Vision Source Franchise Cost, Revenue & Review 2026
- Investment
- $100K – $450K
- Disclosed sales
- not disclosed
- SBA charge-off
- Limited · 29 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Vision Source is a franchise network of independently owned optometry practices offering eye exams, contact-lens fittings, and eyewear. Franchisees run their own clinic while tapping the network's marketing, vendor pricing, and clinical support.
FranchiseVerdict summary · 2026
A VISION SOURCE franchise requires a total initial investment of $100K – $450K. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: low - issued within the last 12 months
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored2 of 3 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $100K – $450K
- 16th pct Healthcare
- Avg gross sales
- N/A
- Royalty
- Not extracted
- Units
- 3,027
- 81st pct Healthcare
- SBA charge-off
- N/A
Quick verdict · Healthcare · color = vs category peers
Green = favorable by >10% vs Healthcare median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $100K – $450K.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict A (Strongest tier), verdict score 73/100 (higher is better).
- GROWTHPositive: net +28 franchised outlets in the latest year (188 opened, 160 closed) (Item 20).
- DATAThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Vision Source, LLC
- Parent company
- EDA Corporation
- FDD Item 1, page 7 of the 2026 FDD
- Ultimate parent
- EssilorLuxottica USA Inc. / EssilorLuxottica (global ultimate parent)
- FDD Item 1, page 7 of the 2026 FDD
- Predecessor
- The Vision Source, Inc. (Texas corporation; began franchising August 1996; reorganized May 2003)
- Prior franchisor entity
- CEO title
- Senior Vice President and General Manager
- Matteo Accornero
- Incorporated in
- Texas
- HQ
- 23824 Highway 59 North, Kingwood, Texas 77339
- Auditor
- Ernst & Young LLP
- Audited financials
Overview
About
- CEO
- Matteo Accornero
- Headquarters
- TX
- FDD year
- 2026
- States available
- 51
Can you afford it, and what does the money buy?
Entry cost runs 14% below the typical healthcare franchise.
Source: FDD 2026 · Items 5–7
FDD Item 7 · 2026 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Working capital (3–6 mo) | $20K | $90K |
| Equipment, build-out, other | $80K | $360K |
| Total initial investment | $100K | $450K |
Source: VISION SOURCE 2026 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $100K – $450K
- Top 40% of category vs category
- Liquid capital req'd
- $20K – $90K
- Top 40% of category vs category
- Franchise fee
- N/A
- Paid to franchisor at signing
- Royalty
- Up to 2.50% of Gross Receipts
- Ad fund
- 0.0%
- typical 3–5%
- Total fee load
- 2.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Marketing / ad fund | 0.0% |
| Inventory (initial) | $20K – $40K |
| Total fee load | 2.5% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
VISION SOURCE makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one VISION SOURCE unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, royalty rate, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2026 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 2.5% — below the Healthcare median of 8.0%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System roughly stable (+1.2% 3-year CAGR) with 3,027 units.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Healthcare medians
How Vision Source Compares
Category median of published Healthcare brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 3,027
- Opened
- 188
- Last reporting year
- Closed
- 160
- Terminated
- 79
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 54
- Term expired, not renewed (per Item 20)
- Turnover rate
- 5.3%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- +1.2%
- Net unit change over 3 years
- 3-yr CAGR
- +1.2%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 79
- Not renewed
- 54
- Transferred
- 31
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 0
- 0.00 per open outlet · Item 20 Table 5
- Projected new
- 219
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 50 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Where the owners are · Item 20 owner list
2,948 current owners across 50 states.
- CA 328
- TX 267
- FL 162
- IL 151
- MI 128
- OH 108
- IN 107
- PA 105
- NY 104
- NC 91
- TN 85
- MO 78
- +38 more states
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 29
- Loan volume
- $21.5M
- Median loan
- $449K
- 50th percentile
- Charge-off rate
- Limited · 29 loans
- Limited SBA coverage: 29 loans, rate hidden until 10 have resolved and loans reach 2% of franchised units
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Limited · 29 loans
- 5-yr charge-off
- Limited · 29 loans
- Loans approved 2021+
- Active lenders
- 25
- Defaults
- 1
- Typical loan rate
- 6.2%
- avg rate to borrowers
- Franchised industry avg
- 6.1%
- n=191 loans
- Jobs supported
- 170
- 0.8 per loan
- Lender concentration
- 7%
- top lender's share
Borrower mix: 0% went to startups / new businesses, 100% to established operators
Franchise vs independent — in offices of optometrists, franchised businesses charge off at 6.1% vs 5.3% for independents — franchising is associated with 15% higher SBA default risk in this category.
