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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. In the quarter to September 2026, revenue grew 23.2%, EPS grew 5.22%, free cash flow fell 5.68% and total debt was flat, each against the same quarter a year earlier.

315.66 1.40 +0.45%
Market cap
$1.1B
P/E
27.3×
Fwd P/E
31.8×
Dividend yield
0.95%
F-score
6/9
Altman Z
17.96
Beneish M
−2.82
Dividend safety
26/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 3.63
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — — — 2 — — — — — — —
Insider Ownership 16.95%

Capital & Financial Ratios $m

Market Cap 1,130.00
Revenue 91.79
Net Income 41.43
Free Cash Flow 41.50
Net Debt 31.86
Current Ratio 3.20 (at or above 1.5: strong)
Debt/Equity (1.60) (negative: negative equity)
P/E ratio 27.27
Fwd P/E 31.80
P/S ratio 12.34 (above 10: high)
P/B ratio 0.00
Past 5Y EPS Growth 7.92%
This Y EPS Growth (1.68%) (below 0%: weak)
Next Y EPS Growth 0.14%
Next Y revenue growth 3.39%
Next 5Y EPS Growth 7.45%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.7×, 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 68.04%
10-year low 10-year high
P/S against its own 10 years 66.27%
10-year low 10-year high
EV/Sales against its own 10 years 66.13%
10-year low 10-year high
EV/FCF against its own 10 years 44.17%
10-year low 10-year high

Dividends

Payout Ratio 0.27
Annual Dividend Rate 3.00
Annual Dividend Yield 0.95%
total individual payouts
2027 Powerpack
2026 3.84
0.96
1.02
1.02
2025 3.84
0.90
0.96
0.96
10.00
2024 3.50
0.80
0.90
0.90
0.90
2023 2.30
0.70
0.80
0.80
9.40
2022 2.55
0.45
0.70
0.70
0.70
2021 1.60
0.25
0.45
0.45
0.45
2020 0.55
0.25
0.05
0.25
3.00
2019 0.90
0.15
0.25
0.25
0.25
2018 0.56
0.11
0.15
0.15
0.15
2017 0.43
0.10
0.11
0.11
0.11
2016 0.37
0.07
0.10
0.10
0.10
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 88.00 109.90 123.65 152.70 115.00 165.82 183.94 233.21 330.25 295.79

Analyst estimates 2026–2028

Powerpack
High 133.07 139.05 187.10 199.50 215.00 277.99 255.03 451.30 431.67 527.37
People
People Employees 103 107 107 98 90 85 83 83 89 87
Revenue/emp, $m 0.65 0.65 0.68 0.75 0.73 0.92 0.98 1.00 0.91 0.99
Income, $m
Income, $m Revenue 67 70 73 73 66 78 81 83 81 86
Gross margin, % 96.84 96.51 96.22 96.63 96.82 96.24 95.44 94.64 95.84 96.39
EBT 36 36 39 41 39 50 51 51 51 53
EBT margin, % 53.90 52.25 54.18 56.57 58.31 63.76 62.38 61.70 63.01 61.75
Net income 22 25 30 32 30 40 39 40 40 42
Depreciation 1 1 1 1 1 0 1 1 1 1
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
Earnings 5.39 6.06 7.77 8.37 8.02 10.87 11.30 11.55 11.36 11.73
Cash flow 6.37 6.21 9.02 13.19 11.62 13.17 12.56 12.64 11.99 12.65
Capex (6.37) (6.28) (6.14) (2.39) (1.12) (0.08) (1.05) (0.11) (0.06) (0.05)
Free cash flow 0.00 (0.07) 2.87 10.80 10.50 13.09 11.50 12.53 11.93 12.59
Book value (1.90) (8.81) (1.24) 3.24 (3.06) (10.64) (17.67) (17.00) (14.52) (15.12)
Shares, m 4 4 4 4 4 4 3 3 4 4
Valuation, ×
Valuation, × P/E 23.14 21.72 20.46 23.69 23.20 22.82 21.01 35.35 34.60 34.52
P/S 7.73 7.69 8.50 10.39 10.46 11.66 10.18 17.05 17.00 16.70
P/B 0.00 0.00 0.00 61.18 0.00 0.00 0.00 0.00 0.00 0.00
EV/Sales 8.19 8.46 8.64 10.25 10.58 12.10 10.93 17.74 17.66 17.34
EV/FCF (181,518.18) (2,200.50) 56.22 18.11 17.89 19.69 20.37 33.86 34.20 33.39
Cash, $m
Cash, $m Operating cash flow 26 25 35 51 43 48 44 44 42 45
Capex (26) (25) (24) (9) (4) 0 (4) 0 0 0
Free cash flow 0 0 11 41 39 48 40 44 42 45
Balance, $m
Balance, $m Working capital 15 12 12 29 7 7 8 6 10 8
Total debt 43 64 26 22 18 43 69 65 60 60
Net debt 25 48 4 (16) 2 29 55 51 48 50
Shareholders’ equity (8) (36) (5) 12 (11) (39) (62) (59) (51) (54)
Returns, %
Returns, % ROA 46.15 50.46 63.09 59.26 64.01 137.08 137.48 135.23 143.17 161.05
ROIC 140.67 201.57 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
ROE (114.98) (112.84) (148.69) 841.63 5,576.53 (158.22) (78.29) (66.53) (72.51) (79.55)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 16 Oct 2026

