Warby Parker Inc (WRBY)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The company is healthy enough: a 51.0 percent equity ratio, $288.2 million of cash, no financial debt, $110.8 million of operating cash flow in 2025 against $1.6 million of reported profit, four uninterrupted years of revenue growth and a brand that reaches customers without a middleman. No sign of substance risk — hence no red. What is missing for green is earning power: income from operations was negative at minus $5.3 million in 2025, the profit came from interest income, gross margin fell 230 basis points to 54.0 percent in the first quarter of 2026, and stock-based compensation consumed 79 percent of free cash flow at $34.5 million. The accumulated deficit of $682.4 million sits against $1,060.0 million of paid-in capital. Whether growth turns into real earnings will be decided over the next few quarters. The decision is yours.
symbol.quality_note
Warby Parker made money for the first time in 2025: $1.6 million after four straight years of losses. Operations still ran a $5.3 million loss — the profit came from interest on the company's own cash. Add a share count that sits an eighth too low in almost every published metric. We read the annual report and the quarterly report filed May 7, 2026, and check which lens actually brings this business into focus.
Read the analysis
Stock Watch
This analysis is as of July 27, 2026. Stock Watch will tell you what's changed at WRBY since then.
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Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 26.70 $ — 74% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIWarby Parker baut künstliche Intelligenz in das eigene Produkt und in den Verkaufsprozess ein: Der Geschäftsbericht 2025 nennt langfristige Partnerschaften mit Google und Samsung zur Entwicklung KI-gestützter Brillen sowie eigene KI-Werkzeuge im Laden und im Netz; verkauft wird zum Datenstand noch keine KI-Brille.
View the full file — quotes, sources, reviewed filings
„In 2025, we announced long-term partnerships with Google and Samsung to develop AI-powered intelligent eyewear designed for all-day use, marking a transformative step for our brand and significantly expanding our addressable market beyond traditional glasses."
Im Jahr 2025 haben wir langfristige Partnerschaften mit Google und Samsung angekündigt, um KI-gestützte intelligente Brillen für den ganztägigen Gebrauch zu entwickeln — ein Wendepunkt für unsere Marke, der unseren erreichbaren Markt weit über die klassische Brille hinaus erweitert.
„AI is reshaping how consumers discover, browse, and purchase products, and we believe it will meaningfully enhance how customers and patients engage with eye care."
Künstliche Intelligenz verändert, wie Verbraucher Produkte entdecken, ansehen und kaufen, und wir glauben, dass sie die Art, wie Kunden und Patienten mit Augenversorgung umgehen, spürbar verbessern wird.
„As part of this collaborative arrangement, Google has committed up to $75 million for the Company's product development and commercialization costs."
Im Rahmen dieser Zusammenarbeit hat Google bis zu 75 Millionen US-Dollar für die Produktentwicklungs- und Vermarktungskosten des Unternehmens zugesagt.
Filings Reviewed: 10-K 2026-02-26 · 10-K 2025-02-27 · 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-08 · 10-Q 2025-05-08 · 8-K 2026-05-07
Rated on July 27, 2026 · How the Rating Is Built
Analysts & Price Target
The price target sits 12.9% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 15
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.47 | 0.39 – 0.58 | 980 | 120.0% | 10 |
| 12/31/2027 | 0.66 | 0.54 – 0.85 | 1,140 | 40.7% | 10 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.05 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.06 | – | 191 | 17.80 | -3.60 | 20 | 2 |
| 2025: Q1 | 0.03 | – | 224 | 11.90 | 1.60 | 29 | 13 |
| 2025: Q2 | -0.01 | – | 215 | 13.90 | -0.80 | 40 | 24 |
| 2025: Q3 | 0.05 | – | 222 | 15.20 | 2.60 | 18 | -2 |
| 2025: Q4 | -0.05 | – | 212 | 11.20 | -2.80 | 23 | 8 |
| 2026: Q1 | 0.03 | -9.20 | 242 | 8.30 | 1.30 | 25 | 8 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 370 | -2 | -58 | -0.52 | 21 | 73 | 176 |
| 2020 | 394 | -56 | -56 | -0.50 | 33 | 308 | 445 |
| 2021 | 541 | -144 | -144 | -1.27 | -32 | 286 | 441 |
| 2022 | 598 | -111 | -110 | -0.96 | 10 | 287 | 569 |
| 2023 | 670 | -72 | -63 | -0.54 | 61 | 302 | 580 |
| 2024 | 771 | -30 | -20 | -0.17 | 99 | 340 | 676 |
| 2025 | 872 | -5 | 2 | 0.01 | 111 | 368 | 721 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Warby Parker sells its own designs without a wholesale middleman and has turned the store into an eye care practice: 323 locations at December 31, 2025, 337 at March 31, 2026, 4,036 employees, 2.689 million active customers. Revenue per customer rose to $331 in the twelve months to March 31, 2026 from $310 in the prior-year period. Contact lenses and eye exams contributed only 11.1 and 6.4 percent of 2025 revenue — barely scratched.
