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Winmark (WINA) Financials

Winmark logo
$400.62 0.00 (0.00%)
Closing price 06/12/2026 04:00 PM Eastern
Extended Trading
$400.78 +0.16 (+0.04%)
As of 06/12/2026 06:39 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Winmark

Annual Income Statements for Winmark

This table shows Winmark's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/26/2015 12/31/2016 12/30/2017 12/29/2018 12/28/2019 12/26/2020 12/25/2021 12/31/2022 12/30/2023 12/28/2024 12/27/2025
Net Income / (Loss) Attributable to Common Shareholders		 22 22 26 30 32 -20 40 39 40 40 42
Consolidated Net Income / (Loss)		 22 22 25 30 32 30 40 39 40 40 42
Net Income / (Loss) Continuing Operations		 22 22 26 30 32 -20 40 39 40 40 42
Total Pre-Tax Income 		35 36 36 39 41 39 50 51 51 51 53
Total Operating Income		 37 38 39 42 43 40 51 54 53 53 55
Total Gross Profit		 67 64 69 70 71 14 75 78 79 78 83
Total Revenue		 69 67 71 73 73 16 78 81 83 81 86
Operating Revenue		 68 67 71 73 73 16 78 81 83 81 86
Total Cost of Revenue		 2.50 2.12 2.44 2.78 2.39 2.02 2.73 3.65 4.46 3.38 3.10
Operating Cost of Revenue		 2.65 2.10 2.43 2.74 2.47 2.10 2.94 3.71 4.46 3.38 3.10
Other Cost of Revenue		 -0.15 0.02 0.01 0.04 -0.08 -0.08 -0.21 -0.06 -0.01 -0.00 0.00
Total Operating Expenses		 30 26 29 28 28 24 24 24 26 25 28
Selling, General & Admin Expense		 24 24 25 26 26 21 22 23 25 25 28
Other Operating Expenses / (Income)		 5.76 2.32 3.27 1.93 2.03 2.62 1.85 0.98 0.40 0.04 0.00
Total Other Income / (Expense), net		 -1.87 -2.36 -2.35 -2.48 -1.66 -1.69 -1.47 -2.83 -1.92 -1.71 -1.46
Interest Expense		 1.80 2.34 2.37 2.45 1.73 1.74 1.45 2.91 3.09 2.86 2.45
Other Income / (Expense), net		 -0.06 -0.01 0.01 -0.03 0.07 0.04 -0.02 0.09 1.17 1.15 0.99
Income Tax Expense		 13 14 12 9.16 9.32 8.69 9.95 11 11 11 11
Basic Earnings per Share		 $4.89 $5.37 $6.06 $7.77 $8.37 $8.02 $10.87 $11.30 $11.55 $11.36 $11.73
Weighted Average Basic Shares Outstanding		 4.46M 4.12M 4.06M 3.87M 3.84M 3.72M 3.67M 3.49M 3.48M 3.52M 3.55M
Diluted Earnings per Share		 $4.69 $5.11 $5.66 $7.26 $7.84 $7.72 $10.48 $10.97 $11.04 $10.89 $11.30
Weighted Average Diluted Shares Outstanding		 4.65M 4.33M 4.34M 4.15M 4.10M 3.86M 3.81M 3.59M 3.64M 3.67M 3.69M
Weighted Average Basic & Diluted Shares Outstanding		 4.50M 4.10M 4.10M 3.91M 3.65M 3.71M 3.59M 3.46M 3.50M 3.54M 3.57M

Quarterly Income Statements for Winmark

This table shows Winmark's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/30/2023 3/30/2024 6/29/2024 9/28/2024 12/28/2024 3/29/2025 6/28/2025 9/27/2025 12/27/2025 3/28/2026
Net Income / (Loss) Attributable to Common Shareholders		 11 9.72 8.82 10 11 9.58 9.96 11 11 9.96 9.25
Consolidated Net Income / (Loss)		 11 9.72 8.82 10 11 9.58 9.96 11 11 9.96 9.25
Net Income / (Loss) Continuing Operations		 11 9.72 8.82 10 11 9.58 9.96 11 11 9.96 9.25
Total Pre-Tax Income 		15 12 12 13 15 12 13 13 15 13 12
Total Operating Income		 15 13 12 13 15 13 14 13 15 13 12
Total Gross Profit		 21 19 19 19 21 19 21 20 22 20 20
Total Revenue		 22 20 20 20 22 20 22 20 23 21 21
Operating Revenue		 22 20 20 20 22 20 22 20 23 21 21
Total Cost of Revenue		 0.94 1.09 1.04 0.86 0.66 0.82 0.89 0.77 0.66 0.79 0.62
Operating Cost of Revenue		 0.94 1.09 1.04 0.86 0.66 0.82 0.89 0.77 0.66 0.79 0.62
Total Operating Expenses		 6.26 6.43 6.85 6.24 5.92 5.97 7.43 6.59 7.05 7.29 7.87
Selling, General & Admin Expense		 6.25 6.41 6.82 6.24 5.92 5.97 7.43 6.59 7.05 7.29 7.87
Total Other Income / (Expense), net		 -0.38 -0.38 -0.55 -0.44 -0.32 -0.40 -0.46 -0.36 -0.30 -0.34 -0.50
Interest Expense		 0.76 0.75 0.74 0.72 0.70 0.69 0.61 0.61 0.61 0.61 0.61
Other Income / (Expense), net		 0.39 0.37 0.19 0.28 0.39 0.30 0.15 0.25 0.31 0.27 0.12
Income Tax Expense		 3.60 2.42 2.85 2.15 3.49 2.78 3.18 2.10 3.49 2.71 2.61
Basic Earnings per Share		 $3.20 $2.79 $2.52 $2.97 $3.16 $2.71 $2.81 $3.00 $3.13 $2.79 $2.59
Weighted Average Basic Shares Outstanding		 3.49M 3.48M 3.50M 3.51M 3.52M 3.52M 3.54M 3.54M 3.55M 3.55M 3.57M
Diluted Earnings per Share		 $3.05 $2.65 $2.41 $2.85 $3.03 $2.60 $2.71 $2.89 $3.02 $2.68 $2.50
Weighted Average Diluted Shares Outstanding		 3.65M 3.64M 3.66M 3.66M 3.67M 3.67M 3.67M 3.67M 3.69M 3.69M 3.71M
Weighted Average Basic & Diluted Shares Outstanding		 3.49M 3.50M 3.50M 3.52M 3.52M 3.54M 3.53M 3.55M 3.56M 3.57M 3.58M
Cash Dividends to Common per Share		 $0.80 - $0.80 - $0.90 - $0.90 - $0.96 - $0.96

