Warby Parker (WRBY)


Market Price (9/30/2026): $27.27 | Market Cap: $3.4 BilSector: Consumer Discretionary | Industry: Apparel, Accessories & Luxury Goods

Warby Parker (WRBY)


Market Price (9/30/2026): $27.27
Market Cap: $3.4 Bil
Sector: Consumer Discretionary
Industry: Apparel, Accessories & Luxury Goods

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Sustainable Consumption. Themes include Direct-to-Consumer Brands, Show more.

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 1,969x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 32x, P/EPrice/Earnings or Price/(Net Income) is 395x

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6%

Key risks
WRBY key risks include [1] its history of net losses driven by persistently high marketing and administrative expenses.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%
1 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Sustainable Consumption. Themes include Direct-to-Consumer Brands, Show more.
2 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 1,969x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 32x, P/EPrice/Earnings or Price/(Net Income) is 395x
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6%
5 Key risks
WRBY key risks include [1] its history of net losses driven by persistently high marketing and administrative expenses.

WRBY in ETFs

Weight = WRBY's share of each fund

VTI0.00%
ITOT0.00%
IWM0.09%
IJR0.16%
VB0.03%
SLYG0.20%
IJT0.20%
IWO0.18%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/29/2026

Warby Parker (WRBY) stock has gained about 10% since 5/31/2026 because of the following key factors:

1. Investor enthusiasm for the upcoming launch of Warby Parker's Intelligent Eyewear, developed in partnership with Google and Samsung, fueled stock appreciation. This late-2026 product integrates AI features, including Google Gemini capabilities, and is designed for all-day wearability, positioning the company to enter a significantly larger market.

2. The company reported solid financial results for fiscal Q2 2026, which ended June 30, 2026. Net revenue increased 9.8% year-over-year to $235.5 million, while gross margin expanded to 57.9% from 53.0% in the prior-year quarter, partly due to an $11.8 million benefit from tariff refunds. Adjusted EBITDA also rose to $32.9 million, resulting in a 14.0% margin.

Show more
Updated on 9/29/2026

Warby Parker (WRBY) stock has gained about 10% since 5/31/2026 because of the following key factors:

1. Investor enthusiasm for the upcoming launch of Warby Parker's Intelligent Eyewear, developed in partnership with Google and Samsung, fueled stock appreciation. This late-2026 product integrates AI features, including Google Gemini capabilities, and is designed for all-day wearability, positioning the company to enter a significantly larger market.

2. The company reported solid financial results for fiscal Q2 2026, which ended June 30, 2026. Net revenue increased 9.8% year-over-year to $235.5 million, while gross margin expanded to 57.9% from 53.0% in the prior-year quarter, partly due to an $11.8 million benefit from tariff refunds. Adjusted EBITDA also rose to $32.9 million, resulting in a 14.0% margin.

3. Warby Parker reaffirmed its full-year 2026 guidance, projecting net revenue of $959 million to $976 million, representing approximately 10–12% year-over-year growth. The company also expects adjusted EBITDA of $117 million to $119 million, translating to an approximate 12.2% margin. This guidance notably excludes any revenue or halo benefits from the Intelligent Eyewear launch, suggesting potential upside.

4. Positive analyst sentiment contributed to the stock's trend, with analysts maintaining a "Buy" consensus rating. Numerous brokerages reiterated "buy" or "market outperform" ratings, and Bank of America initiated coverage with a "Buy" rating and a $33.00 price target in June 2026. The average 12-month price target among analysts was approximately $30.08–$30.46.

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Stock Movement Drivers

Fundamental Drivers

The 12.0% change in WRBY stock from 5/31/2026 to 9/29/2026 was primarily driven by a 461.9% change in the company's Net Income Margin (%).
(LTM values as of)53120269292026Change
Stock Price ($)24.5227.4712.0%
Change Contribution By: 
Total Revenues ($ Mil)8919122.4%
Net Income Margin (%)0.2%0.8%461.9%
P/E Multiple2,248.7439.7-80.4%
Shares Outstanding (Mil)123124-0.4%
Cumulative Contribution12.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/29/2026
ReturnCorrelation
WRBY12.0% 
Market (SPY)1.3%38.8%
Sector (XLY)-9.5%40.5%

Fundamental Drivers

The 9.8% change in WRBY stock from 2/28/2026 to 9/29/2026 was primarily driven by a 351.2% change in the company's Net Income Margin (%).
(LTM values as of)22820269292026Change
Stock Price ($)25.0127.479.8%
Change Contribution By: 
Total Revenues ($ Mil)8729124.6%
Net Income Margin (%)0.2%0.8%351.2%
P/E Multiple1,877.6439.7-76.6%
Shares Outstanding (Mil)123124-0.6%
Cumulative Contribution9.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/29/2026
ReturnCorrelation
WRBY9.8% 
Market (SPY)12.0%38.1%
Sector (XLY)-6.2%41.8%

Fundamental Drivers

The 4.8% change in WRBY stock from 8/31/2025 to 9/29/2026 was primarily driven by a 11.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120259292026Change
Stock Price ($)26.2027.474.8%
Change Contribution By: 
Total Revenues ($ Mil)82191211.0%
P/S Multiple3.93.7-4.5%
Shares Outstanding (Mil)123124-1.1%
Cumulative Contribution4.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/29/2026
ReturnCorrelation
WRBY4.8% 
Market (SPY)19.8%34.9%
Sector (XLY)-5.1%36.8%

Fundamental Drivers

The 128.7% change in WRBY stock from 8/31/2023 to 9/29/2026 was primarily driven by a 68.6% change in the company's P/S Multiple.
(LTM values as of)83120239292026Change
Stock Price ($)12.0127.47128.7%
Change Contribution By: 
Total Revenues ($ Mil)63391243.9%
P/S Multiple2.23.768.6%
Shares Outstanding (Mil)117124-5.8%
Cumulative Contribution128.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/29/2026
ReturnCorrelation
WRBY128.7% 
Market (SPY)76.1%41.7%
Sector (XLY)31.0%42.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WRBY Return-15%-71%5%72%-10%13%-55%
Peers Return11%-21%-7%-16%44%-23%-24%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
WRBY Win Rate25%50%50%58%67%56% 
Peers Win Rate62%47%50%44%56%41% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
WRBY Max Drawdown--76%-45%-28%-51%-30% 
Peers Max Drawdown-24%-48%-40%-33%-32%-35% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: EYE, BLCO, COO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/29/2026 (YTD)

How Low Can It Go

EventWRBYS&P 500
2025 US Tariff Shock
  % Loss-45.1%-18.8%
  % Gain to Breakeven82.2%23.1%
  Time to Breakeven114 days79 days
2024 Yen Carry Trade Unwind
  % Loss-17.9%-7.8%
  % Gain to Breakeven21.7%8.5%
  Time to Breakeven12 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-30.0%-9.5%
  % Gain to Breakeven42.9%10.5%
  Time to Breakeven53 days24 days
2023 SVB Regional Banking Crisis
  % Loss-34.5%-6.7%
  % Gain to Breakeven52.6%7.1%
  Time to Breakeven131 days31 days

Compare to EYE, BLCO, COO

In The Past

Warby Parker's stock fell -45.1% during the 2025 US Tariff Shock. Such a loss loss requires a 82.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventWRBYS&P 500
2025 US Tariff Shock
  % Loss-45.1%-18.8%
  % Gain to Breakeven82.2%23.1%
  Time to Breakeven114 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-30.0%-9.5%
  % Gain to Breakeven42.9%10.5%
  Time to Breakeven53 days24 days
2023 SVB Regional Banking Crisis
  % Loss-34.5%-6.7%
  % Gain to Breakeven52.6%7.1%
  Time to Breakeven131 days31 days

Compare to EYE, BLCO, COO

In The Past

Warby Parker's stock fell -45.1% during the 2025 US Tariff Shock. Such a loss loss requires a 82.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Warby Parker (WRBY)

Warby Parker Inc. (WRBY) is an eyewear and eye care company that operates through a direct-to-consumer (DTC) model in the United States and Canada. The company provides a comprehensive suite of vision products and services, primarily reaching customers through its network of over 160 retail stores, along with its e-commerce website and mobile applications. This integrated approach allows Warby Parker to offer accessible and convenient eye care solutions directly to consumers.

The company's main offerings include a diverse range of prescription eyeglasses, sunglasses, and contact lenses. It also provides advanced lens options such as light-responsive and blue-light-filtering lenses to meet varying customer needs. Beyond eyewear, Warby Parker offers essential accessories like cases, anti-fog spray, and lens kits. Crucially, it integrates eye exams and vision tests into its service model, enabling customers to receive complete vision care directly from the company.

AI Analysis | Feedback

Warby Parker is like Everlane for glasses, offering direct-to-consumer, stylish, and transparently priced eyewear with a strong brand presence online and in stores.

