NASDAQ : WINA
Winmark Corporation — Financial statements
Consumer Discretionary · Specialty Retail · United States
Last price 288.21 USD (Nov 2, 2026, 10:15 AM EST) · Market cap 1.03B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Winmark Corporation (WINA) reported revenue of 91.79M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 89.47M | 83.79M | 79.16M | 81.27M | 79.58M | 76.52M |
| Other Revenue | 2.32M | 2.26M | 2.13M | 1.97M | 1.83M | 1.69M |
| Revenue | 91.79M | 86.06M | 81.29M | 83.24M | 81.41M | 78.22M |
| Cost of Revenue | 7.00M | 3.10M | 3.42M | 4.86M | 4.70M | 4.79M |
| Gross Profit | 84.80M | 82.95M | 77.87M | 78.38M | 76.71M | 73.43M |
| Selling, General & Admin | 30.00M | 28.36M | 24.94M | 25.11M | 23.16M | 22.30M |
| Operating Expenses | 30.00M | 28.36M | 24.94M | 25.10M | 23.10M | 22.09M |
| Operating Income | 54.80M | 54.59M | 52.93M | 53.28M | 53.61M | 51.34M |
| Interest Expense | -2.45M | -2.45M | -2.86M | -3.09M | -2.91M | -1.45M |
| Interest & Investment Income | 790.20K | 988.50K | 1.15M | 1.17M | 85.60K | |
| Other Non Operating Income (Expenses) | -15.00K | |||||
| EBT Excluding Unusual Items | 53.14M | 53.14M | 51.22M | 51.36M | 50.78M | 49.87M |
| Pretax Income | 53.14M | 53.14M | 51.22M | 51.36M | 50.78M | 49.87M |
| Income Tax Expense | 11.72M | 11.48M | 11.27M | 11.18M | 11.36M | 9.95M |
| Net Income | 41.43M | 41.65M | 39.95M | 40.18M | 39.42M | 39.92M |
| Net Income to Common | 41.43M | 41.65M | 39.95M | 40.18M | 39.42M | 39.92M |
| Shares Outstanding (Basic) | 3.58M | 3.55M | 3.52M | 3.48M | 3.49M | 3.67M |
| Shares Outstanding (Diluted) | 3.70M | 3.69M | 3.67M | 3.64M | 3.59M | 3.81M |
| EPS (Basic) | 11.58 | 11.73 | 11.36 | 11.55 | 11.30 | 10.87 |
| EPS (Diluted) | 11.20 | 11.30 | 10.89 | 11.04 | 10.97 | 10.48 |
| Free Cash Flow | 43.78M | 44.70M | 41.96M | 43.61M | 43.65M | 48.06M |
| Free Cash Flow Per Share | 11.84 | 12.13 | 11.44 | 11.98 | 12.15 | 12.61 |
| Dividend Per Share | 3.96 | 3.78 | 3.50 | 3.10 | 2.55 | 1.60 |
| Gross Margin | 92.38% | 96.39% | 95.80% | 94.16% | 94.23% | 93.88% |
| Operating Margin | 59.70% | 63.44% | 65.11% | 64.01% | 65.85% | 65.63% |
| Profit Margin | 45.13% | 48.40% | 49.15% | 48.27% | 48.43% | 51.04% |
| Free Cash Flow Margin | 47.69% | 51.95% | 51.62% | 52.39% | 53.62% | 61.45% |
| EBITDA | 55.53M | 55.34M | 53.73M | 54.05M | 54.22M | 51.77M |
| EBITDA Margin | 60.50% | 64.31% | 66.10% | 64.93% | 66.59% | 66.18% |
| D&A For EBITDA | 732.50K | 746.70K | 799.30K | 772.70K | 603.10K | 430.60K |
| EBIT | 54.80M | 54.59M | 52.93M | 53.28M | 53.61M | 51.34M |
| EBIT Margin | 59.70% | 63.44% | 65.11% | 64.01% | 65.85% | 65.63% |
| Effective Tax Rate | 22.05% | 21.61% | 22.00% | 21.77% | 22.37% | 19.95% |