Annual Cash Flow Statements for Winmark

This table details how cash moves in and out of Winmark's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/26/2015 12/31/2016 12/30/2017 12/29/2018 12/28/2019 12/26/2020 12/25/2021 12/31/2022 12/30/2023 12/28/2024 12/27/2025
Net Change in Cash & Equivalents		 -1.08 0.26 -0.13 1.41 23 -18 4.75 2.24 -0.29 -1.06 -1.87
Net Cash From Operating Activities		 22 26 25 35 51 43 48 44 44 42 45
Net Cash From Continuing Operating Activities		 22 26 25 35 51 43 48 44 44 42 45
Net Income / (Loss) Continuing Operations		 22 22 25 30 32 30 40 39 40 40 42
Consolidated Net Income / (Loss)		 22 22 25 30 32 30 40 39 40 40 42
Depreciation Expense		 0.43 0.42 0.36 0.31 0.40 0.48 0.43 0.41 0.42 0.45 0.39
Amortization Expense		 0.59 0.47 0.45 1.05 0.55 0.11 0.26 0.19 0.35 0.35 0.35
Non-Cash Adjustments To Reconcile Net Income		 1.55 2.63 2.56 0.69 22 15 13 5.54 3.66 3.69 3.90
Changes in Operating Assets and Liabilities, net		 -2.04 0.61 -2.73 2.76 -4.74 -2.53 -4.84 -1.78 -0.61 -2.28 -1.75
Net Cash From Investing Activities		 4.50 -3.22 0.09 0.45 -9.18 -4.16 -0.28 -3.67 -0.38 -0.19 -0.19
Net Cash From Continuing Investing Activities		 4.50 -3.22 0.09 0.45 -9.18 -4.16 -0.28 -3.67 -0.38 -0.19 -0.19
Purchase of Property, Plant & Equipment		 -22 -26 -25 -24 -9.18 -4.16 -0.28 -0.14 -0.38 -0.19 -0.19
Other Investing Activities, net		 27 23 25 24 - - - - - - 0.00
Net Cash From Financing Activities		 -28 -23 -25 -34 -19 -58 -43 -38 -44 -43 -47
Net Cash From Continuing Financing Activities		 -28 -23 -25 -34 -19 -58 -43 -38 -44 -43 -47
Repayment of Debt		 -39 -40 -42 -46 -22 -50 -4.25 -7.95 -4.25 -9.19 0.00
Repurchase of Common Equity		 -75 -1.57 -50 -1.85 -24 -49 -44 -49 0.00 0.00 -2.42
Payment of Dividends		 -1.23 -1.53 -1.77 -2.17 -3.45 -14 -33 -19 -44 -39 -49
Issuance of Debt		 87 19 66 13 20 48 30 34 0.00 0.00 0.00
Other Financing Activities, net		 0.27 1.31 2.31 2.82 11 8.25 8.32 4.75 4.01 5.03 4.96

Quarterly Cash Flow Statements for Winmark

This table details how cash moves in and out of Winmark's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/30/2023 3/30/2024 6/29/2024 9/28/2024 12/28/2024 3/29/2025 6/28/2025 9/27/2025 12/27/2025 3/28/2026
Net Change in Cash & Equivalents		 8.22 -27 9.49 6.53 7.89 -25 9.64 6.96 11 -29 9.47
Net Cash From Operating Activities		 12 8.76 13 8.22 12 8.46 15 9.04 12 8.52 12
Net Cash From Continuing Operating Activities		 12 8.76 13 8.22 12 8.46 15 8.96 12 8.43 12
Net Income / (Loss) Continuing Operations		 11 9.72 8.82 10 11 9.58 9.96 11 11 9.96 9.25
Consolidated Net Income / (Loss)		 11 9.72 8.82 10 11 9.58 9.96 11 11 9.96 9.25
Depreciation Expense		 0.11 0.11 0.11 0.12 0.12 0.10 0.10 0.10 0.10 0.10 0.10
Amortization Expense		 0.09 0.09 0.16 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09
Non-Cash Adjustments To Reconcile Net Income		 0.55 0.93 0.53 1.51 0.60 0.98 0.62 1.50 0.72 1.14 1.01
Changes in Operating Assets and Liabilities, net		 0.18 -2.08 3.75 -3.92 0.19 -2.30 4.32 -3.33 0.12 -2.86 1.43
Net Cash From Investing Activities		 -0.19 -0.10 -0.09 -0.10 -0.00 - -0.05 -0.05 -0.07 -0.02 -0.01
Net Cash From Continuing Investing Activities		 -0.19 -0.10 -0.09 -0.10 -0.00 - -0.05 -0.05 -0.07 -0.02 -0.01
Purchase of Property, Plant & Equipment		 -0.19 -0.10 -0.09 -0.10 -0.00 - -0.05 -0.05 -0.07 -0.02 -0.01
Net Cash From Financing Activities		 -3.67 -36 -3.79 -1.59 -4.22 -33 -5.39 -2.03 -1.24 -38 -2.40
Net Cash From Continuing Financing Activities		 -3.67 -36 -3.79 -1.59 -4.22 -33 -5.39 -2.03 -1.24 -38 -2.40
Repurchase of Common Equity		 - - 0.00 - - - -2.25 -0.17 - - 0.00
Payment of Dividends		 -2.79 -36 -2.80 -3.17 -3.17 -30 -3.19 -3.40 -3.41 -39 -3.43
Other Financing Activities, net		 0.18 0.86 0.07 2.63 0.01 2.32 0.05 1.54 2.17 1.20 1.03

