National Vision Holdings, Inc. (Eye): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage concurrentiel de Vision Care, National Vision Holdings, Inc. (EYE) émerge comme un acteur transformateur, révolutionnant les services de lunettes et de vision abordables à travers les États-Unis. Avec un modèle commercial stratégique qui priorise l'accessibilité, la qualité et les solutions budgétaires, la société a sculpté un créneau unique sur le marché de détail optique. En mélangeant de manière transparente la présence de vente au détail physique, des plates-formes numériques de pointe et des services complets de soins de vision, la vision nationale redéfinit la façon dont les Américains éprouvent et accéder aux solutions de santé et de lunettes oculaires.

National Vision Holdings, Inc. (Eye) - Modèle commercial: partenariats clés

Fabricants d'équipements optiques

National Vision maintient des partenariats stratégiques avec les principaux fabricants d'équipements optiques:

Fabricant	Détails du partenariat	Volume de l'offre annuelle
Essilor	Contrat d'approvisionnement de l'objectif	Environ 12,5 millions d'unités d'objectif par an
Luxe	Contrat d'approvisionnement en cadre et en lunettes	Plus de 8 millions d'unités de cadre par an

Lens et fournisseurs de cadre

Les relations clés des fournisseurs comprennent:

• VSP Global - Partenariat d'objectif d'objectif et de cadre
• SAFILO GROUP - Frame Manufacturing Collaboration
• Carl Zeiss Vision - Provision Lens Technology Technology

Assureurs et réseaux de soins de vision

Partenaire d'assurance	Couverture réseau	Vies couvertes annuelles
UnitedHealthcare	Réseau de vision à l'échelle nationale	42 millions d'individus couverts
Anthem Blue Cross	Réseau de soins de vision multi-États	28 millions de vies couvertes

Professionnels indépendants des soins oculaires

National Vision collabore avec 1 287 optométristes indépendants à travers son réseau de vente au détail, représentant approximativement 78,4 millions de dollars de revenus de services professionnels annuels.

Partners de location de la propriété de la place de vente au détail

• Groupe de propriétés Simon
• Propriétés de Brookfield
• Kimco Realty Corporation

Total des lieux de vente au détail: 1 205 magasins avec un coût de location moyen de 24,57 $ par pied carré par an.

National Vision Holdings, Inc. (Eye) - Modèle d'entreprise: Activités clés

Services de soins de vente au détail et de soins de la vision

Depuis le quatrième trimestre 2023, National Vision exploite 1 290 emplacements de vente au détail aux États-Unis. La société gère plusieurs marques de vente au détail, notamment:

• Les meilleurs contacts de l'Amérique & Lunettes
• Vision nationale
• Centres de vision à l'intérieur des magasins Walmart

Marque de vente au détail	Nombre d'emplacements	Revenu moyen par emplacement
Le meilleur de l'Amérique	639	$854,000
Centres de vision Walmart	480	$623,000
Autres emplacements	171	$742,000

Conception et distribution des lunettes de prescription

National Vision a traité environ 3,2 millions de commandes de lunettes de prescription en 2023. La société maintient laboratoires optiques internes pour la production et la distribution rapides des lentilles.

Examen de la vue et tests de vision

En 2023, la société a effectué 2,8 millions d'examens complets dans son réseau. Coût moyen de l'examen: 79 $.

Type d'examen	Nombre d'examens	Prix ​​moyen
Examen oculaire complet	2,800,000	$79
Ajustement de l'objectif de contact	520,000	$49

Fabrication de produits optiques

National Vision exploite deux principales installations de fabrication situées dans:

• Lawrenceville, Géorgie
• Dallas, Texas

Capacité de fabrication annuelle: 4,5 millions d'unités de lunettes de prescription.

Gestion des canaux de vente au détail numérique et physique

Les ventes numériques représentaient 12,7% des revenus totaux en 2023, totalisant 187,3 millions de dollars. Les canaux de vente au détail physiques restent les principaux moteurs des revenus.

Canal	Revenu	Pourcentage du total des revenus
Commerce de détail physique	$1,284,700,000	87.3%
Ventes numériques	$187,300,000	12.7%

National Vision Holdings, Inc. (Eye) - Modèle d'entreprise: Ressources clés

Réseau de magasins de détail étendus

Au troisième rang 2023, National Vision exploite 1 294 emplacements de vente au détail dans 46 États aux États-Unis.

Format de magasin	Nombre d'emplacements
Les meilleurs contacts de l'Amérique & Lunettes	1,089
Centres de vision à l'intérieur de Walmart	866
Autres formats	205

Technologie optique propriétaire

National Vision a investi 21,4 millions de dollars dans la recherche et le développement en 2022.

• Capacités de conception de la lentille propriétaire
• Équipement avancé d'examen de l'œil numérique
• Technologie de fabrication d'objectifs personnalisés

Ressources humaines

Le total des employés compte à partir de 2023: 7 400 employés

Catégorie professionnelle	Nombre de professionnels
Optométristes agréés	850
Techniciens optiques	2,300
Personnel de vente au détail	4,250

Reconnaissance de la marque

Valeur de la marque estimée à 425 millions de dollars en 2023.

Gestion de la chaîne d'approvisionnement

Ratio de roulement des stocks annuels: 4,2

Valeur des stocks: 186,3 millions de dollars en 2022

• Centres de distribution centralisés
• Systèmes de suivi des stocks numériques
• Plate-forme de gestion des fournisseurs

National Vision Holdings, Inc. (Eye) - Modèle d'entreprise: propositions de valeur

Solutions de soins oculaires abordables et de lunettes

National Vision Holdings propose des produits de lunettes à des prix de détail moyens allant de 49 $ à 199 $ par cadre. L'examen oculaire complet moyen de la société coûte 69 $, nettement inférieur à la moyenne nationale de 120 $.

Catégorie de produits	Fourchette	Position sur le marché
Cadres de lunettes	$49 - $199	À petit budget
Lentilles de contact	25 $ - 75 $ par boîte	Prix ​​compétitifs
Examen de la vue	$69	En dessous de la moyenne nationale

Services de vision complète à des prix compétitifs

L'entreprise fournit une gamme de services de vision avec une tarification et une accessibilité transparentes.

• 1 205 emplacements de vente au détail dans 44 États
• Système de vérification de prescription numérique
• Assurance acceptée de plus de 25 fournisseurs majeurs

Large sélection de cadres et de lentilles de contact

National Vision propose environ 1 500 styles de cadre et 75 marques de lentilles de contact sur plusieurs prix.

Catégorie de produits	Variété totale	Spectre des prix
Styles de trame	1,500	$49 - $199
Marques de lentilles de contact	75	25 $ - 75 $ par boîte

Emplacements de vente au détail pratiques et achats en ligne

Depuis 2023, National Vision exploite 1 205 magasins de détail et génère 15% des revenus via les canaux en ligne.

• 1 205 emplacements de vente au détail physique
• Plateforme de vente en ligne avec technologie d'essai virtuel
• 15% des revenus totaux du commerce électronique

Soins visuels de haute qualité avec des options pour le budget

La société maintient des normes de haute qualité tout en offrant des prix compétitifs, avec une note de satisfaction du client moyenne de 4,2 / 5.

Métrique de qualité	Performance
Évaluation de satisfaction du client	4.2/5
Précision sur ordonnance	99.5%
Temps de fabrication moyen	3-5 jours ouvrables

National Vision Holdings, Inc. (Eye) - Modèle d'entreprise: relations avec les clients

Consultations personnelles en magasin

National Vision exploite 1 236 emplacements de vente au détail au troisième trimestre 2023. Chaque magasin fournit des consultations personnalisées sur les soins oculaires avec des optométristes agréés et des professionnels optiques formés.

Type de consultation	Durée moyenne	Coût
Examen oculaire complet	30-45 minutes	$79-$129
Ajustement de l'objectif de contact	20-30 minutes	$49-$89

Support client en ligne

National Vision fournit un support client numérique via plusieurs canaux.

• Prise en charge de chat sur site Web disponible de 8 h à 22 h HNE
• Temps de réponse de la prise en charge de l'e-mail: 24-48 heures
• Service client sur les réseaux sociaux sur Facebook et Twitter

Programmes de fidélité et de récompenses

Le plan d'épargne Vision de National Vision offre aux membres:

Avantage du programme	Valeur
Coût annuel de l'adhésion	$49.99
Remise d'examen	50 $ de rabais
Remise des lunettes	Jusqu'à 50%

Communication régulière de la santé oculaire

La vision nationale communique à travers:

• Newsletters par e-mail mensuels
• Cartes postales de rappel de santé trimestriel
• Rappels annuels de contrôle de la santé de la vision

Plateformes de planification de rendez-vous numérique

Les capacités de réservation en ligne comprennent:

• Planification des applications mobiles
• Réservation de rendez-vous sur le site Web
• Suivi de disponibilité en temps réel

Plate-forme numérique	Utilisateurs actifs mensuels
Application mobile	387,000
Réservation de site Web	612,000

National Vision Holdings, Inc. (Eye) - Modèle commercial: canaux

Magasins de vente au détail physique

En 2023, National Vision exploite 1 290 emplacements de vente au détail aux États-Unis. La société maintient les marques de magasin suivantes:

Marque de magasin	Nombre d'emplacements
Les meilleurs contacts de l'Amérique & Lunettes	1,048
Centres de vision à l'intérieur de Walmart	172
Vision nationale optique	70

Site Web de commerce électronique

La plate-forme en ligne de National Vision a généré 84,3 millions de dollars de revenus en 2022, ce qui représente une augmentation de 12,4% par rapport à l'année précédente.

Application mobile

Les caractéristiques clés de l'application mobile comprennent:

• Technologie d'essai virtuelle
• Fonctionnalité de téléchargement de prescription
• Planification de rendez-vous
• Achats de produits directs

Consultations de télémédecine

National Vision propose des examens de la vue virtuels grâce à des partenariats avec des optométristes agréés. En 2022, environ 5,7% des examens oculaires totaux ont été effectués via des plateformes de télémédecine.

Campagnes marketing et e-mail directes

Statistiques de marketing pour 2022:

Canal de marketing	Taux d'engagement
E-mail marketing	18.2%
Publicité numérique	3.6%
Marketing des médias sociaux	2.9%

National Vision Holdings, Inc. (Eye) - Modèle d'entreprise: segments de clientèle

Consommateurs soucieux du budget

National Vision dessert environ 6,8 millions de patients par an avec des options de lunettes abordables. Le prix moyen des lunettes varie entre 39 $ et 99 $.

Segment de clientèle	Portée annuelle	Dépenses moyennes
Consommateurs à petit budget	6,8 millions	$69

Les familles qui recherchent des soins de vision abordables

Le segment de la famille représente 42% de la clientèle de National Vision.

• Dépenses moyennes de la vision familiale: 350 $ par an
• Segment du marché des lunettes pour enfants: 1,2 million de patients
• Utilisation de la couverture d'assurance familiale: 68%

Jeunes adultes et professionnels

Plusion d'âge cible: 18-35 ans, représentant 35% de la clientèle.

Démographique	Pourcentage	Achat moyen de lunettes
Jeunes professionnels	35%	$175

Les personnes âgées nécessitant une correction de la vision

Le segment de clientèle senior représente 23% de la population totale de patients.

• Medicare Vision Care Patients: 780 000 par an
• Dépenses moyennes de soins de vision senior: 425 $ par an
• Services de vision pour personnes âgées spécialisées: 12 options de correctives différentes

Patients de soins visuels couverts d'assurance

National Vision accepte plus de 200 régimes d'assurance de vision à l'échelle nationale.

Catégorie d'assurance	Volume de patient	Taux de remboursement
Assurance privée	4,5 millions	78%
Medicare / Medicaid	1,2 million	62%

National Vision Holdings, Inc. (Eye) - Modèle d'entreprise: Structure des coûts

Opérations de magasin et loyer

Depuis 2023 Exercice, National Vision a déclaré des dépenses d'occupation totales de 333,8 millions de dollars. La société exploite environ 1 221 emplacements de vente au détail aux États-Unis.

Catégorie de dépenses	Coût annuel
Loyer du magasin	212,5 millions de dollars
Services publics	45,3 millions de dollars
Entretien	76,0 millions de dollars

Salaires et formation des employés

En 2023, les coûts totaux de la main-d'œuvre de National Vision étaient de 519,6 millions de dollars, ce qui représente environ 34% des revenus totaux.

• Salaire horaire moyen pour les optométristes: 51,24 $
• Salaire horaire moyen pour le personnel de vente au détail: 15,75 $
• Investissement de formation annuelle: 8,2 millions de dollars

Marchandage des stocks

Le coût des marchandises vendues (COG) pour 2023 était de 684,2 millions de dollars.

Catégorie d'inventaire	Coût d'achat annuel
Cadres	276,5 millions de dollars
Lentilles	187,3 millions de dollars
Lentilles de contact	220,4 millions de dollars

Dépenses de marketing et de publicité

Les dépenses de marketing totales pour 2023 étaient de 132,6 millions de dollars, ce qui représente 8,7% des revenus totaux.

• Publicité numérique: 62,4 millions de dollars
• Publicité médiatique traditionnelle: 45,2 millions de dollars
• Matériel promotionnel: 25,0 millions de dollars

Maintenance de la technologie et des infrastructures numériques

Les investissements technologiques et infrastructures ont totalisé 47,3 millions de dollars en 2023.

Dépenses technologiques	Coût annuel
Infrastructure informatique	22,6 millions de dollars
Licence de logiciel	15,7 millions de dollars
Maintenance de plate-forme numérique	9,0 millions de dollars

National Vision Holdings, Inc. (Eye) - Modèle d'entreprise: Strots de revenus

Ventes de lunettes (cadres et objectifs)

Au cours de l'exercice 2022, National Vision a déclaré que les ventes nettes totales de 2,09 milliards de dollars. Les ventes de lunettes représentaient une partie importante de ces revenus.

Catégorie de produits	Revenus (2022)
Cadres de lunettes	712,3 millions de dollars
Lentilles de prescription	468,5 millions de dollars

Abonnements à l'objectif de contact

Les ventes de lentilles de contact ont généré environ 356,7 millions de dollars de revenus pour la société au cours de l'exercice 2022.

• Valeur d'abonnement à l'objectif de contact moyen: 240 $ par an par client
• Taux de rétention d'abonnement: 68%

Frais d'examen de la vision

Vision Examination Services a contribué 215,6 millions de dollars aux revenus de l'entreprise en 2022.

Type d'examen	Frais moyens	Volume annuel
Examen de la vue standard	$89	2,4 millions
Examen oculaire complet	$129	1,6 million

Remboursements d'assurance

Les remboursements d'assurance ont représenté 287,4 millions de dollars de revenus au cours de l'exercice 2022.

• Partners d'assurance majeurs: VSP, Eyemed, Cigna
• Remboursement moyen par réclamation: 76 $

Ventes de produits en ligne et en magasin

Réflexion du commerce électronique et des ventes en magasin pour l'exercice 2022:

Canal de vente	Revenu	Pourcentage des ventes totales
Ventes en magasin	1,82 milliard de dollars	87%
Ventes en ligne	270 millions de dollars	13%

Revenu annuel total (2022): 2,09 milliards de dollars

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.