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Side-by-side financial comparison of National Vision Holdings, Inc. (EYE) and Warby Parker Inc. (WRBY). Click either name above to swap in a different company.
National Vision Holdings, Inc. is the larger business by last-quarter revenue ($487.3M vs $212.0M, roughly 2.3× Warby Parker Inc.). National Vision Holdings, Inc. runs the higher net margin — 0.7% vs -2.8%, a 3.5% gap on every dollar of revenue. On growth, Warby Parker Inc. posted the faster year-over-year revenue change (11.2% vs 7.9%). National Vision Holdings, Inc. produced more free cash flow last quarter ($30.3M vs $8.1M). Over the past eight quarters, National Vision Holdings, Inc.'s revenue compounded faster (7.6% CAGR vs 2.9%).
Vision Research is an international company that manufactures high-speed digital cameras based in Wayne, New Jersey. Their cameras are marketed under the Phantom brand, and are used in a broad variety of industries including: defense, industrial product development, manufacturing, automotive, scientific research, and entertainment. Vision Research is a business unit of the Materials Analysis Division of Ametek Inc., a global manufacturer of electronic instruments and electromechanical devices.
Warby Parker Inc. is an American eyewear brand and retailer of prescription glasses, contact lenses, and sunglasses, based in New York City. It also offers eye exams. Originally founded in 2010 as an online-only retailer, the company now generates about two-thirds of its revenue from its 276 physical retail stores, 271 of which are in the U.S. and 5 of which are in Canada. The company intends to operate 900 stores. The company has 2.28 million customers; average order value is $263.
EYE vs WRBY — Head-to-Head
Income Statement — Q3 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $487.3M | $212.0M |
| Net Profit | $3.4M | $-6.0M |
| Gross Margin | — | 52.4% |
| Operating Margin | 2.0% | -3.2% |
| Net Margin | 0.7% | -2.8% |
| Revenue YoY | 7.9% | 11.2% |
| Net Profit YoY | 139.8% | 13.4% |
| EPS (diluted) | $0.04 | $-0.06 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $212.0M | ||
| Q3 25 | $487.3M | $221.7M | ||
| Q2 25 | $486.4M | $214.5M | ||
| Q1 25 | $510.3M | $223.8M | ||
| Q4 24 | $437.3M | $190.6M | ||
| Q3 24 | $451.5M | $192.4M | ||
| Q2 24 | $451.7M | $188.2M | ||
| Q1 24 | $482.8M | $200.0M |
| Q4 25 | — | $-6.0M | ||
| Q3 25 | $3.4M | $5.9M | ||
| Q2 25 | $8.7M | $-1.8M | ||
| Q1 25 | $14.2M | $3.5M | ||
| Q4 24 | $-28.6M | $-6.9M | ||
| Q3 24 | $-8.5M | $-4.1M | ||
| Q2 24 | $-3.1M | $-6.8M | ||
| Q1 24 | $11.7M | $-2.7M |
| Q4 25 | — | 52.4% | ||
| Q3 25 | — | 54.1% | ||
| Q2 25 | — | 53.0% | ||
| Q1 25 | — | 56.3% | ||
| Q4 24 | — | 54.1% | ||
| Q3 24 | — | 54.5% | ||
| Q2 24 | — | 56.0% | ||
| Q1 24 | — | 56.7% |
| Q4 25 | — | -3.2% | ||
| Q3 25 | 2.0% | 1.6% | ||
| Q2 25 | 3.4% | -2.1% | ||
| Q1 25 | 5.1% | 1.1% | ||
| Q4 24 | -5.8% | -4.9% | ||
| Q3 24 | -2.0% | -3.4% | ||
| Q2 24 | 0.1% | -4.8% | ||
| Q1 24 | 4.9% | -2.6% |
| Q4 25 | — | -2.8% | ||
| Q3 25 | 0.7% | 2.6% | ||
| Q2 25 | 1.8% | -0.8% | ||
| Q1 25 | 2.8% | 1.6% | ||
| Q4 24 | -6.5% | -3.6% | ||
| Q3 24 | -1.9% | -2.1% | ||
