National Vision vs Sally Beauty
Sally Beauty reported revenue of $3.7 billion in fiscal 2025, 1.9 times National Vision's $2.0 billion in fiscal 2025. National Vision's revenue grew 9.0% in its latest year, and Sally Beauty's fell 0.4%. National Vision had an operating margin of 3.0%, against 8.9% at Sally Beauty. Free cash flow was $73 million at National Vision and $173 million at Sally Beauty. Their fiscal years end in different months (January 3 and September 30), so the periods don't line up exactly.
Side by side
| National Vision | Sally Beauty | |
|---|---|---|
| Latest fiscal year | FY2025, Jan 3, 2026 | FY2025, Sep 30, 2025 |
| Revenue | $2.0B | $3.7B |
| Revenue growth | 9.0% | −0.4% |
| Revenue growth a year, last 5 years | 3.0% | 1.0% |
| Gross margin | — | 51.6% |
| Operating margin | 3.0% | 8.9% |
| Net margin | 1.5% | 5.3% |
| Free cash flow | $73M | $173M |
| Free cash flow margin | 3.7% | 4.7% |
| Return on capital | 3.9% | 16.1% |
| Net debt to EBITDA | 1.4x | 1.7x |
| Dividends and buybacks | $3M | $54M |
| Change in diluted share count | 2.5% | −2.9% |
| Last close | $17.80 | $17.43 |
| P/E at the last close | 29.2× | 9.1× |
| Insider trades, last 12 months | bought $776,000, sold $1.3 million | sold $879,931 |
| Piotroski F-score | 7 of 8 | 8 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
National VisionSally Beauty
Operating margin
Percent of revenue
National VisionSally Beauty
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
National VisionSally Beauty
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the National Vision and Sally Beauty pages.