Warby Parker Inc.

The business, in plain English

Warby Parker Inc. booked $872M of revenue in FY2025 in the Healthcare sector and kept 54.0% of it as gross profit — a solid-margin business by that measure. After every other cost, 0.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $370M (FY2019) to $872M (FY2025) — about 15.3% a year compounded over 6 years.

It earned −4.3% on invested capital in the latest filed year, FY2025. Across the full 5-year measurable filed record, median ROIC was −67.0%. Over the v3 recent window (5 measurable filed years), median ROIC was −67.0%. The Returns on Capital filter above scores it 0/100.

WRBY's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Pricing Power is the strongest of the five filters (94/100) and Returns on Capital the weakest (0/100), which is how WRBY lands at 52/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.