WRBY - Warby Parker Inc.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$30.86
DETAILS
HIGH:
$35.00
LOW:
$25.00
MEDIAN:
$32.00
CONSENSUS:
$30.86
UPSIDE:
23.00%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue | 871.9 | 771.3 | 669.8 | 598.1 | 540.8 | 393.7 | 370.5 |
| Cost of Revenue | 401.3 | 344.5 | 304.5 | 257.1 | 223.0 | 161.8 | 147.4 |
| Gross Profit | 470.6 | 426.8 | 365.2 | 341.1 | 317.7 | 231.9 | 223.1 |
| Operating Expenses | |||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 475.9 | 440.1 | 421.6 | 452.3 | 461.4 | 287.6 | 224.8 |
| Other Expenses | 0 | 16.9 | 15.6 | 0 | 0 | 0 | 0 |
| Operating Expenses | 475.9 | 456.9 | 437.2 | 452.3 | 461.4 | 287.6 | 224.8 |
| Operating Income | |||||||
| Operating Income | (5.3) | (30.1) | (72.0) | (111.2) | (143.7) | (55.6) | (1.7) |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 |
| Interest Income | 8.4 | 10.6 | 9.2 | 1.3 | 0 | 0 | 1.9 |
| Profitability | |||||||
| EBITDA | 53.3 | 15.8 | (33.4) | (78.0) | (121.7) | (37.3) | 12.9 |
| EBIT | 3.0 | (30.1) | (72.0) | (109.9) | (143.7) | (55.6) | (1.7) |
| Income Before Tax | 3.0 | (19.5) | (62.8) | (109.9) | (144.0) | (55.7) | 0.3 |
| Income Tax Expense | 1.4 | 0.9 | 0.4 | 0.5 | 0.3 | 0.2 | 0.3 |
| Net Income | 1.6 | (20.4) | (63.2) | (110.4) | (144.3) | (55.9) | 0 |
| Per Share Data | |||||||
| EPS (Basic) | 0.01 | -0.17 | -0.54 | -0.96 | -1.39 | -0.50 | -0.52 |
| EPS (Diluted) | 0.01 | -0.17 | -0.54 | -0.96 | -1.39 | -0.50 | -0.52 |
| Shares Outstanding | 122.7 | 120.4 | 117.4 | 114.9 | 113.6 | 111.4 | 111.4 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Current Assets | |||||||
| Cash & Cash Equivalents | 286.4 | 254.2 | 216.9 | 208.6 | 256.4 | 314.1 | 55.4 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 3.3 | 1.9 | 1.8 | 1.4 | 1.0 | 0.6 | 1.1 |
| Inventory | 44.5 | 52.3 | 62.2 | 68.8 | 57.1 | 38.5 | 28.4 |
| Other Current Assets | 18.3 | 17.6 | 17.7 | 15.7 | 0 | 0 | 0 |
| Total Current Assets | 352.4 | 326.0 | 298.6 | 294.6 | 328.0 | 359.9 | 91.7 |
| Non-Current Assets | |||||||
| Property, Plant & Equipment | 358.3 | 341.7 | 274.6 | 265.6 | 112.2 | 84.5 | 83.9 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 8.6 | 3.6 | 3.7 |
| Long-Term Investments | 0 | 2 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 10.2 | 6.7 | 7.1 | 8.5 | (8.1) | (3.3) | (3.4) |
| Total Non-Current Assets | 368.5 | 350.4 | 281.7 | 274.1 | 112.7 | 84.8 | 84.2 |
| Total Assets | 720.9 | 676.5 | 580.3 | 568.7 | 440.6 | 444.8 | 175.9 |
| Current Liabilities | |||||||
| Account Payables | 32.0 | 23.5 | 22.5 | 20.8 | 30.9 | 40.8 | 37.3 |
| Short-Term Debt | 31.4 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 33.9 | 32.4 | 31.6 | 25.6 | 22.1 | 26.6 | 19.2 |
| Other Current Liabilities | 52.9 | 54.2 | 2.4 | 2.4 | 53.3 | 30.1 | 15.6 |
| Total Current Liabilities | 150.1 | 130.4 | 127.1 | 129.6 | 118.1 | 105.3 | 75.9 |
| Non-Current Liabilities | |||||||
| Long-Term Debt | 201.7 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.3 | 0.9 | 1.3 | 1.7 | 36.5 | 31.0 | 26.6 |
| Total Non-Current Liabilities | 203.1 | 206.1 | 151.4 | 152.5 | 36.5 | 31.0 | 26.6 |