| Revenue as Reported | 91.79M | 86.06M | 81.29M | 83.24M | 81.41M | 78.22M |
| Advertising Expenses | 800.00K | 600.00K | 700.00K | 500.00K | 300.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 27.96M | 10.30M | 12.19M | 13.36M | 13.62M | 11.41M |
| Cash & Short-Term Investments | 27.96M | 10.30M | 12.19M | 13.36M | 13.62M | 11.41M |
| Accounts Receivable | 2.25M | 1.38M | 1.29M | 1.38M | 1.71M | 3.93M |
| Other Receivables | 566.40K | 142.00K | 206.60K | 635.70K | 727.80K | |
| Receivables | 2.25M | 1.95M | 1.43M | 1.58M | 2.34M | 4.66M |
| Inventory | 789.20K | 362.50K | 397.60K | 386.10K | 770.60K | 325.20K |
| Prepaid Expenses | 1.45M | 1.33M | 1.21M | 1.39M | 1.31M | 1.01M |
| Restricted Cash | 150.00K | 165.00K | 140.00K | 25.00K | 65.00K | 30.00K |
| Total Current Assets | 32.60M | 14.10M | 15.37M | 16.75M | 18.10M | 17.43M |
| Property, Plant & Equipment | 2.70M | 2.98M | 3.53M | 4.10M | 4.42M | 4.96M |
| Goodwill | 607.50K | 607.50K | 607.50K | 607.50K | 607.50K | 607.50K |
| Other Intangible Assets | 4.29M | 2.29M | 2.64M | 2.99M | 3.35M | |
| Long-Term Accounts Receivable | 5.40K | 229.30K | ||||
| Long-Term Deferred Tax Assets | 4.30M | 4.41M | 4.21M | 4.05M | 3.54M | 3.25M |
| Other Long-Term Assets | 528.50K | 506.40K | 491.20K | 471.30K | 429.70K | 418.30K |
| Total Assets | 45.03M | 24.88M | 26.84M | 28.97M | 30.46M | 26.90M |
| Accounts Payable | 1.82M | 1.67M | 1.56M | 1.72M | 2.12M | 2.10M |
| Accrued Expenses | 5.89M | 1.63M | 1.22M | 2.27M | 2.61M | 2.00M |
| Current Portion of Long-Term Debt | 4.22M | 4.22M | 4.23M | |||
| Current Portion of Leases | 724.50K | 697.70K | 641.90K | 590.20K | ||
| Current Unearned Revenue | 1.67M | 1.67M | 1.66M | 1.67M | 1.64M | 1.65M |
| Total Current Liabilities | 10.20M | 5.67M | 5.09M | 10.46M | 10.60M | 9.98M |
| Long-Term Debt | 59.97M | 59.96M | 59.94M | 64.85M | 69.07M | 43.38M |
| Long-Term Leases | 1.87M | 2.41M | 3.09M | 3.72M | 4.29M | 4.81M |
| Long-Term Unearned Revenue | 8.45M | 8.35M | 8.03M | 7.66M | 6.97M | 6.86M |
| Other Long-Term Liabilities | 1.94M | 2.18M | 1.74M | 1.44M | 1.16M | 954.80K |
| Total Liabilities | 82.43M | 78.57M | 77.89M | 88.12M | 92.09M | 65.98M |
| Common Stock | 15.18M | 19.61M | 14.79M | 7.77M | 1.81M | |
| Retained Earnings | -52.58M | -73.30M | -65.84M | -66.92M | -63.44M | -39.08M |
| Shareholders' Equity | -37.40M | -53.68M | -51.05M | -59.16M | -61.63M | -39.08M |
| Total Liabilities & Equity | 45.03M | 24.88M | 26.84M | 28.97M | 30.46M | 26.90M |
| Total Debt | 62.57M | 63.07M | 63.68M | 73.37M | 77.57M | 52.42M |
| Net Cash (Debt) | -34.60M | -52.78M | -51.49M | -60.01M | -63.96M | -41.01M |
| Net Cash Per Share | -9.36 | -14.32 | -14.04 | -16.48 | -17.80 | -10.76 |
