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WINA

Winmark Corporation

WINA

Winmark Corporation • NASDAQ
$411.01 ▼ -2.29% (-9.63)
Market Cap $1.46 B
52w High $527.37
52w Low $295.79
Dividend Yield 13.78%
P/E 36.63
Volume 37.63K
Outstanding Shares 3.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $22.633M ▲ $7.046M ▲ $11.136M ▲ 49.205% ▼ $3.13 ▲ $15.508M ▲
Q2-2025 $20.417M ▼ $6.589M ▼ $10.601M ▲ 51.924% ▲ $3 ▲ $13.421M ▼
Q1-2025 $21.92M ▲ $7.435M ▲ $9.956M ▲ 45.422% ▼ $2.81 ▲ $14.014M ▲
Q4-2024 $19.548M ▼ $5.965M ▲ $9.583M ▼ 49.023% ▼ $2.71 ▼ $13.338M ▼
Q3-2024 $21.511M $5.92M $11.121M 51.698% $3.16 $15.603M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $39.735M ▲ $53.747M ▲ $80.088M ▲ $-26.341M ▲
Q2-2025 $28.765M ▲ $43.173M ▲ $80.013M ▼ $-36.84M ▲
Q1-2025 $21.829M ▲ $37.063M ▲ $83.004M ▲ $-45.941M ▲
Q4-2024 $12.19M ▼ $26.845M ▼ $77.891M ▼ $-51.046M ▼
Q3-2024 $37.197M $51.951M $85.695M $-33.744M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $11.136M ▲ $12.251M ▲ $-66.8K ▼ $-1.239M ▲ $10.945M ▲ $12.184M ▲
Q2-2025 $10.601M ▲ $9.045M ▼ $-54.7K ▼ $-2.029M ▲ $6.961M ▼ $8.99M ▼
Q1-2025 $9.956M ▲ $15.078M ▲ $-51.2K ▼ $-5.388M ▲ $9.639M ▲ $15.027M ▲
Q4-2024 $9.583M ▼ $8.458M ▼ $0 ▲ $-33.415M ▼ $-24.957M ▼ $8.263M ▼
Q3-2024 $11.121M $12.114M $-4.3K $-4.22M $7.89M $12.11M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Franchise
Franchise
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $0 ▲$0 ▲$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Royalty
Royalty
 $50.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Winmark’s income statement shows a very stable, mature business. Revenue has inched up over time, but the big story is consistency rather than rapid growth. Profit margins are strong and have held up well, which suggests tight cost control and a highly efficient, franchise-heavy model. Earnings per share have stayed high after a jump a few years ago, indicating that the company has been able to lock in a more profitable level of operations rather than bouncing around with the retail cycle. Overall, this looks like a steady, cash-generative income profile, more about durability than expansion.

Balance Sheet

Balance Sheet The balance sheet is unusual: the company runs with relatively modest reported assets, meaningful debt, and negative shareholders’ equity. That combination often reflects aggressive capital returns to shareholders in the past (such as buybacks or special payouts), rather than operational stress, but it does mean the company is financially lean. Debt has crept higher over the last few years, so the model relies on continued stable cash flow to stay comfortable. The asset-light, franchise structure helps, but the negative equity and leverage make balance sheet discipline important to watch.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow is solid, closely tracks reported earnings, and free cash flow is very high because the business needs very little capital spending. This is classic for a franchise and royalty model: most of the heavy investment sits with franchisees, not Winmark itself. As a result, the company converts a large portion of its profits into cash that can be used for debt service, dividends, buybacks, or other capital allocation choices. The main risk is not about cash generation today, but about maintaining franchise health so that these cash flows remain reliable.

Competitive Edge

Competitive Edge Winmark occupies a defensible niche in resale retail with well-known, category-focused brands. Its moat comes from a large, long-tenured franchise network, very high renewal rates, strong brand recognition in secondhand apparel, kids’ items, sporting goods, and music gear, and a data-driven pricing and inventory system that small independents find hard to match. The model benefits from long-term trends toward value shopping and sustainability. Competition exists from online consignment platforms, big-box retailers experimenting with resale, and traditional thrift stores, but Winmark’s curated in-store experience, local ownership, and well-honed franchise playbook give it a durable edge if it continues to execute well.

Innovation and R&D

Innovation and R&D Winmark is not a heavy traditional R&D spender; its innovation is more about systems and process. The proprietary point-of-sale and data system is a key asset, giving franchisees real-time guidance on what to buy and how to price it. The company invests in training, standardized operations, and now increasingly in digital tools and e-commerce capabilities for franchisees. Efforts to integrate online and offline sales, use data analytics more deeply, and potentially develop new resale concepts are the main innovation levers. The risk is that resale and retail technology move quickly, so Winmark needs to keep upgrading its tools and digital experience even if it does not brand this as classic “R&D.”

Summary

Winmark looks like a mature, high-margin, asset-light franchise business built around resale, with very steady earnings and strong free cash flow. Its strengths are a deeply entrenched franchise network, recognizable niche brands, efficient operations, and systems that amplify franchisee performance. Financially, it runs lean with a leveraged, negative-equity balance sheet, which magnifies the importance of stable cash flows and disciplined capital allocation. The business model is well aligned with long-term consumer themes like value and sustainability, but continued success depends on keeping franchisees healthy, staying ahead in technology and omnichannel retail, and managing leverage carefully as the environment for retail and resale continues to evolve.

NEWS

October 15, 2025 · 9:05 AM UTC

Winmark Corporation Announces Quarterly Cash Dividend and Special Dividend

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October 15, 2025 · 9:00 AM UTC

Winmark Corporation Announces Third Quarter Results

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September 22, 2025 · 11:57 AM UTC

Winmark Corporation Announces Leadership Addition

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