Annual Balance Sheets for Winmark

This table presents Winmark's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/26/2015 12/31/2016 12/30/2017 12/29/2018 12/28/2019 12/26/2020 12/25/2021 12/31/2022 12/30/2023 12/28/2024 12/27/2025
Total Assets		 47 49 49 47 62 31 27 30 29 27 25
Total Current Assets		 24 23 21 24 41 18 17 18 17 15 14
Cash & Equivalents		 1.01 1.25 1.07 2.50 25 6.66 11 14 13 12 10
Restricted Cash		 0.03 0.04 0.09 0.08 0.05 0.03 0.03 0.07 0.03 0.14 0.17
Accounts Receivable		 1.42 1.48 1.80 1.55 1.67 1.58 1.10 1.44 1.48 1.34 1.48
Inventories, net		 0.05 0.09 0.10 0.11 0.09 0.11 0.33 0.77 0.39 0.40 0.36
Prepaid Expenses		 0.68 1.05 0.90 0.90 0.97 1.00 1.01 1.31 1.39 1.21 1.33
Current Deferred & Refundable Income Taxes		 3.29 1.68 2.16 0.57 0.50 0.22 0.67 0.56 0.03 0.10 0.46
Plant, Property, & Equipment, net		 1.12 0.77 0.49 0.87 2.77 2.33 1.98 1.70 1.67 1.42 1.22
Total Noncurrent Assets		 22 25 27 22 18 11 7.49 11 11 10 9.57
Goodwill		 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61
Intangible Assets		 - - - - - - 0.00 3.35 2.99 2.64 2.29
Noncurrent Deferred & Refundable Income Taxes		 - - - - 0.67 1.89 3.25 3.54 4.05 4.21 4.41
Other Noncurrent Operating Assets		 - - 0.35 0.48 4.09 3.66 3.40 3.15 2.90 2.60 2.27
Total Liabilities & Shareholders' Equity		 47 49 49 47 62 31 27 30 29 27 25
Total Liabilities		 78 56 85 51 49 43 66 92 88 78 79
Total Current Liabilities		 7.51 7.36 9.43 12 12 11 9.98 11 10 5.09 5.67
Accounts Payable		 1.64 1.69 2.07 1.35 1.02 1.77 2.10 2.12 1.72 1.56 1.67
Accrued Expenses		 1.88 1.81 1.84 3.13 2.78 2.62 2.00 2.61 2.86 1.87 2.32
Current Deferred Revenue		 1.96 1.86 1.71 1.74 1.72 1.66 1.65 1.64 1.67 1.66 1.67
Current Deferred & Payable Income Tax Liabilities		 - - - - - - - - - - 0.00
Total Noncurrent Liabilities		 71 49 75 39 37 31 56 81 78 73 73
Long-Term Debt		 64 43 65 28 23 18 43 69 65 60 60
Noncurrent Deferred Revenue		 1.42 1.42 8.60 8.43 7.86 7.05 6.86 6.97 7.66 8.03 8.35
Other Noncurrent Operating Liabilities		 1.22 0.99 0.85 1.08 6.90 6.08 5.76 5.45 5.16 4.83 4.59
Total Equity & Noncontrolling Interests		 -31 -7.85 -36 -4.81 12 -11 -39 -62 -59 -51 -54
Total Preferred & Common Equity		 -31 -7.85 -36 -4.81 12 -11 -39 -62 -59 -51 -54
Total Common Equity		 -31 -7.85 -36 -4.81 12 -11 -39 -62 -59 -51 -54
Common Stock		 0.41 2.98 1.48 4.43 12 9.28 0.00 1.81 7.77 15 20
Retained Earnings		 -31 -11 -37 -9.23 0.52 -21 -39 -63 -67 -66 -73

Quarterly Balance Sheets for Winmark

This table presents Winmark's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/24/2022 4/1/2023 7/1/2023 9/30/2023 3/30/2024 6/29/2024 9/28/2024 3/29/2025 6/28/2025 9/27/2025 3/28/2026
Total Assets		 34 40 48 56 38 45 52 37 43 54 36
Total Current Assets		 21 28 36 44 26 33 41 26 32 43 25
Cash & Equivalents		 17 25 32 41 23 29 37 22 29 40 20
Restricted Cash		 0.06 0.08 - - 0.00 0.00 0.09 0.14 0.17 0.14 0.10
Accounts Receivable		 1.63 1.58 1.59 1.70 1.69 1.61 1.60 2.59 1.71 1.65 2.00
Inventories, net		 0.64 0.41 0.45 0.29 0.42 0.27 0.44 0.34 0.36 0.28 0.42
Prepaid Expenses		 1.01 0.89 0.82 1.10 1.27 1.02 1.17 0.88 0.73 1.25 2.70
Current Deferred & Refundable Income Taxes		 0.04 0.00 0.52 0.00 0.00 0.66 0.00 0.00 0.47 0.00 0.00
Plant, Property, & Equipment, net		 1.74 1.61 1.59 1.68 1.65 1.64 1.52 1.37 1.33 1.30 1.14
Total Noncurrent Assets		 11 11 10 10 10 10 9.93 9.91 9.64 9.39 9.41
Goodwill		 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61
Intangible Assets		 3.44 3.26 3.17 3.08 2.91 2.82 2.73 2.55 2.46 2.37 2.20
Noncurrent Deferred & Refundable Income Taxes		 3.47 3.52 3.39 3.39 4.05 3.92 3.92 4.21 4.13 4.05 4.41
Other Noncurrent Operating Assets		 3.21 3.12 3.04 2.98 2.84 2.76 2.68 2.54 2.45 2.35 2.20
Total Liabilities & Shareholders' Equity		 34 40 48 56 38 45 52 37 43 54 36
Total Liabilities		 94 94 91 90 91 87 86 83 80 80 82
Total Current Liabilities		 12 13 12 12 14 11 11 9.69 7.01 7.23 9.13
Accounts Payable		 1.91 1.44 1.64 1.69 1.30 1.48 1.60 1.54 1.19 1.37 1.06
Accrued Expenses		 3.87 3.88 4.27 4.04 4.73 4.09 3.78 3.60 4.15 4.20 4.50
Current Deferred Revenue		 1.65 1.67 1.68 1.68 1.66 1.66 1.67 1.67 1.67 1.66 1.65
Current Deferred & Payable Income Tax Liabilities		 - 2.01 - - 2.47 - 0.03 2.88 - - 1.92
Total Noncurrent Liabilities		 83 81 79 78 77 75 75 73 73 73 73
Long-Term Debt		 70 68 67 66 64 63 62 60 60 60 60
Noncurrent Deferred Revenue		 7.03 7.24 7.34 7.55 7.74 7.87 8.03 8.25 8.33 8.36 8.31
Other Noncurrent Operating Liabilities		 5.37 5.31 5.17 5.02 5.00 4.85 4.69 5.11 4.72 4.54 4.41
Total Equity & Noncontrolling Interests		 -60 -54 -44 -35 -53 -42 -34 -46 -37 -26 -46
Total Preferred & Common Equity		 -60 -54 -44 -35 -53 -42 -34 -46 -37 -26 -46
Total Common Equity		 -60 -54 -44 -35 -53 -42 -34 -46 -37 -26 -46
Common Stock		 0.38 2.87 5.72 6.41 8.32 11 12 13 15 18 21
Retained Earnings		 -61 -57 -49 -41 -61 -54 -46 -59 -52 -44 -67

Annual Metrics And Ratios for Winmark

This table displays calculated financial ratios and metrics derived from Winmark's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/26/2015 12/31/2016 12/30/2017 12/29/2018 12/28/2019 12/26/2020 12/25/2021 12/31/2022 12/30/2023 12/28/2024 12/27/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 13.52% -4.22% 7.12% 1.76% 1.09% -78.47% 395.54% 4.08% 2.25% -2.35% 5.86%
EBITDA Growth		 11.12% 2.74% 1.36% 8.76% 2.45% -7.48% 27.35% 4.40% 1.70% -0.62% 2.64%
EBIT Growth		 11.95% 3.16% 1.63% 7.50% 3.52% -6.81% 27.49% 4.63% 1.40% -0.68% 2.78%
NOPAT Growth		 12.76% 2.83% 10.86% 22.40% 4.41% -6.89% 31.99% 1.28% 0.14% -0.95% 3.66%
Net Income Growth		 8.64% 1.60% 10.98% 22.56% 6.72% -7.24% 33.85% -1.24% 1.91% -0.56% 4.25%
EPS Growth		 21.82% 8.96% 10.76% 28.27% 7.99% -1.53% 35.75% 4.68% 0.64% -1.36% 3.76%
Operating Cash Flow Growth		 25.86% 17.70% -4.07% 38.60% 44.97% -14.66% 11.86% -9.43% 0.47% -4.17% 6.50%
Free Cash Flow Firm Growth		 92.38% -12.17% 32.23% 43.16% -4.54% -1.47% 15.16% -12.58% 12.21% -3.94% 5.78%
Invested Capital Growth		 -7.26% 13.78% -10.58% -48.97% -58.51% -189.43% -80.70% 59.10% -49.64% 3.32% -21.82%
Revenue Q/Q Growth		 1.11% 0.54% -0.48% 0.15% 1.12% -76.49% 221.09% 0.93% -1.29% -0.60% 1.82%
EBITDA Q/Q Growth		 0.51% 1.87% 0.47% -0.75% 0.99% -0.30% 4.61% 0.74% -0.73% 0.31% 0.40%
EBIT Q/Q Growth		 0.74% 1.89% 0.56% -1.10% 2.02% -0.16% 3.96% 1.08% -1.07% 0.32% 0.41%
NOPAT Q/Q Growth		 1.64% 1.62% 7.42% -0.71% 2.04% -1.21% 9.94% -2.98% -1.84% -0.32% 0.79%
Net Income Q/Q Growth		 0.20% 2.04% 6.69% 0.06% 2.56% -1.22% 9.60% -3.46% -1.13% -0.33% 0.91%
EPS Q/Q Growth		 4.69% 2.00% 8.22% 0.14% 3.29% 0.13% 10.43% -2.05% -1.78% -0.46% 0.71%
Operating Cash Flow Q/Q Growth		 6.74% 10.74% -1.18% 4.02% 11.59% -2.55% 3.98% -7.82% -1.83% -0.72% 0.15%
Free Cash Flow Firm Q/Q Growth		 15.72% -11.47% 36.49% 11.75% -6.51% -4.47% 7.78% -7.47% -1.81% -0.52% -0.11%
Invested Capital Q/Q Growth		 10.34% 32.94% -5.70% -38.84% -37.45% -30.95% -3.54% 40.33% 31.22% 33.05% 33.19%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 96.40% 96.81% 96.57% 96.17% 96.74% 87.17% 96.50% 95.51% 94.65% 95.84% 96.39%
EBITDA Margin		 54.78% 58.76% 55.60% 59.43% 60.23% 258.78% 66.50% 66.70% 66.34% 67.51% 65.46%
Operating Margin		 53.41% 57.44% 54.46% 57.60% 58.84% 254.76% 65.63% 65.85% 64.01% 65.11% 63.44%
EBIT Margin		 53.32% 57.42% 54.48% 57.55% 58.93% 255.04% 65.61% 65.96% 65.41% 66.53% 64.59%
Profit (Net Income) Margin		 31.39% 33.30% 34.50% 41.55% 43.86% 188.95% 51.04% 48.43% 48.27% 49.15% 48.40%
Tax Burden Percent		 61.89% 61.77% 67.43% 76.69% 77.53% 77.43% 80.05% 77.63% 78.23% 78.00% 78.39%
Interest Burden Percent		 95.13% 93.87% 93.90% 94.14% 95.99% 95.68% 97.17% 94.57% 94.32% 94.72% 95.60%
Effective Tax Rate		 38.11% 38.23% 32.57% 23.31% 22.47% 22.57% 19.95% 22.37% 21.77% 22.00% 21.61%
Return on Invested Capital (ROIC)		 132.51% 132.46% 145.67% 250.07% 546.18% 16,404.11% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 127.23% 128.54% 141.68% 244.32% 490.16% 16,784.32% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 -613.51% -247.44% -258.51% -398.76% 295.45% -10,827.58% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -481.00% -114.98% -112.84% -148.69% 841.63% 5,576.53% -158.22% -78.29% -66.53% -72.51% -79.55%
Cash Return on Invested Capital (CROIC)		 140.04% 119.58% 156.84% 314.93% 628.89% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 72.51% 79.59% 79.69% 87.39% 79.62% 86.40% 176.23% 187.25% 183.27% 193.80% 214.90%
Return on Assets (ROA)		 42.69% 46.15% 50.46% 63.09% 59.26% 64.01% 137.08% 137.48% 135.23% 143.17% 161.05%
Return on Common Equity (ROCE)		 -481.00% -114.98% -112.84% -148.69% 841.63% 5,576.53% -158.22% -78.29% -66.53% -72.51% -79.55%
Return on Equity Simple (ROE_SIMPLE)		 -71.07% -282.07% -68.83% -626.51% 258.26% -262.10% -102.14% -63.97% -67.92% -78.27% 0.00%
Net Operating Profit after Tax (NOPAT)		 23 24 26 32 33 31 41 42 42 41 43
NOPAT Margin		 33.05% 35.48% 36.72% 44.17% 45.62% 197.26% 52.54% 51.13% 50.07% 50.79% 49.73%
Net Nonoperating Expense Percent (NNEP)		 5.28% 3.92% 3.99% 5.75% 56.02% -380.21% 5.67% 4.75% 2.61% 2.58% 2.35%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 357.19% 420.55% 464.05% 681.64%
Cost of Revenue to Revenue		 3.60% 3.19% 3.43% 3.83% 3.26% 12.83% 3.50% 4.49% 5.35% 4.16% 3.61%
SG&A Expenses to Revenue		 34.69% 35.88% 35.42% 35.91% 35.12% 134.33% 28.51% 28.45% 30.16% 30.69% 32.95%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 42.99% 39.37% 40.01% 38.57% 37.89% 150.95% 30.87% 29.66% 30.64% 30.73% 32.95%
Earnings before Interest and Taxes (EBIT)		 37 38 39 42 43 40 51 54 54 54 56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 38 39 40 43 44 41 52 54 55 55 56
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 53.56 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 56.31 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 4.77 6.85 6.10 7.54 9.10 39.55 10.55 9.38 16.98 17.12 16.94
Price to Earnings (P/E)		 15.20 20.56 16.67 18.16 20.74 0.00 20.68 19.36 35.19 34.83 35.00
Dividend Yield		 0.34% 0.33% 0.38% 0.40% 0.52% 0.48% 0.70% 1.15% 0.76% 2.78% 3.37%
Earnings Yield		 6.58% 4.86% 6.00% 5.51% 4.82% 0.00% 4.84% 5.16% 2.84% 2.87% 2.86%
Enterprise Value to Invested Capital (EV/IC)		 22.71 25.43 28.73 64.76 183.24 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 5.45 7.25 6.84 7.73 8.98 40.07 10.98 10.11 17.65 17.70 17.52
Enterprise Value to EBITDA (EV/EBITDA)		 9.95 12.34 12.30 13.01 14.90 15.48 16.51 15.15 26.61 26.22 26.76
Enterprise Value to EBIT (EV/EBIT)		 10.23 12.63 12.55 13.43 15.23 15.71 16.73 15.32 26.98 26.61 27.12
Enterprise Value to NOPAT (EV/NOPAT)		 16.50 20.43 18.62 17.50 19.68 20.31 20.90 19.77 35.25 34.86 35.23
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.96 18.35 19.33 16.04 12.99 14.63 17.76 18.79 33.40 34.14 33.58
Enterprise Value to Free Cash Flow (EV/FCFF)		 15.61 22.64 17.30 13.90 17.09 16.67 19.66 21.54 34.28 34.96 34.62
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -2.16 -5.77 -1.94 -7.19 2.34 -2.07 -1.22 -1.19 -1.17 -1.17 -1.12
Long-Term Debt to Equity		 -2.10 -5.52 -1.83 -5.89 1.82 -1.60 -1.11 -1.12 -1.10 -1.17 -1.12
Financial Leverage		 -4.82 -1.93 -1.82 -1.63 0.60 -0.65 -0.82 -0.92 -0.95 -0.94 -0.93
Leverage Ratio		 -11.27 -2.49 -2.24 -2.36 14.20 87.12 -1.15 -0.57 -0.49 -0.51 -0.49
Compound Leverage Factor		 -10.72 -2.34 -2.10 -2.22 13.63 83.36 -1.12 -0.54 -0.46 -0.48 -0.47
Debt to Total Capital		 185.99% 120.96% 206.75% 116.15% 70.06% 193.57% 558.42% 628.92% 696.90% 673.76% 955.01%
Short-Term Debt to Total Capital		 5.69% 5.31% 11.38% 21.02% 15.44% 43.85% 49.65% 36.20% 42.56% 0.00% 0.00%
Long-Term Debt to Total Capital		 180.30% 115.65% 195.37% 95.13% 54.62% 149.72% 508.78% 592.72% 654.34% 673.76% 955.01%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -85.99% -20.96% -106.75% -16.15% 29.94% -93.57% -458.42% -528.92% -596.90% -573.76% -855.01%
Debt to EBITDA		 1.74 1.16 1.75 0.80 0.66 0.58 0.92 1.35 1.25 1.09 1.06
Net Debt to EBITDA		 1.24 0.69 1.33 0.31 -0.20 0.20 0.64 1.09 1.01 0.87 0.88
Long-Term Debt to EBITDA		 1.69 1.11 1.65 0.66 0.51 0.45 0.83 1.27 1.17 1.09 1.06
Debt to NOPAT		 2.89 1.92 2.64 1.08 0.87 0.76 1.16 1.76 1.66 1.45 1.40
Net Debt to NOPAT		 2.06 1.14 2.01 0.42 -0.26 0.26 0.81 1.42 1.33 1.15 1.16
Long-Term Debt to NOPAT		 2.80 1.84 2.50 0.88 0.68 0.58 1.06 1.66 1.56 1.45 1.40
Altman Z-Score		 6.10 8.88 6.40 10.91 12.17 12.85 15.01 10.85 15.73 17.42 18.25
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.25 3.10 2.27 1.94 3.45 1.61 1.75 1.71 1.60 3.02 2.49
Quick Ratio		 2.72 2.71 1.93 1.81 3.32 1.49 1.54 1.45 1.43 2.66 2.08
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 24 21 28 40 39 38 44 38 43 41 44
Operating Cash Flow to CapEx		 100.00% 99.99% 98.95% 146.80% 551.81% 1,039.20% 17,077.43% 33,761.99% 11,459.83% 21,630.53% 23,347.27%
Free Cash Flow to Firm to Interest Expense		 13.46 9.09 11.91 16.48 22.24 21.83 30.05 13.10 13.87 14.41 17.80
Operating Cash Flow to Interest Expense		 12.39 11.22 10.65 14.27 29.26 24.88 33.25 15.02 14.23 14.76 18.35
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -0.11 4.55 23.96 22.48 33.06 14.98 14.11 14.69 18.27
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.36 1.39 1.46 1.52 1.35 0.34 2.69 2.84 2.80 2.91 3.33
Accounts Receivable Turnover		 50.60 45.94 43.51 43.30 45.49 9.71 58.26 64.05 57.14 57.82 61.03
Inventory Turnover		 36.10 31.95 26.45 27.16 24.70 21.02 12.66 6.67 7.70 8.62 8.17
Fixed Asset Turnover		 54.64 70.35 113.43 107.19 40.29 6.18 36.30 44.23 49.34 52.63 65.23
Accounts Payable Turnover		 1.39 1.27 1.30 1.62 2.02 1.45 1.41 1.73 2.32 2.06 1.92
Days Sales Outstanding (DSO)		 7.21 7.95 8.39 8.43 8.02 37.59 6.27 5.70 6.39 6.31 5.98
Days Inventory Outstanding (DIO)		 10.11 11.42 13.80 13.44 14.77 17.36 28.82 54.72 47.37 42.34 44.68
Days Payable Outstanding (DPO)		 262.36 287.13 281.42 224.85 180.62 251.01 258.25 210.77 157.33 177.30 190.23
Cash Conversion Cycle (CCC)		 -245.03 -267.76 -259.23 -202.99 -157.82 -196.05 -223.16 -150.35 -103.57 -128.64 -139.57
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 17 19 17 8.65 3.59 -3.21 -5.80 -2.37 -3.55 -3.43 -4.18
Invested Capital Turnover		 4.01 3.73 3.97 5.66 11.97 83.16 -17.36 -19.92 -28.10 -23.28 -22.60
Increase / (Decrease) in Invested Capital		 -1.30 2.30 -2.01 -8.31 -5.06 -6.80 -2.59 3.43 -1.18 0.12 -0.75
Enterprise Value (EV)		 379 482 487 560 658 632 859 823 1,469 1,439 1,508
Market Capitalization		 331 455 435 547 667 624 825 763 1,414 1,392 1,458
Book Value per Share		 ($7.43) ($1.90) ($9.35) ($1.23) $3.25 ($3.04) ($10.78) ($17.93) ($16.96) ($14.50) ($15.07)
Tangible Book Value per Share		 ($7.58) ($2.05) ($9.50) ($1.39) $3.09 ($3.20) ($10.95) ($19.08) ($18.00) ($15.42) ($15.88)
Total Capital		 36 37 33 30 42 12 8.53 12 9.91 8.90 6.28
Total Debt		 66 45 69 35 29 24 48 73 69 60 60
Total Long-Term Debt		 64 43 65 28 23 18 43 69 65 60 60
Net Debt		 47 27 53 13 -8.86 8.17 33 59 56 48 50
Capital Expenditures (CapEx)		 22 26 25 24 9.18 4.16 0.28 0.13 0.38 0.19 0.19
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.05 -1.07 -0.67 -3.10 -2.29 -3.15 -2.64 -2.30 -2.96 -2.05 -2.03
Debt-free Net Working Capital (DFNWC)		 19 17 16 18 36 12 12 12 11 10 8.43
Net Working Capital (NWC)		 17 15 12 12 29 6.89 7.45 7.51 6.28 10 8.43
Net Nonoperating Expense (NNE)		 1.15 1.45 1.59 1.90 1.29 1.31 1.18 2.20 1.50 1.33 1.14
Net Nonoperating Obligations (NNO)		 47 27 53 13 -8.86 8.17 33 59 56 48 50
Total Depreciation and Amortization (D&A)		 1.02 0.89 0.80 1.36 0.95 0.59 0.69 0.60 0.77 0.80 0.75
Debt-free, Cash-free Net Working Capital to Revenue		 -0.07% -1.61% -0.94% -4.27% -3.13% -19.93% -3.38% -2.82% -3.55% -2.52% -2.36%
Debt-free Net Working Capital to Revenue		 27.29% 26.20% 22.21% 24.86% 48.69% 77.45% 14.94% 14.40% 12.62% 12.64% 9.80%
Net Working Capital to Revenue		 24.36% 23.21% 16.87% 16.23% 39.93% 43.67% 9.53% 9.22% 7.55% 12.64% 9.80%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.89 $5.39 $6.06 $7.77 $8.37 $8.02 $10.87 $11.30 $11.55 $11.36 $11.73
Adjusted Weighted Average Basic Shares Outstanding		 4.46M 4.12M 4.06M 3.87M 3.84M 3.72M 3.67M 3.49M 3.48M 3.52M 3.55M
Adjusted Diluted Earnings per Share		 $4.69 $5.13 $5.66 $7.26 $7.84 $7.72 $10.48 $10.97 $11.04 $10.89 $11.30
Adjusted Weighted Average Diluted Shares Outstanding		 4.65M 4.33M 4.34M 4.15M 4.10M 3.86M 3.81M 3.59M 3.64M 3.67M 3.69M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $7.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 4.11M 4.17M 3.85M 3.91M 3.65M 3.71M 3.59M 3.46M 3.50M 3.54M 3.57M
Normalized Net Operating Profit after Tax (NOPAT)		 23 24 26 32 33 31 41 42 42 41 43
Normalized NOPAT Margin		 33.05% 35.48% 36.72% 44.17% 45.62% 197.26% 52.54% 51.13% 50.07% 50.79% 49.73%
Pre Tax Income Margin		 50.72% 53.90% 51.15% 54.18% 56.57% 244.03% 63.76% 62.38% 61.70% 63.01% 61.75%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 20.55 16.30 16.40 17.05 24.95 23.17 35.30 18.42 17.62 18.93 22.72
NOPAT to Interest Expense		 12.74 10.07 11.06 13.09 19.32 17.92 28.27 14.28 13.48 14.45 17.49
EBIT Less CapEx to Interest Expense		 8.16 5.09 5.64 7.33 19.65 20.77 35.10 18.38 17.49 18.86 22.64
NOPAT Less CapEx to Interest Expense		 0.35 -1.14 0.29 3.36 14.01 15.53 28.07 14.23 13.36 14.38 17.41
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 5.63% 6.89% 7.18% 7.20% 10.73% 47.72% 83.07% 48.85% 108.68% 97.28% 117.91%
Augmented Payout Ratio		 349.00% 14.00% 210.20% 13.33% 85.47% 211.98% 193.84% 173.44% 108.68% 97.28% 123.71%

Quarterly Metrics And Ratios for Winmark

This table displays calculated financial ratios and metrics derived from Winmark's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/30/2023 3/30/2024 6/29/2024 9/28/2024 12/28/2024 3/29/2025 6/28/2025 9/27/2025 12/27/2025 3/28/2026
DEI Shares Outstanding		 - - - - - - - - - - 3,571,861.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 3,571,861.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.59
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.45% -5.14% -2.02% -1.19% -3.62% -2.45% 9.00% 1.47% 5.22% 7.87% -4.88%
EBITDA Growth		 6.84% -3.00% -0.75% -1.21% -1.13% 1.29% 9.90% 0.56% -0.67% 1.68% -9.10%
EBIT Growth		 7.37% -4.38% -0.86% -1.81% -1.24% 1.35% 10.80% 0.13% -0.53% 1.72% -9.21%
NOPAT Growth		 4.18% -7.32% -2.34% 0.30% -0.64% -1.31% 11.63% 0.93% 0.02% 3.38% -6.47%
Net Income Growth		 7.53% -4.52% -1.38% 0.60% -0.26% -1.38% 12.90% 1.63% 0.14% 3.93% -7.05%
EPS Growth		 4.10% -7.02% -3.21% 0.00% -0.66% -1.89% 12.45% 1.40% -0.33% 3.08% -7.75%
Operating Cash Flow Growth		 2.05% -8.57% -3.51% -11.61% 0.29% -3.48% 12.83% 10.01% 1.13% 0.77% -21.23%
Free Cash Flow Firm Growth		 34.99% 51.66% 35.60% -9.47% -10.25% -12.74% 6.53% 14.15% 10.32% 12.29% -27.30%
Invested Capital Growth		 -29.82% -49.64% -13.72% 4.89% 0.68% 3.32% -6.55% -24.74% -22.07% -21.82% 22.50%
Revenue Q/Q Growth		 9.60% -10.21% 0.35% 0.05% 6.91% -9.12% 12.13% -6.86% 10.85% -6.83% -1.12%
EBITDA Q/Q Growth		 14.87% -16.69% -3.09% 7.14% 14.97% -14.66% 5.15% -3.08% 14.20% -12.64% -6.00%
EBIT Q/Q Growth		 14.51% -16.90% -3.73% 7.19% 15.16% -14.72% 5.25% -3.13% 14.40% -12.78% -6.07%
NOPAT Q/Q Growth		 6.24% -12.35% -7.87% 16.92% 5.24% -12.94% 4.21% 5.72% 4.29% -10.02% -5.73%
Net Income Q/Q Growth		 7.53% -12.85% -9.24% 18.28% 6.61% -13.83% 3.90% 6.48% 5.05% -10.56% -7.08%
EPS Q/Q Growth		 7.02% -13.11% -9.06% 18.26% 6.32% -14.19% 4.23% 6.64% 4.50% -11.26% -6.72%
Operating Cash Flow Q/Q Growth		 29.86% -27.45% 52.51% -38.48% 47.34% -30.18% 78.28% -40.01% 35.44% -30.43% 39.36%
Free Cash Flow Firm Q/Q Growth		 8.23% -11.25% -9.51% 4.16% 7.30% -13.71% 10.47% 11.61% 3.70% -12.17% -28.48%
Invested Capital Q/Q Growth		 -5.28% 31.22% -110.45% 37.59% -9.93% 33.05% -131.94% 26.93% -7.58% 33.19% -47.57%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 95.81% 94.56% 94.84% 95.72% 96.92% 95.82% 95.95% 96.25% 97.07% 96.27% 97.03%
EBITDA Margin		 70.36% 65.27% 63.04% 67.11% 72.17% 67.78% 63.56% 66.14% 68.14% 63.89% 60.74%
Operating Margin		 67.76% 62.47% 60.76% 64.70% 69.40% 65.31% 62.03% 63.97% 65.94% 61.71% 59.29%
EBIT Margin		 69.49% 64.31% 61.69% 66.09% 71.20% 66.82% 62.71% 65.22% 67.31% 63.01% 59.86%
Profit (Net Income) Margin		 49.96% 48.49% 43.85% 51.84% 51.70% 49.02% 45.42% 51.92% 49.20% 47.23% 44.39%
Tax Burden Percent		 75.62% 80.07% 75.58% 82.94% 76.11% 77.48% 75.81% 83.44% 76.16% 78.59% 77.99%
Interest Burden Percent		 95.08% 94.17% 94.05% 94.58% 95.40% 94.69% 95.53% 95.42% 95.99% 95.39% 95.08%
Effective Tax Rate		 24.38% 19.93% 24.42% 17.06% 23.89% 22.52% 24.19% 16.56% 23.84% 21.41% 22.01%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -85.55% -66.53% -75.13% -93.47% -117.38% -72.51% -83.42% -104.37% -137.40% -79.55% -88.88%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 131.27% 180.17% 130.88% 118.23% 108.33% 194.63% 138.24% 123.81% 107.64% 209.65% 140.02%
Return on Assets (ROA)		 94.38% 135.85% 93.04% 92.74% 78.66% 142.80% 100.12% 98.57% 78.69% 157.16% 103.83%
Return on Common Equity (ROCE)		 -85.55% -66.53% -75.13% -93.47% -117.38% -72.51% -83.42% -104.37% -137.40% -79.55% -88.88%
Return on Equity Simple (ROE_SIMPLE)		 -117.57% 0.00% -76.18% -95.01% -118.80% 0.00% -89.44% -112.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 11 10 9.23 11 11 9.89 10 11 11 10 9.64
NOPAT Margin		 51.24% 50.02% 45.92% 53.66% 52.82% 50.60% 47.03% 53.38% 50.21% 48.50% 46.24%
Net Nonoperating Expense Percent (NNEP)		 0.67% 0.53% 0.90% 0.96% 0.83% 0.60% 0.85% 0.86% 0.94% 0.55% 0.99%
Return On Investment Capital (ROIC_SIMPLE)		 - 101.14% 59.84% - - 111.19% 73.60% 47.15% 33.81% 162.88% 70.08%
Cost of Revenue to Revenue		 4.19% 5.44% 5.16% 4.28% 3.08% 4.18% 4.05% 3.75% 2.93% 3.73% 2.97%
SG&A Expenses to Revenue		 28.00% 32.01% 33.90% 31.02% 27.52% 30.52% 33.92% 32.27% 31.13% 34.56% 37.74%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 28.05% 32.09% 34.08% 31.02% 27.52% 30.52% 33.92% 32.27% 31.13% 34.56% 37.74%
Earnings before Interest and Taxes (EBIT)		 16 13 12 13 15 13 14 13 15 13 12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 16 13 13 14 16 13 14 14 15 13 13
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 14.96 16.98 14.82 14.90 16.57 17.12 13.42 15.88 21.10 16.94 17.55
Price to Earnings (P/E)		 31.05 35.19 30.64 30.67 33.81 34.83 27.14 32.10 43.20 35.00 36.42
Dividend Yield		 0.83% 0.76% 0.91% 0.94% 0.88% 2.78% 3.52% 2.98% 2.23% 3.37% 3.31%
Earnings Yield		 3.22% 2.84% 3.26% 3.26% 2.96% 2.87% 3.69% 3.12% 2.32% 2.86% 2.75%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 15.31 17.65 15.36 15.35 16.92 17.70 13.88 16.25 21.33 17.52 18.02
Enterprise Value to EBITDA (EV/EBITDA)		 23.21 26.61 23.08 23.10 25.30 26.22 20.54 24.11 32.14 26.76 27.81
Enterprise Value to EBIT (EV/EBIT)		 23.46 26.98 23.41 23.44 25.67 26.61 20.81 24.45 32.57 27.12 28.20
Enterprise Value to NOPAT (EV/NOPAT)		 30.41 35.25 30.69 30.56 33.41 34.86 27.22 31.92 42.46 35.23 36.35
Enterprise Value to Operating Cash Flow (EV/OCF)		 28.81 33.40 29.24 29.88 32.59 34.14 26.28 30.32 40.22 33.58 36.73
Enterprise Value to Free Cash Flow (EV/FCFF)		 29.58 34.28 30.04 30.74 33.44 34.96 26.91 31.08 41.36 34.62 37.97
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -2.03 -1.17 -1.29 -1.59 -1.95 -1.17 -1.30 -1.63 -2.28 -1.12 -1.30
Long-Term Debt to Equity		 -1.91 -1.10 -1.21 -1.49 -1.85 -1.17 -1.30 -1.63 -2.28 -1.12 -1.30