The direction has held for four years without exception: revenue from $540.8 million in 2021 to $871.9 million in 2025, the loss from $144.3 million to zero, free cash flow from minus $80.5 million to plus $43.7 million, adjusted EBITDA from $52.4 million in 2023 to $95.2 million. Revenue grew 8.3 percent in the first quarter of 2026 and net income came in at $3.2 million.
Income from operations in 2025 was still negative at minus $5.3 million. The $1.6 million of net income arithmetically came from $8.4 million of interest and other income on the company's own cash. In the first quarter of 2026, $2.3 million of $4.0 million pre-tax income came from the same source. Gross margin fell from 56.3 to 54.0 percent over the same period.
At March 31, 2026, stockholders' equity of $375.8 million stood against total assets of $736.4 million — a 51.0 percent equity ratio, $288.2 million of cash and no financial debt. There is no sign of payment risk. Substance is thin, though: against $1,060.0 million of paid-in capital sits an accumulated deficit of $682.4 million. The Altman Z of 5.31 draws 96 percent of its value from the market-cap term; the pure balance-sheet terms add up to 0.19.
Three share classes and a ten-to-one voting ratio for the untraded Class B: 12.7 percent of the capital carries 59.3 percent of the votes (cover page of the quarterly report filed May 7, 2026). On top of that, $34.5 million of stock-based compensation in 2025 — 79 percent of free cash flow and 21 times net income; $357.5 million since 2021 against cumulative free cash flow of minus $44.5 million.
At the July 24, 2026 close of $24.56 and the full count of 122,715,236 shares, market capitalization is roughly $3.01 billion: 3.4 times revenue for the twelve months to March 31, 2026, 69 times 2025 free cash flow and 8.0 times equity. A price/earnings ratio cannot be formed meaningfully on $1.3 million of trailing twelve-month profit.
Warby Parker has climbed out of the hole: $871.9 million of revenue in fiscal 2025 against $540.8 million in 2021, net income of $1.6 million after four loss years, $43.7 million of free cash flow and no financial debt. The turn is real and broad. It is also wafer thin: income from operations is still below zero at minus $5.3 million, the profit came from interest on the company's own cash, and gross margin fell to 54.0 percent in the first quarter of 2026. And the price already assumes what is still to come: roughly 3.4 times revenue and 69 times free cash flow. Not investment advice.
- Hook: our in-house stock scanner "Turnaround Candidates", 60 US hits, Turn Check 6 of 8, measured on both brands on July 27, 2026 (list computed July 27, 2026). Note on ordering: 44 of the 60 hits also score exactly 6 points — ties are not ordered deterministically. Warby Parker therefore sits between rank 17 and rank 60; the measured query returned rank 41 on tickerguard.com and rank 43 on boersenlotse.de. The page shows only the 25 strongest hits, so the stock is not visible there. The lists are recomputed daily.
