National Vision: Investor meeting takeaways: Initiatives drive ticket growth & margin expansion

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National Vision: Investor meeting takeaways: Initiatives drive ticket growth & margin expansion

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National Vision

Investor meeting takeaways: Initiatives

drive ticket growth & margin expansion

Maintain Rating: BUY | PO: 30.00 USD | Price: 16.46 USD

Buy; strategic initiatives should support sales upside 09 June 2026

We hosted National Vision (EYE) for a virtual investor meeting with CEO Alex Wilkes, CFO Equity

Chris Laden, and IR Tamara Gonzalez. We maintain our Buy rating as we believe EYE’s

strategic initiatives (pricing actions and product assortment, data-driven personalized Robert F. Ohmes, CFA Research Analyst

marketing, premium lens expansion, and growth in managed care, progressive, and outside BofAS

Rx) should support sales reacceleration and EPS growth through 2030. +1robert.ohmes@bofa.com646 855 0078

Exam traffic has recovered from replatforming disruption VickyResearchLiu,AnalystCFA

While exam growth has returned to normal levels, EYE has not spoken specifically to BofAS+1 646 855 5115

current comp trends but has indicated happiness with leading indicators and what it is yanjun.liu@bofa.com

seeing in demand. Importantly, not all exams convert to purchases (some managed care

customers pay for exams with insurance and don’t make frame/lens purchases), there is

still weakness with cash pay customers “seeing the squeeze,” and we believe there may Stock Data

be a lag between improvements in exam bookings and comp recovery.

Price 16.46 USD

Price Objective 30.00 USDTicket upside from premiumization & store segmentation

As EYE continues to align its assortment to support a growing mix of managed care Date Established 13-May-2026

customers through premiumization in frames/lenses, we see comps supported by Investment Opinion C-1-9