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National Vision Holdings, Inc., a Delaware corporation, and its consolidated subsidiaries are referred to here as we, our, us, the Company, or National Vision. National Vision Holdings, Inc. conducts substantially all of its activities through its indirect, wholly-owned subsidiary, National Vision, Inc. ( NVI ), and NVI s subsidiaries.
Operating margin is thin at 2.96%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 9.0%, steady but not accelerating.
Net debt of $656M represents 8.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.02B
▲ +9.0% YoY
Net Income (TTM)
$47M
▲ +203.9% YoY
Op. Margin
3.86%
▲ +3.5pp YoY
ROIC
3.95%
▲ +3.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$106M
▲ +92.6% YoY
Op. Cash Flow (TTM)
$176M
▲ +9.5% YoY
Net Debt
$628M
Cash & Equiv.
$68M
5Y CAGR: +3.0%
5Y CAGR: -14.2%
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