EYE National Vision Holdings, Inc.

Overview and Growth

Fiscal 2025 results for National Vision Holdings, Inc. combined $1.99B of revenue with net income of $29.60M and an operating cash inflow of $146.29M. The $1.99B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 9.0% from $1.82B in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $0.37, which connects the reported earnings outcome with the company’s diluted share count. Revenue equaled 1.0x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $1.17B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 58.8% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $58.83M, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 3.0%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was net income of $29.60M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 1.5% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $41.68M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Measured against revenue, pretax income equaled 2.1%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $12.08M, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 29.0%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

The company held $1.98B of assets against $1.11B of liabilities and $869.53M of equity, revealing how the asset base was financed. Current assets were $225.72M against $412.41M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 0.55x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Reported cash and equivalents were $38.71M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 9.4% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $236.49M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.27x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 11.9%, comparing borrowing with the total asset balance. Liabilities represented 56.2% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 2.0% of total assets, showing the liquid cash component within the company’s broader resource base.

Cash Flow and Earnings Quality

The company reported $146.29M of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 4.94x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $72.84M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 49.8% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $73.45M, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 3.7%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 3.7%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Jan 3, 2026. Analysis generated Oct 21, 2026.