National Vision
Operates value optical stores through America's Best, Eyeglass World, and host retail locations.
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Profile
Sells eyeglasses, contact lenses, exams, services, and plans through owned and host optical retail brands concentrated in the U.S. and Puerto Rico. The continuing business reports one Owned & Host segment, led by America's Best after the Walmart Vision Center partnership and AC Lens wind-down.
Operates value-focused optical retail stores under America's Best Contacts & Eyeglasses, Eyeglass World, Vista Optical on military bases and in Fred Meyer stores, plus DiscountContacts.com. The continuing store base is concentrated in the United States and Puerto Rico and reports a single Owned & Host segment.
Revenue is built mainly from eyeglasses and contact lenses, with exams, services, plans, and optical accessories adding eye-care touchpoints. America's Best is the largest brand, while Eyeglass World adds a superstore format with on-site labs and broader designer-brand selection.
The business is being rebuilt after the Walmart Vision Center partnership ended and AC Lens operations were wound down. Execution depends on affordable eye care positioning, optometrist access, centralized labs, host-store relationships, managed-care participation, and customer demand for premium lens categories.
Company facts
Key statistics
Year to date −33.1% · Average volume (30d) 2.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Roth Capital | Reiterate | Buy | $25 | $27 |
| Aug 13, 2026 | UBS | Reiterate | Buy | $36 | $34 |
| Aug 13, 2026 | Morgan Stanley | Reiterate | Equal Weight | $22 | $21 |
| May 14, 2026 | Roth Capital | Target | $25 | ||
| May 14, 2026 | UBS | Reiterate | Buy | $39 | $36 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | $0.18 | $0.25 | +37.4% | $499.1M | $498.8M | −0.1% | −11.56% |
| May 13, 2026Q1 FY26 | $0.43 | $0.45 | +4.7% | $545.1M | $543.9M | −0.2% | +4.73% |
| Mar 4, 2026Q4 FY25 | $0.06 | $0.15 | +148.8% | $495.3M | $503.4M | +1.6% | +0.10% |
| Nov 5, 2025Q3 FY25 | $0.12 | $0.13 | +8.3% | $495.1M | $487.3M | −1.6% | −4.94% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $510.3M | $486.4M | $487.3M | $503.4M | $543.9M | $498.8M | |
| Gross profit | $282.2M | $263.5M | $261.9M | $269.2M | $301.3M | $290.4M | |
| Operating income | $26.2M | $16.0M | $9.6M | $7.8M | $45.2M | $21.3M | |
| Net income | $14.2M | $8.7M | $3.4M | $3.3M | $31.2M | $12.4M | |
| Diluted EPS | $0.18 | $0.11 | $0.04 | $0.04 | $0.38 | $0.15 | |
| Gross margin | 55.3% | 54.2% | 53.8% | 53.5% | 55.4% | 58.2% | |
| Operating margin | 5.1% | 3.3% | 2.0% | 1.5% | 8.3% | 4.3% |
Fiscal years (4-quarter sums)FY21 $2.08B · FY22 $2.01B · FY23 $1.90B · FY24 $1.82B · FY25 $1.99B
Revenue by product · Q2 FY26
Balance sheet, Jul 4, 2026Cash & short-term investments $36.0M · Total debt $697.0M · Total assets $1.98B · Shareholders' equity $897.0M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 80.12M · Float 78.10M · 97.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 12.11M | 15.12% | 13F | Aug 7, 2026 |
| Wellington Management Group LLP | 7.67M | 9.57% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 5.43M | 6.78% | 13F | Aug 13, 2026 |
| William Blair Investment Management, LLC | 4.75M | 5.93% | 13F | Aug 12, 2026 |
| FMR LLC | 4.07M | 5.08% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 5, 2026 | Michael J. Nicholson | director | +50,000 | $15.52 |
| Mar 11, 2026 | Alexander Wilkes | director, officer: Chief Executive Officer | −35,000 | $26.54 |
| Mar 6, 2026 | L. Reade Fahs | director, officer: Executive Chairman | −11,672 | $29.58 |
| Sep 16, 2025 | L. Reade Fahs | director, officer: Executive Chairman | −10,598 | $23.93 |
| Sep 15, 2025 | L. Reade Fahs | director, officer: Executive Chairman | −2,002 | $23.81 |
Peers
- Warby Parker
Omnichannel eyewear brand overlapping on value, exams, and contacts
- Walmart
Mass-merchant optical footprint tied to low-price eyewear and exams
- Costco
Warehouse-club optical challenger in exams, frames, contacts, and lenses
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| National Vision | $17.38 | +0.06% | $1.39B | 28.4 | 16.1 | 0.7 | +2.6% |
| Warby Parker | $25.25 | +1.00% | $3.07B | 376.5 | 57.3 | 3.4 | +9.8% |
| Walmart | $103.07 | −0.03% | $820.40B | 37.2 | 34.5 | 1.1 | +5.9% |
| Costco | $945.47 | −0.03% | $419.30B | 47.6 | 43.0 | 1.4 | +11.6% |
| Median | 47.6 | 43.0 | 1.4 | +9.8% |