National Vision Credit Rating & NNN Cap Rate

Company	National Vision
Parent	National Vision Holdings, Inc.
Ticker	EYE
Exchange	NASDAQ
Sector	Healthcare Services
S&P / Moody’s / Fitch	Current rating not independently verified
Investment Grade	Not Yet Verified
US Locations	1,281 retail optical locations in the U.S. and its territories (July 4, 2026, Form 10-Q)
Revenue	$1.99B (fiscal 2025, year ended January 3, 2026, Form 10-K)
Median asking cap rate	Insufficient tracked listings to report a median
Lease Term	Generally 5 to 10 years initial, with renewal options (Form 10-K); confirm in the lease
Building Sq Ft	New store model targets 2,500 to 4,500 (Form 10-K)

Business Overview

National Vision Holdings describes itself as one of the largest optical retailers in the United States and a leader in the value segment, and it operated 1,281 retail optical locations in the U.S. and its territories as of July 4, 2026 (Form 10-Q). Its brands are America’s Best Contacts & Eyeglasses, Eyeglass World and Vista Optical (in select Fred Meyer stores and on military bases), and eye exams are provided by optometrists employed by the company or by independent professional corporations. National Vision combines retail eyewear sales with eye exams and operates its own optical laboratories.

National Vision’s Form 10-K for fiscal 2025 says it leases, rather than owns, its America’s Best and Eyeglass World retail stores. In a triple-net (NNN) lease, the tenant generally pays property taxes, insurance and maintenance, including common area maintenance (CAM) charges in a shopping center, in addition to base rent; confirm the exact split in each National Vision lease.

Credit Rating & Investment Grade Status

National Vision: no confirmed agency rating. A rating is shown here only after an agency rating action or an issuer filing confirms it. Without an agency rating, lease credit is assessed from financial statements and any guarantee in the lease. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.

Rating status: current rating not independently verified. Ratings checked October 8, 2026.

We have not independently verified a current S&P, Moody’s or Fitch rating for National Vision Holdings, Inc., so we do not treat it as investment grade. As a public company (NASDAQ: EYE), its credit can be assessed from its SEC filings; risks its Form 10-K discusses include competition, including from online retailers, and economic conditions that can affect consumer spending. See our credit tenant ratings table.

Lease Structure & Terms

National Vision’s Form 10-K for fiscal 2025 says its store leases generally have noncancelable terms of five to 10 years, with options to renew for one to 10 years or more, and that most provide for a minimum rent, often with escalating increases; confirm the term, renewals and rent schedule in each lease. Its leases generally require it to pay insurance, utilities, real estate taxes and common area maintenance expenses, per the same filing.

National Vision’s Form 10-K says its lease arrangements frequently include tenant improvement allowances.

Cap Rate & Pricing Expectations

We do not currently track enough National Vision listings with published asking cap rates to report a median. Asking cap rates are not closed-sale cap rates.

Location can affect pricing, along with local competition, remaining lease term, rent level and market demographics; compare a specific property with recent sales of similar properties.

Learn more about cap rate analysis in our investment grade guide.

Real Estate Footprint

National Vision operated 1,281 retail optical locations in the U.S. and its territories as of July 4, 2026 (Form 10-Q), most under the America’s Best Contacts & Eyeglasses brand, with others under Eyeglass World and Vista Optical.

National Vision’s new store model generally targets 2,500 to 4,500 square feet (Form 10-K for fiscal 2025). America’s Best stores are primarily located in high-traffic strip centers next to other value-focused retailers, and Eyeglass World stores primarily in freestanding or in-line locations near shopping centers. Stores include eyewear displays and eye exam rooms; Eyeglass World stores also have on-site laboratories, while other stores use the company’s centralized laboratory network.

Growth Strategy & Market Position

National Vision’s Form 10-Q for the quarter ended July 4, 2026 says it plans to open approximately 30 to 35 new stores in fiscal 2026, primarily America’s Best stores and not counting the 20 Military locations it added in April 2026, so it can invest capital in existing operations to enhance the store experience, and that it is still determining its plans for future store openings.

Pros & Cons for NNN Investors

Pros	Cons
Eyewear sales paired with in-store eye exams Aging population, which its Form 10-K cites as a trend supporting the optical retail industry 1,281 locations as of July 4, 2026 spread the company’s business across many markets, though a single property depends on its own location Contact lens repurchase, which its Form 10-K cites among recurring demand drivers	Current agency rating not independently verified Competition from online retailers, per its Form 10-K Economic conditions can affect consumer spending, per its Form 10-K Substantial lease obligations, as its Form 10-K notes

Comparable Tenants

Comparable Company	Credit Rating	Sector
Warby Parker	Not tracked (public, NYSE: WRBY)	Eyewear Retail
GrandVision (EssilorLuxottica)	Not tracked	Eyewear Retail
Clearly (Coastal Contacts)	Not tracked	Eyewear Retail
BonLook	Not tracked	Eyewear Retail

Frequently Asked Questions

How does online eyewear competition affect National Vision NNN leases?

National Vision’s Form 10-K lists online retailers among its competitors, along with mass merchants, specialty retail chains, independent eye practitioners and opticians, and large national retailers. Its stores pair eyewear sales with eye exams. Online competition and store closure risk vary by market, so review the location’s local competition and remaining lease term.

What are National Vision store properties like?

National Vision’s new store model generally targets 2,500 to 4,500 square feet (Form 10-K for fiscal 2025). America’s Best stores are primarily in high-traffic strip centers next to other value-focused retailers, and Eyeglass World stores primarily in freestanding or in-line locations near shopping centers. Stores include eyewear displays and eye exam rooms; Eyeglass World stores also have on-site laboratories, while other stores use the company’s centralized laboratory network.

Is National Vision investment grade?

We have not independently verified a current S&P, Moody’s or Fitch rating for National Vision Holdings, Inc. We treat a tenant as investment grade only when a verified agency rating supports it, so we do not classify National Vision as investment grade. It was owned by private equity funds before its 2017 IPO; investors should assess its leverage, competition from online eyewear retailers and sensitivity to economic conditions that affect consumer spending from its public filings, and confirm the tenant entity and any guarantee in each lease.

What demographic trends support National Vision lease valuations?

National Vision’s Form 10-K for fiscal 2025 cites an aging population (according to The Vision Council, about 80% of U.S. adults use some form of vision correction, with use rising above age 45 and again above age 55), managed vision care adoption and more time spent viewing electronic screens as trends it believes support the optical retail industry. These are company views, not assurances about any one store.

National Vision Net Lease Property: Buying, Selling and Financing

Buying: We find on-market and off-market National Vision properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.

Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.

Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.

1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.

Request an NNN investment consultation or email team@investmentgrade.com.