National Vision Holdings Inc. Common Stock (EYE)

FairStock Score: 40/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am a value investor, so I start with business quality and price. National Vision is an optical retailer with 13,138 employees and brands like America's Best and Eyeglass World. It sells glasses, contact lenses, and eye exams. The filed record shows a turnaround: net losses of $65.9 million in fiscal 2023, the period ended 2023-12-30, and $28.5 million in fiscal 2024, the period ended 2024-12-28, became net income of $29.6 million in fiscal 2025, the period ended 2026-01-03. In fiscal Q1 2026, the quarter ended 2026-04-04, net income was $31.2 million; in fiscal Q2 2026, the quarter ended 2026-07-04, net income was $12.4 million on revenue of $498.8 million. That is progress, but the business is not high quality yet. FairStock calculations show ROE of 5.76%, ROCE of 2.93%, D/E of 0.78, and a Piotroski F-Score of 3/9. The Altman Z-Score of 1.15 suggests financial fragility, not a fortress. Free cash flow is $49.1 million, a 3.6% yield, which is decent but not compelling. At the close on 2026-10-13, the price was $17.04. The P/E is 27.48, P/B is 1.50, and the Graham Number is $12.58, leaving a negative 35.45% margin of safety. PEG of 0.65 might tempt a growth-minded investor if the recovery persists. However, the Lynch category is TURNAROUND—returned to profit after losses—and turnarounds demand proof. I would want sustained margin improvement, lower debt, and higher returns on capital before calling this cheap. At $17.04, it looks fair at best, not a bargain with a durable moat.

In plain English: National Vision runs optical stores and sells glasses, contact lenses, and eye exams. The company lost money in fiscal 2023 and fiscal 2024 but made money in fiscal 2025 and so far in fiscal 2026. The business still earns thin profits, and at $17.04 the stock looks a bit expensive compared with its earnings and accounting value.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-07-04) · fiscal Q1 2026 10-Q (period ended 2026-04-04) · fiscal Q3 2025 10-Q (period ended 2025-09-27) · fiscal Q2 2025 10-Q (period ended 2025-06-28) · FY2025 10-K (period ended 2026-01-03) · FY2024 10-K (period ended 2024-12-28) · FY2023 10-K (period ended 2023-12-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer