EYE (National Vision Holdings) Scaled Net Operating Assets: 0.77 (As of Mar. 2026)

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EYE National Vision Holdings Inc EYE
74 GF Score
Price $20.11
GF Value $23.96
Valuation Modestly Undervalued
! 3 Warning Signs
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What is National Vision Holdings Scaled Net Operating Assets?

National Vision Holdings EYE +4.25% 74 Scaled Net Operating Assets is 0.77 as of Mar. 2026. 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.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

National Vision Holdings's operating assets for the quarter that ended in Mar. 2026 was $1,953 Mil. National Vision Holdings's operating liabilities for the quarter that ended in Mar. 2026 was $430 Mil. National Vision Holdings's Total Assets for the quarter that ended in Dec. 2025 was $1,984 Mil. Therefore, National Vision Holdings's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.77.


National Vision Holdings Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for National Vision Holdings's Scaled Net Operating Assets can be seen below:

* 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 Scaled Net Operating Assets Chart

National Vision Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.68 0.73 0.70 0.72 0.76

National Vision Holdings Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.78 0.76 0.76 0.78 0.77

EYE vs WINA, SVV, SBH: Scaled Net Operating Assets Comparison

For the Specialty Retail subindustry, National Vision Holdings's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, National Vision Holdings's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where National Vision Holdings's Scaled Net Operating Assets falls into.


EYE
74GF Score
National Vision Holdings Inc EYE
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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National Vision Holdings Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

National Vision Holdings's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(1944.97-419.545)/2007.771
=0.76

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=1983.678 - 38.708
=1944.97

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=1114.145 - 587.704 - 106.896
=419.545

National Vision Holdings's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(1952.585-430.35)/1983.678
=0.77

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=2020.483 - 67.898
=1952.585

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=1122.477 - 584.183 - 107.944
=430.35

* 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.

What does a Scaled Net Operating Assets of 0.77 mean?
National Vision Holdings (EYE) has a Scaled Net Operating Assets of 0.77 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on National Vision Holdings and its competitors.
Is National Vision Holdings' Scaled Net Operating Assets too high?
National Vision Holdings' current Scaled Net Operating Assets is 0.77. 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' Scaled Net Operating Assets compare to WINA and SVV?
National Vision Holdings' Scaled Net Operating Assets of 0.77 can be compared against companies in the Retail - Cyclical industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Retail - Cyclical company?
A good Scaled Net Operating Assets depends on the Retail - Cyclical industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on National Vision Holdings and its competitors. National Vision Holdings's current Scaled Net Operating Assets is 0.77. 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 Scaled Net Operating Assets is 0.77. 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 Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For National Vision Holdings (EYE), the current Scaled Net Operating Assets is 0.77 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:

  • Scaled Net Operating Assets: 0.77
  • GF Value™: $23.96 vs. price of $20.11 (16.1% below fair value)
  • GF Score™: 74/100 with 3 warning signs

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 Business Description

Other Exchanges 7NV:Germany
Address 2435 Commerce Avenue, Building 2200, Duluth, GA, USA, 30096
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

Get the complete analysis for EYE

Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$20.11
Price
$23.96
GF Value