National Vision Holdings, Inc. (EYE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama competitivo de Vision Care, National Vision Holdings, Inc. (Eye) surge como un jugador transformador, revolucionando los servicios de gafas y visión asequibles en los Estados Unidos. Con un modelo de negocio estratégico que prioriza la accesibilidad, la calidad y las soluciones económicas, la compañía ha forjado un nicho único en el mercado minorista óptico. Al combinar a la perfección la presencia minorista física, las plataformas digitales de vanguardia y los servicios integrales de atención de la visión, National Vision está redefiniendo cómo los estadounidenses experimentan y acceden a las soluciones de salud y gafas de salud oculares.

National Vision Holdings, Inc. (Eye) - Modelo de negocios: asociaciones clave

Fabricantes de equipos ópticos

National Vision mantiene asociaciones estratégicas con los principales fabricantes de equipos ópticos:

Fabricante	Detalles de la asociación	Volumen de suministro anual
Eslor	Acuerdo de suministro de lente	Aproximadamente 12.5 millones de unidades de lente anualmente
Luxottica	Contrato de suministro de marco y gafas	Más de 8 millones de unidades de cuadro por año

Proveedores de lentes y marco

Las relaciones clave del proveedor incluyen:

• VSP Global - Asociación de suministro de lentes y marco
• Safilo Group - Colaboración de fabricación de cuadros
• Carl Zeiss Vision - Proveedor de tecnología de lentes de precisión

Proveedores de seguros y redes de atención de la visión

Socio	Cobertura de red	Vidas anuales cubiertas
UnitedHealthcare	Red de visión a nivel nacional	42 millones de personas cubiertas
Himno cruzado	Red de cuidado de la visión de múltiples estados	28 millones de vidas cubiertas

Profesionales independientes de cuidado ocular

La visión nacional colabora con 1.287 optometristas independientes a través de su red minorista, que representa aproximadamente $ 78.4 millones en ingresos anuales de servicio profesional.

Propiedad de ubicación minorista Propiedad de arrendamiento de arrendamiento

• Grupo de propiedades Simon
• Brookfield Properties
• Kimco Realty Corporation

Ubicaciones minoristas totales: 1,205 tiendas con un costo de arrendamiento promedio de $ 24.57 por pie cuadrado anualmente.

National Vision Holdings, Inc. (Eye) - Modelo de negocios: actividades clave

Servicios de atención y atención de gafas minoristas y de visión

A partir del cuarto trimestre de 2023, National Vision opera 1.290 ubicaciones minoristas en los Estados Unidos. La compañía administra múltiples marcas minoristas que incluyen:

• Los mejores contactos de Estados Unidos & Lentes
• Visión nacional
• Centros de visión dentro de las tiendas Walmart

Marca minorista	Número de ubicaciones	Ingresos promedio por ubicación
Los mejores de Estados Unidos	639	$854,000
Centros de visión de Walmart	480	$623,000
Otros lugares	171	$742,000

Diseño y distribución de gafas recetadas

National Vision procesó aproximadamente 3.2 millones de órdenes de gafas recetadas en 2023. La compañía mantiene laboratorios ópticos internos Para la producción y distribución de lentes rápidas.

Prueba de examen ocular y visión

En 2023, la compañía realizó 2.8 millones de exámenes oculares integrales en su red. Costo promedio del examen: $ 79.

Tipo de examen	Número de exámenes	Precio medio
Examen de ojo integral	2,800,000	$79
Ajuste de lentes de contacto	520,000	$49

Fabricación de productos ópticos

National Vision opera dos instalaciones de fabricación principales ubicadas en:

• Lawrenceville, Georgia
• Dallas, Texas

Capacidad de fabricación anual: 4.5 millones de unidades de gafas recetadas.

Gestión de canales minoristas digitales y físicos

Las ventas digitales representaron el 12.7% de los ingresos totales en 2023, por un total de $ 187.3 millones. Los canales minoristas físicos siguen siendo impulsores de ingresos principales.

Canal	Ganancia	Porcentaje de ingresos totales
Minorista física	$1,284,700,000	87.3%
Ventas digitales	$187,300,000	12.7%

National Vision Holdings, Inc. (Eye) - Modelo de negocios: recursos clave

Extensa red de tiendas minoristas

A partir del tercer trimestre de 2023, National Vision opera 1.294 ubicaciones minoristas en 46 estados en los Estados Unidos.

Formato de tienda	Número de ubicaciones
Los mejores contactos de Estados Unidos & Lentes	1,089
Centros de visión dentro de Walmart	866
Otros formatos	205

Tecnología óptica patentada

National Vision invirtió $ 21.4 millones en investigación y desarrollo en 2022.

• Capacidades de diseño de lentes patentadas
• Equipo avanzado de examen de ojo digital
• Tecnología de fabricación de lentes personalizados

Recursos humanos

Cuenta total de empleados a partir de 2023: 7.400 empleados

Categoría profesional	Número de profesionales
Optometristas con licencia	850
Técnicos ópticos	2,300
Personal minorista	4,250

Reconocimiento de marca

Valor de marca estimado en $ 425 millones en 2023.

