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Warby Parker

WRBY on NYSE. Warby Parker sells glasses and eye care to customers online and in stores. Market value $2.2bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
0.7%low

For every $100 of what the whole company costs, it produced $0.66 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
1925.7×full

You pay 1925.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
-67.0%five-year median

Each dollar kept in the business earns -67 cents a year. Above 10 is good.

Quality score: 52 of 100. Price score: 4 of 100. Our list needs 70 on quality and 60 on price.

$26.23 a share, 75% above its 1-year low

Over the past year the price has ranged from $14.96 to $31.00.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.0
0.0
0.0
0.0
0.0
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $22 million in the past 12 months, $44 million in the year to December 2025.

Revenue
$541m$598m$670m$771m$872m
Operating margin
-26.6%-18.6%-10.7%-3.9%-0.6%
Debt to equity
0.000.000.000.000.00
Shares outstanding
0.07bn0.11bn0.12bn0.12bn0.13bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt0.00× equity
  • Revenue growth, five yearsStrong, 12.7% a year
  • Buying back its own sharesNo, 76% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $236 million last quarter, up 10% on a year ago.
  • Profit: $5 million, after a loss of $2 million a year ago.
  • It keeps 0 cents of each $1 of sales as operating profit, after losing 2 cents a year earlier.
  • Spare cash over the past 12 months: $22 million, down from $52 million.
  • 3% more shares than a year ago. Each share owns a bit less of the company.
  • It has $293 million more cash than debt, up from $286 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$192m
December 2024$191m
March 2025$224m
June 2025$214m
September 2025$222m
December 2025$212m
March 2026$242m
June 2026$236m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$4m
December 2024-$7m
March 2025$3m
June 2025-$2m
September 2025$6m
December 2025-$6m
March 2026$3m
June 2026$5m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

2 long-term investors we follow own it, down from 3 last quarter. 303 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

  • FMR LLC
    Passive investor
    at least 15.0%+6.2 pts
    (filed with 1 related holder)
    Since 28 November 2025
  • BlackRock, Inc.
    Passive investor
    14.0%+7.6 pts
    Since 30 June 2026
  • JPMORGAN CHASE & CO
    Passive investor
    10.2%+1.1 pts
    Since 29 May 2026
  • Blumenthal Neil Harris
    Passive investor
    7.2%
    Since 30 June 2026
  • 6.9%−1.4 pts
    Since 31 December 2025
  • David A. Gilboa
    Passive investor
    6.9%
    Since 31 March 2025
  • 5.1%
    Since 31 March 2026
  • David P. Fialkow
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • D1 Capital Partners L.P.
    Passive investor
    Sold down below 5%
    Since 31 March 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 7 sold $50m, $46m of it under preset trading plans.

  • Raider Jeffrey Jacob
    Director
    Sold
    under a preset trading plan
    Date
    1 October 2026
    Shares
    15,000
    Price
    $27.70
    Value
    $415,500
  • Blumenthal Neil Harris
    Co-Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    1 October 2026
    Shares
    100,000
    Price
    $27.69
    Value
    $3m
  • Gilboa David Abraham
    Co-Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    6 July 2026
    Shares
    54,347
    Price
    $29.84
    Value
    $2m
  • Blumenthal Neil Harris
    Co-Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    6 July 2026
    Shares
    9,200
    Price
    $29.99
    Value
    $275,908
  • Raider Jeffrey Jacob
    Director
    Sold
    under a preset trading plan
    Date
    1 July 2026
    Shares
    22,500
    Price
    $29.72
    Value
    $668,700
  • Gilboa David Abraham
    Co-Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    1 July 2026
    Shares
    242,221
    Price
    $29.69
    Value
    $7m
  • Blumenthal Neil Harris
    Co-Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    1 July 2026
    Shares
    217,667
    Price
    $29.61
    Value
    $6m
  • Blumenthal Neil Harris
    Co-Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    29 June 2026
    Shares
    36,300
    Price
    $30.04
    Value
    $1m
  • Briggs Teresa
    Director
    Sold
    under a preset trading plan
    Date
    16 June 2026
    Shares
    5,000
    Price
    $25.94
    Value
    $129,683
  • Moon Youngme E
    Director
    Sold
    Date
    12 June 2026
    Shares
    10,000
    Price
    $26.53
    Value
    $265,300

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • It isn't cheap on profits: 1925.7× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.