National Vision Financials
This page shows National Vision (EYE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
National Vision’s business still converts sales into cash, but self-funded deleveraging has left little short-term slack.
With gross margin essentially unchanged at58.1% in FY2024 and58.8% in FY2026, the return to positive operating profit points to better overhead absorption, not a reinvention of the product economics. That matters because operating cash flow was$146.3M against just$29.6M of net income in FY2026, confirming that reported earnings understate the cash the business produced.
The balance sheet is moving in a deleveraging direction: long-term debt fell from
Even during the FY2023-FY2024 loss period, the company kept free cash flow positive, which suggests noncash charges and tighter working capital offset weak margins rather than the business needing fresh capital to operate. FY2026 free cash flow of
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of National Vision's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
National Vision has an operating margin of 3.0%, meaning the company retains $3 of operating profit per $100 of revenue. This below-average margin results in a low score of 26/100, suggesting thin profitability after operating expenses. This is up from -0.6% the prior year.
National Vision's revenue grew 9.0% year-over-year to $2.0B, a solid pace of expansion. This earns a growth score of 44/100.
National Vision carries a low D/E ratio of 0.24, meaning only $0.24 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
National Vision's current ratio of 0.62 is below the typical benchmark, resulting in a score of 7/100. This tight liquidity could limit financial flexibility if cash inflows slow.
National Vision has a free cash flow margin of 3.7%, earning a moderate score of 33/100. The company generates positive cash flow after capital investments, but with room for improvement.
National Vision generates a 3.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 9/100. This is up from -3.5% the prior year.
National Vision scores 1.97, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
National Vision passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, National Vision generates $4.94 in operating cash flow ($146.3M OCF vs $29.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
National Vision generated $2.0B in revenue in fiscal year 2026. This represents an increase of 9.0% from the prior year.
National Vision's EBITDA was $150.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 85.2% from the prior year.
National Vision reported $29.6M in net income in fiscal year 2026. This represents an increase of 203.9% from the prior year.
National Vision earned $0.37 per diluted share (EPS) in fiscal year 2026. This represents an increase of 202.8% from the prior year.
Cash & Balance Sheet
National Vision generated $73.5M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 92.6% from the prior year.
National Vision held $67.9M in cash against $220.0M in long-term debt as of fiscal year 2026.
National Vision had 80M shares outstanding in fiscal year 2026. This represents an increase of 1.7% from the prior year.
Margins & Returns
National Vision's gross margin was 58.8% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.
National Vision's operating margin was 3.0% in fiscal year 2026, reflecting core business profitability. This is up 3.5 percentage points from the prior year.
National Vision's net profit margin was 1.5% in fiscal year 2026, showing the share of revenue converted to profit. This is up 3.0 percentage points from the prior year.
National Vision's ROE was 3.3% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 6.8 percentage points from the prior year.
Capital Allocation