| Total Liabilities | 353.2 | 336.4 | 278.5 | 282.1 | 154.6 | 136.3 | 102.5 |
| Stockholders' Equity | |||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | (685.6) | (687.2) | (666.8) | (603.6) | (493.2) | (325.4) | (269.5) |
| Accumulated Other Comprehensive Income | (1.5) | (1.9) | (1.5) | (0.6) | 0.0 | 0.1 | 0.0 |
| Total Stockholders' Equity | 367.7 | 340.1 | 301.8 | 286.6 | 286.0 | 308.4 | 73.4 |
| Total Liabilities & Equity | 720.9 | 676.5 | 580.3 | 568.7 | 440.6 | 444.8 | 175.9 |
| Debt Metrics | |||||||
| Total Debt | 233.1 | 225.4 | 174.5 | 173.4 | 0 | 0 | 0 |
| Net Debt | (53.2) | (28.8) | (42.4) | (35.2) | (256.4) | (314.1) | (55.4) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||
| Net Income | 1.6 | (20.4) | (63.2) | (110.4) | (144.3) | (55.9) | 0 |
| Depreciation & Amortization | 50.3 | 45.9 | 38.6 | 31.9 | 21.9 | 18.4 | 14.5 |
| Stock-Based Compensation | 34.5 | 47.3 | 70.5 | 98.0 | 107.1 | 44.9 | 8.5 |
| Change in Working Capital | 17.5 | 19.3 | 5.8 | (14.6) | (24.5) | 25.4 | (1.6) |
| Other Non-Cash Items | 6.8 | 6.7 | 9.3 | 5.4 | 7.8 | 85.3 | 0 |
| Operating Cash Flow | 110.8 | 98.7 | 61.0 | 10.4 | (32.0) | 32.8 | 21.4 |
| Investing Activities | |||||||
| Capital Expenditure | (67.0) | (64.0) | (53.7) | (60.2) | (48.5) | (20.1) | (32.6) |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | 0 | (2) | (1) | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | (67.0) | (66.0) | (54.7) | (60.2) | (48.5) | (20.1) | (32.6) |
| Financing Activities | |||||||
| Net Debt Issuance | 0 | 0 | 0 | 0.1 | 31.6 | 0.9 | 0.6 |
| Stock Repurchased | 0 | 0 | 0 | 0 | (8.1) | 0 | (79.5) |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (14.4) | 0.3 | 0 | 0 | (0.5) | 0 | (4.5) |
| Financing Cash Flow | (12.0) | 5.0 | 2.9 | 3.3 | 23.0 | 245.9 | (83.4) |
| Cash Position | |||||||
| Net Change in Cash | 32.2 | 37.3 | 8.3 | (47.8) | (57.7) | 258.7 | (94.4) |
| Cash at Beginning | 254.2 | 216.9 | 208.6 | 256.4 | 314.1 | 55.4 | 149.8 |
| Cash at End | 286.4 | 254.2 | 216.9 | 208.6 | 256.4 | 314.1 | 55.4 |
| Free Cash Flow | 43.7 | 34.7 | 7.3 | (49.8) | (80.5) | 12.7 | (11.2) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 871.9 | 771.3 | 669.8 | 598.1 | 540.8 | 393.7 | 370.5 |
| Gross Profit | 470.6 | 426.8 | 365.2 | 341.1 | 317.7 | 231.9 | 223.1 |
| Operating Income | (5.3) | (30.1) | (72.0) | (111.2) | (143.7) | (55.6) | (1.7) |
| Net Income | 1.6 | (20.4) | (63.2) | (110.4) | (144.3) | (55.9) | 0 |
| EPS (Diluted) | 0.01 | -0.17 | -0.54 | -0.96 | -1.39 | -0.50 | -0.52 |
| Balance Sheet | |||||||
| Cash & Equivalents | 286.4 | 254.2 | 216.9 | 208.6 | 256.4 | 314.1 | 55.4 |
| Total Assets | 720.9 | 676.5 | 580.3 | 568.7 | 440.6 | 444.8 | 175.9 |
| Total Debt | 233.1 | 225.4 | 174.5 | 173.4 | 0 | 0 | 0 |
| Stockholders' Equity | 367.7 | 340.1 | 301.8 | 286.6 | 286.0 | 308.4 | 73.4 |
| Cash Flow | |||||||
| Operating Cash Flow | 110.8 | 98.7 | 61.0 | 10.4 | (32.0) | 32.8 | 21.4 |
| Capital Expenditure | (67.0) | (64.0) | (53.7) | (60.2) | (48.5) | (20.1) | (32.6) |
| Free Cash Flow | 43.7 | 34.7 | 7.3 | (49.8) | (80.5) | 12.7 | (11.2) |