Charts ten years each

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
RH RH $2.2B 19.1× 27.9× +2.56% (above 0%: growing) +15.22% (above 0%: growing) +23.83% (above 0%: growing) 48.24% 11.67% Compare
SBH Sally Beauty Holdings, Inc. $1.6B 8.4× 5.9× +0.23% (above 0%: growing) +23.91% (above 0%: growing) +25.44% (above 0%: growing) 52.41% 9.24% Compare
SVV Savers Value Village, Inc. $1.6B 62.9× 21.8× +7.43% (above 0%: growing) +16.67% (above 0%: growing) +104.50% (above 0%: growing) 56.87% 9.43% Compare
ARHS Arhaus, Inc. $1.4B 20.0× 13.3× +7.38% (above 0%: growing) +12.00% (above 0%: growing) +130.85% (above 0%: growing) 44.71% 14.10% Compare
EYE National Vision Holdings, Inc. $1.4B 27.7× 22.2× +2.55% (above 0%: growing) +45.45% (above 0%: growing) −133.21% (below 0%: shrinking) 58.23% 4.27% Compare
HZO MarineMax, Inc. $1.2B 291× 77.1× −6.98% (below 0%: shrinking) n/m +0.54% (above 0%: growing) 35.68% 6.09% Compare
WINA Winmark Corporation $1.1B 27.3× 31.8× +23.23% (above 0%: growing) +5.22% (above 0%: growing) −5.68% (below 0%: shrinking) 82.89% 56.60%
WOOF Petco Health and Wellness Company, Inc. $683.1M 21.2× 32.0× +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 $644.0M 8.8× 7.7× +30.92% (above 0%: growing) +28.89% (above 0%: growing) −11.82% (below 0%: shrinking) 65.49% 16.37% Compare
Median of peers $1.4B 20.6× 22.0× +2.56% +23.91% +24.64% 50.33% 9.33%

All 49 Specialty Retail stocks →

Winmark Corporation (WINA) key facts

  • Strength: Winmark Corporation’s revenue for fiscal 2025 (year ended December 2025) was $86.1 million, up 5.86% from fiscal 2024.
  • Strength: Net income was $41.7 million, or $11.73 per share (basic), a net margin of 48.4%.
  • Winmark Corporation (WINA) is a Specialty Retail company in the Consumer Cyclical sector, listed on Nasdaq.
  • As of October 16, 2026, WINA traded at $315.66, a market capitalization of $1.1 billion.
  • At that price the stock trades at 27.3× trailing-twelve-month earnings and 12.3× sales; its P/E is higher than 68% of its own readings over the past ten years.
  • Winmark Corporation pays an annual dividend of $3.00 per share, a yield of 0.95%, with a payout ratio of 26.8%.
  • Return on equity was −79.6% and debt-to-equity -1.60.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 17.96 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 16, 2026.

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stockrow.com/WINA · Data as of Oct 16, 2026 · For information only; not investment advice. · © 2026 stockrow.com