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Winmark Corporation

WINA Consumer Cyclical Specialty Retail

Winmark Corporation’s revenue for fiscal 2025 (year ended December 2025) was $86.1 million, up 5.86% from fiscal 2024.

Revenue
+23.2%
EPS
+5.11%
Free cash flow
+3.89%
Total debt
+0.03%

Quarter to September 2026, against a year earlier

266.93 10.58 −3.81%
Market cap
$956.0M
P/E
23.1×
Fwd P/E
25.7×
Dividend yield
1.12%
F-score
6/9
Altman Z
17.96
Beneish M
−2.82
Dividend safety
26/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 3.15
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 2 — — — — — — 1 —
Insider Ownership 17.79%

Capital & Financial Ratios $m

Size
Market Cap 955.96
Revenue ttm 91.79
Net income ttm 41.43
Free cash flow ttm 41.50
Net debt Q 31.86
Valuation
P/E 23.07
Forward P/E 25.70
Price / sales 10.43 (above 10: high)
Forward P/S Powerpack
Price / FCF 23.08
Price / book 0.00
Financial health
Current ratio Q 3.20 (at or above 1.5: strong)
Debt / equity Q (1.60) (negative: negative equity)
Interest coverage Q 25.87
Growth
Revenue growth Q +23.23% (above 0%: growing)
Operating income growth Q +5.78% (above 0%: growing)
EPS, this year −1.68% (below 0%: weak)
EPS, next year A +0.18%
Revenue, next year A +12.61% (at or above 10%: strong)
EPS, past 5 yrs +7.92%
EPS, next 5 yrs A +7.45%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.8×, against a ten-year median of 10.3×; over the ten years it ranged from 6.7× in 2016 to 21.2× in 2025.
P/E against its own 10 years 53.36%
10-year low 10-year high
P/S against its own 10 years 55.26%
10-year low 10-year high
EV/Sales against its own 10 years 57.32%
10-year low 10-year high
EV/FCF against its own 10 years 36.31%
10-year low 10-year high

Dividends raised 6 years running

Yield
1.12%
Annual rate
3.00
Payout ratio
26.8%
Growth, 2018–26
+27.9%/yr
  1. 0.56 ’18
  2. 0.90 ’19 +61
  3. 0.80 ’20 −11
  4. 1.15 ’21 +44
  5. 1.85 ’22 +61
  6. 2.30 ’23 +24
  7. 2.60 ’24 +13
  8. 2.82 ’25 +8
  9. 4.02 ’26 +43
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 13 12 10 28
Receivables 2 1 2 2
Inventory 0 0 0 1
Other — — — —
17 15 14 33
2023 2024 2025 Q'26
Payables 2 2 2 2
ST’ Debt — — — —
Other — — — —
10 5 6 10

Compound Annual Growth %

10y 5y 3y
Sales 2.17% 5.43% 1.87%
Cash Flow 7.24% 0.76% 0.84%
Earnings 6.69% 6.91% 1.85%
Book Value 0.00% 0.00% 0.00%

EPS $

Mar Jun Sep Dec Year
’26 2.50 2.81 3.21 — —
’25 2.71 2.89 3.02 2.69 11.30
’24 2.41 2.85 3.03 2.60 10.89
’23 2.49 2.85 3.05 2.64 11.04
’22 2.65 2.54 2.93 2.86 10.97
’21 2.40 2.33 2.67 3.09 10.48
’20 1.87 1.33 2.43 2.09 7.72
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 21 22 28 — —
’25 22 20 23 21 86
’24 20 20 22 20 81
’23 21 20 22 20 83
’22 20 19 21 21 81
’21 19 19 20 20 78
’20 19 12 18 17 66
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 12 11 13 — —
’25 15 9 12 9 45
’24 13 8 12 8 42
’23 14 9 12 9 44
’22 13 9 12 10 44
’21 14 10 12 13 48
’20 14 9 9 11 43
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 12 8 13 — —
’25 15 9 12 9 45
’24 13 8 12 8 42
’23 14 9 12 9 44
’22 13 5 12 10 40
’21 13 10 12 13 48
’20 13 8 8 10 39
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 67 70 73 73 66 78 81 83 81 86 92 +2.9% 97 140 — +27.7%
Gross margin, % 96.84 96.51 96.22 96.63 96.82 96.24 95.44 94.64 95.84 96.39 92.38 (0.5) pt
EBT 36 36 39 41 39 50 51 51 51 53 53 +4.5%
EBT margin, % 53.90 52.25 54.18 56.57 58.31 63.76 62.38 61.70 63.01 61.75 57.90 +7.9 pt
Net income 22 25 30 32 30 40 39 40 40 42 41 +7.3%
Per share, $
Per share, $ Revenue 16.13 17.20 18.71 19.09 17.76 21.30 23.34 23.92 23.12 24.24 25.58 +4.6%
Earnings 5.39 6.06 7.77 8.37 8.02 10.87 11.30 11.55 11.36 11.73 11.57 +9.0%
Cash flow 6.37 6.21 9.02 13.19 11.62 13.17 12.56 12.64 11.99 12.65 12.28 +7.9%
Capex (6.37) (6.28) (6.14) (2.39) (1.12) (0.08) (1.05) (0.11) (0.06) (0.05) (0.72) (41.1%)
Free cash flow 0.00 (0.07) 2.87 10.80 10.50 13.09 11.50 12.53 11.93 12.59 11.57 n/m
Book value (1.90) (8.81) (1.24) 3.24 (3.06) (10.64) (17.67) (17.00) (14.52) (15.12) (10.42) +25.9%
Shares, m 4 4 4 4 4 4 3 3 4 4 4 (1.6%)
Valuation, ×
Valuation, × P/E 23.14 21.72 20.46 23.69 23.20 22.82 21.01 35.35 34.60 34.52 23.07 26.1
P/S 7.73 7.69 8.50 10.39 10.46 11.66 10.18 17.05 17.00 16.70 10.43 11.7
P/B 0.00 0.00 0.00 61.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.1
EV/Sales 8.19 8.46 8.64 10.25 10.58 12.10 10.93 17.74 17.66 17.34 10.84 12.2
EV/FCF (181,518.18) (2,200.50) 56.22 18.11 17.89 19.69 20.37 33.86 34.20 33.39 23.98 (18,348.5)
Cash, $m
Cash, $m Operating cash flow 26 25 35 51 43 48 44 44 42 45 44 +6.1%
Capex (26) (25) (24) (9) (4) 0 (4) 0 0 0 (3) (42.1%)
Free cash flow 0 0 11 41 39 48 40 44 42 45 42 n/m
Balance, $m
Balance, $m Working capital 15 12 12 29 7 7 8 6 10 8 22 (6.5%)
Net debt 25 48 4 (16) 2 29 55 51 48 50 32 +8.0%
Shareholders’ equity (8) (36) (5) 12 (11) (39) (62) (59) (51) (54) (37) +23.8%
Returns, %
Returns, % ROA 46.15 50.46 63.09 59.26 64.01 137.08 137.48 135.23 143.17 161.05 83.88 +114.9 pt
ROIC 140.67 201.57 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (140.7) pt
ROE (114.98) (112.84) (148.69) 841.63 5,576.53 (158.22) (78.29) (66.53) (72.51) (79.55) (129.99) +35.4 pt
People
People Employees 103 107 107 98 90 85 83 83 89 87 — (1.9%)
Revenue/emp, $m 0.65 0.65 0.68 0.75 0.73 0.92 0.98 1.00 0.91 0.99 — +4.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Winmark Corporation vs peers in Specialty Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ARHS Arhaus, Inc. $1.8B 27.5× 23.2× +6.83% (above 0%: growing) −33.33% (below 0%: shrinking) +303.70% (above 0%: growing) 39.23% 2.74% Compare
SBH Sally Beauty Holdings, Inc. $1.8B 9.4× 8.8× +0.23% (above 0%: growing) +23.91% (above 0%: growing) +25.44% (above 0%: growing) 52.41% 9.24% Compare
EYE National Vision Holdings, Inc. $1.4B 28.2× 23.8× +2.55% (above 0%: growing) +45.45% (above 0%: growing) −133.21% (below 0%: shrinking) 58.23% 4.27% Compare
SVV Savers Value Village, Inc. $1.4B 22.5× 21.7× +8.47% (above 0%: growing) n/m +563.29% (above 0%: growing) 56.89% 9.83% Compare
HZO MarineMax, Inc. $1.2B — (loss-making) 254× −5.80% (below 0%: shrinking) n/m +0.54% (above 0%: growing) 37.36% (0.33%) Compare
WINA Winmark Corporation $956.0M 23.1× 25.7× +23.23% (above 0%: growing) +5.11% (above 0%: growing) +3.89% (above 0%: growing) 82.89% 56.60%
WOOF Petco Health and Wellness Company, Inc. $853.5M 27.1× 15.9× +0.05% (above 0%: growing) +180.00% (above 0%: growing) +136.50% (above 0%: growing) 39.70% 3.21% Compare
BWMX Betterware de Mexico SAPI de C $652.3M 8.5× 7.8× +54.27% (above 0%: growing) +26.67% (above 0%: growing) +98.79% (above 0%: growing) 64.10% 18.20% Compare
EVGO EVgo Inc. $550.4M — (loss-making) — (loss-making) −15.69% (below 0%: shrinking) n/m −232.84% (below 0%: shrinking) 8.88% (48.58%) Compare
Median of peers $1.3B 24.8× 21.7× +1.39% +26.67% +62.12% 46.06% 3.74%

