National Vision - Public Comps and Valuation Multiples

National Vision Overview

About National Vision

National Vision Holdings Inc is an optical retailer in the U.S. Its product portfolio includes eyeglasses and sunglasses, contact lenses, accessories, and other products. The company has two operating segments; Owned and Host segment includes company-owned brands America’s Best and Eyeglass World, In America’s Best stores, vision care services are provided by optometrists or by independent professional corporations and Host operating consist of Military and Fred Meyer which provide eye exams by independent optometrists, and the Legacy segment manages the operations of, and supplies inventory and lab processing services to Legacy retail Vision Centers. It earns a majority of its revenue from the Owned and Host segment.

Founded

2014

HQ

Employees

13.4K+

Website

nationalvision.com

Sectors

Specialty Stores

Financials

LTM Revenue $1.9B

LTM EBITDA $181M

EV

$2.7B

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National Vision Financials

As of September 2025, National Vision reported last 12-month revenue of $1.9B and EBITDA of $181M.

In the same period, National Vision generated $1.1B in LTM gross profit and $52.4M in net income.

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National Vision P&L

In the most recent fiscal year, National Vision reported revenue of $1.8B and EBITDA of $89.6M.

National Vision expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.9B	XXX	$1.8B	XXX	XXX	XXX
Gross Profit	$1.1B	XXX	$1.1B	XXX	XXX	XXX
Gross Margin	59%	XXX	58%	XXX	XXX	XXX
EBITDA	$181M	XXX	$89.6M	XXX	XXX	XXX
EBITDA Margin	9%	XXX	5%	XXX	XXX	XXX
EBIT	$82.1M	XXX	$29.5M	XXX	XXX	XXX
EBIT Margin	4%	XXX	2%	XXX	XXX	XXX
Net Profit	$52.4M	XXX	-$28.5M	XXX	XXX	XXX
Net Margin	3%	XXX	-2%	XXX	XXX	XXX
Net Debt	XXX	XXX	$263M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for National Vision including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.9B. EBITDA for the last twelve months was $181M. In the most recent fiscal year, National Vision achieved $1.8B in revenue and $89.6M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.9B	Analyst estimates available to subscribers	$1.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.1B	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	58.5% gross margin	Analyst estimates available to subscribers	58.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$181M	Analyst estimates available to subscribers	$89.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	9.4% EBITDA margin	Analyst estimates available to subscribers	4.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$82.1M	Analyst estimates available to subscribers	$29.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	4.3% EBIT margin	Analyst estimates available to subscribers	1.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$52.4M	Analyst estimates available to subscribers	-$28.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	2.7% net profit margin	Analyst estimates available to subscribers	-1.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$263M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for National Vision

This financial data table provides comprehensive performance metrics for National Vision, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

National Vision generated $1.9B in revenue over the last twelve months.
The company achieved $181M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.1B.
Net income over the last twelve months reached $52.4M.

Fiscal Year Performance

In the most recent fiscal year, National Vision reported $1.8B in total revenue.
Fiscal year EBITDA was $89.6M.
The company maintained a gross profit margin of 58.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 4.9%.
Net profit margin reached -1.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for National Vision. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

National Vision Stock Performance

National Vision has current market cap of $2.0B, and EV of $2.7B.

Market Cap Evolution

National Vision Stock Data

As of October 17, 2025, National Vision's stock price is $26.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.7B	$2.0B	XXX	XXX	XXX	XXX	$0.66

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National Vision Valuation Multiples

National Vision's trades at 1.5x EV/Revenue multiple, and 30.3x EV/EBITDA.

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National Vision Financial Valuation Multiples

As of October 17, 2025, National Vision has market cap of $2.0B and EV of $2.7B.

Equity research analysts estimate National Vision's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

National Vision has a P/E ratio of 39.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.0B	XXX	$2.0B	XXX	XXX	XXX
EV (current)	$2.7B	XXX	$2.7B	XXX	XXX	XXX
EV/Revenue	1.4x	XXX	1.5x	XXX	XXX	XXX
EV/EBITDA	15.0x	XXX	30.3x	XXX	XXX	XXX
EV/EBIT	33.1x	XXX	92.1x	XXX	XXX	XXX
EV/Gross Profit	2.4x	XXX	n/a	XXX	XXX	XXX
P/E	39.0x	XXX	-71.7x	XXX	XXX	XXX
EV/FCF	62.0x	XXX	71.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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National Vision Margins & Growth Rates

National Vision's last 12 month revenue growth is 4%

National Vision's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.1M for the same period.

National Vision's rule of 40 is 7% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

National Vision's rule of X is 20% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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National Vision Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	4%	XXX	5%	XXX	XXX	XXX
EBITDA Margin	9%	XXX	5%	XXX	XXX	XXX
EBITDA Growth	12%	XXX	86%	XXX	XXX	XXX
Rule of 40	7%	XXX	9%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	20%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	56%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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