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Here are 1-3 brief analogies for National Vision (EYE):

• Walmart for eye care: Emphasizing its large scale, value-oriented approach, and broad accessibility for vision products and services, including eye exams, eyeglasses, and contact lenses.
• CVS/Walgreens for optical services: Highlighting its widespread presence, convenience, and combined offering of eye exams, eyeglasses, and contact lenses, similar to how pharmacies offer basic health services and related products.

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• **Eyeglasses:** Retail sale of prescription eyeglasses, encompassing a wide selection of frames and lenses for vision correction and personal style.
• **Contact Lenses:** Retail sale of various types of prescription contact lenses for daily, weekly, or monthly vision correction.
• **Eye Exams (Service):** Provision of comprehensive eye examinations performed by licensed optometrists to assess eye health and determine accurate vision prescriptions.

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National Vision Holdings, Inc. (symbol: EYE) primarily sells directly to **individuals** through its various retail brands and partner locations.

The company's business model is largely B2C (business-to-consumer), operating retail optical stores under brands like America's Best Contacts & Eyeglasses and Eyeglass World, as well as managing and operating Vision Centers inside Walmart stores and Vista Optical locations inside select Fred Meyer stores (part of Kroger). In these partner locations, National Vision serves the individual end-customer directly.

Based on this, here are the three primary categories of customers National Vision serves:

1. Value-Seeking Consumers: A significant portion of National Vision's customer base consists of individuals who prioritize affordability and seek competitive pricing for eye exams, eyeglasses, and contact lenses. Brands like America's Best are specifically positioned to attract this segment with their multi-pair offers and value propositions.
2. Consumers Utilizing Vision Insurance/Benefits: National Vision is a major participant in managed care networks, accepting a wide range of vision insurance plans (e.g., VSP, EyeMed, Davis Vision). This caters to individuals who utilize their vision benefits to cover or reduce the cost of eye care services and eyewear.
3. General Eyecare & Eyewear Consumers: This broad category includes individuals across various demographics (e.g., families, working professionals, seniors) who require routine comprehensive eye examinations, updated prescriptions for glasses or contact lenses, or new eyewear for vision correction, occupational needs, or style purposes.

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• Alcon (ALC)
• Bausch + Lomb (BLCO)
• CooperCompanies (COO)
• Johnson & Johnson (JNJ)

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Alex Wilkes, Chief Executive Officer

Alex Wilkes joined National Vision as President in August 2024 and became Chief Executive Officer in August 2025. He is responsible for the company's enterprise-wide strategy, growth, and transformation efforts. With over a decade of leadership in the eye care industry, Mr. Wilkes previously served as President, Americas at CooperVision, a global leader in contact lenses. Before CooperVision, he spent more than ten years at EssilorLuxottica, holding roles such as Senior Vice President and General Manager of Pearle Vision, where he led the expansion of one of the largest franchises in the vision care industry, and Vice President of Vision Care for LensCrafters. His early career included management consulting roles with Accenture and Deloitte.

Christopher Laden, Chief Financial Officer

Christopher Laden was appointed Chief Financial Officer of National Vision, effective March 31, 2025. He brings nearly two decades of experience leading finance organizations in the service and optical industries. Prior to joining National Vision, he served as CFO of Community Veterinary Partners from 2022 to 2025, and previously as CFO for Women's Care (2021-2022) and MD Now Urgent Care (2020-2021). Mr. Laden also held various leadership positions at Pearle Vision, a division of EssilorLuxottica, including Head of Finance from 2016 to 2020. He also served at General Electric – Aviation from 2008 to 2016. His experience with Community Veterinary Partners, Women's Care, and MD Now Urgent Care suggests a pattern of managing companies that are frequently backed by private equity firms.

Reade Fahs, Executive Chairman

Reade Fahs served as Chief Executive Officer of National Vision for 23 years from early 2002 until August 2025, when he transitioned to Executive Chairman. Under his leadership, National Vision became one of the largest and fastest-growing optical retailers in the United States. Before joining National Vision, Mr. Fahs was Chief Executive Officer of the European internet start-up First Tuesday from 1999 to 2001, and prior to that, Managing Director of Vision Express U.K. from 1997 to 1999. He began his optical career at LensCrafters in 1986, where he expanded his responsibilities over a decade, leading advertising, strategy, and new product development. National Vision was acquired by private equity firms Bruckmann, Rosser, Sherrill & Co. in 2003 and Leonard Green & Partners, L.P. in 2008, indicating a pattern of managing companies backed by private equity firms. His other board involvements include KKR-owned PetVet Care Centers.

Ravi Acharya, Chief Technology Officer

Ravi Acharya has served as Chief Technology Officer and Senior Vice President of National Vision since March 2020. Prior to his role at National Vision, he was the Divisional Chief Technology Officer and Vice President of eCommerce for Medtronic's global Diabetes business unit.

Jared Brandman, Chief Legal & Strategy Officer

Jared Brandman was named Chief Legal & Strategy Officer in January 2025, an expanded role that includes strategy. He previously served as the General Counsel & Secretary for National Vision.

