National Vision Holdings, Inc. (EYE) Key Metrics
EYE valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $1.38B
- Enterprise value
- $1.95B
- P/E (TTM)
- 28.1 10-yr median 73.9
- Forward P/E
- 15.6
- PEG ratio
- —
- Price / sales
- 0.7 10-yr median 1.5
- Price / book
- 1.4 10-yr median 3.4
- EV / EBITDA
- 10.6 10-yr median 23.9
- Dividend yield
- —
- Beta
- 0.98
EYE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsEYE valuation Price multiples at each fiscal year-end price.
EYE returns How much profit the business earns on the capital it uses.
EYE per-share figures Results divided by the shares outstanding at year-end.
EYE financial health Debt, liquidity and how easily interest is covered.
EYE efficiency & capital use Working capital cycle and where the cash goes.
EYE valuation history
EYE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
EYE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
EYE cash returned to shareholders
EYE price vs earnings per share
EYE key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.08B | $818.9M | $1.64B | $3.11B | $4.61B | $3.75B | $2.65B | $2.23B | $2.52B | — |
| Enterprise value | $2.74B | $1.56B | $2.41B | $3.89B | $5.28B | $4.42B | $3.56B | $2.79B | $3.08B | — |
| P/E ratio | 70.3 | — | — | 73.9 | 36.0 | 103.4 | 80.8 | 94.1 | 55.0 | — |
| Price / sales | 1.0 | 0.4 | 0.8 | 1.9 | 2.2 | 2.2 | 1.5 | 1.4 | 1.8 | — |
| Price / book | 2.4 | 1.0 | 2.0 | 3.5 | 5.0 | 4.1 | 3.4 | 3.0 | 3.8 | — |
| Price / free cash flow | 28.3 | 21.5 | 28.1 | 550.8 | 28.2 | 23.7 | 41.5 | — | — | — |
| Price / operating cash flow | 14.2 | 6.1 | 9.5 | 26.1 | 17.8 | 16.0 | 16.0 | 20.9 | 27.9 | — |
| EV / sales | 1.4 | 0.9 | 1.1 | 2.4 | 2.5 | 2.6 | 2.1 | 1.8 | 2.2 | — |
| EV / EBITDA | 17.3 | 17.4 | 42.9 | 25.4 | 19.1 | 24.8 | 23.6 | 23.9 | 25.3 | — |
| EV / free cash flow | 37.3 | 40.9 | 41.4 | 687.6 | 32.3 | 27.9 | 55.9 | — | — | — |
| Earnings yield | 1.4% | −3.5% | −4.0% | 1.4% | 2.8% | 1.0% | 1.2% | 1.1% | 1.8% | — |
| Free cash flow yield | 3.5% | 4.7% | 3.6% | 0.2% | 3.5% | 4.2% | 2.4% | 0.1% | −0.1% | — |
| Dividend yield | — | — | 0.2% | 2.7% | — | 0.3% | 21.4% | 9.0% | 6.8% | — |
| Shareholder yield (dividends + buybacks) | 0.2% | 0.4% | 1.9% | 5.4% | 1.6% | 0.4% | 22.4% | 9.1% | 6.8% | — |
| Share price at fiscal year-end | $25.82 | $10.42 | $20.93 | $38.76 | $47.99 | $45.29 | $32.43 | $28.17 | $40.61 | — |
| Per share | ||||||||||
| Revenue per share | $24.67 | $23.20 | $27.15 | $20.48 | $21.63 | $20.68 | $21.11 | $19.44 | $22.17 | $16.55 |
| Earnings per share | $0.37 | −$0.36 | −$0.84 | $0.52 | $1.33 | $0.44 | $0.40 | $0.30 | $0.74 | $0.20 |
| Operating cash flow per share | $1.82 | $1.70 | $2.21 | $1.48 | $2.69 | $2.84 | $2.02 | $1.35 | $1.45 | $1.35 |
| Free cash flow per share | $0.91 | $0.49 | $0.74 | $0.07 | $1.70 | $1.91 | $0.78 | $0.03 | −$0.05 | $0.10 |
| Cash per share | $0.48 | $0.94 | $1.91 | $2.86 | $3.18 | $4.52 | $0.48 | $0.22 | $0.07 | $0.07 |
| Book value per share | $10.79 | $10.39 | $10.59 | $11.22 | $9.63 | $10.95 | $9.51 | $9.40 | $10.63 | $5.56 |
| Tangible book value per share | −$0.98 | −$1.66 | −$1.90 | −$1.89 | −$1.40 | −$1.95 | −$3.66 | −$4.30 | −$7.20 | −$9.87 |
| Dividends per share | — | — | $0.04 | $1.05 | — | $0.16 | $6.94 | $2.53 | $2.76 | $0.00 |
| Capex per share | $0.90 | $1.22 | $1.47 | $1.41 | $0.99 | $0.93 | $1.24 | $1.32 | $1.50 | $1.25 |
| Debt per share | $8.62 | $10.38 | $11.79 | $12.49 | $10.12 | $12.62 | $11.67 | $7.31 | $9.18 | $10.32 |
