National Vision is one of the largest optical retailers in the U.S., operating nearly 1,250 stores across four brands. The company sells eye exams, eyeglasses, and contact lenses directly to consumers through retail stores and omni-channel websites. The dominant brand is America's Best Contacts and Eyeglasses, which accounts for roughly 85% of stores and is positioned as a value-focused optical retailer, known for its bundled offers like two pairs of glasses and a free eye exam. The remaining stores operate under Eyeglass World, a superstore format with on-site labs and a broader designer frame assortment, and Host brands (Vista Optical on military bases and in Fred Meyer stores). Revenue is driven by transaction volume and average ticket, with the latter influenced by product mix and the balance between cash-pay and managed care customers. Managed care — where insured customers tend to trade up to better frames and lenses — represented roughly 42% of FY25 revenue and is the fastest-growing customer segment. National Vision runs its own centralized optical labs, which create scale economies in lens processing. Eye exams are delivered by employed or contracted optometrists, supplemented by a telehealth platform deployed in over 800 locations. The company's transformation strategy centers on growing managed care penetration, upgrading its frame and lens assortment toward premium price points, raising prices, and shifting toward consultative in-store selling.