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 $3.0B against $1.8B — 1.7× the size. DENTSPLY SIRONA Inc. has negative trailing earnings, so its P/E is not meaningful; Warby Parker Inc. trades at 334×. 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 334.29 n/m 33.75
P/S 3.18 0.47 2.52
P/B 7.40 1.27 2.48
Price to free cash flow 133.36 12.05 25.19
EV/EBITDA 44.19 8.50 14.62
EV/Sales 2.86 0.95 2.88
Earnings yield 0.30% (32.09%) (2.67%)
Free cash flow yield 0.75% 8.30% 0.09%

Profitability

Metric WRBY XRAY Medical Instruments & Supplies median
Gross margin 54.68% 49.52% 54.29%
Operating margin 0.17% (8.51%) 1.07%
Net margin 0.85% (14.99%) (1.61%)
Free cash flow margin 2.39% 4.04% 1.08%
Return on equity 2.06% (32.97%) (1.32%)
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%) 8.85%
EPS growth (last fiscal year) 105.88% 33.04% 8.65%
Revenue growth, 5-year CAGR 17.23% 1.96% 9.17%
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 0.10
Current ratio 2.27 1.63 2.48
Net debt to EBITDA (5.92) 3.71 0.89

Dividend

Metric WRBY XRAY Medical Instruments & Supplies median
Dividend yield — 1.87% 1.11%
Payout ratio — — 0.27

Size

Metric WRBY XRAY Medical Instruments & Supplies median
Market cap 3.04b 1.76b 619.84m

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