| Filing Date Shares Outstanding | 3.56M | 3.57M | 3.54M | 3.50M | 3.46M | 3.59M |
| Total Common Shares Outstanding | 3.56M | 3.57M | 3.54M | 3.50M | 3.46M | 3.64M |
| Working Capital | 22.40M | 8.43M | 10.28M | 6.28M | 7.51M | 7.45M |
| Book Value Per Share | -10.51 | -15.03 | -14.42 | -16.92 | -17.81 | -10.75 |
| Tangible Book Value | -42.30M | -56.58M | -54.29M | -62.76M | -65.59M | -39.69M |
| Tangible Book Value Per Share | -11.88 | -15.84 | -15.34 | -17.95 | -18.96 | -10.92 |
| Buildings | 2.98M | 2.95M | 2.95M | 2.95M | 2.95M | |
| Machinery | 2.84M | 2.68M | 3.60M | 3.48M | 3.41M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 41.43M | 41.65M | 39.95M | 40.18M | 39.42M | 39.92M |
| Depreciation & Amortization | 1.11M | 1.09M | 1.12M | 1.06M | 869.10K | 674.90K |
| Other Amortization | 18.90K | |||||
| Loss (Gain) From Sale of Assets | -9.40K | |||||
| Stock-Based Compensation | 2.53M | 2.28M | 1.99M | 1.95M | 1.65M | 1.44M |
| Provision & Write-off of Bad Debts | -1.50K | -5.60K | -57.90K | -206.60K | ||
| Other Operating Activities | -253.10K | -195.60K | -159.40K | -512.00K | -287.70K | -1.36M |
| Change in Accounts Receivable | -600.40K | -147.10K | 138.90K | -36.70K | -335.20K | 478.50K |
| Change in Inventory | -505.50K | 35.10K | -11.50K | 384.50K | -445.40K | -218.60K |
| Change in Accounts Payable | 451.50K | 111.80K | -157.40K | -402.60K | 23.00K | 329.40K |
| Change in Unearned Revenue | 95.50K | 330.10K | 335.70K | 430.30K | -709.60K | -1.25M |
| Change in Income Taxes | -1.32M | -1.99M | -1.37M | -611.20K | -749.50K | -2.93M |
| Change in Other Net Operating Assets | -287.20K | 98.40K | -980.40K | 415.80K | 3.56M | 8.97M |
| Operating Cash Flow | 44.07M | 44.90M | 42.16M | 43.99M | 43.79M | 48.35M |
| Capital Expenditures | -296.30K | -192.30K | -194.90K | -383.90K | -139.10K | -283.10K |
| Sale of Property, Plant & Equipment | 9.40K | |||||
| Sale (Purchase) of Intangibles | -2.27M | -3.54M | ||||
| Investing Cash Flow | -2.57M | -192.30K | -194.90K | -383.90K | -3.67M | -283.10K |
| Long-Term Debt Issued | 33.70M | 30.00M | ||||
| Long-Term Debt Repaid | -9.19M | -4.25M | -7.95M | -4.25M | ||
| Net Debt Issued (Repaid) | -9.19M | -4.25M | 25.75M | 25.75M | ||
| Issuance of Common Stock | 4.70M | 4.96M | 5.03M | 4.01M | 4.75M | 8.32M |
| Repurchase of Common Stock | -8.09M | -2.42M | -49.12M | -44.22M | ||
| Common Dividends Paid | -14.17M | -13.41M | -12.37M | -10.76M | -8.86M | -5.86M |
| Financing Cash Flow | -53.26M | -46.57M | -43.02M | -43.90M | -37.88M | -43.31M |
| Net Cash Flow | -11.76M | -1.87M | -1.06M | -294.10K | 2.24M | 4.75M |
| Free Cash Flow | 43.78M | 44.70M | 41.96M | 43.61M | 43.65M | 48.06M |
| Free Cash Flow Margin | 47.69% | 51.95% | 51.62% | 52.39% | 53.62% | 61.45% |
| Free Cash Flow Per Share | 11.84 | 12.13 | 11.44 | 11.98 | 12.15 | 12.61 |
| Levered Free Cash Flow | 35.33M | 35.67M | 33.21M | 34.38M | 32.70M | 38.31M |
| Unlevered Free Cash Flow | 36.86M | 37.20M | 34.99M | 36.31M | 34.52M | 39.22M |
| Cash Interest Paid | 2.40M | 2.42M | 2.85M | 3.05M | 2.72M | 1.39M |
| Cash Income Tax Paid | 11.51M | 11.81M | 11.17M | 10.87M | 11.31M | 11.56M |
| Change in Working Capital | -2.17M | -1.56M | -2.05M | 180.10K | 1.34M | 5.39M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.01B | 1.46B | 1.39B | 1.46B | 810.73M | 877.14M |
| Enterprise Value | 1.05B | 1.48B | 1.43B | 1.49B | 873.03M | 893.65M |
| Last Close Price | 285.69 | 407.04 | 380.52 | 390.22 | 213.76 | 214.20 |
| PE Ratio | 25.39 | 35.08 | 34.91 | 36.24 | 20.56 | 21.97 |
| Forward PE | 25.56 | 34.16 | 33.49 | 20.11 | 20.11 | 20.11 |
| PS Ratio | 11.08 | 16.98 | 17.16 | 17.49 | 9.96 | 11.21 |
| PB Ratio | -27.22 | -27.32 | -24.62 | -13.15 | -22.44 | |
| P/FCF Ratio | 23.23 | 32.69 | 33.24 | 33.39 | 18.57 | 18.25 |
| P/OCF Ratio | 23.07 | 32.55 | 33.09 | 33.10 | 18.51 | 18.14 |
| EV/Sales Ratio | 11.45 | 17.25 | 17.56 | 17.90 | 10.72 | 11.43 |
| EV/EBITDA Ratio | 18.93 | 26.83 | 26.56 | 27.57 | 16.10 | 17.26 |
| EV/EBIT Ratio | 19.19 | 27.20 | 26.96 | 27.97 | 16.28 | 17.41 |
| EV/FCF Ratio | 24.02 | 33.21 | 34.01 | 34.17 | 20.00 | 18.59 |
| Debt / Equity Ratio | -1.67 | -1.18 | -1.25 | -1.24 | -1.26 | -1.34 |
| Debt / EBITDA Ratio | 1.10 | 1.12 | 1.16 | 1.33 | 1.40 | 0.99 |
| Debt / FCF Ratio | 1.43 | 1.41 | 1.52 | 1.68 | 1.78 | 1.09 |
| Net Debt / Equity Ratio | -0.93 | -0.98 | -1.01 | -1.01 | -1.04 | -1.05 |
| Net Debt / EBITDA Ratio | 0.62 | 0.95 | 0.96 | 1.11 | 1.18 | 0.79 |
| Net Debt / FCF Ratio | 0.79 | 1.18 | 1.23 | 1.38 | 1.47 | 0.85 |
| Asset Turnover | 1.86 | 3.33 | 2.91 | 2.80 | 2.84 | 2.69 |
| Inventory Turnover | 13.04 | 8.17 | 8.72 | 8.40 | 8.57 | 22.19 |
| Quick Ratio | 2.96 | 2.16 | 2.68 | 1.43 | 1.51 | 1.61 |
| Current Ratio | 3.19 | 2.49 | 3.02 | 1.60 | 1.71 | 1.75 |
| Return on Assets (ROA) | 69.35% | 131.92% | 118.55% | 112.08% | 116.84% | 110.18% |
| Return on Invested Capital (ROIC) | 122.38% | 208.90% | 205.08% | 217.27% | 226.31% | 222.86% |
| Return on Capital Employed (ROCE) | 157.30% | 284.10% | 243.30% | 287.90% | 270.00% | 303.40% |
| Earnings Yield | 3.94% | 2.85% | 2.86% | 2.76% | 4.86% | 4.55% |
| FCF Yield | 4.31% | 3.06% | 3.01% | 3.00% | 5.38% | 5.48% |
| Dividend Yield | 2.84% | 0.92% | 0.89% | 0.74% | 1.09% | 0.66% |
| Payout Ratio | 71.60% | 32.20% | 30.95% | 26.79% | 22.47% | 14.69% |
| Buyback Yield / Dilution | -0.51% | -0.49% | -0.74% | -1.34% | 5.72% | 1.37% |
| Total Shareholder Return | 2.32% | 0.43% | 0.15% | -0.59% | 6.81% | 2.03% |