National Vision spent $3.2M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 3.7% from the prior year.
National Vision invested $72.8M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 23.7% from the prior year.
EYE Income Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $543.9M+8.0% | $503.4M+3.3% | $487.3M+0.2% | $486.4M-4.7% | $510.3M+16.7% | $437.3M-3.2% | $451.5M0.0% | $451.7M |
| Cost of Revenue | $219.1M+4.0% | $210.7M+3.7% | $203.2M+1.4% | $200.4M-2.3% | $205.2M+10.9% | $185.0M-2.6% | $189.9M-1.9% | $193.6M |
| Gross Profit | $324.7M+10.9% | $292.7M+3.0% | $284.1M-0.7% | $286.1M-6.3% | $305.1M+21.0% | $252.3M-3.6% | $261.6M+1.3% | $258.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $256.1M-2.0% | $261.2M+3.5% | $252.3M+2.1% | $247.2M-3.3% | $255.5M | N/A | $234.0M+1.1% | $231.4M |
| Operating Income | $45.2M+581.8% | $6.6M-30.9% | $9.6M-41.6% | $16.4M-37.1% | $26.1M+202.2% | -$25.6M-189.9% | -$8.8M-1592.6% | $591K |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $11.2M+1306.7% | -$929K-143.9% | $2.1M-39.8% | $3.5M-52.4% | $7.4M | N/A | -$3.6M-132.1% | -$1.6M |
| Net Income | $31.2M+840.0% | $3.3M-1.6% | $3.4M-61.4% | $8.7M-38.5% | $14.2M+149.6% | -$28.6M-237.6% | -$8.5M-171.0% | -$3.1M |
| EPS (Diluted) | $0.38 | N/A | $0.04-63.6% | $0.11-38.9% | $0.18+150.0% | $-0.36-227.3% | $-0.11-175.0% | $-0.04 |
EYE Balance Sheet
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.0B+1.9% | $2.0B+1.3% | $2.0B-0.5% | $2.0B-2.1% | $2.0B+0.1% | $2.0B-0.6% | $2.0B-5.9% | $2.1B |
| Current Assets | $260.6M+15.5% | $225.7M+2.5% | $220.2M+1.1% | $217.7M-14.3% | $254.1M+1.7% | $249.8M+2.5% | $243.7M-33.1% | $364.4M |
| Cash & Equivalents | $67.9M+75.4% | $38.7M-30.9% | $56.0M+15.6% | $48.5M-39.4% | $80.0M+8.2% | $73.9M-8.9% | $81.2M-54.8% | $179.5M |
| Inventory | $107.7M+20.6% | $89.3M+1.5% | $88.0M-1.8% | $89.6M+1.2% | $88.6M-5.7% | $93.9M+7.2% | $87.6M-3.7% | $91.0M |
| Accounts Receivable | $44.0M-23.3% | $57.3M+24.3% | $46.1M+0.4% | $46.0M-13.6% | $53.2M+6.5% | $49.9M+6.7% | $46.8M-23.4% | $61.1M |
| Goodwill | $701.0M0.0% | $700.6M0.0% | $700.6M+0.3% | $698.3M0.0% | $698.3M0.0% | $698.3M-2.7% | $717.5M0.0% | $717.5M |
| Total Liabilities | $1.1B+0.7% | $1.1B+1.3% | $1.1B-1.6% | $1.1B-4.8% | $1.2B-1.4% | $1.2B+1.0% | $1.2B-9.4% | $1.3B |
| Current Liabilities | $418.5M+1.5% | $412.4M-1.1% | $417.0M-0.3% | $418.2M-10.7% | $468.2M0.0% | $468.3M+9.9% | $426.1M-35.7% | $663.2M |
| Long-Term Debt | $220.0M-1.4% | $223.2M-2.8% | $229.7M-7.3% | $247.9M+5.0% | $236.1M-1.3% | $239.1M-1.3% | $242.2M+82.9% | $132.4M |
| Total Equity | $898.0M+3.3% | $869.5M+1.3% | $858.8M+1.0% | $850.6M+1.7% | $836.2M+2.4% | $816.3M-2.8% | $840.0M-0.4% | $843.4M |
| Retained Earnings | $286.9M+12.2% | $255.7M+1.3% | $252.4M+1.4% | $249.0M+3.6% | $240.3M+6.3% | $226.1M-11.2% | $254.7M-3.2% | $263.2M |
EYE Cash Flow Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $61.7M+368.9% | $13.2M-71.8% | $46.6M-14.1% | $54.3M+68.3% | $32.2M+6.5% | $30.3M+8.5% | $27.9M-45.7% | $51.5M |
| Capital Expenditures | $17.6M-28.0% | $24.4M+49.1% | $16.4M+38.1% | $11.8M-41.4% | $20.2M-36.8% | $32.0M+34.2% | $23.9M+21.7% | $19.6M |
| Free Cash Flow | $44.1M+492.7% | -$11.2M-137.1% | $30.3M-28.6% | $42.4M+253.0% | $12.0M+791.3% | -$1.7M-142.9% | $4.1M-87.3% | $31.9M |
| Investing Cash Flow | -$18.3M+24.9% | -$24.3M-25.6% | -$19.4M-52.5% | -$12.7M+37.2% | -$20.2M+40.0% | -$33.7M-38.6% | -$24.3M-22.6% | -$19.8M |
| Financing Cash Flow | -$14.1M-131.4% | -$6.1M+68.9% | -$19.7M+73.2% | -$73.4M-1258.6% | -$5.4M-35.3% | -$4.0M+96.1% | -$101.9M-4395.4% | -$2.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $10.5M+1518.3% | $650K-25.8% | $876K+1492.7% | $55K-96.6% | $1.6M+494.9% | $273K+520.5% | $44K-18.5% | $54K |
EYE Financial Ratios
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.7%+1.6pp | 58.1%-0.2pp | 58.3%-0.5pp | 58.8%-1.0pp | 59.8%+2.1pp | 57.7%-0.3pp | 57.9%+0.8pp | 57.1% |
