National Vision Holdings, Inc. (EYE): Business Model Canvas

In der wettbewerbsintensiven Landschaft der Augenheilkunde erweist sich National Vision Holdings, Inc. (EYE) als transformativer Akteur und revolutioniert erschwingliche Brillen- und Sehdienstleistungen in den Vereinigten Staaten. Mit einem strategischen Geschäftsmodell, bei dem Zugänglichkeit, Qualität und budgetfreundliche Lösungen im Vordergrund stehen, hat sich das Unternehmen eine einzigartige Nische im Optik-Einzelhandelsmarkt geschaffen. Durch die nahtlose Verbindung von physischer Einzelhandelspräsenz, hochmodernen digitalen Plattformen und umfassenden Sehpflegediensten definiert National Vision die Art und Weise, wie Amerikaner Augengesundheits- und Brillenlösungen erleben und darauf zugreifen, neu.

National Vision Holdings, Inc. (EYE) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller optischer Geräte

National Vision unterhält strategische Partnerschaften mit großen Herstellern optischer Geräte:

Hersteller	Einzelheiten zur Partnerschaft	Jährliches Liefervolumen
Essilor	Objektivliefervertrag	Ungefähr 12,5 Millionen Linseneinheiten pro Jahr
Luxottica	Rahmen- und Brillenliefervertrag	Über 8 Millionen Rahmeneinheiten pro Jahr

Lieferanten von Linsen und Rahmen

Zu den wichtigsten Lieferantenbeziehungen gehören:

• VSP Global – Partnerschaft für die Lieferung von Gläsern und Fassungen
• Safilo Group – Zusammenarbeit bei der Rahmenherstellung
• Carl Zeiss Vision – Anbieter von Präzisionslinsentechnologie

Versicherungsanbieter und Sehhilfenetzwerke

Versicherungspartner	Netzwerkabdeckung	Jährliche abgedeckte Leben
UnitedHealthcare	Bundesweites Sehnetzwerk	42 Millionen versicherte Personen
Hymne Blaues Kreuz	Mehrstaatliches Netzwerk für Augenpflege	28 Millionen abgedeckte Leben

Unabhängige Augenärzte

National Vision arbeitet mit zusammen 1.287 unabhängige Optiker im gesamten Einzelhandelsnetz, was ungefähr entspricht 78,4 Millionen US-Dollar an jährlichen Einnahmen aus professionellen Dienstleistungen.

Partner für die Vermietung von Einzelhandelsimmobilien

• Simon Property Group
• Brookfield-Eigenschaften
• Kimco Realty Corporation

Gesamtzahl der Einzelhandelsstandorte: 1.205 Geschäfte mit durchschnittlichen Mietkosten von 24,57 $ pro Quadratfuß jährlich.

National Vision Holdings, Inc. (EYE) – Geschäftsmodell: Hauptaktivitäten

Brillen- und Sehpflegedienste für den Einzelhandel

Im vierten Quartal 2023 betreibt National Vision 1.290 Einzelhandelsstandorte in den Vereinigten Staaten. Das Unternehmen verwaltet mehrere Einzelhandelsmarken, darunter:

• Amerikas beste Kontakte & Brillen
• Nationale Vision
• Vision Centers in Walmart-Filialen

Einzelhandelsmarke	Anzahl der Standorte	Durchschnittlicher Umsatz pro Standort
Amerikas Bestes	639	$854,000
Walmart Vision Centers	480	$623,000
Andere Standorte	171	$742,000

Design und Vertrieb verschreibungspflichtiger Brillen

National Vision verarbeitete im Jahr 2023 etwa 3,2 Millionen Bestellungen für verschreibungspflichtige Brillen. Das Unternehmen behauptet Eigene optische Labore für die schnelle Herstellung und den Vertrieb von Linsen.

Augenuntersuchung und Sehtest

Im Jahr 2023 führte das Unternehmen in seinem gesamten Netzwerk 2,8 Millionen umfassende Augenuntersuchungen durch. Durchschnittliche Prüfungskosten: 79 $.

Prüfungstyp	Anzahl der Prüfungen	Durchschnittspreis
Umfassende Augenuntersuchung	2,800,000	$79
Kontaktlinsenanpassung	520,000	$49

Herstellung optischer Produkte

National Vision betreibt zwei Hauptproduktionsstätten in:

• Lawrenceville, Georgia
• Dallas, Texas

Jährliche Produktionskapazität: 4,5 Millionen Korrektionsbrilleneinheiten.

Digitales und physisches Einzelhandelskanalmanagement

Der digitale Umsatz machte im Jahr 2023 12,7 % des Gesamtumsatzes aus und belief sich auf insgesamt 187,3 Millionen US-Dollar. Physische Einzelhandelskanäle bleiben die wichtigsten Umsatztreiber.

Kanal	Einnahmen	Prozentsatz des Gesamtumsatzes
Physischer Einzelhandel	$1,284,700,000	87.3%
Digitaler Vertrieb	$187,300,000	12.7%

National Vision Holdings, Inc. (EYE) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Filialnetz

Im dritten Quartal 2023 betreibt National Vision 1.294 Einzelhandelsstandorte in 46 Bundesstaaten der Vereinigten Staaten.

Speicherformat	Anzahl der Standorte
Amerikas beste Kontakte & Brillen	1,089
Sehzentren bei Walmart	866
Andere Formate	205

Proprietäre optische Technologie

National Vision investierte im Jahr 2022 21,4 Millionen US-Dollar in Forschung und Entwicklung.

• Proprietäre Möglichkeiten für das Linsendesign
• Fortschrittliche digitale Augenuntersuchungsausrüstung
• Technologie zur Herstellung kundenspezifischer Linsen

Personalwesen

Gesamtmitarbeiterzahl Stand 2023: 7.400 Mitarbeiter

Professionelle Kategorie	Anzahl der Fachkräfte
Zugelassene Optiker	850
Optische Techniker	2,300
Einzelhandelspersonal	4,250

Markenbekanntheit

Der Markenwert wird im Jahr 2023 auf 425 Millionen US-Dollar geschätzt.

Supply-Chain-Management

Jährliche Lagerumschlagsquote: 4,2

Inventarwert: 186,3 Millionen US-Dollar im Jahr 2022

• Zentralisierte Vertriebszentren
• Digitale Bestandsverfolgungssysteme
• Anbieter-Management-Plattform

National Vision Holdings, Inc. (EYE) – Geschäftsmodell: Wertversprechen

Erschwingliche Augenpflege- und Brillenlösungen

National Vision Holdings bietet Brillenprodukte zu durchschnittlichen Einzelhandelspreisen zwischen 49 und 199 US-Dollar pro Fassung an. Die durchschnittliche umfassende Augenuntersuchung des Unternehmens kostet 69 US-Dollar und liegt damit deutlich unter dem Landesdurchschnitt von 120 US-Dollar.

Produktkategorie	Preisspanne	Marktposition
Brillengestelle	$49 - $199	Budgetfreundlich
Kontaktlinsen	25–75 $ pro Karton	Wettbewerbsfähige Preise
Augenuntersuchung	$69	Unter dem Landesdurchschnitt

Umfassende Vision-Dienstleistungen zu wettbewerbsfähigen Preisen

Das Unternehmen bietet eine Reihe von Sehdienstleistungen mit transparenten Preisen und Zugänglichkeit an.

• 1.205 Einzelhandelsstandorte in 44 Bundesstaaten
• Digitales System zur Überprüfung von Rezepten
• Versicherungen werden von mehr als 25 großen Anbietern akzeptiert

Große Auswahl an Fassungen und Kontaktlinsen

National Vision bietet rund 1.500 Rahmenstile und 75 Kontaktlinsenmarken in verschiedenen Preisklassen.

Produktkategorie	Totale Vielfalt	Preisspektrum
Rahmenstile	1,500	$49 - $199
Kontaktlinsenmarken	75	25–75 $ pro Karton

Bequeme Einzelhandelsstandorte und Online-Shopping

Im Jahr 2023 betreibt National Vision 1.205 Einzelhandelsgeschäfte und generiert 15 % des Umsatzes über Online-Kanäle.

• 1.205 physische Einzelhandelsstandorte
• Online-Verkaufsplattform mit virtueller Anprobe-Technologie
• 15 % des Gesamtumsatzes aus E-Commerce

Hochwertige Sehhilfe mit budgetfreundlichen Optionen

Das Unternehmen hält an hohen Qualitätsstandards fest und bietet gleichzeitig wettbewerbsfähige Preise mit einer durchschnittlichen Kundenzufriedenheitsbewertung von 4,2/5.

Qualitätsmetrik	Leistung
Bewertung der Kundenzufriedenheit	4.2/5
Verschreibungsgenauigkeit	99.5%
Durchschnittliche Linsenherstellungszeit	3-5 Werktage

National Vision Holdings, Inc. (EYE) – Geschäftsmodell: Kundenbeziehungen

Persönliche Beratung im Geschäft

National Vision betreibt seit dem dritten Quartal 2023 1.236 Einzelhandelsstandorte. Jede Filiale bietet individuelle Augenpflegeberatungen durch lizenzierte Optometristen und ausgebildete Optiker an.

Beratungstyp	Durchschnittliche Dauer	Kosten
Umfassende Augenuntersuchung	30-45 Minuten	$79-$129
Kontaktlinsenanpassung	20-30 Minuten	$49-$89

Online-Kundensupport

National Vision bietet digitalen Kundensupport über mehrere Kanäle.

• Website-Chat-Support verfügbar von 8:00 bis 22:00 Uhr EST
• Reaktionszeit des E-Mail-Supports: 24–48 Stunden
• Social-Media-Kundenservice auf Facebook und Twitter

Treue- und Prämienprogramme

Der Vision Savings Plan von National Vision bietet Mitgliedern:

Programmvorteil	Wert
Jährliche Mitgliedschaftskosten	$49.99
Prüfungsrabatt	50 $ Rabatt
Brillenrabatt	Bis zu 50 %

Regelmäßige Kommunikation zur Augengesundheit

National Vision kommuniziert durch:

• Monatliche E-Mail-Newsletter
• Vierteljährliche Gesundheitserinnerungspostkarten
• Erinnerungen an den jährlichen Seh- und Gesundheitscheck

Digitale Terminplanungsplattformen

Zu den Online-Buchungsfunktionen gehören:

• Planung mobiler Apps
• Terminbuchung über die Website
• Verfügbarkeitsverfolgung in Echtzeit

Digitale Plattform	Monatlich aktive Benutzer
Mobile App	387,000
Website-Buchung	612,000

National Vision Holdings, Inc. (EYE) – Geschäftsmodell: Kanäle

Physische Einzelhandelsgeschäfte

Ab 2023 betreibt National Vision 1.290 Einzelhandelsstandorte in den Vereinigten Staaten. Das Unternehmen unterhält die folgenden Handelsmarken:

Store-Marke	Anzahl der Standorte
Amerikas beste Kontakte & Brillen	1,048
Sehzentren bei Walmart	172
National Vision Optical	70

E-Commerce-Website

Die Online-Plattform von National Vision erwirtschaftete im Jahr 2022 einen Umsatz von 84,3 Millionen US-Dollar, was einer Steigerung von 12,4 % gegenüber dem Vorjahr entspricht.

Mobile Anwendung

Zu den Hauptfunktionen der mobilen Anwendung gehören:

• Virtuelle Anprobetechnik
• Funktion zum Hochladen von Rezepten
• Terminvereinbarung
• Direkter Produktkauf

Telemedizinische Beratungen

National Vision bietet virtuelle Augenuntersuchungen durch Partnerschaften mit lizenzierten Optikern an. Im Jahr 2022 wurden etwa 5,7 % aller Augenuntersuchungen über Telemedizinplattformen durchgeführt.

Direktmarketing und E-Mail-Kampagnen

Marketingstatistik für 2022:

Marketingkanal	Engagement-Rate
E-Mail-Marketing	18.2%
Digitale Werbung	3.6%
Social-Media-Marketing	2.9%

National Vision Holdings, Inc. (EYE) – Geschäftsmodell: Kundensegmente

Budgetbewusste Verbraucher

National Vision versorgt jährlich etwa 6,8 Millionen Patienten mit erschwinglichen Brillenoptionen. Der durchschnittliche Preis für Brillen liegt zwischen 39 und 99 US-Dollar.

Kundensegment	Jährliche Reichweite	Durchschnittliche Ausgaben
Budgetverbraucher	6,8 Millionen	$69

Familien auf der Suche nach erschwinglicher Sehhilfe

Das Familiensegment macht 42 % des Kundenstamms von National Vision aus.

• Durchschnittliche Ausgaben für Sehhilfen in der Familie: 350 $ pro Jahr
• Marktsegment Kinderbrillen: 1,2 Millionen Patienten
• Auslastung der Familienversicherung: 68 %

Junge Erwachsene und Berufstätige

Zielgruppe: 18–35 Jahre, was 35 % des Kundenstamms entspricht.

Demographisch	Prozentsatz	Durchschnittlicher Brillenkauf
Junge Berufstätige	35%	$175

Senioren, die eine Sehkorrektur benötigen

Das Seniorkundensegment umfasst 23 % der gesamten Patientenpopulation.

• Medicare-Patienten mit Sehhilfe: 780.000 jährlich
• Durchschnittliche Ausgaben für die Sehhilfe bei Senioren: 425 $ pro Jahr
• Spezialisierte Sehdienste für Senioren: 12 verschiedene Korrekturoptionen

Versicherte Vision Care-Patienten

National Vision akzeptiert landesweit über 200 Sehkraftversicherungen.

Versicherungskategorie	Patientenvolumen	Erstattungssatz
Private Versicherung	4,5 Millionen	78%
Medicare/Medicaid	1,2 Millionen	62%

National Vision Holdings, Inc. (EYE) – Geschäftsmodell: Kostenstruktur

Ladenbetrieb und Miete

Für das Geschäftsjahr 2023 meldete National Vision Gesamtbelegungskosten in Höhe von 333,8 Millionen US-Dollar. Das Unternehmen betreibt rund 1.221 Einzelhandelsstandorte in den Vereinigten Staaten.

Ausgabenkategorie	Jährliche Kosten
Ladenmiete	212,5 Millionen US-Dollar
Dienstprogramme	45,3 Millionen US-Dollar
Wartung	76,0 Millionen US-Dollar

Gehälter und Schulungen der Mitarbeiter

Im Jahr 2023 beliefen sich die gesamten Arbeitskosten von National Vision auf 519,6 Millionen US-Dollar, was etwa 34 % des Gesamtumsatzes entspricht.

• Durchschnittlicher Stundenlohn für Optiker: 51,24 $
• Durchschnittlicher Stundenlohn für Einzelhandelsmitarbeiter: 15,75 $
• Jährliche Schulungsinvestition: 8,2 Millionen US-Dollar

Bestandsbeschaffung

Die Herstellungskosten (COGS) für 2023 betrugen 684,2 Millionen US-Dollar.

Inventarkategorie	Jährliche Beschaffungskosten
Rahmen	276,5 Millionen US-Dollar
Linsen	187,3 Millionen US-Dollar
Kontaktlinsen	220,4 Millionen US-Dollar

Marketing- und Werbekosten

Die gesamten Marketingausgaben für 2023 beliefen sich auf 132,6 Millionen US-Dollar, was 8,7 % des Gesamtumsatzes entspricht.

• Digitale Werbung: 62,4 Millionen US-Dollar
• Traditionelle Medienwerbung: 45,2 Millionen US-Dollar
• Werbematerialien: 25,0 Millionen US-Dollar

Wartung von Technologie und digitaler Infrastruktur

Die Investitionen in Technologie und Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 47,3 Millionen US-Dollar.

Technologieaufwand	Jährliche Kosten
IT-Infrastruktur	22,6 Millionen US-Dollar
Softwarelizenzierung	15,7 Millionen US-Dollar
Wartung der digitalen Plattform	9,0 Millionen US-Dollar

National Vision Holdings, Inc. (EYE) – Geschäftsmodell: Einnahmequellen

Brillenverkauf (Fassungen und Gläser)

Im Geschäftsjahr 2022 meldete National Vision einen Gesamtnettoumsatz von 2,09 Milliarden US-Dollar. Brillenverkäufe machten einen erheblichen Teil dieses Umsatzes aus.

Produktkategorie	Umsatz (2022)
Brillenfassungen	712,3 Millionen US-Dollar
Brillengläser mit Sehstärke	468,5 Millionen US-Dollar

Kontaktlinsen-Abonnements

Der Verkauf von Kontaktlinsen brachte dem Unternehmen im Geschäftsjahr 2022 einen Umsatz von rund 356,7 Millionen US-Dollar ein.

• Durchschnittlicher Wert eines Kontaktlinsen-Abonnements: 240 $ jährlich pro Kunde
• Abonnementbindungsrate: 68 %

Gebühren für die Sehprüfung

Sehuntersuchungsdienste trugen im Jahr 2022 215,6 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Prüfungstyp	Durchschnittliche Gebühr	Jahresvolumen
Standard-Augenuntersuchung	$89	2,4 Millionen
Umfassende Augenuntersuchung	$129	1,6 Millionen

Versicherungserstattungen

Versicherungserstattungen machten im Geschäftsjahr 2022 einen Umsatz von 287,4 Millionen US-Dollar aus.

• Wichtige Versicherungspartner: VSP, Eyemed, Cigna
• Durchschnittliche Erstattung pro Schadensfall: 76 $

Online- und In-Store-Produktverkauf

Aufschlüsselung der E-Commerce- und Filialverkäufe für das Geschäftsjahr 2022:

Vertriebskanal	Einnahmen	Prozentsatz des Gesamtumsatzes
Verkauf im Laden	1,82 Milliarden US-Dollar	87%
Online-Verkauf	270 Millionen Dollar	13%

Gesamtjahresumsatz (2022): 2,09 Milliarden US-Dollar

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose National Vision Holdings, Inc. over the competition. It all boils down to making necessary eye care and eyewear something the average person can actually afford and easily get to. This is the foundation of their entire business structure.

Making quality eye care and eyewear more affordable and accessible

National Vision Holdings, Inc. explicitly positions itself as the destination for value in the optical retail space. This isn't just marketing talk; it's reflected in their customer mix compared to the broader category. For instance, while managed care customers make up about 70% of the overall optical retail category, they only represent about 40% of National Vision Holdings, Inc.'s total mix as of late 2025.

Similarly, the segment buying prescription glasses from an outside doctor (Outside Rx customers) is about 50% of the category, but National Vision Holdings, Inc. captures this group in the 'teens' percentage-wise. The company is actively working to close these gaps, signaling a clear intent to expand accessibility to these higher-value segments while maintaining its low-price anchor for its traditional cash-pay customer.

The scale of the operation supports this accessibility goal. By the end of the third quarter of 2025, National Vision Holdings, Inc. operated 1,242 retail stores. The fiscal 2025 net revenue guidance is set between $1.970 billion and $1.985 billion.

Strong value proposition, often two pairs of glasses and an exam for one low price

The historical messaging, which you've definitely seen, centered on the compelling offer of two pairs of eyewear bundled with an exam for a single, low price. This is the classic value anchor. Even as the company evolves its product mix, this core value perception remains critical for attracting traffic, especially for the value-seeking, middle-income consumer base.

The success of this value focus is evident in the comparable sales figures. For the third quarter of 2025, Adjusted Comparable Store Sales Growth was 7.7%, driven by a higher average ticket and strength in the managed care cohort. The company is focused on increasing the average ticket, which suggests they are successfully upselling within that initial value framework.

Best-in-class, consistent in-store eye exam experience

National Vision Holdings, Inc. is making strategic investments to ensure the in-store exam experience is consistent and professional, moving beyond just the transaction. They are leveraging their extensive doctor of optometry network and advanced exam technology to enhance this service component.

The focus on improving the customer experience is a key pillar of their transformation strategy, aiming to create a more joyful experience through data-driven segmentation and personalized selling techniques. Healthy Net Promoter Scores in early 2025 suggest that their pricing actions and customer-centric approach are resonating with consumers regarding the service they receive.

Broadening product mix to include premium lens categories

A major part of the current value proposition is shifting the product mix to capture more revenue per customer by introducing premium options. National Vision Holdings, Inc. historically under-indexed the market in these areas, but they are actively changing that. For example, anti-reflective coatings are on 35-40% of their lens sales, compared to an estimated 65-70% for the category.

Here's a quick look at where the premiumization gap is largest compared to the overall category:

Product Feature	National Vision Holdings, Inc. Penetration (Late 2025)	Category Average Penetration (Estimate)
Anti-Reflective Coating	35-40%	65-70%
Advanced Materials	45-50%	65-70%
Photochromic Lenses	10-15%	20-25%

The financial impact of closing this gap is significant; management noted that increasing penetration by just 1% across three key products could drive nearly $40 million in incremental annual revenue. This focus on premiumization is expected to drive growth in the average ticket.

Convenience of a one-stop-shop for exam and purchase

The integrated physical footprint offers the convenience of handling both the eye exam and the eyewear purchase in one location. This is a direct counter to the highly fragmented market where independent optometrists still hold about 50% of the share. National Vision Holdings, Inc. aims to be the clear destination for value, offering the full service in-house.

The company's strategy involves capturing the 'Outside Rx' customer-those who get an exam elsewhere but fill their prescription in-store-which is a business segment that represents about 50% of the optical retail category but is only in the 'teens' for National Vision Holdings, Inc.. This indicates a clear opportunity to convert the convenience of their retail locations into sales from customers who might otherwise go elsewhere for lens fulfillment.

• The company is focused on enhancing its branded frame assortment.
• They are improving the digital experience to better integrate with in-store activity.
• The goal is to have one single view of the customer across all channels.
• They plan to open approximately 32 new stores in fiscal 2025.

Finance: draft 13-week cash view by Friday.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Customer Relationships

You're looking at how National Vision Holdings, Inc. keeps its customers engaged across its various touchpoints as of late 2025. It's a mix of high-volume foot traffic and targeted digital outreach, all underpinned by the value proposition of affordability.

High-volume, transaction-focused retail model

The core relationship is built on frequent, accessible transactions, which management tracks closely using Adjusted Comparable Store Sales Growth. This metric, which focuses on the number and value of transactions, has shown consistent positive momentum through the first three quarters of fiscal 2025. For instance, the year-to-date performance through the third quarter showed a solid 6.4% Adjusted Comparable Store Sales Growth.

Looking at the quarterly progression, the transaction focus intensified:

• Q1 2025 Adjusted Comparable Store Sales Growth was 5.5%.
• Q2 2025 Adjusted Comparable Store Sales Growth reached 5.9%.
• Q3 2025 Adjusted Comparable Store Sales Growth accelerated to 7.7%.

This growth is supported by an expanding physical presence. As of the end of the third quarter on September 27, 2025, National Vision Holdings, Inc. operated 1,242 retail stores. The company confirmed plans to open approximately 32 new stores in fiscal 2025, continuing to build out the physical network where many customer interactions occur.

Data-driven segmentation for personalized marketing and offers

National Vision Holdings, Inc. explicitly focuses on broadening its exposure to higher-value customer segments. The success in driving higher average ticket values, which contributed to the 5.5% Adjusted Comparable Store Sales Growth in Q1 2025, suggests that segmentation efforts are guiding better offer placement. The strategic shift mentioned by the President in Q2 2025 is about tailoring the experience to these identified groups.

Managed care cohort engagement for repeat, higher-ticket business

The managed care segment is a critical driver for repeat business and higher-value transactions. Reports consistently cite the 'continued strength in the managed care cohort' as a primary factor in positive comparable sales growth throughout 2025. This strength was noted in Q1 2025, Q2 2025, and Q3 2025. Specifically, the Q3 2025 results highlighted 'strong traffic growth with Managed Care' customers, which, combined with a higher average ticket, fueled the 7.7% Adjusted Comparable Store Sales Growth for that period. The company views this as an intentional evolution of its customer mix leading to a healthier business overall.

In-store associate and optometrist interaction for service and trust

Trust is built face-to-face, supported by the quality of the eye exam. The CEO noted in Q3 2025 that associates are embracing new selling techniques and that the company is focused on its 'best-in-class exam experience.' This service component is a key differentiator, even as the company manages costs. For example, in Q1 2025, costs applicable to revenue included higher optometrist-related costs tied to revenue growth, indicating investment in the clinical side of the relationship.

Here's a snapshot of the operational scale supporting these in-store relationships through the first nine months of 2025:

Metric	Q1 2025 (as of Mar 29)	Q2 2025 (as of Jun 28)	Q3 2025 (as of Sep 27)
Total Store Count	1,237	1,240	1,242
Comparable Store Sales Growth (GAAP)	4.1%	6.5%	6.8%
Adjusted Comparable Store Sales Growth (Non-GAAP)	5.5%	5.9%	7.7%
Net Revenue (Continuing Operations)	$510.3 million	$486.4 million	$487.3 million

Digital self-service via the DiscountContacts.com e-commerce platform

The digital channel provides a self-service option, though its recent performance has been a focus area for improvement. For the full fiscal year 2024, revenue from the dedicated e-commerce website, DiscountContacts.com, was noted as being lower compared to the prior year. Strategically, the company is actively working to address this by 'improving our digital experience to delight our customers and deliver the value they expect from us both in-store and online' as of Q2 2025.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Channels

You're looking at how National Vision Holdings, Inc. gets its products and services into the hands of customers. It's a multi-pronged approach, heavily weighted toward physical retail but with a clear push toward digital integration. The physical footprint is the engine, but the digital layer is where they see significant future growth, especially by capturing more managed care and progressive lens wearers.

The core of the channel strategy remains the physical store presence, which as of the end of the third quarter of 2025, totaled 1,242 stores across 38 states and Puerto Rico. National Vision Holdings operates its four retail brands through this physical network, which is supported by a network of approximately 2,400 optometrists. The company is actively managing this portfolio, as seen by the net store count growth of 0.9% year-to-date through Q3 2025, despite strategic closures.

Here's a breakdown of the physical channel composition based on the latest available detailed store count from March 29, 2025, adjusted for known Q3 activity:

Channel Brand	Store Count (As of March 29, 2025)	Q3 2025 Net Change	Primary Focus/Location Type
America's Best Contacts & Eyeglasses	1,042	+2 (4 opened, 2 closed YTD through Q3)	Value-focused, high-volume retail
Eyeglass World	122	No specific Q3 change reported	Standalone retail locations
Vista Opticals (Host/Military)	73 (53 Military + 20 Fred Meyer)	-2 (2 Fred Meyer closed in Q3)	In-store inside select Fred Meyer; on select military bases
Total Physical Stores	1,237 (As of March 29, 2025)	Total 1,242 (As of end of Q3 2025)	Total U.S. footprint

America's Best Contacts & Eyeglasses retail stores (primary channel)

This brand is the volume driver for National Vision Holdings, Inc. It is the primary channel, and the company has been actively growing this segment, opening 21 new America's Best stores year-to-date through Q3 2025, even after accounting for 8 closures in the same period. The brand's marketing, such as the '2 pair of eyewear for x price with an exam' proposition, is central to its value-driven customer acquisition, though management is working to evolve the customer mix away from being solely dependent on this structure.

Eyeglass World standalone retail locations

Eyeglass World represents a distinct standalone retail format within the portfolio. As of the first quarter close on March 29, 2025, there were 122 such locations. The company has also been strategically optimizing this format, including converting some Eyeglass World stores to the America's Best brand in prior periods.

Vista Opticals stores inside Fred Meyer and on military bases

This channel is characterized by its host-partner locations. As of March 29, 2025, the company operated 20 locations inside Fred Meyer stores and 53 locations on military bases. This channel has seen rationalization, with 11 Fred Meyer stores closed year-to-date through Q3 2025, including 2 closures in the third quarter alone.

E-commerce platform DiscountContacts.com for contact lenses

DiscountContacts.com serves as the dedicated digital channel, primarily for contact lenses. While the company is focused on growing its overall digital experience, this specific platform saw lower revenue in the fourth quarter of fiscal 2024. A key strategic move to enhance this digital presence is planned for 2026: National Vision Holdings is migrating its e-commerce platform to the Adobe Experience platform to improve flexibility and integration with their CRM.

Omni-channel integration connecting in-store and digital experiences

The transformation strategy explicitly includes enhancing the customer experience through an omnichannel perspective. The goal is to leverage the digital platform to drive in-store traffic, specifically targeting the 3.5 million customers who book eye exams online, aiming for better pull-through from the online booking to in-store appointments. Furthermore, the digital evolution is intended to open up opportunities to transact online in ways the company hasn't previously. This integration supports the strategic push to expand customer segments, as managed care patients currently represent about 40% of the mix, with a stated goal to reach 50% over the next several years.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Customer Segments

You're looking at how National Vision Holdings, Inc. segments its customer base as of late 2025. The company is actively shifting focus, moving beyond its historical core to capture higher-value cohorts. This is a deliberate pivot to align with the broader market composition, which is now predominantly managed care.

Price-sensitive, cash-pay customers seeking high value

This group represents the company's historical foundation. National Vision has always marketed its base offer, like 2 pair of eyewear for a set price with an exam, to attract this value-seeking consumer. While the strategy is broadening, this segment remains important. Lower-income consumers are estimated to account for between 10% and 20% of National Vision's business. Through the third quarter of 2025, management noted that the purchase cycle for the cash-pay consumer was starting to move back in the right direction, though still not at pre-COVID levels.

Managed Care patients utilizing vision insurance benefits

This is a critical, high-growth focus area, reflecting the overall market shift. The U.S. optical retail category is now estimated to be 70% managed care, but National Vision's mix was only about 40% as of fiscal year 2024. Management has a stated goal to reach 50% managed care penetration over the next several years. The strength of this cohort was evident in Q1 2025, where managed care delivered double-digit comparable store sales growth, and in Q2 2025, where there was continued strength in this cohort. These customers are considered significantly more valuable from a profit perspective-about four times more profitable than the entry-bundle-level customer, partly because managed care plans often motivate movement toward premium lenses and add-ons.

Progressive lens wearers (a high-value, underdeveloped segment)

Progressive lens wearers are a key target because they represent an outsized profit contribution compared to the historical cash-pay target. The penetration for progressive wearers at National Vision Holdings, Inc. sits at about 20% of their customers, compared to an estimated 40% penetration in the overall category. This gap signals substantial room for growth. The company identified that increasing penetration by every 1% across three key products, which includes progressives, could drive nearly $40M in incremental annual revenue. This segment is grouped with 'wellness shoppers' in their new segmentation model.

Outside prescription shoppers bringing their own Rx

This segment is defined as customers who get their prescription from an independent doctor or a different retail chain and then fill that prescription at a National Vision location. This business is currently in the teens percentage-wise for National Vision Holdings, Inc. The optical retail category for Outside Rx customers is about 50%, meaning the company is underdeveloped by a three-to-one gap relative to the category. Capturing this customer is a major strategic vector, as about half of all market prescriptions are filled outside the point of sale.

Contact lens users via the e-commerce channel

While the company is enhancing its digital experience, the e-commerce channel for contact lenses has seen some recent headwinds. For the full fiscal year 2024, net revenue included lower revenue from the dedicated e-commerce consumer website, DiscountContacts.com. The company is focused on integrating e-commerce and CRM to create one single view of the customer as part of its transformation playbook.

Here's a quick look at the current positioning versus the category benchmarks for the three high-value segments:

Customer Segment Focus	National Vision Holdings Mix (Approximate)	Category Benchmark (Approximate)
Managed Care Patients	40%	70%
Progressive Lens Wearers	20%	40%
Outside Prescription (Rx) Shoppers	In the teens	50%

The company's overall scale is important context for these segments. National Vision Holdings, Inc. reported annual revenue of approximately $1.82B for fiscal year 2024, with a fiscal 2025 net revenue outlook between $1.919B and $1.955B. They operate over 1,200+ stores across 38 states, representing about 3% of the total optical retail category.

• The strategic goal is to grow annual net revenue in the high-single-digits range over the next five years (fiscal 2025 through fiscal 2030).
• The company is actively investing in associate selling behavior transformation to enable more personalized experiences for these distinct segments.
• The focus on higher-value segments is expected to drive margin expansion of approximately 50 to 150 basis points annually through fiscal 2030.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Cost Structure

You're looking at the core expenses National Vision Holdings, Inc. has to manage to deliver its value proposition. Honestly, for a retailer dealing in medical necessity and fashion, the cost structure is dominated by the physical goods and the people needed to sell and service them.

The High cost of goods sold (COGS), which National Vision Holdings, Inc. calls Costs Applicable to Revenue, is a major component. For the third quarter of fiscal 2025, these costs hit $203.2 million, representing 41.7% of that period's net revenue. To give you a slightly broader view, year-to-date 2025, COGS was $608.8 million, or 41.0% of net revenue. This reflects the expense of frames, lenses, and contact lenses inventory. For context, in the first quarter of 2025, COGS was $205.2 million, or 40.2% of revenue, showing some margin fluctuation based on product mix.

Next up are the Significant Selling, General, and Administrative (SG&A) expenses. These are the costs of running the stores and the corporate office. In Q3 2025, SG&A was $252.3 million, which was 50.9% of revenue for the quarter. Year-to-date 2025, total SG&A reached $755.0 million, also at 50.9% of revenue. This bucket includes substantial payroll for store associates and occupancy costs for the physical footprint. Adjusted SG&A for Q3 2025 was slightly better at 48.7% of net revenue, coming in at $723.4 million.

