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Winmark

WINA Nasdaq Other Specialty Retail Financials FY2016–FY2025

Winmark's revenue rose 5.9% to $86 million in fiscal 2025. Its operating margin was 63.4%, down from 65.1% a year earlier. Free cash flow was $45 million, up 6.5%. It paid out $52 million in dividends and buybacks, 115% of free cash flow. The diluted share count rose 0.5%.

Last close · Oct 23, 2026

$279.71

2.2%
Value it Compare
Revenue Total sales reported in the income statement.
$86.1M
5.9% vs prior year
Operating margin Operating income as a share of revenue.
63.4%
1.7 pts
Net income Profit after all expenses, interest and tax.
$41.7M
4.2%
Free cash flow Cash from operations minus capital spending.
$44.7M
6.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$1.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
25.0x
On $11.21 EPS (TTM)

What Winmark does

No business description yet.

Legal name
WINMARK CORPORATION
Fiscal year ends
December 27, 2025
Latest annual report
—
Accession · CIK
0000908315-26-000007
0000908315

Revenue and margins

Winmark had $86.1M of revenue in fiscal 2025, up 5.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $44.7M in fiscal 2025, 52.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Winmark returned $51.5M to shareholders in fiscal 2025, 115% of free cash flow. The diluted share count rose 0.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Winmark yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$19.7M and divides by 3.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 25.0x · peers 20.1x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Winmark can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $11.4M$13.6M$13.4M$12.2M$10.3M
Debt incl. finance leases $47.7M$43.3M$39.1M—$30.0M
Net debt / EBITDA 0.7x0.6x0.5x—0.4x
Interest coverage 35.3x18.4x17.2x18.5x22.3x
Current ratio 1.8x1.7x1.6x3.0x2.5x
Quick ratio 1.7x1.6x1.6x2.9x2.4x
Total assets $26.9M$30.5M$29.0M$26.8M$24.9M
Total liabilities $66.0M$92.1M$88.1M$77.9M$78.6M
Shareholders' equity −$39.1M−$61.6M−$59.2M−$51.0M−$53.7M
Net debt (− = net cash) $36.3M$29.7M$25.7M—$19.7M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$3.6M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 4, 2026 Jenele C GrassleDirector Sold 3,900 $475.80 $1.9M Form 4
Mar 3, 2026 Percy C Tomlinson JrDirector Sold 1,660 $460.52 $0.8M Form 4
Nov 21, 2025 Jenele C GrassleDirector Sold 2,400 $420.87 $1.0M Form 4
Oct 24, 2025 Renae M. GaudetteChief Operating Officer Sold 1,200 $417.11 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ — —
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 4 / 9— / 9— / 9
Accruals ratio −12.8%−7.9%−12.5%
Altman Z'' 5.557.086.65