Vintage analysis
Vision Source charge-off rate by loan vintage
Top lenders financing Vision Source franchisees
Showing 3 of 25 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Vision Source from SBA 7(a) FOIA data.
- Principal loss rate
- 1.4%
- Avg SBA guarantee
- 75%
- Avg interest rate
- 6.21%
- Avg chargeoff amount
- $298K
- Lender concentration
- 6.9%
- Job velocity
- 0.8 per $100K
- NAICS benchmark
- 5.9%
- NAICS 621320
- Jobs supported
- 170
Top SBA lendersTop lender holds 7% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Live Oak Banking Company | 2 | $1.6M | 0.0% |
| 2 | Vision One CU | 2 | $949K | N/A |
| 3 | Community Trust Bank, Inc. | 2 | $100K | 0.0% |
| 4 | Byline Bank | 2 | $625K | 0.0% |
| 5 | Georgia Banking Company | 1 | $475K | 0.0% |
| 6 | Horizon Bank SSB | 1 | $110K | 0.0% |
| 7 | Horizon Bank | 1 | $100K | 0.0% |
| 8 | Busey Bank | 1 | $2.1M | 0.0% |
| 9 | Achieva CU | 1 | $125K | 0.0% |
| 10 | Citizens Bank, National Association | 1 | $449K | 100.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| NCNorth Carolina | 5 | 0 | 0.0% |
| TXTexas | 4 | 0 | 0.0% |
| FLFlorida | 3 | 0 | 0.0% |
| CACalifornia | 2 | 0 | -- |
| OHOhio | 2 | 0 | 0.0% |
| WVWest Virginia | 2 | 0 | 0.0% |
| ALAlabama | 1 | 0 | -- |
| CTConnecticut | 1 | 1 | 100.0% |
| IAIowa | 1 | 0 | -- |
| INIndiana | 1 | 0 | 0.0% |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Very large 3,027-unit optometry system with strong parent financials (net worth $346.7M, net income $62.4M, revenue $165.1M). The 4 lawsuits are all routine franchisor-initiated collection matters, negligible relative to system size.
Litigation (Item 3)
Subject: the franchisor is a named party (plaintiff).
Vision Source initiated 4 lawsuits against franchisees in FY2025, all collection matters (Todd M. Clark O.D./Image Optical - OH; Wyse Willa Optometry/Hollywood Vermont Optometrics - CA; Professional Eyecare Center/Michael S Russell OD - IL; Capital Preservation Services - MS). No other litigation or bankruptcy required to be disclosed.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Ernst & Young LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Figures are from the audited statements of First American Administrators, Inc. (FAA), the guarantor affiliate (a wholly owned subsidiary of EyeMed Vision Care, LLC / Luxottica of America / EssilorLuxottica), NOT the franchisor Vision Source, LLC. Item 21 states Vision Source's own financial statements are not included; instead FAA absolutely and unconditionally guarantees the franchisor's obligations, and FAA's audited statements are provided in Exhibit C. The FDD contains statements as of Dec 31, 2025, 2024, 2023 and 2022, but the most-recent (2025) balance-sheet and statement-of-operations figures did not render in the extracted text; the reported figures are the 2024 (yr1) and 2023 (yr2) columns from the comparative audited statements, which are the most recent columns with usable numbers. All amounts are already in whole US dollars and reconcile: total liabilities 181,216,365 + total shareholder's equity 346,729,936 = total assets 527,946,301. Other revenue is intercompany interest income (2024). FAA operates as a licensed third-party administrator for EyeMed vision care programs; revenue is not franchise royalty revenue.
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: No
- Restricted to system-approved products: No
- Can negotiate own supplier terms: Yes
Score breakdown · what drove the 73 / 100 verdict
- 01HIGH4 litigation matters, all routine collections vs franchisees, trivial for 3,027 units
- 02MINORParent-level financials very strong: $346.7M net worth, $62.4M net income
- 03MINORNo Item 19 (minor); no bankruptcy or distress
Severity inferred from the FDD text · not a regulatory classification
Litigation case detail4 matters · Item 3
Litigation cases
The franchisor
Status not stated in the filing (4)
Vision Source, LLC vs. Capital Preservation Services, LLC
Brought against a franchisee · filed 2025-10-23 · County Court of Rankin County, MS · 1585668
“Vision Source, LLC vs. Capital Preservation Services, LLC, No. 1585668 (County Court of Rankin County, MS, filed October 23, 2025)”Page 11 of the 2026 FDD, Item 3
Vision Source, LLC vs. Professional Eyecare Center / Michael S Russell OD, LLC
Brought against a franchisee · filed 2025-09-30 · DuPage County Circuit Court · 2025AR002640
“Vision Source, LLC vs. Professional Eyecare Center / Michael S Russell OD, LLC, No. 2025AR002640 (DuPage County Circuit Court, filed September 30, 2025)”Page 11 of the 2026 FDD, Item 3
Vision Source, LLC vs. Todd M. Clark, O.D., LLC dba Image Optical
Brought against a franchisee · filed 2025-08-28 · Delaware County Common Pleas Court, Delaware County, OH · 176398.001
“Vision Source, LLC vs. Todd M. Clark, O.D., LLC dba Image Optical, No. 176398.001 (Delaware County Common Pleas Court, Delaware County, OH), filed August 28, 2025.”Page 11 of the 2026 FDD, Item 3
Vision Source, LLC vs. Wyse Willa Optometry Inc dba Hollywood Vermont Optometrics
Brought against a franchisee · filed 2025-10-28 · Superior Court of CA, LA - Burbank Courthouse · 14009921
“Vision Source, LLC vs. Wyse Willa Optometry Inc dba Hollywood Vermont Optometrics, No. 14009921 (Superior Court of CA, LA - Burbank Courthouse, filed October 28, 2025)”Page 11 of the 2026 FDD, Item 3
Item 3 lists the litigation the franchisor must disclose; a matter against a parent, an affiliate or a named officer is not a matter against the franchisor, and pending claims are allegations, not findings.
What are you signing up for?
Ongoing fees run about 2.5% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2026 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 5 years |
|---|---|
| Renewal term | 5 years |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory sizeℹ | Boundary-based |
| Online sales rightsℹ | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Not allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 3 years |
| Right of first refusalℹ | No |
| Transfer requires consent | Yes |
| Termination notice | 15 days |
| Curable defaultsℹ | 5 |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Varies |
| Litigation count | 4 |
View Item 3 litigation summary
Vision Source initiated 4 lawsuits against franchisees in FY2025, all collection matters (Todd M. Clark O.D./Image Optical - OH; Wyse Willa Optometry/Hollywood Vermont Optometrics - CA; Professional Eyecare Center/Michael S Russell OD - IL; Capital Preservation Services - MS). No other litigation or bankruptcy required to be disclosed.
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 0 hrs
- Ongoing training
- Optional
- Site selection
- franchisee (with franchisor approval)
- Franchisor financing
- Not offered
- Item 10
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
2,948 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a VISION SOURCE franchise?
The total investment to open a VISION SOURCE franchise ranges from $100K – $450K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do VISION SOURCE franchise owners earn?
VISION SOURCE makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns VISION SOURCE?
VISION SOURCE is franchised by Vision Source, LLC. Its parent company is EDA Corporation. The ultimate parent named in the FDD is EssilorLuxottica USA Inc. / EssilorLuxottica (global ultimate parent). Source: FDD Item 1, 2026 filing.
What is Item 19 in the VISION SOURCE FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the VISION SOURCE FDD and qualifies whose outlets they describe.
What is VISION SOURCE's franchise failure rate?
SBA 7(a) loan charge-off data is not available for VISION SOURCE (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many VISION SOURCE franchise locations are there?
As of their most recent FDD filing, VISION SOURCE has 3,027 total units in the United States, including 3,027 franchised units and 0 company-owned units. 188 new units were opened in the latest reporting year.
Is VISION SOURCE a good franchise to buy?
FranchiseVerdict rates VISION SOURCE as a A-grade franchise with a verdict score of 73 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.