| Q2 24 | -0.7% | -3.6% | ||
| Q1 24 | 2.4% | -1.3% |
| Q4 25 | — | $-0.06 | ||
| Q3 25 | $0.04 | $0.05 | ||
| Q2 25 | $0.11 | $-0.01 | ||
| Q1 25 | $0.18 | $0.03 | ||
| Q4 24 | $-0.36 | $-0.06 | ||
| Q3 24 | $-0.11 | $-0.03 | ||
| Q2 24 | $-0.04 | $-0.06 | ||
| Q1 24 | $0.15 | $-0.02 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $56.0M | $286.4M |
| Total DebtLower is stronger | $236.5M | — |
| Stockholders' EquityBook value | $858.8M | $367.7M |
| Total Assets | $2.0B | $720.9M |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $286.4M | ||
| Q3 25 | $56.0M | $280.4M | ||
| Q2 25 | $48.5M | $286.4M | ||
| Q1 25 | $80.0M | $265.1M | ||
| Q4 24 | $73.9M | $254.2M | ||
| Q3 24 | $81.2M | $251.0M | ||
| Q2 24 | $179.5M | $238.0M | ||
| Q1 24 | $150.1M | $220.4M |
| Q4 25 | — | — | ||
| Q3 25 | $236.5M | — | ||
| Q2 25 | $255.6M | — | ||
| Q1 25 | $244.7M | — | ||
| Q4 24 | $248.6M | — | ||
| Q3 24 | $252.8M | — | ||
| Q2 24 | $143.9M | — | ||
| Q1 24 | $448.6M | — |
| Q4 25 | — | $367.7M | ||
| Q3 25 | $858.8M | $369.6M | ||
| Q2 25 | $850.6M | $361.5M | ||
| Q1 25 | $836.2M | $354.1M | ||
| Q4 24 | $816.3M | $340.1M | ||
| Q3 24 | $840.0M | $336.8M | ||
| Q2 24 | $843.4M | $329.4M | ||
| Q1 24 | $841.3M | $316.2M |
| Q4 25 | — | $720.9M | ||
| Q3 25 | $2.0B | $706.9M | ||
| Q2 25 | $2.0B | $701.9M | ||
| Q1 25 | $2.0B | $682.8M | ||
| Q4 24 | $2.0B | $676.5M | ||
| Q3 24 | $2.0B | $638.0M | ||
| Q2 24 | $2.1B | $618.2M | ||
| Q1 24 | $2.2B | $592.9M |
| Q4 25 | — | — | ||
| Q3 25 | 0.28× | — | ||
| Q2 25 | 0.30× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | 0.17× | — | ||
| Q1 24 | 0.53× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $46.6M | $23.3M |
| Free Cash FlowOCF − Capex | $30.3M | $8.1M |
| FCF MarginFCF / Revenue | 6.2% | 3.8% |
| Capex IntensityCapex / Revenue | 3.4% | 7.1% |
| Cash ConversionOCF / Net Profit | 13.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | $83.0M | $43.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.3M | ||
| Q3 25 | $46.6M | $18.0M | ||
| Q2 25 | $54.3M | $40.2M | ||
| Q1 25 | $32.2M | $29.4M | ||
| Q4 24 | $30.3M | $19.9M | ||
| Q3 24 | $27.9M | $27.3M | ||
| Q2 24 | $51.5M | $31.6M | ||
| Q1 24 | $24.0M | $19.9M |
| Q4 25 | — | $8.1M | ||
| Q3 25 | $30.3M | $-1.5M | ||
| Q2 25 | $42.4M | $23.9M | ||
| Q1 25 | $12.0M | $13.2M | ||
| Q4 24 | $-1.7M | $2.2M | ||
| Q3 24 | $4.1M | $13.1M | ||
| Q2 24 | $31.9M | $14.0M | ||
| Q1 24 | $4.0M | $5.5M |
| Q4 25 | — | 3.8% | ||
| Q3 25 | 6.2% | -0.7% | ||
| Q2 25 | 8.7% | 11.1% | ||
| Q1 25 | 2.4% | 5.9% | ||
| Q4 24 | -0.4% | 1.1% | ||
| Q3 24 | 0.9% | 6.8% | ||
| Q2 24 | 7.1% | 7.4% | ||
| Q1 24 | 0.8% | 2.7% |
| Q4 25 | — | 7.1% | ||
| Q3 25 | 3.4% | 8.8% | ||
| Q2 25 | 2.4% | 7.6% | ||
| Q1 25 | 4.0% | 7.2% | ||
| Q4 24 | 7.3% | 9.3% | ||
| Q3 24 | 5.3% | 7.4% | ||
| Q2 24 | 4.3% | 9.4% | ||
| Q1 24 | 4.1% | 7.2% |
| Q4 25 | — | — | ||
| Q3 25 | 13.83× | 3.06× | ||
| Q2 25 | 6.22× | — | ||
| Q1 25 | 2.27× | 8.46× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 2.05× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EYE
Segment breakdown not available.
WRBY
| Retail | $155.2M | 73% |
| E Commerce | $56.8M | 27% |
