Warby Parker Inc. (WRBY) vs DENTSPLY SIRONA Inc. (XRAY)

Warby Parker Inc. and DENTSPLY SIRONA Inc. are both Medical Instruments & Supplies companies. Warby Parker Inc. is the larger, with a market value of $3.3B against $1.9B — 1.7× the size. DENTSPLY SIRONA Inc. has negative trailing earnings, so its P/E is not meaningful; Warby Parker Inc. trades at 382×. Warby Parker Inc. grew revenue faster over the last twelve months: 11.0% against −0.76%. Warby Parker Inc. has the higher net margin (0.85% vs −15.0%) and the higher return on invested capital (0.98% vs −6.23%). Across the 20 metrics below, Warby Parker Inc. leads on 13 and DENTSPLY SIRONA Inc. on 7.

Valuation

Metric WRBY XRAY Medical Instruments & Supplies median
P/E 381.57 n/m 34.17
P/S 3.63 0.52 2.83
P/B 8.45 1.39 2.82
Price to free cash flow 152.23 13.22 25.69
EV/EBITDA 51.14 8.91 16.08
EV/Sales 3.31 1.00 3.06
Earnings yield 0.26% (29.26%) (1.84%)
Free cash flow yield 0.66% 7.56% 0.17%

Profitability

Metric WRBY XRAY Medical Instruments & Supplies median
Gross margin 54.68% 49.52% 54.62%
Operating margin 0.17% (8.51%) 1.64%
Net margin 0.85% (14.99%) 0.00%
Free cash flow margin 2.39% 4.04% 1.61%
Return on equity 2.06% (32.97%) 0.00%
Return on assets 1.05% (9.69%) 0.00%
Return on invested capital 0.98% (6.23%) 0.00%

Growth

Metric WRBY XRAY Medical Instruments & Supplies median
Revenue growth (TTM) 10.99% (0.76%) 9.20%
EPS growth (last fiscal year) 105.88% 33.04% —
Revenue growth, 5-year CAGR 17.23% 1.96% 9.48%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric WRBY XRAY Medical Instruments & Supplies median
Debt to equity 0.00 1.48 0.08
Current ratio 2.27 1.63 2.49
Net debt to EBITDA (5.92) 3.71 0.83

Dividend

Metric WRBY XRAY Medical Instruments & Supplies median
Dividend yield — 1.54% 0.99%
Payout ratio 0.00 0.27 0.00

Size

Metric WRBY XRAY Medical Instruments & Supplies median
Market cap 3.28b 1.90b 938.39m

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