National Vision Holdings, Inc. (Eye): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário competitivo dos cuidados com a visão, a National Vision Holdings, Inc. (Eye) surge como um jogador transformador, revolucionando os óculos acessíveis e os serviços de visão nos Estados Unidos. Com um modelo de negócios estratégico que prioriza soluções de acessibilidade, qualidade e orçamentários, a empresa esculpiu um nicho único no mercado de varejo óptico. Ao misturar perfeitamente a presença de varejo físico, plataformas digitais de ponta e serviços abrangentes de cuidados com a visão, a Visão Nacional está redefinindo como os americanos experimentam e acessam a saúde ocular e as soluções oculares.

National Vision Holdings, Inc. (Eye) - Modelo de Negócios: Principais Parcerias

Fabricantes de equipamentos ópticos

A National Vision mantém parcerias estratégicas com os principais fabricantes de equipamentos ópticos:

Fabricante	Detalhes da parceria	Volume anual de oferta
Essilor	Contrato de fornecimento de lentes	Aproximadamente 12,5 milhões de unidades de lente anualmente
Luxottica	Contrato de fornecimento de quadros e óculos	Mais de 8 milhões de unidades de quadro por ano

Fornecedores de lente e estrutura

Os principais relacionamentos de fornecedores incluem:

• VSP Global - Parceria de fornecimento de lentes e quadros
• Grupo Safilo - Colaboração de fabricação de quadros
• Carl Zeiss Vision - Provedor de tecnologia de lente de precisão

Provedores de seguros e redes de cuidados de visão

Parceiro de seguro	Cobertura de rede	Vidas cobertas anuais
UnitedHealthcare	Rede de visão nacional	42 milhões de indivíduos cobertos
Cruz azul do hino	Rede de cuidados de visão de vários estados	28 milhões de vidas cobertas

Profissionais independentes de atendimento ocular

A visão nacional colabora com 1.287 optometristas independentes em sua rede de varejo, representando aproximadamente US $ 78,4 milhões em receita anual de serviço profissional.

Localização do varejo Parceiros de arrendamento de propriedades

• Grupo de Propriedade Simon
• Propriedades de Brookfield
• Kimco Realty Corporation

Locais totais de varejo: 1.205 lojas com um custo médio de arrendamento de US $ 24,57 por pé quadrado anualmente.

National Vision Holdings, Inc. (Eye) - Modelo de negócios: Atividades -chave

Eyewear e serviços de atendimento à visão de varejo

A partir do quarto trimestre de 2023, a National Vision opera 1.290 locais de varejo nos Estados Unidos. A empresa gerencia várias marcas de varejo, incluindo:

• Os melhores contatos da América & Óculos
• Visão Nacional
• Centros de visão dentro de lojas do Walmart

Marca de varejo	Número de locais	Receita média por local
O melhor da América	639	$854,000
Walmart Vision Centers	480	$623,000
Outros locais	171	$742,000

Design e distribuição de óculos prescritos

A Visão Nacional processou aproximadamente 3,2 milhões de ordens de óculos prescritos em 2023. A empresa mantém Laboratórios ópticos internos Para produção e distribuição de lentes rápidas.

Exame oftalmológico e teste de visão

Em 2023, a empresa conduziu 2,8 milhões de exames oftalmológicos abrangentes em sua rede. Custo médio do exame: US $ 79.

Tipo de exame	Número de exames	Preço médio
Exame oftalmológico abrangente	2,800,000	$79
Contato de encaixe da lente	520,000	$49

Fabricação de produtos ópticos

A National Vision opera duas instalações de fabricação primárias localizadas em:

• Lawrenceville, Geórgia
• Dallas, Texas

Capacidade anual de fabricação: 4,5 milhões de unidades de óculos prescritos.

Gerenciamento de canais de varejo digital e físico

As vendas digitais representaram 12,7% da receita total em 2023, totalizando US $ 187,3 milhões. Os canais de varejo físicos continuam sendo drivers de receita primária.

Canal	Receita	Porcentagem da receita total
Varejo físico	$1,284,700,000	87.3%
Vendas digitais	$187,300,000	12.7%

National Vision Holdings, Inc. (Eye) - Modelo de negócios: Recursos -chave

Extensa rede de lojas de varejo

A partir do terceiro trimestre de 2023, a National Vision opera 1.294 locais de varejo em 46 estados nos Estados Unidos.

Formato da loja	Número de locais
Os melhores contatos da América & Óculos	1,089
Centros de visão dentro do Walmart	866
Outros formatos	205

Tecnologia óptica proprietária

A National Vision investiu US $ 21,4 milhões em pesquisa e desenvolvimento em 2022.

• Capacidades de design de lentes proprietárias
• Equipamento avançado de exame oftalmológico digital
• Tecnologia de fabricação de lentes personalizadas

Recursos Humanos

Contagem total de funcionários a partir de 2023: 7.400 funcionários

Categoria profissional	Número de profissionais
Optometristas licenciados	850
Técnicos ópticos	2,300
Equipe de varejo	4,250

Reconhecimento da marca

Valor da marca estimado em US $ 425 milhões em 2023.

Gestão da cadeia de abastecimento

Taxa anual de rotatividade de inventário: 4.2

Valor do inventário: US $ 186,3 milhões em 2022

• Centros de distribuição centralizados
• Sistemas de rastreamento de inventário digital
• Plataforma de gerenciamento de fornecedores

National Vision Holdings, Inc. (Eye) - Modelo de Negócios: Proposições de Valor

Soluções de atendimento ocular acessíveis e óculos

A National Vision Holdings oferece produtos para óculos a preços médios de varejo que variam de US $ 49 a US $ 199 por quadro. O exame oftalmológico médio da empresa custa US $ 69, significativamente menor que a média nacional de US $ 120.

Categoria de produto	Faixa de preço	Posição de mercado
Quadros de óculos	$49 - $199	Amigável ao orçamento
Lentes de contato	$ 25 - $ 75 por caixa	Preços competitivos
Exame oftalmológico	$69	Abaixo da média nacional

Serviços de visão abrangentes a preços competitivos

A empresa fornece uma gama de serviços de visão com preços e acessibilidade transparentes.

• 1.205 locais de varejo em 44 estados
• Sistema de verificação de prescrição digital
• Seguro aceito de mais de 25 principais provedores

Ampla seleção de quadros e lentes de contato

A National Vision oferece aproximadamente 1.500 estilos de quadros e 75 marcas de lentes de contato em vários preços.

Categoria de produto	Variedade total	Espectro de preços
Estilos de quadro	1,500	$49 - $199
Contacte as marcas de lentes	75	$ 25 - $ 75 por caixa

Locais convenientes de varejo e compras on -line

A partir de 2023, a National Vision opera 1.205 lojas de varejo e gera 15% da receita através de canais on -line.

• 1.205 locais de varejo físico
• Plataforma de vendas on-line com tecnologia de tentativa virtual
• 15% da receita total do comércio eletrônico

Cuidados de visão de alta qualidade com opções econômicas

A empresa mantém padrões de alta qualidade, oferecendo preços competitivos, com uma classificação média de satisfação do cliente de 4,2/5.

Métrica de qualidade	Desempenho
Classificação de satisfação do cliente	4.2/5
Precisão da prescrição	99.5%
Tempo médio de fabricação de lentes	3-5 dias úteis

National Vision Holdings, Inc. (Eye) - Modelo de Negócios: Relacionamentos do Cliente

Consultas pessoais na loja

A National Vision opera 1.236 locais de varejo a partir do terceiro trimestre de 2023. Cada loja fornece consultas de atendimento oftalmológico personalizadas com optometristas licenciados e profissionais ópticos treinados.

Tipo de consulta	Duração média	Custo
Exame oftalmológico abrangente	30-45 minutos	$79-$129
Contato de encaixe da lente	20-30 minutos	$49-$89

Suporte ao cliente online

A National Vision fornece suporte ao cliente digital por meio de vários canais.

• Suporte de bate-papo no site Disponível das 8h às 22h EST
• Horário de resposta de suporte por e-mail: 24-48 horas
• Atendimento ao cliente de mídia social no Facebook e Twitter

Programas de lealdade e recompensas

O Plano de Poupança da Visão da National Vision oferece aos membros:

Benefício do programa	Valor
Custo anual de associação	$49.99
Desconto no exame	US $ 50 de desconto
Desconto dos óculos	Até 50%

Comunicação regular em saúde ocular

A visão nacional se comunica através de:

• Boletins mensais por e -mail
• Lembrete trimestral de saúde postais
• Lembretes anuais de checkup de saúde da visão

Plataformas de agendamento de compromissos digitais

Os recursos de reserva on -line incluem:

• Programação de aplicativos móveis
• Reserva de compromisso no site
• Rastreamento de disponibilidade em tempo real

Plataforma digital	Usuários ativos mensais
Aplicativo móvel	387,000
Reserva de sites	612,000

National Vision Holdings, Inc. (Eye) - Modelo de Negócios: Canais

Lojas de varejo físico

A partir de 2023, a National Vision opera 1.290 locais de varejo nos Estados Unidos. A empresa mantém as seguintes marcas de loja:

Marca de loja	Número de locais
Os melhores contatos da América & Óculos	1,048
Centros de visão dentro do Walmart	172
Visão nacional óptica	70

Site de comércio eletrônico

A plataforma on -line da National Vision gerou US $ 84,3 milhões em receita em 2022, representando um aumento de 12,4% em relação ao ano anterior.

Aplicativo móvel

Os principais recursos do aplicativo móvel incluem:

• Tecnologia de Try-On Virtual
• Funcionalidade de upload de prescrição
• Agendamento de compromissos
• Compra de produto direto

Consultas de telemedicina

A National Vision oferece exames oftalmológicos virtuais por meio de parcerias com optometristas licenciados. Em 2022, aproximadamente 5,7% do total de exames oculares foram realizados por meio de plataformas de telemedicina.

Campanhas de marketing direto e e -mail

Estatísticas de marketing para 2022:

Canal de marketing	Taxa de engajamento
Marketing por e -mail	18.2%
Publicidade digital	3.6%
Marketing de mídia social	2.9%

National Vision Holdings, Inc. (Eye) - Modelo de Negócios: Segmentos de Clientes

Consumidores conscientes do orçamento

A Visão Nacional atende a aproximadamente 6,8 milhões de pacientes anualmente, com opções de óculos acessíveis. O preço médio dos óculos varia entre US $ 39 e US $ 99.

Segmento de clientes	Alcance anual	Gasto médio
Consumidores orçamentários	6,8 milhões	$69

Famílias que buscam cuidados de visão acessíveis

O segmento familiar representa 42% da base de clientes da National Vision.

• Gastes médios de assistência à visão familiar: US $ 350 por ano
• Segmento de mercado dos óculos infantis: 1,2 milhão de pacientes
• Utilização de cobertura de seguro familiar: 68%

Jovens adultos e profissionais

Faixa de idade-alvo: 18-35 anos, representando 35% da base de clientes.

Demográfico	Percentagem	Compra média dos óculos
Jovens profissionais	35%	$175

Idosos que exigem correção de visão

O segmento de clientes sênior compreende 23% da população total de pacientes.

• Medicare Vision Cuidado Pacientes: 780.000 anualmente
• Despesas médias de cuidados com a visão sênior: US $ 425 por ano
• Serviços de visão sênior especializados: 12 opções corretivas diferentes

Pacientes de cuidados de visão cobertos de seguro

A Visão Nacional aceita mais de 200 planos de seguro de visão em todo o país.

Categoria de seguro	Volume do paciente	Taxa de reembolso
Seguro privado	4,5 milhões	78%
Medicare/Medicaid	1,2 milhão	62%

National Vision Holdings, Inc. (Eye) - Modelo de Negócios: Estrutura de Custo

Operações da loja e aluguel

A partir de 2023, o ano fiscal, a National Vision reportou despesas totais de ocupação de US $ 333,8 milhões. A empresa opera aproximadamente 1.221 locais de varejo nos Estados Unidos.

Categoria de despesa	Custo anual
Aluguel da loja	US $ 212,5 milhões
Utilitários	US $ 45,3 milhões
Manutenção	US $ 76,0 milhões

Salários e treinamento de funcionários

Em 2023, os custos totais de mão -de -obra da National Vision foram de US $ 519,6 milhões, representando aproximadamente 34% da receita total.

• Salário médio por hora para os optometristas: US $ 51,24
• Salário médio por hora para a equipe de varejo: US $ 15,75
• Investimento anual de treinamento: US $ 8,2 milhões

Compras de inventário

O custo dos bens vendidos (COGs) para 2023 foi de US $ 684,2 milhões.

Categoria de inventário	Custo anual de compras
Quadros	US $ 276,5 milhões
Lentes	US $ 187,3 milhões
Lentes de contato	US $ 220,4 milhões

Despesas de marketing e publicidade

As despesas totais de marketing em 2023 foram de US $ 132,6 milhões, representando 8,7% da receita total.

• Publicidade digital: US $ 62,4 milhões
• Publicidade da mídia tradicional: US $ 45,2 milhões
• Materiais promocionais: US $ 25,0 milhões

Manutenção de tecnologia e infraestrutura digital

Os investimentos em tecnologia e infraestrutura totalizaram US $ 47,3 milhões em 2023.

Despesa de tecnologia	Custo anual
Infraestrutura de TI	US $ 22,6 milhões
Licenciamento de software	US $ 15,7 milhões
Manutenção da plataforma digital	US $ 9,0 milhões

National Vision Holdings, Inc. (Eye) - Modelo de negócios: fluxos de receita

Vendas de óculos (quadros e lentes)

No ano fiscal de 2022, a National Vision reportou vendas líquidas totais de US $ 2,09 bilhões. As vendas de óculos representavam uma parcela significativa desta receita.

Categoria de produto	Receita (2022)
Quadros de óculos	US $ 712,3 milhões
Lentes de prescrição	US $ 468,5 milhões

Entre em contato com assinaturas de lente

As vendas de lentes de contato geraram aproximadamente US $ 356,7 milhões em receita para a empresa no ano fiscal de 2022.

• Valor médio de assinatura da lente de contato: US $ 240 anualmente por cliente
• Taxa de retenção de assinatura: 68%

Taxas de exame de visão

Os serviços de exame de visão contribuíram com US $ 215,6 milhões para a receita da empresa em 2022.

Tipo de exame	Taxa média	Volume anual
Exame oftalmológico padrão	$89	2,4 milhões
Exame oftalmológico abrangente	$129	1,6 milhão

Reembolsos de seguros

Os reembolsos de seguros foram responsáveis ​​por US $ 287,4 milhões em receita durante o ano fiscal de 2022.

• Principais parceiros de seguro: VSP, Eyemed, Cigna
• Reembolso médio por reivindicação: $ 76

Vendas de produtos online e na loja

Comércio eletrônico e quebra de vendas na loja para o ano fiscal de 2022:

Canal de vendas	Receita	Porcentagem de vendas totais
Vendas na loja	US $ 1,82 bilhão	87%
Vendas on -line	US $ 270 milhões	13%

Receita anual total (2022): US $ 2,09 bilhões

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.