Warby Parker is like an Apple Store for eyewear, combining stylish products, integrated services (eye exams), and a modern, brand-focused retail experience.

AI Analysis | Feedback

  • Eyeglasses: Corrective eyewear designed to improve vision.
  • Sunglasses: Eyewear that protects eyes from sunlight, available with or without prescription.
  • Specialty Lenses: Lenses with enhanced features such as light responsiveness and blue-light filtering.
  • Contact Lenses: Corrective lenses worn directly on the eye instead of frames.
  • Eyewear Accessories: Supplemental products like cases, anti-fog sprays, and lens kits to care for eyewear.
  • Eye Exams and Vision Tests: Professional services provided to assess eye health and determine vision prescriptions.

AI Analysis | Feedback

Warby Parker primarily sells directly to individuals. The company does not have major corporate customers. Here are up to three categories of customers that Warby Parker serves:
  • Individuals Seeking Prescription Eyewear: This category includes consumers who require prescription eyeglasses or contact lenses for vision correction. This often encompasses individuals looking for specific lens features such as blue-light filtering, light-responsive technology, or progressive lenses.
  • Fashion-Conscious Consumers and Sunglass Buyers: This category targets individuals who view eyewear as a fashion accessory, purchasing frames and sunglasses for style, without necessarily needing prescription correction. It also includes those seeking high-quality sunglasses for UV protection.
  • Customers Utilizing Integrated Eye Care Services: This group consists of individuals who leverage Warby Parker's in-store eye exams and vision tests, often leading to subsequent purchases of eyewear. These customers value the convenience of an integrated experience that combines eye health services with direct access to eyewear products.

AI Analysis | Feedback

  • Johnson & Johnson (JNJ)
  • Alcon Inc. (ALC)
  • CooperCompanies Inc. (COO)

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Neil Blumenthal Co-Founder and Co-Chief Executive Officer

Neil Blumenthal co-founded Warby Parker in 2010. Prior to launching Warby Parker, he served as the director of VisionSpring, a nonprofit social enterprise that trained low-income women to establish businesses selling affordable eyeglasses in developing countries. He also serves as a General Partner of Good Friends, LLC, a venture capital firm, since September 2019. Mr. Blumenthal holds a BA from Tufts University and an MBA from The Wharton School of the University of Pennsylvania.

Dave Gilboa Co-Founder and Co-Chief Executive Officer

Dave Gilboa co-founded Warby Parker in 2010. Before Warby Parker, he was an associate at the merchant bank Allen & Company, where he invested in seed-stage and venture-stage healthcare and digital media companies and advised on M&A transactions. He also worked at Bain & Company, developing business strategies, and held roles at The TriZetto Group, Genomic Health, and Crescendo Bioscience. Mr. Gilboa also serves as a General Partner of Good Friends, LLC, a venture capital firm, since September 2019. He earned a BS in Bioengineering from UC Berkeley and an MBA from The Wharton School of the University of Pennsylvania.

Adrian Mitchell Principal Financial Officer and Principal Accounting Officer

Adrian Mitchell was appointed Principal Financial Officer and Principal Accounting Officer, effective February 10, 2026. He serves on the Board of Directors of Stanley Black & Decker and is a member of its Audit and Finance & Pension Committees. Mr. Mitchell holds an MBA from Harvard Business School and a bachelor's degree in chemical engineering from Louisiana State University.

Sandy Gilsenan SVP Chief Retail and Customer Experience Officer

Sandy Gilsenan oversees Warby Parker's retail operations, customer service, and eye care and vision services. Prior to joining Warby Parker, she held various store and corporate operations roles at Gap Inc. for both Banana Republic and Old Navy, before moving to Nordstrom and then J. Crew.

Kim Nemser Chief Product and Supply Chain Officer

Kim Nemser leads Warby Parker's merchandising, planning, product strategy, sourcing and product development, manufacturing, and supply chain operations across the business.

AI Analysis | Feedback

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Here are the key risks to Warby Parker's business:

