2.7B | $2.9B | $1.6B | $1.5B | $5.0B | — | — |
| P/E Ratio → | 2298.47 | 1663.36 | — | — | — | — | — | — |
| P/S Ratio | 4.24 | 3.13 | 3.78 | 2.47 | 2.59 | 9.78 | — | — |
| P/B Ratio | 10.24 | 7.41 | 8.57 | 5.48 | 5.41 | 18.50 | — | — |
| P/FCF | 84.48 | 62.33 | 83.96 | 226.12 | — | — | — | — |
| P/OCF | 33.35 | 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 | 81.03 | 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 | — | — | — | — | — | — | -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 | 1.2% | 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 |
High Fixed Cost Leverage
According to current market data, Warby Parker trades at a forward P/E of 60.69 and an EV/EBITDA of 78.65, suggesting that investors are pricing the company as a high-growth healthcare platform rather than a traditional retail entity despite its historically volatile GAAP earnings profile.
The elevated valuation multiples imply that the market expects significant margin expansion as the company scales its eye exam services and progressive lens mix. Investors should monitor whether these premiums are sustainable if the company fails to demonstrate consistent GAAP profitability in upcoming quarters.
Based on reported figures, Warby Parker's ROIC has struggled to maintain positive territory, fluctuating between -6.2% and 0.9% over the last ten quarters, which indicates that the company is currently in a capital-intensive phase of its lifecycle rather than a value-compounding stage.
The low and often negative return on invested capital suggests that the heavy investment in physical retail infrastructure has yet to generate sufficient incremental returns to exceed the cost of capital. This trend warrants further investigation into whether store-level productivity can eventually drive meaningful improvements in overall capital efficiency.
As reported in financial statements, the company's cash conversion cycle has compressed from 49 days in 2023Q4 to 10 days in 2026Q1, reflecting a significant improvement in inventory management and the ability to leverage supplier payment terms to support its omnichannel retail operations.
The reduction in the cash conversion cycle appears to be driven by more efficient inventory turnover and better alignment of payables. This trend suggests that the company is becoming more adept at managing its working capital, which is critical for maintaining liquidity while expanding its physical store footprint.
The P/E ratio is frequently misapplied to Warby Parker because it obscures the company's heavy investment in customer acquisition and physical infrastructure, which are often expensed immediately rather than capitalized, thereby artificially depressing GAAP earnings and making the valuation appear more expensive than it truly is.
Analysts should instead focus on EV/Sales or adjusted EBITDA metrics that account for the company's transition toward a recurring healthcare services model. Relying on P/E in this context ignores the structural shift in product mix toward higher-margin medical services that may eventually justify the current valuation.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying WRBY stock.
Warby Parker Inc.'s current P/E ratio is 2298.5x. This places it at the 50th percentile of its historical range.
Warby Parker Inc.'s current EV/EBITDA is 81.0x. 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 2298.5x. 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.