EYE
National Vision Holdings, Inc.
EYE has the edge over NIO overall, supported by stronger valuation and stronger modeled upside.
NIO
NIO Inc.
NIO offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
EYE Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Under pressure | |
| Healthy |
EYE's profitability and balance sheet are currently healthy, and its revenue is stable, but its cash flow is under pressure.
NIO Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Stable | |
| Unavailable |
NIO's revenue is currently strong, and its profitability and cash flow are stable. There isn't enough data to rate its balance sheet.
EYE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $18.57 | — |
| Current | 23x | $18.57 | — |
| Cheap | 28x | $22.52 | +21% |
| Fair | 50x | $40.68 | +119% |
| Expensive | 103x | $83.20 | +348% |
Historical ranges are pointers, not guarantees.
EYE's PE is in its cheap range at 23x. If earnings grow as analysts expect, today's price would be 16x next year's earnings.
NIO PE Valuation
NIO has no meaningful PE right now: it lost money over the past year.
EYE Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect EYE's earnings to grow and its profitability to improve, with its revenue holding steady.
NIO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
NIO has the edge over EYE on the outlook, with more favorable revenue expectations.
EYE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.16 | +44% |
| Q3 2026 | $0.81 | +$0.84 |
| Q2 2026 | $0.61 | +$0.79 |
| Q1 2026 | $0.57 | +$0.90 |
| Q4 2025 | $0.37 | +$0.73 |
| Q3 2025 | -$0.03 | +$0.16 |
| Q2 2025 | -$0.18 | +$0.84 |
| Q1 2025 | -$0.33 | +$0.58 |
| Q4 2024 | -$0.36 | +$0.48 |
EYE has the edge over NIO on earnings quality, reporting a profit while its opponent remains loss making.
NIO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.29 | +$1.45 |
| Q1 2026 | -$0.60 | +$1.16 |
| Q4 2025 | -$1.06 | +$0.60 |
| Q3 2025 | -$1.59 | +$0.02 |
| Q2 2025 | -$1.74 | -$0.10 |
| Q1 2025 | -$1.76 | +$0.06 |
| Q4 2024 | -$1.66 | +$0.21 |
| Q3 2024 | -$1.61 | +$0.32 |
NIO is still losing money, but far less than before: $0.29 per share over the past year, against $1.93 at its worst in late 2023.
EYE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $510.5M | +4.8% |
| Q2 2026 | $498.8M | +2.5% |
| Q1 2026 | $543.9M | +6.6% |
| Q4 2025 | $503.4M | +15% |
| Q3 2025 | $487.3M | +7.9% |
| Q2 2025 | $486.4M | +7.7% |
| Q1 2025 | $510.3M | -5.9% |
| Q4 2024 | $437.3M | -14% |
EYE's revenue has grown year over year for six quarters in a row: $511M last quarter, up 4.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.1% | +4.1 points |
| Q2 2026 | 4.3% | +0.9 points |
| Q1 2026 | 8.3% | +3.2 points |
| Q4 2025 | 1.3% | +7.2 points |
| Q3 2025 | 2% | +3.9 points |
| Q2 2025 | 3.4% | +3.3 points |
| Q1 2025 | 5.1% | +0.6 points |
| Q4 2024 | -5.8% | -3.2 points |
EYE has the edge over NIO on profitability, with a higher operating margin.
NIO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $4.8B | +69% |
| Q1 2026 | $3.8B | +112% |
| Q4 2025 | $5.2B | +76% |
| Q3 2025 | $3.3B | +17% |
| Q2 2025 | $2.9B | +9% |
| Q1 2025 | $1.8B | +21% |
| Q4 2024 | $3B | +15% |
| Q3 2024 | $2.8B | -2.1% |
NIO has the edge over EYE on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -2.1% | +24 points |
| Q1 2026 | -1.2% | +52 points |
| Q4 2025 | 2.3% | +33 points |
| Q3 2025 | -16% | +12 points |
| Q2 2025 | -26% | +4 points |
| Q1 2025 | -53% | +1.1 points |
| Q4 2024 | -31% | +8.1 points |
| Q3 2024 | -28% | -2.6 points |
NIO's operating margin was −2.1% last quarter, up 24 points from the same quarter a year ago.
EYE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $49.3M | +63% |
| Q2 2026 | -$14.1M | -133% |
| Q1 2026 | $44.1M | +267% |
| Q4 2025 | -$11.2M | -$9.5M |
| Q3 2025 | $30.3M | +647% |
| Q2 2025 | $42.4M | +33% |
| Q1 2025 | $12M | +202% |
| Q4 2024 | -$1.7M | +$11.3M |
EYE has the edge over NIO on cash flow, with more consistent year-over-year improvement.