  1. Historical Losses and Profitability Challenges: Warby Parker has a history of operating losses and faces challenges in achieving sustained profitability despite its strong brand and customer base. The company's growth initiatives, including retail store expansions and technology investments, require significant capital, which could impact its financial stability if not managed effectively. High spending on selling, general, and administrative (SG&A) expenses, particularly marketing, contributes to these profitability concerns.
  2. Intense Competitive Pressure: The optical industry is highly competitive, with numerous large integrated players dominating the market. Warby Parker must continuously innovate and maintain its distinct brand positioning to compete effectively against both established eyewear brands and new direct-to-consumer entrants. Failure to do so could result in a loss of market share, especially as competitors may undercut prices and improve their online offerings, potentially squeezing Warby Parker's mid-tier brand positioning.
  3. Supply Chain and Operational Risks: Warby Parker's reliance on a limited number of suppliers and manufacturers introduces risks to its operational efficiency and ability to meet customer demand. Disruptions in the supply chain, whether due to external factors or internal issues, could adversely affect the company's ability to deliver products timely and maintain its reputation for quality. For instance, a significant portion of the cellulose acetate used in its frames is sourced from a single supplier. The company is also exposed to the impacts of tariffs, particularly from goods sourced in China, which has affected gross margins.
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AI Analysis | Feedback

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AI Analysis | Feedback

Warby Parker operates in several addressable markets within the eyewear industry. Based on available data, the estimated market sizes for its main products and services are as follows:

  • Eyeglasses (Prescription Eyewear - Frames & Lenses): The estimated addressable market for eyeglasses in the U.S. was approximately $36.8 billion in 2025. This is derived from the U.S. eyewear market size of USD 49.1 billion in 2025, with spectacles (eyeglasses) accounting for 75% of the U.S. eyewear market in 2023.
  • Sunglasses: The addressable market for sunglasses in North America was approximately USD 13.59 billion in 2025. This is calculated based on the global sunglasses market size of USD 43.03 billion in 2025, with North America accounting for a 31.60% share. Warby Parker operates in both the United States and Canada, making the North American market size a relevant addressable market.
  • Contact Lenses: The addressable market for contact lenses in the U.S. was valued at $10.94 billion in 2022.
  • Eye Exams and Vision Tests: The addressable market for eye care services, which includes vision testing and eye exams, in the U.S. was estimated at USD 54.85 billion in 2024.

AI Analysis | Feedback

Warby Parker (WRBY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

  1. Retail Store Expansion: Warby Parker plans to continue expanding its physical retail footprint, with approximately 50 new store openings anticipated in 2026, primarily in existing markets. This strategic expansion is aimed at enhancing brand awareness and improving customer accessibility. The company sees a long-term potential of at least 900 stores in North America.
  2. Enhanced Product and Service Offerings: The company anticipates growth from increasing its active customer base and boosting average revenue per customer. This will be achieved through a higher mix of premium lenses like progressives, sustained growth in contact lens sales, broader adoption of in-store eye exams, and the regular introduction of new frame collections and lens enhancements, supported by selective price adjustments.
  3. Launch of AI-powered Eyewear: Warby Parker is collaborating with Google and Samsung to develop and launch lightweight AI-enabled glasses in 2026. This new product category is expected to tap into a significant new total addressable market.

AI Analysis | Feedback

Share Repurchases

  • Warby Parker authorized a $100 million share repurchase program for its Class A common stock in February 2026.
  • This program does not have a fixed expiration date and can be modified, suspended, or terminated at the discretion of the company's Board of Directors.

Share Issuance

  • Warby Parker went public via a direct listing on the New York Stock Exchange (NYSE) on September 29, 2021, under the ticker symbol WRBY.
  • Through the direct listing, existing shareholders offered up to 77.7 million Class A shares, with some reports indicating 92.5 million Class A common stock shares were available for public offering.
  • Unlike a traditional IPO, the direct listing did not involve the company issuing new shares to raise capital.

Inbound Investments

  • As a private company, Warby Parker raised over $536 million in funding.
  • Its last funding rounds (Series F and G) in 2020 collectively brought in $245 million in working capital.
  • The company has received institutional financial backing from firms such as T. Rowe Price and Tiger Global Management.

Outbound Investments

  • Warby Parker announced a strategic partnership with Google on December 4, 2025, to develop AI-powered smart glasses, indicating an investment in new product innovation.

Capital Expenditures

  • Capital expenditures have remained moderate, typically ranging from $15–20 million per quarter, primarily focused on reinvestment in stores and infrastructure.
  • The company opened 47 net new stores in 2025, bringing its total to 323 locations.
  • Warby Parker plans to continue its retail footprint expansion, with targets of 40 new stores in 2024 and 50 new store openings projected for 2026.

Better Bets vs. Warby Parker (WRBY)

Peer Outperformance in Apparel, Accessories & Luxury Goods

WRBY has outperformed 50% of its 28 Apparel, Accessories & Luxury Goods peers over 5Y. Among the peers that beat it is RL. Apparel, Accessories & Luxury Goods ranks 18th of 23 industries in Consumer Discretionary by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Apparel, Accessories & Luxury Goods constituents that WRBY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
57%
of 28 industry peers · -0.8% return
3Y
75%
of 28 industry peers · 108.7% return
5Y
50%
of 28 industry peers · -48.2% return
Apparel, Accessories & Luxury Goods peers with revenue growth within 4pp of WRBY's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
WRBY Warby Parker 12.9% 439.7x -0.8%108.7%-48.2% —
RL Ralph Lauren 9.1% 21.8x 16.5%219.8%253.3% +302pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Apparel, Accessories & Luxury Goods is WRBY's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Education Services 14 -22.2%67.9%64.1% LINC 222% · CVSA 216% · PRDO 205%
Homebuilding 18 -9.1%33.9%52.7% GRBK 228% · PHM 170% · TOL 159%
Specialty Stores 7 0.7%38.0%25.0% SIG 41% · DKS 27% · FIVE 26%
Hotels, Resorts & Cruise Lines 21 12.6%34.7%3.3% RCL 203% · MAR 155% · HLT 148%
Home Improvement Retail 5 -27.2%-4.3%-0.4% HVT 16% · LOW 2% · HD 0%
Automotive Retail 18 -19.6%-6.3%-4.2% MUSA 211% · PAG 127% · ORLY 111%
Restaurants 35 -8.8%-13.0%-12.3% EAT 306% · CAKE 157% · BH-A 107%
Home Furnishings 4 -7.1%24.3%-13.0% SGI 41% · LZB 4% · MHK -30%
Distributors 4 -13.1%-25.8%-13.1% ARMK 143% · GPC 21% · LKQ -47%
Footwear 9 56.5%52.0%-14.5% WEYS 185% · DECK 29% · SHOO 26%
Specialized Consumer Services 10 -16.3%11.8%-19.8% HRB 92% · FTDR 75% · SCI 38%
Leisure Products 13 -25.0%-21.6%-36.4% GOLF 89% · HAS 21% · MCFT -20%
Apparel Retail 26 4.7%9.6%-40.0% ANF 255% · URBN 155% · ROST 127%
Leisure Facilities 11 -0.2%-13.8%-41.8% OSW 137% · JAKK 132% · ESCA 25%
Household Appliances 18 -4.3%-1.5%-42.9% FLXS 212% · HBB 186% · KEQU 155%
Automotive Parts & Equipment 38 -13.4%-14.3%-43.7% MOD 1522% · GTX 267% · CAAS 77%
Computer & Electronics Retail 3 -12.7%44.3%-45.8% BBY 6% · GME -46% · UPBD -63%
Apparel, Accessories & Luxury Goods ← 29 -13.0%10.8%-48.2% RL 253% · TPR 250% · ELA 200%
Broadline Retail 15 -3.0%24.2%-50.3% DDS 405% · EBAY 65% · AMZN 50%
Casinos & Gaming 19 -22.5%-33.6%-59.3% MCRI 95% · RRR 21% · LVS 12%
Consumer Electronics 11 -13.6%-23.7%-73.5% AXIL 3183% · GRMN 107% · SONO -45%
Automobile Manufacturers 8 -78.0%-50.4%-74.5% GM 59% · TSLA 36% · F 18%
Other Specialty Retail 18 -37.4%-47.3%-79.7% TLF 101% · BBW 82% · WINA 66%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

WRBYEYEBLCOCOOMedian
NameWarby Pa.National.Bausch &.Cooper C. 
Mkt Price27.3916.1317.1757.1922.28
Mkt Cap3.41.36.1-3.4
Rev LTM9122,0335,324-2,033
Op Inc LTM287405-87
FCF LTM2249137-49
FCF 3Y Avg3347-55-33
CFO LTM95130458-130
CFO 3Y Avg99137254-137

Growth & Margins

WRBYEYEBLCOCOOMedian
NameWarby Pa.National.Bausch &.Cooper C. 
Rev Chg LTM11.0%7.8%8.9%-8.9%
Rev Chg 3Y Avg12.9%9.3%10.9%-10.9%
Rev Chg Q9.8%2.5%9.1%-9.1%
QoQ Delta Rev Chg LTM2.4%0.6%2.2%-2.2%
Op Inc Chg LTM108.6%94.7%301.0%-108.6%
Op Inc Chg 3Y Avg67.7%56.9%87.6%-67.7%
Op Mgn LTM0.2%4.3%7.6%-4.3%
Op Mgn 3Y Avg-3.2%2.6%4.6%-2.6%
QoQ Delta Op Mgn LTM0.9%0.3%1.7%-0.9%
CFO/Rev LTM10.5%6.4%8.6%-8.6%
CFO/Rev 3Y Avg12.2%7.2%5.0%-7.2%
FCF/Rev LTM2.4%2.4%2.6%-2.4%
FCF/Rev 3Y Avg4.0%2.5%-1.3%-2.5%

