National Vision Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data National Vision Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,196	1,375	1,537	1,724	1,712	2,080	1,645	1,756	1,823	1,987
Cost of revenue	545	637	714	807	787	905	668	735	764	819
Gross profit	651	738	823	918	925	1,175	977	1,022	1,059	1,168
Selling, general and administrative	526	600	687	744	725	901	833	905	939	1,016
Operating expenses	587	674	781	844	838	1,000	924	997	1,070	1,109
Operating income	64.1	64.3	42.4	73.6	87	175	52.8	24.5	-10.4	58.8
Interest expense	39.1	55.5	37.3	33.3	48.3	25.6
Other non-operating income					-48.3	-25.6	-0.46	-14.3
Pre-tax income	25	4.23	4.87	30.5	38.7	149	52.3	9.55	-25.7	41.7
Income tax	11.6	-38.9	-18.8	-2.31	2.4	21.1	15.5	6.01	1.48	12.1
Net income	13.3	43.1	23.7	32.8	36.3	128	42.1	-65.9	-28.5	29.6
EBITDA	117	126	117	161	179	272	141	114	81	150
EPS, basic	0.24	0.72	0.31	0.42	0.45	1.57	0.53	-0.84	-0.36	0.37
EPS, diluted	0.23	0.70	0.30	0.40	0.44	1.43	0.52	-0.84	-0.36	0.37
Shares, basic (weighted)	56.2	59.9	75.9	78.6	80.6	81.8	79.8	78.3	78.6	79.1
Shares, diluted (weighted)	57	62	79	81.7	82.8	96.1	80.3	78.6	78.6	80.6

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.95	4.21	17.1	39.3	374	306	229	150	73.9	38.7
Receivables	34.4	43.2	50.7	44.5	58	55.7	79.9	86.9	49.9	57.3
Inventory	87.1	91.2	116	128	111	124	123	120	93.9	89.3
Other current assets	20.9	23.9	30.8	23.3	23.5	29.4	41.4	40	32	40.4
Total current assets	147	162	215	235	567	515	474	397	250	226
Property, plant and equipment	256	302	355	367	341	346	360	360	362	345
Lease right-of-use assets			0	348	340	355	383	406	409	395
Goodwill	793	793	778	778	778	778	778	718	698	701
Intangible assets		72.9	64.5	56.9	49.5	42	34.7	20.2	8.27	7.55
Other non-current assets	12.3	11	8.88	8.13	17.7	17	22	28.3	40.1	69.7
Total assets	1,531	1,582	1,661	2,033	2,333	2,293	2,291	2,173	2,008	1,984
Accounts payable	39.4	35.7	43.6	40.8	64.9	64.3	65.3	67.6	53.6	79
Accrued liabilities	69.4	77.6	81	82.8	110	119	94.2	123	109	110
Deferred revenue	58	63	52.1	55.9	58.9	65.3	62.2	62.9	62.5	64.6
Short-term debt	7.29	7.26	7.57	10.5	0	0	0	7.5	98	13.3
Total current liabilities	200	211	212	273	329	344	344	398	468	412
Long-term debt	738	562	571	526	625	544	546	438	239	223
Lease liabilities			0	332	327	342	358	377	366	358
Other non-current liabilities	50.5	50.9	54	13.7	17.4	8.97	8.9	8.47	8.23	8.94
Total liabilities	1,132	927	918	1,256	1,427	1,367	1,390	1,343	1,191	1,114
Total debt	746	569	578	536	625	544	546	445	337	236
Paid-in capital	425	632	673	700	796	750	767	789	807	834
Retained earnings	-8.68	32.2	74.8	107	143	278	321	255	226	256
Treasury stock	-0.23	-0.23	-2.16	-27.8	-28.5	-102	-186	-215	-218	-221
Other comprehensive income	-14.6	-9.87	-2.81	-3.81	-4.4	-1.94	-1.18	-0.42	0	-0.12
Shareholders' equity	400	655	743	776	907	926	901	829	816	870
Total equity	400	655	743	776	907	926	901	829	816	870
Total liabilities and equity	1,531	1,582	1,661	2,033	2,333	2,293	2,291	2,173	2,008	1,984
Shares outstanding	56.2	74.7	78.2	79.7	81.2	81.4	79	78.3	78.8	79.4

