National Vision Holdings, Inc.
EYE Consumer Cyclical Specialty Retail
National Vision Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.0 billion, up 9.00% from fiscal 2024. In the quarter to June 2026, revenue grew 2.55%, EPS grew 45.5%, free cash flow fell 133.2% and total debt fell 12.7%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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National Vision Holdings, Inc. (EYE) Altman Z-score
National Vision Holdings, Inc.'s Altman Z-score for fiscal 2025 is 2.27, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.27 | 0.94 |
| FY2024 | 1.33 | (0.41) |
| FY2023 | 1.74 | (0.65) |
| FY2022 | 2.39 | (0.75) |
| FY2021 | 3.14 | 0.54 |
| FY2020 | 2.60 | 0.36 |
| FY2019 | 2.24 | (0.24) |
| FY2018 | 2.47 | (0.10) |
| FY2017 | 2.57 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.09) | — | −0.11 | |
| Retained earnings / total assets | 0.13 | — | 0.18 | |
| EBIT / total assets | 0.03 | — | 0.10 | |
| Market value of equity / total liabilities | 1.83 | — | 1.10 | |
| Sales / total assets | 1.00 | — | 1.00 | |
| Altman Z-score | Grey zone | 2.27 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.82 | ||
Z and Z″ put National Vision Holdings, Inc. in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WINA Winmark Corporation compare | 18.0× |
| BWMX Betterware de Mexico SAPI de C compare | 3.1× |
| SBH Sally Beauty Holdings, Inc. compare | 2.9× |
| ARHS Arhaus, Inc. compare | 2.5× |
| EYE National Vision Holdings, Inc. | 2.3× |
| HZO MarineMax, Inc. compare | 1.7× |
| SVV Savers Value Village, Inc. compare | 1.4× |
| RH RH compare | 1.4× |
| WOOF Petco Health and Wellness Company, Inc. compare | 1.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets