National Vision Holdings, Inc.

EYE · Healthcare · $1.7B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power90

Median gross margin 53.7% over 3y, very stable.

Returns on capital4

Median ROIC 3.8%, above the 9% hurdle in 10% of years.

Balance-sheet safety82

Net debt/EBITDA 1.3x, no material interest expense disclosed.

Capital discipline80

Owner earnings +15.3%/yr, share count n/a.

Margin of safety

Above valueOn sale

259% above value

Owner earnings (normalized): $42.1M
Est. intrinsic value / share: $5.89
Recent price: $21.13
Discount to value: 259% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell EYE. See the disclaimer.