You can't ignore the Optometrist-related costs tied to revenue growth. These costs are embedded within COGS, and management has noted that increases in these costs can put pressure on gross margins, even when exam revenue grows from pricing actions or volume. For instance, in Q1 2025, higher optometrist-related costs partially offset product margin improvements in the COGS line. Conversely, the leveraging of these costs contributed to an 80 basis point decrease in COGS as a percentage of revenue year-to-date 2025.

The company is actively managing these costs while planning for the future. They have identified a multi-year plan to achieve approximately $20 million in annualized savings, with about half of that expected in fiscal 2026. These savings are planned to come from vendor pricing renegotiations and efficiency improvements.

Here's a quick look at how the major cost components stacked up in the third quarter of 2025 compared to the first quarter of 2025:

Cost Component	Q1 2025 Amount	Q1 2025 % of Revenue	Q3 2025 Amount	Q3 2025 % of Revenue
Costs Applicable to Revenue (COGS)	$205.2 million	40.2%	$203.2 million	41.7%
Selling, General, and Administrative (SG&A)	$255.5 million	50.1%	$252.3 million	50.9%

On the investment side, National Vision Holdings, Inc. is committing capital to its long-term strategy. They expect Capital expenditures projected at 4-5% of annual revenue through 2030. This investment is phased, with 2026 and 2027 focused heavily on the transformation work before unit growth accelerates in the later years of the decade.

This investment phase includes significant spending on structural improvements. You see this reflected in the SG&A line item through Investment in transformation initiatives and cloud-based software. For example, in prior periods, higher amortization related to cloud-based software investments was cited as a driver for increased Adjusted SG&A as a percentage of revenue. The current multi-year transformation strategy is the primary driver for near-term investment spending.

Key cost drivers and investment areas include:

• High cost of frames, lenses, and contacts inventory.
• Payroll and occupancy for the store base.
• Optometrist compensation tied to exam volume.
• Amortization from investments in new ERP and cloud software.
• Capital outlay expected to be 4-5% of revenue through 2030.

Finance: draft 13-week cash view by Friday.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Revenue Streams

You're looking at the core ways National Vision Holdings, Inc. (EYE) brings in money as of late 2025. The revenue streams are tied directly to their physical footprint across America's Best Contacts & Eyeglasses, Eyeglass World, Vista Opticals inside select Fred Meyer stores, and the digital channel via DiscountContacts.com. The company is definitely seeing traction from its transformation efforts, which is reflected in the latest guidance.

The overall expectation for the full fiscal year 2025 is strong, with National Vision Holdings raising its full-year net revenue guidance to a range of $1.97 billion to $1.99 billion. This forecast includes an estimated contribution of approximately $35 million to net revenue from the 53rd week of fiscal 2025, which ends on January 3, 2026. For context, the net revenue for the 52 weeks ending December 27, 2025, is the bulk of that figure, building upon the year-to-date performance.

Here's a quick look at the key financial metrics supporting that outlook, based on the latest reported figures:

Metric	Value	Period/Date Reference
Full-Year 2025 Net Revenue Guidance (Range)	$1.97 billion to $1.99 billion	Fiscal 2025 Outlook (as of Nov 2025)
Q3 2025 Net Revenue	$487.3 million	Third Quarter 2025
Year-to-Date 2025 Net Revenue	$1,484.1 million	Year-to-Date through Q3 2025
Fiscal 2024 Net Revenue	$1,823.3 million	Full Year 2024
Estimated 53rd Week 2025 Net Revenue Contribution	$35 million	Fiscal 2025 Outlook
Year-to-Date 2025 Costs Applicable to Revenue	$608.8 million	Year-to-Date through Q3 2025

The revenue streams are fundamentally built on the sale of physical goods and the provision of professional services. You see the results of this in the comparable store sales growth, which hit 6.8% (or 7.7% adjusted) in the third quarter, marking the eleventh consecutive quarter of positive growth. This growth is fueled by several components:

• Sales of eyeglasses (frames and lenses): This is supported by a higher average ticket, which increased by 7.1% in Q3 2025 adjusted comparable sales.
• Sales of contact lenses (in-store and e-commerce): While a component, product margins for contact lenses saw some pressure, partially offsetting gains elsewhere in the cost structure.
• Revenue from eye exam services: These services are integral to the transaction, with the company seeing strong traffic growth across customer types.
• Managed care reimbursements (a key growth driver): This cohort is defintely a highlight, showing strong traffic growth and approaching low teens comp sales growth in the third quarter.

Also, the company is actively managing its pricing architecture. For instance, the lead offer price point was modernized, moving from $89.95 to a clean $95. This, combined with the traction from premium frames like Lam, Ted Baker, Jimmy Choo, and HUGO Boss, is helping drive that higher average ticket across both cash pay and managed care customers. Finance: draft 13-week cash view by Friday.