- Cross-check on the mandatory pillar "at least 50 percent below the all-time high": the highest closing price was $59.50 on November 17, 2021, against $24.56 on July 24, 2026 — minus 58.7 percent. The data set carries minus 54.87 percent, which arithmetically references the first close after the direct listing ($54.49 on September 29, 2021) rather than the later November high. Both are well below the threshold. Warby Parker drops off this list at roughly $29.75.
- Cross-check on the mandatory pillar "survival secured": the data set carries an Altman Z of 3.16; our own recomputation using the original formula with the December 31, 2025 balance sheet and the July 24, 2026 market capitalization gives 5.31. Both are far above the 1.1 threshold, and the article uses our own figure. More important than the gap is the composition: 5.12 of the 5.31 points come from the market-cap term, while the pure balance-sheet terms add up to 0.19. On Piotroski the data set carries 5 of 9 and our own recomputation from the annual reports 6 of 9 — the difference sits in the return-on-assets criterion, which the data set computes on a trailing twelve-month basis.
- Data artifact from the dual-class structure: the fundamental data feed carries 107,094,174 shares outstanding — exactly the Class A count from the quarterly report cover page dated May 5, 2026. The 15,621,062 Class B shares are missing. Every valuation metric in this analysis is therefore computed on the full count of 122,715,236.
- Takeover check before the analysis: no Form 25, no Form 15, no SC 14D9 and no DEFM14A in the filing history; the stock is listed on the NYSE as of the data date. Former name: JAND, Inc. until March 23, 2018.
- Data as of: 10-K for 2025 filed 2026-02-26, 10-K for 2024 filed 2025-02-27, 10-Q for the quarter ended 2026-03-31 filed 2026-05-07, 10-Q reports for 2025-09-30, 2025-06-30 and 2025-03-31, current reports 8-K dated 2026-05-07 and 2026-06-12; metrics and price history July 24 to 27, 2026.
- Possible confusion: Warby Parker is not the optical group EssilorLuxottica and not the contact lens maker Bausch + Lomb. The former corporate name JAND, Inc. still appears in older registers.
- The traffic light in this analysis judges the company, not the entry point. A scanner rank is an invitation to research, not a buy signal.
About the Company
Warby Parker Inc. verkauft Brillenprodukte über seine Einzelhandels- und E-Commerce-Plattform in den USA und Kanada.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 2,275 |
| Headquarters | New York, NY |
| Address | 233 Spring Street, 10013 New York, United States |
| Phone | 646 847 7215 |
| Website | warbyparker.com |
| IPO Date | 29. Sep 2021 |
| ISIN | US93403J1060 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Neil Harris Blumenthal | Co-Founder, President, Co-CEO & Co-Chair | 1981 |
| David Abraham Gilboa | Co-Founder, Co-CEO & Co-Chair | 1982 |
| Andrew M. Hunt | Co-Founder & Independent Director | – |
| Jeff Raider | Co-Founder & Independent Director | – |
| Adrian V. Mitchell | CFO & Principal Accounting Officer | 1974 |
| Jeffrey Saunders | Senior VP & CTO | – |
| Jaclyn Berkley | Head of Investor Relations | – |
| Chris Utecht | Senior VP, General Counsel & Secretary | – |
| Chelsea Kaden | Senior VP & Chief People Officer | – |
| Sandy Gilsenan | SVP and Chief Retail & Customer Experience Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 6. Jul 2026 | Gilboa David Abraham | Co-Chief Executive Officer | Sell | 54,347 | 29.84 | 1,621,714 |
| 6. Jul 2026 | Gilboa David Abraham | Co-Chief Executive Officer | Other | 54,347 | 0.00 | – |
| 6. Jul 2026 | Blumenthal Neil Harris | Co-Chief Executive Officer | Sell | 9,200 | 29.99 | 275,908 |
| 6. Jul 2026 | Blumenthal Neil Harris | Co-Chief Executive Officer | Other | 9,200 | 0.00 | – |
| 20. Apr 2026 | Neil Harris Blumenthal | CEO | Sell | 22,442 | 25.09 | 563,070 |
| 17. Apr 2026 | Neil Harris Blumenthal | CEO | Sell | 75,213 | 24.56 | 1,847,231 |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.