Valuation

WRBYEYEBLCOCOOMedian
NameWarby Pa.National.Bausch &.Cooper C. 
Mkt Cap3.41.36.1-3.4
P/S3.70.61.2-1.2
P/Op Inc2,187.214.815.1-15.1
P/EBIT2,187.215.518.9-18.9
P/E438.525.5-35.9-25.5
P/CFO35.69.913.4-13.4
Total Yield0.2%3.9%-2.8%-0.2%
Dividend Yield0.0%0.0%0.0%-0.0%
FCF Yield 3Y Avg1.3%3.3%-1.3%-1.3%
D/E0.10.50.8-0.5
Net D/E-0.00.50.8-0.5

Returns

WRBYEYEBLCOCOOMedian
NameWarby Pa.National.Bausch &.Cooper C. 
1M Rtn9.6%-7.2%0.1%-19.6%-3.5%
3M Rtn-9.7%-15.1%3.7%-20.2%-12.4%
6M Rtn30.0%-37.7%8.0%-20.0%-6.0%
12M Rtn-1.0%-44.8%14.8%-15.5%-8.3%
3Y Rtn108.1%-0.3%1.3%-28.1%0.5%
1M Excs Rtn10.1%-6.7%0.6%-19.1%-3.0%
3M Excs Rtn-12.0%-17.4%1.4%-22.6%-14.7%
6M Excs Rtn13.8%-55.1%-8.4%-38.6%-23.5%
12M Excs Rtn-16.2%-58.7%2.9%-31.0%-23.6%
3Y Excs Rtn44.4%-74.4%-77.0%-108.8%-75.7%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Eyewear719652583580523
Contacts977958  
Eye care564129  
Vision care   18 
Services and Other    18
Total872771670598541


Price Behavior

Price Behavior
Market Price$27.47 
Market Cap ($ Bil)3.4 
First Trading Date09/29/2021 
Distance from 52W High-9.5% 
   50 Days200 Days
DMA Price$25.46$25.20
DMA Trendupdown
Distance from DMA7.9%9.0%
 3M1YR
Volatility65.5%77.3%
Downside Capture316.00230.98
Upside Capture224.53191.27
Correlation (SPY)39.8%35.7%
WRBY Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta3.672.562.062.122.121.77
Up Beta2.741.320.810.951.501.76
Down Beta-0.42-0.631.122.222.451.59
Up Capture333%312%343%317%325%953%
Bmk +ve Days10213268138427
Stock +ve Days7162964122369
Down Capture668%434%248%217%168%111%
Bmk -ve Days11213259113324
Stock -ve Days14263563129374

