Warby Parker Inc.
$27.44
+0.71 (+2.66%) · delayed · Nov 13, 2026
Five-year price
52w $16.26 to $31.75
- Market cap
- $3.4B
- Enterprise value
- $3.1B
- P/E
- 2744.0×
- EV / EBIT
- —
- FCF yield
- 1.3%
- ROIC
- −4.3%
- Debt / equity
- —
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC -119.0%
- ○ROE > 15% (5y avg)5y avg ROE -23.1%
- ○Stable operating marginsMargin volatility 9.5% (σ, 5y)
- ●Earnings convert to cashFCF / net income 2665% (5y avg)
- ●Growing revenueRevenue CAGR 5y 17.2%
- ○Shrinking share countDiluted shares 135.9% over 5y
Value
0
- ○P/E below 15P/E 2744.0
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield 1.3%
- ○Price below Graham NumberGraham Number $0.81
- ○P/B below 3P/B 9.3
Safety
75
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-0.3B
- ○Interest coverage > 8xCoverage -16.4x
- ●Current ratio > 1.5Current ratio 2.35
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
n/a
- ○Adequate size (revenue > $2B)Revenue $0.9B
- ●Strong condition (current ratio ≥ 2)Current ratio 2.35
- –Earnings stability (no loss, 10y)7 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $27.44, the market is pricing in about 22.7% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$286M · 125M shares · 5y revenue CAGR 17.2%
Intrinsic value
$18.75
Price
$27.44
Premium paid
46%
What the price implies
The market is paying for 22.7% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
68% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Revenue | 370 | 394 | 541 | 598 | 670 | 771 | 872 |
| Gross profit | 223 | 232 | 318 | 341 | 365 | 427 | 471 |
| Operating income | (2) | (56) | (144) | (111) | (72) | (30) | (5) |
| Operating margin | -0.4% | -14.1% | -26.6% | -18.6% | -10.7% | -3.9% | -0.6% |
| Pre-tax income | 0 | (56) | (144) | (110) | (63) | (20) | 3 |
| Income tax | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Net income | 0 | (56) | (144) | (110) | (63) | (20) | 2 |
| EPS (diluted) | -1.10 | -1.05 | -2.21 | -0.96 | -0.54 | -0.17 | 0.01 |
| Diluted shares | 52 | 53 | 71 | 115 | 117 | 120 | 125 |
Who owns it