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Stocks Comparison

Alcon vs National Vision: revenue, profit, margins and growth compared

Alcon brought in $10.4B of revenue in fiscal 2025, National Vision $2B in fiscal 2025. Revenue changed by +4.9% at Alcon and +9.0% at National Vision on the year before, so National Vision grew faster. Alcon kept 9.4% of its revenue as net profit, National Vision 1.5%. Free cash flow was $1.7B at Alcon and $73.5M at National Vision.

Side by side, latest fiscal year

ALCEYE
Fiscal year endedFY2025 (December 31, 2025)FY2025 (January 3, 2026)
Revenue$10.4B$2B
Revenue growth+4.9%+9.0%
Net income$980M$29.6M
Net margin9.4%1.5%
Free cash flow$1.7B$73.5M
Free cash flow margin16.6%3.7%
Earnings per share (diluted)$1.98$0.37
Cash$1.5B$38.7M
Debt$4.7B$236.5M
Price to earningsn/a44.7
Market value$32.2B$1.3B
Dividend yieldn/an/a
Rank by revenue in sector#44 of 523 · Health care#110 of 523 · Health care

Over the years

Revenue
ALC FY2019: $7.2BALC FY2019: $7.5BALC FY2020: $6.8BALC FY2021: $8.3BALC FY2022: $8.7BALC FY2023: $9.5BALC FY2024: $9.9BALC FY2025: $10.4BEYE FY2018: $1.5BEYE FY2019: $1.7BEYE FY2020: $1.7BEYE FY2021: $2.1BEYE FY2022: $1.6BEYE FY2023: $1.8BEYE FY2024: $1.8BEYE FY2025: $2BFY18FY19FY20FY21FY22FY23FY24FY25
ALC $10.4BEYE $2B
Net income
ALC FY2019: -$227MALC FY2019: -$656MALC FY2020: -$531MALC FY2021: $376MALC FY2022: $335MALC FY2023: $974MALC FY2024: $1BALC FY2025: $980MEYE FY2018: $23.7MEYE FY2019: $32.8MEYE FY2020: $36.3MEYE FY2021: $128.2MEYE FY2022: $42.1MEYE FY2023: -$65.9MEYE FY2024: -$28.5MEYE FY2025: $29.6MFY18FY19FY20FY21FY22FY23FY24FY25
ALC $980MEYE $29.6M
Net margin
ALC FY2019: -3.2%ALC FY2019: -8.7%ALC FY2020: -7.8%ALC FY2021: 4.5%ALC FY2022: 3.8%ALC FY2023: 10.3%ALC FY2024: 10.3%ALC FY2025: 9.4%EYE FY2018: 1.5%EYE FY2019: 1.9%EYE FY2020: 2.1%EYE FY2021: 6.2%EYE FY2022: 2.6%EYE FY2023: -3.8%EYE FY2024: -1.6%EYE FY2025: 1.5%FY18FY19FY20FY21FY22FY23FY24FY25
ALC 9.4%EYE 1.5%
Revenue growth
ALC FY2019: +5.0%ALC FY2020: -9.0%ALC FY2021: +21.3%ALC FY2022: +5.1%ALC FY2023: +8.5%ALC FY2024: +4.8%ALC FY2025: +4.9%EYE FY2019: +12.2%EYE FY2020: -0.7%EYE FY2021: +21.5%EYE FY2022: -20.9%EYE FY2023: +6.8%EYE FY2024: +3.8%EYE FY2025: +9.0%FY19FY20FY21FY22FY23FY24FY25
ALC +4.9%EYE +9.0%
Free cash flow
ALC FY2019: $616MALC FY2019: $367MALC FY2020: $344MALC FY2021: $645MALC FY2022: $581MALC FY2023: $730MALC FY2024: $1.6BALC FY2025: $1.7BEYE FY2018: $2.1MEYE FY2019: $63.8MEYE FY2020: $158.2MEYE FY2021: $163.4MEYE FY2022: $5.7MEYE FY2023: $58.3MEYE FY2024: $38.1MEYE FY2025: $73.5MFY18FY19FY20FY21FY22FY23FY24FY25
ALC $1.7BEYE $73.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Alcon and National Vision

Which is bigger by revenue, Alcon or National Vision?

Alcon is bigger by revenue: $10.4B in fiscal 2025, against $2B for National Vision in fiscal 2025.

Which keeps more of its revenue as profit, Alcon or National Vision?

Alcon had a net margin of 9.4% in fiscal 2025; National Vision had 1.5% in fiscal 2025.

Which grew revenue faster, Alcon or National Vision?

In their latest fiscal years revenue changed by +4.9% at Alcon and +9.0% at National Vision.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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