WRBYWarby Parker Inc.

Ophthalmic Goods

Revenue: $872M; 13% YoY
Operating margin: -0.6%; 84% YoY
EBITDA: $45M; 185% YoY
Market cap: $2.7B
Employees: 4,000; $218K revenue each
Net debt / EBITDA: —
AI in 10-K: 5.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
68× net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$218K · 15th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.3 per 10K words · 84th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$50M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$541M	$598M	$670M	$771M	$872M	13%
Operating income	−$144M	−$111M	−$72M	−$30M	−$5M	82%
Net income	−$144M	−$110M	−$63M	−$20M	$2M	108%
Operating cash flow	−$32M	$10M	$61M	$99M	$111M	12%
Capex	$49M	$60M	$54M	$64M	$67M	4.7%
Stock-based comp	$107M	$98M	$71M	$47M	$35M	27%
Buybacks	$8M	$0	$0	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $50M · 35
Net: −$50M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	40	107
FY2024	—	—	44	94
FY2023	—	—	26	96
FY2022	—	—	25	84
FY2021	—	—	85	111