| Shares outstanding | 80.6M | 78.6M | 78.3M | 80.3M | 96.1M | 82.8M | 81.7M | 79.0M | 62.0M | 72.3M |
| Change in shares outstanding | +2.5% | +0.4% | −2.5% | −16.5% | +16.1% | +1.4% | +3.3% | +27.4% | −14.2% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 3.5% | −3.5% | −7.6% | 4.6% | 14.0% | 4.3% | 4.3% | 3.4% | 8.6% | 3.7% |
| Return on invested capital (ROIC) | 2.8% | −0.5% | −2.3% | 2.3% | 9.5% | 5.0% | 4.9% | 3.3% | 5.7% | 3.2% |
| Return on assets (ROA) | 1.4% | −1.4% | −3.0% | 1.8% | 5.5% | 1.7% | 1.8% | 1.5% | 2.9% | 1.0% |
| Return on tangible assets | 2.5% | −2.7% | −5.5% | 3.4% | 10.4% | 2.9% | 3.4% | 4.1% | 9.6% | 3.5% |
| Free cash flow margin | 3.7% | 2.1% | 2.7% | 0.3% | 7.9% | 9.2% | 3.7% | 0.1% | −0.2% | 0.6% |
| Income quality (OCF / net income) | 4.94 | — | — | 2.83 | 2.02 | 6.48 | 5.03 | 4.51 | 1.97 | 6.61 |
| Financial health | ||||||||||
| Total debt | $694.6M | $816.0M | $923.2M | $1.00B | $973.3M | $1.04B | $953.4M | $578.1M | $569.2M | $745.6M |
| Cash & short-term investments | $38.7M | $73.9M | $149.9M | $229.4M | $305.8M | $373.9M | $39.3M | $17.1M | $4.2M | $4.9M |
| Net debt | $655.9M | $742.1M | $773.3M | $773.4M | $667.5M | $670.8M | $914.1M | $561.0M | $565.0M | $740.7M |
| Debt / equity | 0.80 | 1.00 | 1.11 | 1.11 | 1.05 | 1.15 | 1.23 | 0.78 | 0.86 | 1.86 |
| Debt / assets | 0.33 | 0.41 | 0.42 | 0.44 | 0.42 | 0.45 | 0.47 | 0.35 | 0.36 | 0.49 |
| Net debt / EBITDA | 4.14 | 8.28 | 13.74 | 5.06 | 2.41 | 3.76 | 6.05 | 4.82 | 4.64 | 6.26 |
| Current ratio | 0.55 | 0.53 | 1.00 | 1.38 | 1.50 | 1.72 | 0.86 | 1.01 | 0.77 | 0.74 |
| Quick ratio | 0.33 | 0.33 | 0.70 | 1.02 | 1.14 | 1.39 | 0.39 | 0.47 | 0.34 | 0.30 |
| Interest coverage | 3.6 | -0.6 | -3.3 | 114.2 | 6.8 | 1.8 | 2.2 | 1.1 | 1.1 | 1.7 |
| Working capital | −$186.7M | −$218.4M | −$1.0M | $129.6M | $170.8M | $238.0M | −$38.5M | $3.1M | −$48.8M | −$52.4M |
| Invested capital | $1.53B | $1.56B | $1.60B | $1.67B | $1.59B | $1.58B | $1.69B | $1.30B | $1.22B | $1.14B |
| Tangible asset value | −$79.2M | −$130.8M | −$148.8M | −$151.7M | −$134.2M | −$161.2M | −$298.7M | −$339.5M | −$446.6M | −$713.2M |
| Net current asset value | −$1.03B | −$941.6M | −$946.4M | −$916.3M | −$852.5M | −$860.3M | −$1.02B | −$703.5M | −$761.7M | −$982.0M |
| Graham number | $9.44 | — | — | $11.51 | $17.00 | $10.39 | $9.27 | $7.96 | $13.29 | $5.05 |
| Graham net-net per share | −$14.03 | −$13.14 | −$13.64 | −$12.94 | −$9.96 | −$11.52 | −$13.71 | −$10.19 | −$13.57 | −$14.59 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $3.3M | $84.4M | — | $13.1M | $566.5M | $200.0M | $171.0M | $0 |
| Share buybacks (net) | $3.2M | $3.1M | $28.4M | $84.4M | $73.3M | $689,000 | $25.6M | $1.9M | $0 | $188,000 |
| Dividend payout ratio | — | — | — | 200.4% | — | 36.1% | — | 845.6% | 373.2% | 0.0% |
| Dividends + buybacks / free cash flow | 4.4% | 8.1% | 54.5% | — | 44.8% | 8.7% | 928.8% | — | — | 2.5% |
| Capex / revenue | 3.7% | 5.2% | 5.4% | 6.9% | 4.6% | 4.5% | 5.9% | 6.8% | 6.8% | 7.5% |
| Capex / operating cash flow | 49.8% | 71.5% | 66.3% | 95.3% | 36.9% | 32.7% | 61.4% | 98.0% | 103.3% | 92.3% |
| Capex / depreciation | 0.73 | 0.96 | 1.13 | 1.14 | 0.94 | 0.84 | 1.16 | 1.41 | 1.50 | 1.73 |
| Stock-based compensation / revenue | 1.2% | 0.9% | 0.9% | 0.8% | 0.7% | 0.6% | 0.7% | 1.4% | 0.4% | 0.4% |
| SG&A / revenue | 51.1% | 51.5% | 46.6% | 55.7% | 43.3% | 42.1% | 43.2% | 44.7% | 43.5% | 43.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 9.8 | 13.7 | 14.3 | 15.0 | 10.0 | 10.9 | 10.1 | 11.2 | 10.3 | 9.7 |