Gestión de la cadena de suministro

Relación de facturación de inventario anual: 4.2

Valor de inventario: $ 186.3 millones en 2022

• Centros de distribución centralizados
• Sistemas de seguimiento de inventario digital
• Plataforma de gestión de proveedores

National Vision Holdings, Inc. (Eye) - Modelo de negocios: propuestas de valor

Soluciones de atención y gafas de atención oculares asequibles

National Vision Holdings ofrece productos de gafas a precios minoristas promedio que van desde $ 49 a $ 199 por cuadro. El examen ocular integral promedio de la compañía cuesta $ 69, significativamente más bajo que el promedio nacional de $ 120.

Categoría de productos	Gama de precios	Posición de mercado
Marcos de anteojo	$49 - $199	De presupuesto
Lentes de contacto	$ 25 - $ 75 por caja	Fijación de precios competitivos
Examen ocular	$69	Por debajo del promedio nacional

Servicios de visión integrales a precios competitivos

La compañía proporciona una gama de servicios de visión con precios transparentes y accesibilidad.

• 1.205 ubicaciones minoristas en 44 estados
• Sistema de verificación de prescripción digital
• Seguro aceptado de más de 25 proveedores principales

Amplia selección de marcos y lentes de contacto

National Vision ofrece aproximadamente 1,500 estilos de cuadro y 75 marcas de lentes de contacto en múltiples puntos de precio.

Categoría de productos	Variedad total	Espectro de precios
Estilos de marco	1,500	$49 - $199
Marcas de lente de contacto	75	$ 25 - $ 75 por caja

Ubicaciones minoristas convenientes y compras en línea

A partir de 2023, National Vision opera 1.205 tiendas minoristas y genera el 15% de los ingresos a través de canales en línea.

• 1.205 ubicaciones minoristas físicas
• Plataforma de ventas en línea con tecnología de prueba virtual
• 15% de los ingresos totales del comercio electrónico

Cuidado de la visión de alta calidad con opciones económicas

La compañía mantiene estándares de alta calidad al tiempo que ofrece precios competitivos, con una calificación promedio de satisfacción del cliente de 4.2/5.

Métrica de calidad	Actuación
Calificación de satisfacción del cliente	4.2/5
Precisión	99.5%
Tiempo de fabricación de lentes promedio	3-5 días hábiles

National Vision Holdings, Inc. (Eye) - Modelo de negocios: relaciones con los clientes

Consultas personales en la tienda

National Vision opera 1.236 ubicaciones minoristas a partir del tercer trimestre de 2023. Cada tienda ofrece consultas personalizadas de atención ocular con optometristas con licencia y profesionales ópticos capacitados.

Tipo de consulta	Duración promedio	Costo
Examen de ojo integral	30-45 minutos	$79-$129
Ajuste de lentes de contacto	20-30 minutos	$49-$89

Atención al cliente en línea

National Vision proporciona atención al cliente digital a través de múltiples canales.

• Soporte de chat del sitio web disponible de 8 am-10pm EST
• Tiempo de respuesta de soporte por correo electrónico: 24-48 horas
• Servicio al cliente de las redes sociales en Facebook y Twitter

Programas de lealtad y recompensas

El plan de ahorro de la visión de National Vision ofrece miembros:

Beneficio del programa	Valor
Costo anual de membresía	$49.99
Descuento de examen	$ 50 de descuento
Descuento de gafas	Hasta el 50%

Comunicación regular de salud ocular

La visión nacional se comunica a través de:

• Boletines de correo electrónico mensuales
• Postales de recordatorio de salud trimestral
• Recordatorios anuales de chequeo de salud de la visión

Plataformas de programación de citas digitales

Las capacidades de reserva en línea incluyen:

• Programación de aplicaciones móviles
• Reserva de citas del sitio web
• Seguimiento de disponibilidad en tiempo real

Plataforma digital	Usuarios activos mensuales
Aplicación móvil	387,000
Reserva de sitios web	612,000

National Vision Holdings, Inc. (Eye) - Modelo de negocios: canales

Tiendas minoristas físicas

A partir de 2023, National Vision opera 1.290 ubicaciones minoristas en los Estados Unidos. La compañía mantiene las siguientes marcas de la tienda:

Marca de la tienda	Número de ubicaciones
Los mejores contactos de Estados Unidos & Lentes	1,048
Centros de visión dentro de Walmart	172
Visión Nacional óptica	70

Sitio web de comercio electrónico

La plataforma en línea de National Vision generó $ 84.3 millones en ingresos en 2022, lo que representa un aumento del 12.4% respecto al año anterior.

Aplicación móvil

Las características clave de la aplicación móvil incluyen:

• Tecnología de prueba virtual
• Funcionalidad de carga de recetas
• Programación de citas
• Compras directas de productos

Consultas de telemedicina

National Vision ofrece exámenes oculares virtuales a través de asociaciones con optometristas con licencia. En 2022, aproximadamente el 5,7% de los exámenes de los ojos totales se realizaron a través de plataformas de telemedicina.