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	13.3	43.1	23.7	32.8	36.3	128	42.1	-65.9	-28.5	29.6
Depreciation and amortization	52.7	62	74.3	87.2	91.6	97.1	88.7	89.9	91.3	91.2
Stock-based compensation	4.29	5.15	20.9	12.7	10.7	14.9	13.5	20.2	16.7	23.7
Deferred income tax	10.3	-40	-19.3	-2.38	-0.23	16.7	11	-5.99	-9.98	4.66
Change in receivables	-9.08	-16.9	-14.6	-6.93	-13.7	1.18	-24.8	-7.82	36.4	-8.07
Change in inventory	-13.8	-9.58	-28.7	-15.9	11.4	-14.9	-1.86	-0.46	21.6	-0.73
Change in payables	5.62	-3.69	7.93	-2.86	24.1	-0.53	0.95	2.28	-13.9	25.4
Cash from operations	97.6	90.3	107	165	235	259	119	173	134	146
Capital expenditures	-90	-93.2	-104	-101	-76.8	-95.5	-114	-115	-95.5	-72.8
Purchases of investments	-1	-1.5	0	0				-1.8	-1.5
Cash from investing	-91	-94.6	-104	-101	-76.4	-92.9	-111	-116	-96.1	-76.6
Debt issued	0	175	200	567	549	0	0	0	115	25
Debt repaid	-6.52	-368	-204	-592	-369	-167	-0	-103	-222	-126
Stock issued	0.92	373	19.8	14.8	13.1	11.8	3.74	1.84	1.51	3.4
Share buybacks	-0.19	0	-1.93	-25.6	-0.69	-73.3	-84.4	-28.4	-3.09	-3.21
Dividends paid	0	-171	0	0
Cash from financing	-6.57	3.84	10.4	-42.1	176	-234	-84.6	-137	-113	-105
Net change in cash	0.04	-0.49	12.8	22.3	335	-68.3	-76.3	-79.6	-75.8	-34.9
Free cash flow	7.56	-2.97	2.14	63.8	158	163	5.65	58.3	38.1	73.5
Interest paid	34.9	47.1	33.5	33.9	30.8	24.9	16.9	11.7	13.4	19.1
Income taxes paid	-0.42	2.65	1.45	0.68	0.89	10.4	7.48	7.57	6.33	21.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 4, 2026; growth uses fiscal years. Valuation uses the share price of $16.53 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	58.6%	Gross profit / revenue.
Operating margin	4.1%	Operating income / revenue.
EBITDA margin	8.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.4%	Pre-tax income / revenue.
Net margin	2.5%	Net income / revenue.
FCF margin	2.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.4%	Cash from operations / revenue.
Effective tax rate	26.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.5%	Net income / average total assets.
Return on invested capital (ROIC)	5.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	49.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	4.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	3.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-7.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	85.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	2.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-3.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-11.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-4.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-10.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-3.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-9.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	92.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	135.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-14.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.59x	Current assets / current liabilities.
Quick ratio	0.19x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.26x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.6%	Total debt / total assets.
Liabilities / assets	54.8%	Total liabilities / total assets.
Net debt	$194.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.11x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$156.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	35.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$188.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.03x	Revenue / average total assets.
Fixed asset turnover	6.04x	Revenue / average property, plant and equipment.
Inventory turnover	6.86x	Cost of revenue / average inventory.
Days inventory	53 days	365 x average inventory / cost of revenue.
Receivables turnover	58.3x	Revenue / average receivables.
Days sales outstanding	6 days	365 x average receivables / revenue.
Days payables	33 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	26 days	Days inventory + days sales outstanding - days payables.
FCF conversion	97.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	62.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.23	Revenue / diluted weighted shares.
FCF per share	$0.61	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.61	Cash from operations / diluted weighted shares.
Book value per share	$11.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.39	Tangible book value / shares outstanding.
Cash per share	$0.46	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	65.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.31B	Share price x shares outstanding.
Enterprise value	$1.50B	Market cap + total debt - cash - short-term investments.
P/E	26.0x	Market cap / net income. Only when net income is positive.
P/S	0.64x	Market cap / revenue.
P/B	1.46x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.92x	Market cap / tangible book value, when positive.
P/FCF	26.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.1x	Market cap / cash from operations, when positive.
EV/Sales	0.74x	Enterprise value / revenue.
EV/EBIT	18.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.57x	Enterprise value / EBITDA, when both are positive.
EV/FCF	30.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.8%	Free cash flow / market cap.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.

What was National Vision Holdings, Inc.'s revenue in fiscal 2025?

National Vision Holdings, Inc. reported revenue of $1.99B for fiscal 2025, 9% higher than the year before.

Was National Vision Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $29.6M, a net margin of 1.5%.

How much free cash flow did National Vision Holdings, Inc. generate in fiscal 2025?

Cash from operations of $146.3M minus capital expenditures of $72.8M left free cash flow of $73.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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