EYENational Vision Holdings, Inc.

Ophthalmic Goods

Revenue: $2.0B; 9.0% YoY
Operating margin: 3.0%; 621% YoY
EBITDA: $150M; 85% YoY
Market cap: $1.3B
Employees: —
Net debt / EBITDA: 1.2×; $185M net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
494% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
35% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$498K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2026	YoY	Trend
Revenue	$1.6B	$1.8B	$1.8B	$2.0B	9.0%
Operating income	$53M	$24M	−$10M	$59M	668%
Net income	$128M	−$66M	−$28M	$30M	204%
Operating cash flow	$119M	$173M	$134M	$146M	9.5%
Capex	$114M	$115M	$96M	$73M	24%
Stock-based comp	$14M	$20M	$17M	$24M	42%
Buybacks	$84M	$28M	$3M	$3M	3.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $776K · 1
Open-market sells, 12 mo: $1M · 3
Net: −$498K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	57	159
FY2024	—	—	32	147
FY2023	—	—	63	217
FY2022	—	—	145	132