| Days of inventory on hand | 36.7 | 51.1 | 44.3 | 67.5 | 47.4 | 55.4 | 55.1 | 53.0 | 51.1 | 54.3 |
| Days payables outstanding | 26.6 | 28.9 | 24.2 | 35.4 | 26.1 | 24.5 | 19.1 | 20.3 | 21.5 | 24.5 |
| Cash conversion cycle (days) | 20.0 | 35.8 | 34.4 | 47.1 | 31.3 | 41.8 | 46.1 | 43.8 | 39.8 | 39.5 |
| Receivables turnover | 37.06 | 26.66 | 25.51 | 24.26 | 36.58 | 33.41 | 36.22 | 32.72 | 35.46 | 37.55 |
| Payables turnover | 13.73 | 12.61 | 15.07 | 10.30 | 14.01 | 14.89 | 19.11 | 17.99 | 16.96 | 14.89 |
| Inventory turnover | 9.94 | 7.15 | 8.24 | 5.41 | 7.70 | 6.59 | 6.62 | 6.89 | 7.15 | 6.72 |
| Asset turnover | 0.96 | 0.87 | 0.95 | 0.72 | 0.90 | 0.78 | 0.93 | 0.95 | 0.88 | 0.80 |
| Average receivables | $53.6M | $68.4M | $83.4M | $67.8M | $56.8M | $51.2M | $47.6M | $47.0M | $38.8M | $31.9M |
| Average payables | $66.3M | $60.6M | $66.4M | $64.8M | $64.6M | $52.8M | $42.2M | $39.7M | $37.6M | $36.6M |
| Average inventory | $91.6M | $106.9M | $121.5M | $123.4M | $117.5M | $119.4M | $121.8M | $103.6M | $89.1M | $81.0M |
| Intangibles / total assets | 44.6% | 47.2% | 45.0% | 46.0% | 46.2% | 45.8% | 52.9% | 65.2% | 69.8% | 72.8% |
Computed from EYE's annual financial statements (latest annual report filed March 4, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
EYE valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), National Vision traded at 70.3 times earnings, against a 10-year median of 73.9. Based on the latest twelve months, the trailing P/E is 28.1 and the forward P/E is 15.6. National Vision earned a return on equity of 3.5% and a return on invested capital of 2.8% in fiscal 2025. It ended the year with $694.6 million of debt and $38.7 million in cash and short-term investments, net debt of $655.9 million. It returned $3.2 million to shareholders: $0 in dividends and $3.2 million in share buybacks, 4% of free cash flow. The share count rose 11.5% from 72.3M to 80.6M over 9 years.
See the EYE income statement, the EYE chart for price history, or the EYE stock overview for the latest quote and news.
EYE key metrics FAQ
What is National Vision's P/E ratio?
National Vision's trailing P/E ratio is 28.1 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 15.6. At the end of fiscal 2025 it was 70.3, compared with a 10-year median of 73.9.
What is National Vision's EV/EBITDA?
National Vision's enterprise value was 17.3 times EBITDA at the end of fiscal 2025 (enterprise value $2.7 billion, EBITDA $158.5 million); the current EV/EBITDA is 10.6.
What is National Vision's return on equity?
National Vision's return on equity (ROE) was 3.5% in fiscal 2025: net income of $29.6 million on average shareholders' equity of $842.9 million.
What is National Vision's ROIC?
National Vision's return on invested capital was 2.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does National Vision have?
National Vision had total debt of $694.6 million at the end of fiscal 2025, a debt-to-equity ratio of 0.80 and $655.9 million of net debt (4.14 times EBITDA).
Does National Vision buy back its shares?
Yes. National Vision spent $3.2 million on net share repurchases in fiscal 2025 Shares outstanding changed +2.5% over the year, to 80.6M..
What is National Vision's free cash flow yield?
National Vision generated $73.5 million of free cash flow in fiscal 2025, a free cash flow yield of 3.5% on its market value at year-end ($2.1 billion).
What is National Vision's current ratio?
National Vision's current ratio was 0.55 at the end of fiscal 2025: current assets were 0.55 times current liabilities.