Forensic Analysis · General / Diversified · as of Aug 11, 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.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

1.7

Distress distance

Clean

Earnings quality

Forensic signals

38.7

P / E (ttm)

3.4%

ROE

$1.8B

Market cap

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 (red flags, auditor quality, say on pay, board independence). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.7, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

2.7%

FY2026

Return on invested capital. Return on invested capital is 2.7% in the latest fiscal year and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

59d

FY2017→FY2018

Inventory days. Days inventory outstanding moved from 52 to 59 FY2017→FY2018 (against cost of goods sold; inventory +27% vs +12% in cost of sales). Inventory is building a little faster than sales — watch for markdowns. There's no FY2016 figure on file for inventory, so FY2017 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.

+0.1%/yr

FY2022–FY2026

Share count. Diluted share count changed +0% over the last 4 years to FY2026 (+0.1%/yr). Roughly flat — buybacks ($3M) are about offsetting stock comp ($24M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$1.99B

Revenue Growth YoY+9.0%

Net Margin1.5%

Free Cash Flow$73.5M

Return on Equity3.4%

Debt / Equity0.27x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.