All 45 Specialty Retail stocks →

Pay and ownership Proxy statement filed 4 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.11m 2.31m 257.00
2024 1.83m 1.09m 241.00
2023 1.62m 6.43m 247.00
2022 1.84m 2.16m 136.00
2021 1.83m 2.53m 136.00

Ownership

Directors and executive officers, together 10.40%
BlackRock, Inc. 12.10%
Ronald G. Olson 11.10%
Neuberger Berman Group LLC 8.20%
Renaissance Technologies LLC 5.80%
Vanguard Group Inc PO Box 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Winmark Corporation (WINA) Latest News

26 Oct

Impact 3 · · Simply Wall St.

16 Oct

Impact 3 · · Simply Wall St.

14 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Associated Press
Impact 3 · · Business Wire

15 Jul

Impact 4 ·
Impact 3 ·
Impact 3 · · Associated Press Finance

15 May

Impact 3 · · Simply Wall St.

18 Apr

Impact 4 · · Simply Wall St.

15 Apr

Impact 3 · · Business Wire

18 Feb

Impact 4 · · Associated Press Finance
Impact 4 · · Business Wire

24 Jan

Impact 4 · · Simply Wall St.

21 Jan

Impact 4 · · PR Newswire

4 Nov

Impact 4 · · Simply Wall St.

3 Nov

Impact 4 · · Simply Wall St.

30 Oct

Impact 4 · · Insider Monkey

15 Oct

Impact 4 ·
Impact 4 · · Business Wire
Impact 3 · · Business Wire

2 Oct

Impact 4 ·

22 Sep

Impact 3 · · Business WirePR NewswirePR NewswirePR NewswireBusiness Wire

19 Aug

Impact 4 · · CNW Group

7 Aug

Impact 3 · · Business Wire

30 Jul

Impact 3 · · PR Newswire

26 Jun

Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool

22 Apr

Impact 3 · · Simply Wall St.

21 Apr

Impact 3 ·
stockrow.com/WINA · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com