Forensic Analysis · General / Diversified · as of Nov 8, 2026

National Vision Holdings, Inc. (EYE)

A forensic read on National Vision Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

0.8

Distress distance

Clean

Earnings quality

Forensic signals

3.5%

ROE

9.0%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

National Vision Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.8, placing it in the Distress zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

2.7%

FY2025

Return on invested capital. Return on invested capital is 2.7% in the latest fiscal year and rising across FY2023–FY2025 from 1.0%. After-tax operating profit was $16M in FY2023 and $42M in FY2025, with operating income at 1.4% of revenue in FY2023, -0.6% in FY2024 and 3.0% in FY2025. The capital base behind it went from $1.6B in FY2023 to $1.6B in FY2025 (-5%), while the revenue it carried went from $1.8B to $2.0B. FY2023's operating profit carried a $3M asset write-down that alone took about 0.1 points off that year's return, so about 0.1 of the 1.7-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $40M asset write-down that alone took about 2.0 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.

Key fundamentals

Latest Revenue$1.99B

Revenue Growth YoY+9.0%

Revenue CAGR (2yr)+6.4%

Net Margin1.5%

Free Cash Flow$73.5M

Return on Equity3.5%

Debt / Equity0.27x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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