National Vision Holdings, Inc. (NASDAQ: EYE)

National Vision Holdings, Inc. operates as one of the largest optical retailers in the United States and a leader in the value segment of the U. S. optical retail industry. The company provides eye exams, eyeglasses and contact lenses to consumers across the nation through its owned and host brands. National Vision Holdings, Inc. conducts substantially all of its activities through its indirect, wholly-owned subsidiary, National Vision, Inc., and its subsidiaries.

National Vision Holdings, Inc. generates revenue primarily through the sale of eyeglasses, contact lenses and eye exam services. The company offers these products and services across its portfolio of brands including America’s Best, Eyeglass World and Vista Optical locations within Fred Meyer stores and on military bases. Revenue is also generated through its omni-channel platforms and e-commerce website DiscountContacts.com, which together represented approximately 7% of net revenue in fiscal years 2024 and 2025.

The company operates through the following segments: Owned & Host segment.

• The Owned & Host segment includes the company’s two owned brands, America’s Best Contacts and Eyeglasses and Eyeglass World, as well as its Host brands, Vista Optical locations within select Fred Meyer stores and Vista Optical locations on select military bases. This segment encompasses all retail store operations, omni-channel consumer websites and the dedicated e-commerce site DiscountContacts.com.

National Vision Holdings, Inc. is a leader in the value segment of the highly fragmented U. S. optical retail industry, which The Vision Council estimated at $69.5 billion in 2025. The company competes with independent optical retailers, mass merchants, warehouse club stores, specialty retail chains, independent eye care practitioners, large national retailers both in physical locations and online, and online sellers of contact lenses and eyewear. Its competitive advantages include a highly efficient centralized laboratory network and distribution system, centralized procurement economies of scale as one of the largest U. S. purchasers of frames, lenses and contact lenses, and a national scale that allows it to serve customers with vision care benefits effectively.

National Vision Holdings, Inc. serves a diverse customer base across income levels, including price-driven consumers, style leaders seeking premium products and wellness shoppers with vision benefits. The company’s customers include managed care customers who use vision insurance benefits, Outside Rx customers who bring prescriptions from other providers, and progressive wearers who require advanced lens solutions. The company does not disclose specific customer names in its filing.