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WRBY
WRBY-0.5%77.2%0.31-
Sector ETF (XLY)-8.4%19.4%-0.5837.5%
Equity (SPY)16.5%13.0%0.9035.0%
Gold (GLD)10.5%29.6%0.3412.4%
Commodities (DBC)40.5%20.8%1.52-14.3%
Real Estate (VNQ)3.2%13.6%-0.0220.8%
Bitcoin (BTCUSD)-24.6%44.7%-0.5018.7%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WRBY
WRBY-12.3%66.6%0.07-
Sector ETF (XLY)4.8%24.1%0.1651.1%
Equity (SPY)13.5%17.2%0.6049.1%
Gold (GLD)18.2%18.9%0.789.6%
Commodities (DBC)10.6%19.6%0.425.6%
Real Estate (VNQ)0.9%18.9%-0.0637.3%
Bitcoin (BTCUSD)15.3%52.4%0.4626.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WRBY
WRBY-6.4%66.6%0.07-
Sector ETF (XLY)11.9%22.2%0.4951.1%
Equity (SPY)15.4%17.9%0.7349.1%
Gold (GLD)11.8%16.4%0.599.6%
Commodities (DBC)8.3%18.1%0.375.6%
Real Estate (VNQ)4.6%20.7%0.1837.3%
Bitcoin (BTCUSD)63.5%66.2%1.0326.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity17.6 Mil
Short Interest: % Change Since 83120268.1%
Average Daily Volume2.6 Mil
Days-to-Cover Short Interest6.8 days
Basic Shares Quantity123.9 Mil
Short % of Basic Shares14.2%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-7.9%-13.5%-20.4%
5/7/202623.5%29.3%3.1%
2/26/202617.8%25.7%1.0%
11/6/2025-11.1%-8.2%11.6%
8/7/2025-3.4%10.3%7.1%
5/8/20252.8%8.2%33.5%
2/27/20252.3%-1.1%-20.0%
11/7/20241.8%11.3%25.4%
...
SUMMARY STATS   
# Positive10109
# Negative889
Median Positive12.0%14.3%12.6%
Median Negative-5.7%-11.2%-15.4%
Max Positive23.5%29.3%33.7%
Max Negative-24.0%-21.0%-23.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-7.9%-13.5%-20.4%
5/7/202623.5%29.3%3.1%
2/26/202617.8%25.7%1.0%
11/6/2025-11.1%-8.2%11.6%
8/7/2025-3.4%10.3%7.1%
5/8/20252.8%8.2%33.5%
2/27/20252.3%-1.1%-20.0%
11/7/20241.8%11.3%25.4%
8/8/2024-0.1%-9.0%-6.8%
5/9/202418.0%26.4%33.7%
2/28/2024-15.0%-19.4%-11.9%
11/8/2023-24.0%-21.0%-23.1%
8/9/2023-3.5%-13.4%-15.4%
5/9/20230.3%0.2%-0.7%
2/28/2023-0.5%-6.0%-23.6%
11/10/202214.9%26.8%24.7%
8/11/202219.2%17.2%12.6%
11/12/20219.0%1.2%-15.0%
SUMMARY STATS   
# Positive10109
# Negative889
Median Positive12.0%14.3%12.6%
Median Negative-5.7%-11.2%-15.4%
Max Positive23.5%29.3%33.7%
Max Negative-24.0%-21.0%-23.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/08/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/08/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/10/202210-Q
06/30/202208/11/202210-Q
03/31/202205/16/202210-Q
12/31/202103/18/202210-K
09/30/202111/12/202110-Q
06/30/202109/29/2021424B4

Recent Forward Guidance

Updated 9/28/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 New Store OpeningsReported 50 0 AffirmedGuidance: 50 for 2026
2026 RevenueReported959.00 Mil967.50 Mil976.00 Mil0 AffirmedGuidance: 967.50 Mil for 2026
2026 Revenue GrowthReported10.0%11.0%12.0%   
2026 Adjusted EBITDAReported117.00 Mil118.00 Mil119.00 Mil0 AffirmedGuidance: 118.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 New Store OpeningsReported 50 0 AffirmedGuidance: 50 for 2026
2026 Net RevenueReported959.00 Mil967.50 Mil976.00 Mil0 AffirmedGuidance: 967.50 Mil for 2026
2026 Adjusted EBITDAReported117.00 Mil118.00 Mil119.00 Mil0 AffirmedGuidance: 118.00 Mil for 2026
2026 Adjusted EBITDA MarginReported 12.2%    

Q4 2025 Earnings Reported 2/26/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 New Store OpeningsReported 50 11.1% Higher NewActual: 45 for 2025
2026 RevenueReported959.00 Mil967.50 Mil976.00 Mil10.9% Higher NewActual: 872.50 Mil for 2025
2026 Revenue GrowthReported10.0%11.0%12.0% -2.0%Lower NewActual: 13.0% for 2025
2026 Adjusted EBITDAReported117.00 Mil118.00 Mil119.00 Mil18.6% Higher NewActual: 99.50 Mil for 2025

Q3 2025 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 New Store OpeningsReported 45 0 AffirmedGuidance: 45 for 2025
2025 RevenueReported871.00 Mil872.50 Mil874.00 Mil-1.3% LoweredGuidance: 884.00 Mil for 2025
2025 Revenue GrowthReported 13.0%  -1.5%LoweredGuidance: 14.5% for 2025
2025 Adjusted EBITDAReported98.00 Mil99.50 Mil101.00 Mil0 AffirmedGuidance: 99.50 Mil for 2025
2025 Adjusted EBITDA MarginReported11.3%11.45%11.6% 0.2%RaisedGuidance: 11.25% for 2025

