WinstonWınston
Back
National Vision Holdings logo

National Vision Holdings

EYE
51
Specialty Retail · Consumer Cyclical
Price
$17.88
-0.51 (-2.77%)
Market Cap
$1.43B
Exchange
NASDAQ
Winston Score
51
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jul 4, 2026
How the score breaks down
Quality
Mixed
Growth
Good
Cash Flow
Strong
Stability
Mixed
Valuation
Strong

Share count falling — buybacks

16.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 96.1M (2022) → 80.6M (2026)

Winston Score History

The full picture

National Vision Holdings runs a chain of affordable optical retail stores across the United States. The company sells eyeglasses, contact lenses, and eye exams to everyday consumers who are looking for low-cost vision care. It operates well-known retail brands including America's Best Contacts & Eyeglasses and Eyeglass World, making it one of the largest value-focused optical retailers in the country.

The company makes money by charging customers for eye exams performed by independent doctors located inside its stores, and by selling frames, lenses, and contacts directly to shoppers. National Vision operates roughly 1,200 stores across the U.S., targeting budget-conscious consumers who may lack strong vision insurance. Its low-price positioning gives it some protection against higher-end optical competitors, but thin operating margins leave little room for error if costs rise or store traffic slows. The key growth driver is expanding its store count, while the main risk is competition from online eyewear retailers eating into in-store sales.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

YoY Growth Rate

EPS data limited

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

2.5%ownership

Flat

Insider ownership roughly steady over the past year

Cash Runway

~11 months

$40M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

National Vision Holdings has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
58.2%
Premium pricing power — 58.2% gross margin
Profit after running costs
Operating Margin
4.3%
Thin — 4.3% operating margin
Return on the money invested
ROCE
9.4%
Below par — 9.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth
Sales YoY
+7.8%
Steady sales growth (+7.8% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash
Cash Conversion
258%
Turns 258% of profit into real cash
Spare cash per sale
FCF Margin
2.4%
Thin free cash flow (2.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
5.76x
Adequate interest coverage (5.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit
P/E Ratio (TTM)
28.2x
Growth-priced — P/E 28.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+9.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (28.2 → 19.1)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial