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National Vision HoldingsEYE +4.25%74 Operating Margin % is 8.32% as of Mar. 2026, which is 92% above its 10-year median of 4.34. GuruFocus rates EYE with a GF Score™ of 74/100 and a GF Value™ of $23.96 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,123 Retail - Cyclical companies, National Vision Holdings ranks better than 50.13% on this metric.
National Vision Holdings (NAS:EYE) Operating Margin % Explanation
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
National Vision Holdings Operating Margin % Related Terms
National Vision Holdings Operating Margin % Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
EYE vs WINA, SVV, SBH: Operating Margin % Comparison
For the Specialty Retail subindustry, National Vision Holdings's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
National Vision Holdings Operating Margin % vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, National Vision Holdings's Operating Margin % distribution charts can be found below:
* The bar in red indicates where National Vision Holdings's Operating Margin % falls into.
National Vision Holdings Operating Margin % Calculation
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
National Vision Holdings's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
National Vision Holdings (EYE) has a Operating Margin % of 8.32% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on National Vision Holdings and its competitors. This is 92% above median its historical median of 4.34. Over the past decade, National Vision Holdings' Operating Margin % has ranged from 1.55 to 8.63. According to the industry distribution chart, National Vision Holdings ranks #560 out of 1123 companies in the Retail - Cyclical industry, placing it in the top 49.9%.
Is National Vision Holdings' Operating Margin % too high?
National Vision Holdings' current Operating Margin % of 8.32% is 92% above median its 10-year median of 4.34. Over the past 10 years, this metric has ranged from a low of 1.55 to a high of 8.63. The Retail - Cyclical industry median Operating Margin % is 3.93. National Vision Holdings' value of 8.32% is 111.7% above this industry median. Based on the distribution chart, National Vision Holdings ranks #560 out of 1123 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, National Vision Holdings has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does National Vision Holdings' Operating Margin % compare to WINA and SVV?
According to the Retail - Cyclical industry distribution chart, National Vision Holdings ranks #560 out of 1123 companies for Operating Margin %. This puts National Vision Holdings in the upper half of its industry. The industry median Operating Margin % is 3.93. National Vision Holdings' value of 8.32% is 111.7% above this benchmark. Historically, National Vision Holdings' own Operating Margin % has ranged from 1.55 to 8.63 over the past decade. While the company's 10-year median is 4.34 vs. the industry median of 3.93, National Vision Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for a Retail - Cyclical company?
The median Operating Margin % among Retail - Cyclical companies is 3.93, based on 1,123 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Vision Holdings's current Operating Margin % of 8.32% is 111.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on National Vision Holdings and its competitors. For the Retail - Cyclical industry, the median Operating Margin % is 3.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Vision Holdings's current Operating Margin % is 8.32%, which is 92% above median its own 10-year median of 4.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Vision Holdings stock overvalued right now?
Based on GuruFocus' analysis, National Vision Holdings (EYE) is currently considered Modestly Undervalued. The stock's GF Value™ is $23.96, compared to a current price of $20.11 — trading 16.1% below its estimated fair value. The current Operating Margin % is 8.32%, which is 92% above median its 10-year median of 4.34 and 111.7% above the Retail - Cyclical industry median of 3.93. National Vision Holdings' overall GF Score™ is 74/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For National Vision Holdings (EYE), the current Operating Margin % is 8.32% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is National Vision Holdings (EYE) Overvalued in 2026?
Based on GuruFocus' analysis, National Vision Holdings stock appears to be undervalued.
The current stock price of $20.11 is trading 16.1% below its estimated GF Value™ of $23.96.
GuruFocus considers National Vision Holdings to be Modestly Undervalued.
Key valuation signals for EYE:
Operating Margin %: 8.32% (92% above median its 10-year median of 4.34)
GF Value™: $23.96 vs. price of $20.11 (16.1% below fair value)
Industry Position: 111.7% above the Retail - Cyclical median (#560 of 1123)
No single metric tells the full story. See the EYE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Vision Holdings Inc. is an optical retailer in the United States. Its product portfolio includes eyeglasses, sunglasses, contact lenses, accessories, and other related products. The company operates through a single operating segment. The Owned and Host segment includes the company-owned brands America's Best and Eyeglass World. In America's Best stores, vision care services are provided by optometrists or by independent professional corporations. The Host segment consists of Military and Fred Meyer locations, where eye exams are provided by independent optometrists.
74GF Score
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