National Vision Holdings, Inc. — Earnings Quality Grade F
EYE · Consumer Cyclical
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 8 days, change +1 days YoY
AR growth 17.6% exceeds revenue growth 9.0%
Revenue 9.0%, CFFO 9.5%. Cash follows revenue
Expense Quality
Inventory -4.9% vs COGS 7.3%. Normal
CapEx growth -23.7% vs revenue 9.0%. Normal
SG&A/Gross Profit = 87.0%, exceeds 70%
Gross margin 58.8%, change +0.7pp. Stable
Cash Flow Quality
CFFO/NI = 4.94. Profits backed by cash
FCF $0.1B, FCF/NI = 2.48
Accruals ratio = -5.9%. Low accruals
Cash $0.0B covers only 6% of debt $0.7B
Balance Sheet Health
Goodwill+Intangibles $0.9B = 109% of equity. Over 50%
Debt/EBITDA = 4.4x (>4x). Financial stress
Other assets grew 74.0% vs revenue 9.0%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -2.57 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25