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1. Declining Revenue, Store Closures, and Business Quality: National Vision has experienced struggles with consistently generating demand, leading to a 1.6% annual sales drop over the last three years and the closure of stores at an average annual rate of 4.7% over the past two years. This indicates a potential issue with overall business quality. Furthermore, the traditional retail model faces threats from shifting consumer preferences towards online vision care and technological advancements, which could reduce market size and pressure revenue and margins due to increased competition.
2. Labor Pressures and Optometrist Shortages: The company has faced significant wage and labor pressures due to intense competition and labor market disruptions, including those from the COVID-19 pandemic. This has necessitated substantial multi-million dollar investments in wage and compensation payments to retain vision care professionals, particularly optometrists, to prevent mass defections. These enhanced payouts are expected to negatively impact profitability and profit margins. Consequently, there is a risk of staff and optometrist shortages, leading to capacity constraints and a decline in net revenue and comparable store sales.
3. High Debt Levels and Balance Sheet Concerns: National Vision Holdings has substantial liabilities, with US$468.2 million due within a year and US$706.0 million due beyond that, against cash and near-term receivables totaling US$133.2 million. This results in liabilities exceeding cash and near-term receivables by approximately US$1.04 billion, representing a significant amount of leverage relative to its market capitalization. Although net debt decreased to US$254.1 million in March 2025 from US$443.8 million a year prior, the company's interest cover is low at 2.1, primarily due to high depreciation and amortization. This suggests that while debt levels are being managed, they remain high enough to warrant ongoing monitoring.

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The accelerated shift in consumer behavior towards online, direct-to-consumer (DTC) eyewear purchasing, significantly enhanced by improving virtual try-on technologies and remote vision screening tools. This trend allows consumers to obtain eyewear and increasingly, basic prescriptions, without needing to visit traditional brick-and-mortar optical stores, directly challenging National Vision's store-centric business model and physical footprint for both eye exams and sales.

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National Vision (symbol: EYE) primarily operates in the optical retail sector, offering a range of products and services including eyeglasses (frames and lenses), contact lenses, and eye exams.

The addressable market for these main products and services is primarily within the United States.

• The overall U.S. optical market was valued at approximately $65.6 billion in 2023 and grew to $68.3 billion in 2024. This market encompasses eye exams and prescription eyecare products.
• Specifically, the U.S. eyewear market size was valued at USD 45.50 billion in 2024.
• The U.S. contact lens market value was revised to $10.94 billion in 2022.
• The U.S. eye care market, which includes services, was estimated at USD 27.3 billion in 2024.

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National Vision Holdings, Inc. (EYE) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:

• Targeted Pricing Actions and Expanded Premium Offerings: The company is implementing targeted pricing actions and expanding its range of premium product offerings, including new premium frame brands, which are contributing to a higher average ticket size and improved operating margins. These premium options are being adopted by both managed care and cash pay customers.
• Focus on High-Value Customer Segments: National Vision is strategically emphasizing and experiencing strong growth in higher-value customer segments, particularly managed care and outside prescription (OutsideRx) customers. The managed care business, in particular, is approaching low double-digit comparable sales growth.
• Investment in Digital Tools and CRM Technology: Enhanced digital tools, new marketing strategies, and customer relationship management (CRM) technology are being leveraged to strengthen customer engagement, improve conversion rates, and boost customer reactivation. This also includes the expansion of innovative technologies like meta-enabled smart glasses to more locations.
• New Store Openings and Store Portfolio Optimization: The company plans to continue its store expansion, with approximately 32 new stores projected for fiscal 2025. While also involving some strategic store closures for fleet optimization, this growth in physical footprint contributes to overall revenue.
• Expansion of Remote Eye Exam Technology: National Vision has enabled remote care technology in roughly two-thirds of its store base and has conducted over one million remote exams. Further expansion of remote exam capabilities, including meta-enabled smart glasses, aims to increase access and drive customer traffic.

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Share Repurchases

• In February 2024, National Vision announced a new share repurchase program authorizing up to $50 million of its common stock through January 3, 2026.
• In August 2024, the company announced an agreement to repurchase approximately $218 million aggregate principal amount of its 2.50% Convertible Senior Notes due 2025 for approximately $215 million in cash.
• In November 2021, National Vision increased its share repurchase authorization by $50 million to a total of $100 million. As of that announcement, approximately 1.0 million shares had been repurchased for $48.4 million under the program, which was set to expire in December 2023.

Share Issuance

• National Vision reported net total equity issued of $12 million in 2020.
• Share repurchase programs are often used to offset dilution from equity grants.

Outbound Investments

• Subsequent to the third quarter of 2025, an investee of National Vision agreed to be acquired, and the company expects repayment in cash of its preferred equity and note balances with no gain or loss.

Capital Expenditures

• National Vision's capital expenditures were $95.5 million in fiscal year 2024, compared to $114.8 million in fiscal year 2023.
• For fiscal year 2025, the company expects capital expenditures to be in the range of $87 million to $90 million.
• The primary focus of recent capital expenditures includes new store openings and investments in remote medicine technology. The company opened 49 new stores year-to-date 2024 and converted 20 Eyeglass World stores to America's Best stores during the same period.