Warby Parker Inc. (WRBY) Stock

Warby Parker Inc. (WRBY) is a Healthcare stock trading at $24.20 (as of 2026-09-01), with a market capitalization of $3.04B and a trailing P/E of 2257.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Warby Parker Inc. sells eyewear including eyeglasses, sunglasses, and lens options such as light-responsive and blue-light-filtering lenses, along with contact lenses and accessories. The company also provides eye exams and vision tests through retail stores, its website, and mobile apps, serving consumers in the United States and Canada.

Understand Warby Parker Inc.: how it makes money

Warby Parker sells eyeglasses, sunglasses, prescription lenses, and contact lenses directly to consumers through 160+ stores and its website, also providing in-store and online eye exams. The business captures the full retail markup as a direct-to-consumer brand, but the combined cost of 160+ physical locations and digital fulfillment leaves very little operating profit from each sale.

A 54% gross margin on eyewear looks healthy, but operating margin sits at roughly 1%. The structural trap: the direct-to-consumer model that justifies the brand pricing also demands a full store-and-fulfillment cost base that consumes the entire gross margin, leaving the company perpetually near breakeven.

Business quality (Weak): Near-breakeven operations (1% operating margin) carried at a 303x multiple; the 54% gross margin is genuine but almost entirely absorbed by store and digital overhead. Business quality grade is Weak.

Valuation: At 303× earnings, WRBY trades 828% above the Medical Equipment average (33×).

Bull case

E-commerce demand accelerating: Excluding Home Try-On, e-commerce glasses and contact order volume grew low double digits, indicating underlying demand is intact even when traffic is soft.
Stores double as demo network: The 160+ store network provides broad access for Intelligent Eyewear demonstrations and support, giving Warby Parker a physical retail moat that pure-play e-commerce rivals lack at launch.

Bear case

Multiple wildly above industry: The stock trades at a P/E of 303.2x versus the Medical Equipment industry average of 33x, a premium of 828%. Even strong execution would struggle to close that gap without a step-change in earnings.
New product dilutes margin mix: Intelligent Eyewear product margins are expected below existing products, and launch preparation requires substantial operational, technology, and marketing investment that will pressure the already-1% operating margin.
Customer acquisition stalling: Category traffic remains soft, and active-customer growth is weaker than expected, requiring increased investment just to maintain the customer base rather than grow it.

Valuation — source: SEC EDGAR (first-party)
Price	$24.20
Market Cap	$3.04B
P/E Ratio	2257.8
EV / EBITDA	62.3
Price / Book	8.09
Price / Sales	3.41
FCF Yield	1.4%
DCF Value (model)	$5.53
DCF Upside vs Price	-77.2%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$871.90M
Net Margin	0.2%
Revenue Growth (YoY)	8.3%
EPS Growth (YoY)	0.0%
FCF Growth (YoY)	-36.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	5.33 (safe)

Valuation vs Sector & Industry
Stock P/E	2257.8
Sector P/E (Healthcare)	21.6
Industry P/E (Medical Equipment)	29.8
vs Sector	10354.8%
vs Industry	7488.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	FMR LLC ($327.14M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Neil Harris Blumenthal
Employees	2,218
Country	US
IPO Date	2021-09-29

Warby Parker Inc. earnings call transcripts

WRBY Q2 FY26 earnings call transcript (reported 2026-08-06) · analysis
WRBY Q4 FY25 earnings call transcript (reported 2026-02-26) · analysis

All WRBY earnings calls

Related Companies (Medical Equipment; 8 comparable device makers)

Data as of 2026-09-01.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.