National Vision Holdings, Inc. (EYE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-97.8%

$0.37

vs $17.13 price

Levered DCF

$6.12

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.03

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	70.14×	-29.36×	-24.92×	73.13×	30.57×	100.64×	77.21×	90.87×
P/B	2.36×	1.02×	1.98×	3.43×	4.24×	4.03×	3.28×	2.88×
P/S	1.03×	0.46×	0.77×	1.88×	1.89×	2.13×	1.48×	1.39×
EV / EBITDA	17.09×	17.56×	42.86×	25.32×	16.6×	24.19×	22.93×	23.17×
Gross margin	54.2%	58.1%	52.9%	59.4%	56.5%	54.0%	53.2%	53.6%
Operating margin	3.1%	-0.6%	-2.2%	3.2%	8.4%	5.1%	4.3%	2.8%
Net margin	1.5%	-1.6%	-3.1%	2.6%	6.2%	2.1%	1.9%	1.5%
Current ratio	0.55×	0.53×	1×	1.38×	1.5×	1.72×	0.86×	1.01×
Debt / equity	0.8×	1×	1.11×	1.11×	1.05×	1.15×	1.23×	0.78×
Interest coverage	3.62×	-0.64×	-3.27×	114.21×	6.83×	1.8×	2.21×	1.13×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.4%	-3.5%	-7.9%	4.7%	13.8%	4.0%	4.2%	3.2%
Return on invested capital	2.4%	-0.6%	-2.5%	1.8%	7.5%	3.9%	4.0%	2.9%
Return on assets	1.4%	-1.4%	-3.0%	1.8%	5.6%	1.6%	1.6%	1.4%
Free cash flow yield	3.6%	4.6%	3.6%	0.2%	4.2%	4.3%	2.5%	0.1%
Earnings yield	1.4%	-3.4%	-4.0%	1.4%	3.3%	1.0%	1.3%	1.1%
Enterprise value	$2.7B	$1.6B	$2.4B	$3.9B	$4.6B	$4.3B	$3.5B	$2.7B
Net debt / EBITDA	4.14×	8.28×	13.74×	5.06×	2.41×	3.76×	6.05×	4.82×
Cash conversion cycle (days)	15	29	34	49	34	34	49	49