NIO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | +$2.1B |
| Q1 2026 | $0 | $0 |
| Q4 2025 | $0 | +$391.3M |
| Q3 2025 | $0 | $0 |
| Q2 2025 | -$2.1B | +$73.9M |
| Q1 2025 | $0 | $0 |
| Q4 2024 | -$391.3M | -386% |
| Q2 2024 | -$2.2B | +$337.9M |
NIO's free cash flow was $0 over the past year, against −$2.5B the year before.
EYE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -533K shares |
| 1 year | -1.4% | -1.1M shares |
| 3 years | +2.4% | +1.9M shares |
| 5 years | -17% | -16.4M shares |
| Available history | -2.1% | -1.7M shares |
EYE has the edge over NIO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $21.4M |
| Q2 2026 | $20.1M |
| Q1 2026 | $10.5M |
| Q4 2025 | $650,000 |
| Q3 2025 | $876,000 |
| Q2 2025 | $55,000 |
| Q1 2025 | $1.6M |
| Q4 2024 | $273,000 |
EYE spent $53M buying back its own shares over the past year, more than ten times what it spent the year before.
NIO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +15.6M shares |
| 1 year | +12% | +267M shares |
| 3 years | +51% | +844M shares |
| 5 years | +60% | +933M shares |
| Available history | +143% | +1.5B shares |
NIO has 2.5B diluted shares, up 12% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
NIO hasn't bought back shares in the past year.
EYE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.9x | Very low |
| Q2 2026 | 1.1x | Healthy |
| Q1 2026 | 1.0x | Very low |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.6x | Healthy |
| Q2 2025 | 2.2x | Moderate |
| Q1 2025 | 3.1x | Elevated |
| Q4 2024 | 3.2x | Elevated |
EYE's net debt is less than a year of its operating earnings (EBITDA), down from 1.6 years a year ago.
NIO Net Leverage
NIO's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
EYE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.6 | Neutral |
| Stochastic | 33.1 | Neutral |
EYE's weekly RSI is 49 (neutral) and its Stochastic is 33 (neutral).
NIO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.7 | Neutral |
| Stochastic | 6.9 | Oversold |
NIO's weekly RSI is 31 (neutral) and its Stochastic is 7 (oversold).
EYE PE vs Consumer Cyclical Sector
| Metric | EYE | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 18x | 27% above |
| PE % | 7 | 47 | 40 pts below |
EYE is trading at 23x earnings, a 27% premium to the Consumer Cyclical sector's median of 18x.
NIO PE vs Consumer Cyclical Sector
NIO has no meaningful PE right now: it lost money over the past year.
EYE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $17.4 | 7% above |
| 20 week MA | $18.4 | 0.7% above |
| 50 week MA | $22.0 | 16% below |
| 100 week MA | $20.5 | 9.5% below |
| 200 week MA | $19.7 | 5.6% below |
EYE has the edge over NIO on trend strength, trading above more of its moving averages.
NIO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.36 | 9.2% below |
| 20 week MA | $4.01 | 24% below |
| 50 week MA | $4.81 | 37% below |
| 100 week MA | $4.85 | 37% below |
| 200 week MA | $6.03 | 49% below |
NIO is in a downtrend: it's below all five of its weekly moving averages, and 49% below its 200-week average.
EYE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $33.1 | $47.3 | +43% |
| 2021 | $47.3 | $47.8 | +1.1% |
| 2022 | $47.8 | $38.7 | -19% |
| 2023 | $38.7 | $20.9 | -46% |
| 2024 | $20.9 | $10.6 | -49% |
| 2025 | $10.6 | $28.0 | +165% |
| 2026 YTD | $28.0 | $18.6 | -34% |
EYE has the edge over NIO on returns for 2026, with the stronger performance.
NIO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $2.42 | $45.8 | +1791% |
| 2021 | $45.8 | $30.5 | -33% |
| 2022 | $30.5 | $11.0 | -64% |
| 2023 | $11.0 | $9.07 | -17% |
| 2024 | $9.07 | $4.48 | -51% |
| 2025 | $4.48 | $5.10 | +14% |
| 2026 YTD | $5.10 | $3.05 | -40% |
NIO's yearly returns have swung widely, from +1791% in 2020 to −64% in 2022. It's down 40% so far in 2026.