Insider Activity

Updated 8/14/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gilboa, David AbrahamCo-Chief Executive OfficerDirectSell708202629.8454,3471,621,714928,382Form
2Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell708202629.999,200275,908933,049Form
3Gilboa, David AbrahamCo-Chief Executive OfficerDirectSell702202629.69242,2217,191,541923,715Form
4Raider, Jeffrey Jacob DirectSell702202629.7222,500668,70012,934,174Form
5Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell702202629.61217,6676,445,120921,226Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gilboa, David AbrahamCo-Chief Executive OfficerDirectSell708202629.8454,3471,621,714928,382Form
2Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell708202629.999,200275,908933,049Form
3Gilboa, David AbrahamCo-Chief Executive OfficerDirectSell702202629.69242,2217,191,541923,715Form
4Raider, Jeffrey Jacob DirectSell702202629.7222,500668,70012,934,174Form
5Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell702202629.61217,6676,445,120921,226Form
6Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell701202630.0436,3001,090,4521,786,148Form
7Briggs, Teresa DirectSell618202625.945,000129,6831,267,859Form
8Moon, Youngme E DirectSell612202626.5310,000265,300691,398Form
9Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell521202630.0363,0401,893,0911,506,455Form
10Singer, Bradley EBradley Singer Revocable TrustSell515202629.014,833140,2052,901,000Form
11Singer, Bradley EBradley Singer Revocable TrustSell515202628.5120,167574,9612,988,789Form
12Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell420202625.0922,442563,0701,258,640Form
13Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell420202624.5675,2131,847,5921,232,293Form
14Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell420202624.082,34556,4681,207,973Form
15Raider, Jeffrey JacobDirectSell313202625.4325,000635,75011,410,365Form
16Singer, Bradley EDirectSell306202627.5315,793434,781441,196Form
17Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell115202629.9966019,7931,113,199Form
18Gilboa, David AbrahamCo-Chief Executive OfficerDirectSell115202629.4680,0942,359,5691,097,297Form
19Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell106202625.09150,0003,763,500931,316Form
20Gilboa, David AbrahamCo-Chief Executive OfficerDirectSell106202624.2950,0001,214,500904,730Form
21Gilboa, David AbrahamCo-Chief Executive OfficerDirectSell106202622.4625,000561,500836,568Form
22Cutler, Joel E Randi & Joel Cutler Family FoundationSell1218202526.0119,932518,477520,246Form
23Raider, Jeffrey JacobDirectSell1215202527.4225,000685,50013,257,159Form
24Moon, Youngme EDirectSell1215202529.0738,8321,128,846786,547Form
25Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell1215202530.29100,0003,029,0001,124,335Form
26Gilboa, David AbrahamCo-Chief Executive OfficerDirectSell1215202530.20200,0006,040,0001,124,859Form
27Gilboa, David AbrahamCo-Chief Executive OfficerDirectSell1003202527.30125,0003,412,500897,105Form
28Gilboa, David AbrahamCo-Chief Executive OfficerDirectSell919202527.5858,3601,609,569906,306Form
29Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell919202527.528,416231,608900,812Form
30Gilboa, David AbrahamCo-Chief Executive OfficerDirectSell919202527.5260016,512904,335Form
31Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell919202527.5250013,760900,812Form
32Gilboa, David AbrahamCo-Chief Executive OfficerDirectSell915202527.5341,0401,129,831904,663Form
33Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell915202527.5341,0841,131,043901,139Form
34Cutler, Joel E Randi & Joel Cutler Family FoundationSell910202526.7535,000936,352533,239Form
35Blumenthal, Neil HarrisCo-Chief Executive OfficerDirectSell813202525.1150,0001,255,500711,793Form
36Briggs, TeresaDirectSell813202523.566,000141,3601,057,349Form

Investor Activity (13F)

Updated Sep 30, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
12 West Capital Management LP$27.5 Mil4.6%20New13F
Durable Capital Partners LP$134.8 Mil1.4%37TRIM -12.5%13F
Nishkama Capital, LLC$5.5 Mil0.8%39TRIM -45.7%13F
SRS Investment Management, LLC$30.3 Mil0.3%29Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
12 West Capital Management LP$27.5 Mil4.6%20New13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Hook Mill Capital Partners, LP$7.9 Mil0.7%39ExitedDec 31, 202513F
Nishkama Capital, LLC$5.5 Mil0.8%39TRIM -45.7%Mar 31, 202613F
Durable Capital Partners LP$134.8 Mil1.4%37TRIM -12.5%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Durable Capital Partners LP$134.8 Mil1.4%37TRIM -12.5%13F
SRS Investment Management, LLC$30.3 Mil0.3%29Hold13F
12 West Capital Management LP$27.5 Mil4.6%20New13F
Nishkama Capital, LLC$5.5 Mil0.8%39TRIM -45.7%13F
Core Cache Last Updated: 9/29/2026