Campañas de marketing directo y correo electrónico

Estadísticas de marketing para 2022:

Canal de marketing	Tasa de compromiso
Marketing por correo electrónico	18.2%
Publicidad digital	3.6%
Marketing en redes sociales	2.9%

National Vision Holdings, Inc. (Eye) - Modelo de negocios: segmentos de clientes

Consumidores conscientes del presupuesto

National Vision atiende a aproximadamente 6.8 millones de pacientes anualmente con opciones de gafas asequibles. El precio promedio para anteojos oscila entre $ 39 y $ 99.

Segmento de clientes	Alcance anual	Gasto promedio
Consumidores presupuestarios	6.8 millones	$69

Familias que buscan atención a la visión asequible

El segmento familiar representa el 42% de la base de clientes de National Vision.

• Gasto promedio de atención de la visión familiar: $ 350 por año
• Segmento del mercado de gafas para niños: 1,2 millones de pacientes
• Utilización de cobertura de seguro familiar: 68%

Adultos y profesionales jóvenes

Rango de edad objetivo: 18-35 años, que representa el 35% de la base de clientes.

Demográfico	Porcentaje	Compra de gafas promedio
Jóvenes profesionales	35%	$175

Seniors que requieren corrección de la visión

El segmento de clientes mayores comprende el 23% de la población total de pacientes.

• Pacientes de atención de la visión de Medicare: 780,000 anualmente
• Gastos promedio de atención de la visión senior: $ 425 por año
• Servicios de visión senior especializados: 12 opciones correctivas diferentes

Pacientes de atención de la visión cubierta de seguro

National Vision acepta más de 200 planes de seguro de visión en todo el país.

Categoría de seguro	Volumen de paciente	Tasa de reembolso
Seguro privado	4.5 millones	78%
Medicare/Medicaid	1.2 millones	62%

National Vision Holdings, Inc. (Eye) - Modelo de negocio: Estructura de costos

Operaciones de almacenamiento y alquiler

A partir del año fiscal 2023, National Vision informó gastos de ocupación total de $ 333.8 millones. La compañía opera aproximadamente 1,221 ubicaciones minoristas en los Estados Unidos.

Categoría de gastos	Costo anual
Alquiler de la tienda	$ 212.5 millones
Utilidades	$ 45.3 millones
Mantenimiento	$ 76.0 millones

Salarios y capacitación de los empleados

En 2023, los costos laborales totales de National Vision fueron de $ 519.6 millones, lo que representa aproximadamente el 34% de los ingresos totales.

• Salario promedio por hora para optometristas: $ 51.24
• Salario promedio por hora para el personal minorista: $ 15.75
• Inversión anual de capacitación: $ 8.2 millones

Adquisición de inventario

El costo de los bienes vendidos (COGS) para 2023 fue de $ 684.2 millones.

Categoría de inventario	Costo de adquisición anual
Marcos	$ 276.5 millones
Lentes	$ 187.3 millones
Lentes de contacto	$ 220.4 millones

Gastos de marketing y publicidad

El gasto total de marketing para 2023 fue de $ 132.6 millones, lo que representa el 8.7% de los ingresos totales.

• Publicidad digital: $ 62.4 millones
• Publicidad de medios tradicional: $ 45.2 millones
• Materiales promocionales: $ 25.0 millones

Tecnología y mantenimiento de infraestructura digital

Las inversiones en tecnología e infraestructura totalizaron $ 47.3 millones en 2023.

Gasto tecnológico	Costo anual
Infraestructura	$ 22.6 millones
Licencia de software	$ 15.7 millones
Mantenimiento de la plataforma digital	$ 9.0 millones

National Vision Holdings, Inc. (Eye) - Modelo de negocios: flujos de ingresos

Ventas de gafas (marcos y lentes)

En el año fiscal 2022, National Vision reportó ventas netas totales de $ 2.09 mil millones. Las ventas de gafas representaron una parte significativa de este ingreso.

Categoría de productos	Ingresos (2022)
Marcos de gafas	$ 712.3 millones
Lentes recetados	$ 468.5 millones

Suscripciones de lente de contacto

Las ventas de lentes de contacto generaron aproximadamente $ 356.7 millones en ingresos para la compañía en el año fiscal 2022.

• Valor de suscripción de lente de contacto promedio: $ 240 anualmente por cliente
• Tasa de retención de suscripción: 68%

Tarifas de examen de visión

Vision Examination Services contribuyó con $ 215.6 millones a los ingresos de la compañía en 2022.

Tipo de examen	Tarifa promedio	Volumen anual
Examen de ojo estándar	$89	2.4 millones
Examen de ojo integral	$129	1.6 millones

Reembolsos de seguros

Los reembolsos de seguros representaron $ 287.4 millones en ingresos durante el año fiscal 2022.

• Socios de seguros principales: VSP, Eyemed, Cigna
• Reembolso promedio por reclamo: $ 76

Venta de productos en línea y en la tienda

Desglose de comercio electrónico y ventas en la tienda para el año fiscal 2022:

Canal de ventas	Ganancia	Porcentaje de ventas totales
Ventas en la tienda	$ 1.82 mil millones	87%
Ventas en línea	$ 270 millones	13%

Ingresos anuales totales (2022): $ 2.09 mil millones

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.