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Winmark WINA $1.0B 5.9% 63.4% 52.0% — 25.0x —
Bath & Body Works BBWI $4.2B −0.2% 15.4% 11.9% 47.5% 5.5x 5 Compare →
Ulta Beauty ULTA $26.9B 9.7% 12.4% 8.6% 55.8% 22.8x 6 Compare →
Chewy CHWY $9.0B 6.2% 2.0% 4.5% — 33.2x 7 Compare →
Tractor Supply TSCO $17.5B 4.3% 9.5% 4.8% 28.5% 17.4x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $66.5M $69.8M $72.5M $73.3M $66.1M $78.2M $81.4M $83.2M $81.3M $86.1M
Gross profit $64.4M $67.3M $69.8M $70.8M $64.0M $75.3M $77.7M $78.8M $77.9M $83.0M
Operating income $38.2M $38.8M $41.8M $43.1M $40.2M $51.3M $53.6M $53.3M $52.9M $54.6M
Interest expense $2.3M $2.4M $2.4M $1.7M $1.7M $1.5M $2.9M $3.1M $2.9M $2.4M
Pretax income $35.9M $36.5M $39.3M $41.5M $38.5M $49.9M $50.8M $51.4M $51.2M $53.1M
Income tax $13.7M $11.9M $9.2M $9.3M $8.7M $9.9M $11.4M $11.2M $11.3M $11.5M
Net income $22.1M $24.6M $30.1M $32.1M $29.8M $39.9M $39.4M $40.2M $40.0M $41.7M
Diluted EPS $5.11 $5.66 $7.26 $7.84 $7.72 $10.48 $10.97 $11.04 $10.89 $11.30
Diluted shares 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B
Cash flow
Cash from operations $26.3M $25.2M $34.9M $50.6M $43.2M $48.3M $43.8M $44.0M $42.2M $44.9M
Capital expenditure $0.1M $0.1M $0.7M $0.2M $0.0M $0.1M $0.1M $0.4M $0.2M $0.2M
Free cash flow $26.2M $25.1M $34.2M $50.5M $43.2M $48.3M $43.7M $43.6M $42.0M $44.7M
Depreciation and amortization $0.4M $0.4M $0.3M $0.4M $0.5M $0.4M $0.6M $0.8M $0.8M $0.7M
Stock-based compensation $1.8M $2.0M $2.0M $1.7M $1.3M $1.4M $1.7M $2.0M $2.0M $2.3M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $1.6M $49.9M $1.8M $24.0M $49.0M $44.2M $49.1M $0.0M $0.0M $2.4M
Dividends paid $1.5M $1.8M $2.2M $3.4M $14.2M $33.2M $19.3M $43.7M $38.9M $49.1M
Dividends and buybacks $3.1M $51.7M $4.0M $27.5M $63.2M $77.4M $68.4M $43.7M $38.9M $51.5M
Balance sheet
Cash and short-term investments $1.3M $1.1M $2.5M $25.1M $6.7M $11.4M $13.6M $13.4M $12.2M $10.3M
Total debt $21.9M $32.1M $28.8M $25.7M $21.9M $47.7M $43.3M $39.1M — $30.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $22.8M $21.5M $24.3M $41.2M $18.3M $17.4M $18.1M $16.7M $15.4M $14.1M
Current liabilities $7.4M $9.4M $12.5M $11.9M $11.4M $10.0M $10.6M $10.5M $5.1M $5.7M
Inventory $0.1M $0.1M $0.1M $0.1M $0.1M $0.3M $0.8M $0.4M $0.4M $0.4M
Property and equipment, net $0.8M $0.5M $0.9M $2.8M $2.3M $2.0M $1.7M $1.7M $1.4M $1.2M
Total assets $48.6M $48.8M $46.7M $61.8M $31.3M $26.9M $30.5M $29.0M $26.8M $24.9M
Total liabilities $61.5M $84.6M $51.5M $49.4M $42.7M $66.0M $92.1M $88.1M $77.9M $78.6M
Shareholders' equity −$12.9M −$35.7M −$4.8M $12.4M −$11.4M −$39.1M −$61.6M −$59.2M −$51.0M −$53.7M
Margins
Gross margin 96.8% 96.5% 96.2% 96.6% 96.8% 96.2% 95.4% 94.6% 95.8% 96.4%
Operating margin 57.4% 55.6% 57.6% 58.8% 60.9% 65.6% 65.9% 64.0% 65.1% 63.4%
EBITDA margin 58.1% 56.1% 58.0% 59.4% 61.6% 66.2% 66.6% 64.9% 66.1% 64.3%
Net margin 33.3% 35.2% 41.6% 43.9% 45.1% 51.0% 48.4% 48.3% 49.2% 48.4%
FCF margin 39.4% 36.0% 47.2% 68.9% 65.4% 61.7% 53.6% 52.4% 51.6% 52.0%
Returns
Return on capital — — 380.7% 193.6% 368.4% — — — — —
Return on capital employed 94.2% 96.3% 113.5% 102.6% 115.1% 278.4% 291.5% 277.8% 262.9% 266.5%
Return on equity — — — 841.6% — — — — — —
Return on assets 46.2% 50.5% 63.1% 59.3% 64.0% 137.1% 137.5% 135.2% 143.2% 161.1%
Growth
Revenue growth −4.2% 4.9% 4.0% 1.1% −9.9% 18.4% 4.1% 2.3% −2.4% 5.9%
Net income growth 1.6% 11.0% 22.6% 6.7% −7.2% 33.9% −1.2% 1.9% −0.6% 4.3%
EPS growth 9.0% 10.8% 28.3% 8.0% −1.5% 35.8% 4.7% 0.6% −1.4% 3.8%
FCF growth 18.1% −4.1% 36.2% 47.4% −14.5% 11.8% −9.6% −0.1% −3.8% 6.5%
Share count change −6.9% 0.2% −4.4% −1.2% −5.8% −1.4% −5.7% 1.3% 0.7% 0.5%
Financial health
Net debt / EBITDA 0.5x 0.8x 0.6x 0.0x 0.4x 0.7x 0.6x 0.5x — 0.4x
Debt / equity — — — 2.1x — — — — — —
Interest coverage 16.3x 16.4x 17.1x 24.9x 23.1x 35.3x 18.4x 17.2x 18.5x 22.3x
Current ratio 3.1x 2.3x 1.9x 3.5x 1.6x 1.8x 1.7x 1.6x 3.0x 2.5x
Quick ratio 3.1x 2.3x 1.9x 3.5x 1.6x 1.7x 1.6x 1.6x 2.9x 2.4x
Capital allocation
Capex / revenue 0.1% 0.1% 1.0% 0.2% 0.1% 0.1% 0.2% 0.5% 0.2% 0.2%
Stock comp / revenue 2.7% 2.8% 2.7% 2.3% 2.0% 1.8% 2.0% 2.4% 2.5% 2.7%
Payouts / FCF 11.8% 205.6% 11.7% 54.4% 146.4% 160.3% 156.7% 100.1% 92.6% 115.3%
Quality scores
Piotroski F-score 8.0 5.0 7.0 9.0 6.0 7.0 7.0 4.0 — —
Altman Z'' 6.4 4.0 6.9 8.1 7.6 9.3 6.0 5.6 7.1 6.7
Accruals ratio −8.6% −1.3% −10.1% −34.1% −28.8% −28.9% −15.2% −12.8% −7.9% −12.5%

Source: SEC EDGAR XBRL filings (CIK 0000908315). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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