| Operating Margin | 8.3%+7.0pp | 1.3%-0.6pp | 2.0%-1.4pp | 3.4%-1.7pp | 5.1%+11.0pp | -5.9%-3.9pp | -1.9%-2.1pp | 0.1% |
| Net Margin | 5.7%+5.1pp | 0.7%-0.0pp | 0.7%-1.1pp | 1.8%-1.0pp | 2.8%+9.3pp | -6.5%-4.7pp | -1.9%-1.2pp | -0.7% |
| Return on Equity | 3.5%+3.1pp | 0.4%0.0pp | 0.4%-0.6pp | 1.0%-0.7pp | 1.7%+5.2pp | -3.5%-2.5pp | -1.0%-0.6pp | -0.4% |
| Return on Assets | 1.5%+1.4pp | 0.2%0.0pp | 0.2%-0.3pp | 0.4%-0.3pp | 0.7%+2.1pp | -1.4%-1.0pp | -0.4%-0.3pp | -0.1% |
| Current Ratio | 0.62+0.1 | 0.55+0.0 | 0.530.0 | 0.52-0.0 | 0.540.0 | 0.53-0.0 | 0.57+0.0 | 0.55 |
| Debt-to-Equity | 0.24-0.0 | 0.26-0.0 | 0.27-0.0 | 0.290.0 | 0.28-0.0 | 0.290.0 | 0.29+0.1 | 0.16 |
| FCF Margin | 8.1%+10.3pp | -2.2%-8.4pp | 6.2%-2.5pp | 8.7%+6.4pp | 2.4%+2.8pp | -0.4%-1.3pp | 0.9%-6.1pp | 7.0% |
Note: The current ratio is below 1.0 (0.62), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is National Vision's annual revenue?
National Vision (EYE) reported $2.0B in total revenue for fiscal year 2026. This represents a 9.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is National Vision's revenue growing?
National Vision (EYE) revenue grew by 9% year-over-year, from $1.8B to $2.0B in fiscal year 2026.
Is National Vision profitable?
Yes, National Vision (EYE) reported a net income of $29.6M in fiscal year 2026, with a net profit margin of 1.5%.
What is National Vision's EBITDA?
National Vision (EYE) had EBITDA of $150.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does National Vision have?
As of fiscal year 2026, National Vision (EYE) had $67.9M in cash and equivalents against $220.0M in long-term debt.
What is National Vision's gross margin?
National Vision (EYE) had a gross margin of 58.8% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is National Vision's operating margin?
National Vision (EYE) had an operating margin of 3.0% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is National Vision's net profit margin?
National Vision (EYE) had a net profit margin of 1.5% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is National Vision's return on equity (ROE)?
National Vision (EYE) has a return on equity of 3.3% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is National Vision's free cash flow?
National Vision (EYE) generated $73.5M in free cash flow during fiscal year 2026. This represents a 92.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is National Vision's operating cash flow?
National Vision (EYE) generated $146.3M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are National Vision's total assets?
National Vision (EYE) had $2.0B in total assets as of fiscal year 2026, including both current and long-term assets.
What are National Vision's capital expenditures?
National Vision (EYE) invested $72.8M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is National Vision's current ratio?
National Vision (EYE) had a current ratio of 0.62 as of fiscal year 2026, which is below 1.0, which may suggest potential liquidity concerns.
What is National Vision's debt-to-equity ratio?
National Vision (EYE) had a debt-to-equity ratio of 0.24 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is National Vision's return on assets (ROA)?
National Vision (EYE) had a return on assets of 1.5% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is National Vision's Altman Z-Score?
National Vision (EYE) has an Altman Z-Score of 1.97, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is National Vision's Piotroski F-Score?
National Vision (EYE) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are National Vision's earnings high quality?
National Vision (EYE) has an earnings quality ratio of 4.94x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is National Vision?
National Vision (EYE) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.