Glasses are Big Business: Interviewing National Vision’s (EYE) CEO

I’m writing this through a pair of glasses. Chances are, you’re reading this through a pair of glasses – or contacts. 

Glasses are big business: the World Economic Forum estimated in 2017 that half the planet will need glasses by 2050. Myopia is accelerating for a number of reasons, not least of which is screen time.

National Vision (EYE), which owns America’s Best Contacts & Eyeglasses, Vista Opticals, and Eyeglass World, was founded in 1990. CEO Alex Wilkes joined Market On Close this week to discuss their growth plan, with the stock up over 120% vs last year and around 140% year-to-date.

The company does more than manufacture eyeglasses: it also works with optometrists to stay at the forefront of the field. For example, it has a strategic partnerships with Toku, which “applies AI-powered diagnostic and screening tools to retinal images” (per their site). It also offers remote eye exams for people living in less populated areas where access may be harder.

One of the chief societal complaints, at least in the U.S., is that glasses and contacts are expensive. Eye insurance is an add-on plan instead of being included in regular insurance. Importantly, as Congress struggles with healthcare subsidies, only some Medicare plans cover eye exams, and the ACA does not require insurers to provide vision care for adults. 

After an exam, even with good insurance, a single pair of glasses can run a few hundred dollars. Despite some online upstarts like Zenni (which require a valid prescription), it doesn’t look like that trend will change any time soon. Because of insurance difficulties and out-of-pocket expenses, some customers could be priced out of the market.

National Vision released its 3Q25 report on November 5, where they reported $487.3 million (+7.9% vs last year) in revenue, with comparable store sales of 6.8%. The company cited a higher average ticket, noting that customer traffic was relatively flat.

Store count grew by almost 1%, and adjusted EPS was $0.13, compared to $0.12 last year. It also raised some of its full year guidance, including for comp sales and revenue.

National Vision also recently laid out its plans for growth, anticipating capex of $80-$85 million this year to invest in new store openings, existing stores, and tech investments. On its Investor Day (November 17) it released a multi-year savings plan and four growth vectors:

1. Underdeveloped Customer Segments, including progressive lens wearers and managed care patients – specifically, according to our interview, looking for a wealthier client base. Previously, they focused on low-income, cash-paying consumers.

2. Underdeveloped Products: it sees opportunities in premium lenses (which are designed to help see at several distances, correcting astigmatism, and more).

3. Enhanced Customer Experience: using tech and data to create better customer experience and targeted advertising. AI could be leveraged here.

4. Strategic Store Growth: Adding to its 1,250 stores and network of 2,400+ optometrists. It anticipates opening around 30 stores per year between 2026-2027 and 60 per year between 2028-2030.

CEO Alex Wilkes is positive on the company’s future growth and “could not be happier” with their Investor Day. It has identified opportunities in new customer segments and product categories, and Wilkes thinks these will move the needle faster in the short term. With a new growth and savings plan, the company could be poised to capitalize on its stock gains and expand into the future, where more and more of us will need their services.

Watch the full interview below:

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