Financial Leverage		 -0.90 -0.95 -0.87 -0.89 -0.85 -0.94 -0.84 -0.87 -0.81 -0.93 -0.85
Leverage Ratio		 -0.94 -0.49 -0.73 -1.08 -1.57 -0.51 -0.77 -1.11 -1.76 -0.49 -0.79
Compound Leverage Factor		 -0.89 -0.46 -0.69 -1.02 -1.50 -0.48 -0.73 -1.06 -1.69 -0.47 -0.75
Debt to Total Capital		 197.20% 696.90% 440.69% 270.72% 204.93% 673.76% 428.01% 259.40% 178.36% 955.01% 435.89%
Short-Term Debt to Total Capital		 11.86% 42.56% 27.33% 17.06% 10.80% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 185.34% 654.34% 413.36% 253.67% 194.13% 673.76% 428.01% 259.40% 178.36% 955.01% 435.89%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -97.20% -596.90% -340.69% -170.72% -104.93% -573.76% -328.01% -159.40% -78.36% -855.01% -335.89%
Debt to EBITDA		 1.26 1.25 1.23 1.22 1.20 1.09 1.07 1.07 1.07 1.06 1.09
Net Debt to EBITDA		 0.53 1.01 0.82 0.68 0.52 0.87 0.68 0.55 0.36 0.88 0.73
Long-Term Debt to EBITDA		 1.18 1.17 1.16 1.14 1.14 1.09 1.07 1.07 1.07 1.06 1.09
Debt to NOPAT		 1.65 1.66 1.64 1.61 1.59 1.45 1.42 1.41 1.41 1.40 1.42
Net Debt to NOPAT		 0.70 1.33 1.09 0.91 0.69 1.15 0.90 0.73 0.47 1.16 0.95
Long-Term Debt to NOPAT		 1.55 1.56 1.54 1.51 1.51 1.45 1.42 1.41 1.41 1.40 1.42
Altman Z-Score		 10.50 10.99 9.48 10.22 11.50 12.38 9.82 11.90 15.52 12.64 12.37
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.77 1.60 1.83 2.88 3.84 3.02 2.66 4.60 5.95 2.49 2.74
Quick Ratio		 3.63 1.43 1.71 2.71 3.68 2.66 2.52 4.35 5.72 2.08 2.39
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 13 11 10 11 11 9.77 11 12 12 11 7.85
Operating Cash Flow to CapEx		 6,431.90% 8,833.57% 15,203.64% 8,005.84% 281,720.93% 0.00% 29,450.00% 16,535.47% 18,339.07% 43,484.69% 81,351.37%
Free Cash Flow to Firm to Interest Expense		 16.54 14.91 13.74 14.63 16.09 14.09 17.59 19.76 20.48 17.91 12.79
Operating Cash Flow to Interest Expense		 15.83 11.67 18.12 11.40 17.20 12.19 24.56 14.83 20.07 13.91 19.35
Operating Cash Flow Less CapEx to Interest Expense		 15.58 11.53 18.00 11.25 17.20 12.19 24.48 14.74 19.96 13.88 19.32
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.89 2.80 2.12 1.79 1.52 2.91 2.20 1.90 1.60 3.33 2.34
Accounts Receivable Turnover		 50.53 57.14 50.65 51.55 49.47 57.82 38.88 50.25 51.93 61.03 37.04
Inventory Turnover		 9.72 7.70 10.32 10.98 9.97 8.62 8.51 9.94 8.64 8.17 7.46
Fixed Asset Turnover		 49.36 49.34 50.89 51.15 51.19 52.63 54.98 56.25 60.04 65.23 67.67
Accounts Payable Turnover		 2.51 2.32 3.15 2.52 2.22 2.06 2.27 2.35 2.11 1.92 2.18
Days Sales Outstanding (DSO)		 7.22 6.39 7.21 7.08 7.38 6.31 9.39 7.26 7.03 5.98 9.85
Days Inventory Outstanding (DIO)		 37.54 47.37 35.36 33.25 36.63 42.34 42.91 36.70 42.24 44.68 48.91
Days Payable Outstanding (DPO)		 145.71 157.33 116.00 144.95 164.73 177.30 160.56 155.42 173.13 190.23 167.50
Cash Conversion Cycle (CCC)		 -100.94 -103.57 -73.44 -104.62 -120.73 -128.64 -108.26 -111.45 -123.87 -139.57 -108.74
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -5.16 -3.55 -7.47 -4.66 -5.13 -3.43 -7.96 -5.82 -6.26 -4.18 -6.17
Invested Capital Turnover		 -18.45 -28.10 -11.79 -17.26 -15.89 -23.28 -10.77 -15.91 -14.84 -22.60 -12.03
Increase / (Decrease) in Invested Capital		 -1.19 -1.18 -0.90 0.24 0.04 0.12 -0.49 -1.15 -1.13 -0.75 1.79
Enterprise Value (EV)		 1,291 1,469 1,272 1,268 1,384 1,439 1,153 1,355 1,803 1,508 1,531
Market Capitalization		 1,262 1,414 1,227 1,230 1,355 1,392 1,115 1,324 1,783 1,458 1,491
Book Value per Share		 ($9.92) ($16.96) ($15.03) ($12.07) ($9.59) ($14.50) ($12.98) ($10.43) ($7.42) ($15.07) ($12.94)
Tangible Book Value per Share		 ($10.97) ($18.00) ($16.04) ($13.05) ($10.53) ($15.42) ($13.87) ($11.30) ($8.26) ($15.88) ($13.72)
Total Capital		 36 9.91 15 25 32 8.90 14 23 34 6.28 14
Total Debt		 70 69 68 67 66 60 60 60 60 60 60
Total Long-Term Debt		 66 65 64 63 62 60 60 60 60 60 60
Net Debt		 30 56 45 38 29 48 38 31 20 50 40
Capital Expenditures (CapEx)		 0.19 0.10 0.09 0.10 0.00 0.00 0.05 0.05 0.07 0.02 0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4.16 -2.96 -6.78 -3.68 -3.86 -2.05 -5.89 -3.74 -4.04 -2.03 -4.01
Debt-free Net Working Capital (DFNWC)		 36 11 16 26 33 10 16 25 36 8.43 16
Net Working Capital (NWC)		 32 6.28 12 22 30 10 16 25 36 8.43 16
Net Nonoperating Expense (NNE)		 0.29 0.31 0.42 0.37 0.24 0.31 0.35 0.30 0.23 0.27 0.39
Net Nonoperating Obligations (NNO)		 29 56 45 38 29 48 38 31 20 50 40
Total Depreciation and Amortization (D&A)		 0.19 0.19 0.27 0.20 0.21 0.19 0.19 0.19 0.19 0.19 0.18
Debt-free, Cash-free Net Working Capital to Revenue		 -4.93% -3.55% -8.19% -4.45% -4.72% -2.52% -7.08% -4.48% -4.78% -2.36% -4.71%
Debt-free Net Working Capital to Revenue		 43.16% 12.62% 19.47% 31.14% 40.87% 12.64% 19.35% 30.21% 42.40% 9.80% 18.74%
Net Working Capital to Revenue		 38.16% 7.55% 14.38% 26.03% 36.63% 12.64% 19.35% 30.21% 42.40% 9.80% 18.74%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.20 $2.79 $2.52 $2.97 $3.16 $2.71 $2.81 $3.00 $3.13 $2.79 $2.59
Adjusted Weighted Average Basic Shares Outstanding		 3.49M 3.48M 3.50M 3.51M 3.52M 3.52M 3.54M 3.54M 3.55M 3.55M 3.57M
Adjusted Diluted Earnings per Share		 $3.05 $2.65 $2.41 $2.85 $3.03 $2.60 $2.71 $2.89 $3.02 $2.68 $2.50
Adjusted Weighted Average Diluted Shares Outstanding		 3.65M 3.64M 3.66M 3.66M 3.67M 3.67M 3.67M 3.67M 3.69M 3.69M 3.71M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 3.49M 3.50M 3.50M 3.52M 3.52M 3.54M 3.53M 3.55M 3.56M 3.57M 3.58M
Normalized Net Operating Profit after Tax (NOPAT)		 11 10 9.23 11 11 9.89 10 11 11 10 9.64
Normalized NOPAT Margin		 51.24% 50.02% 45.92% 53.66% 52.82% 50.60% 47.03% 53.38% 50.21% 48.50% 46.24%
Pre Tax Income Margin		 66.07% 60.56% 58.02% 62.51% 67.92% 63.27% 59.91% 62.23% 64.61% 60.10% 56.91%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 20.32 17.16 16.82 18.43 21.75 18.83 22.39 21.84 24.96 21.68 20.33
NOPAT to Interest Expense		 14.99 13.34 12.52 14.97 16.14 14.26 16.79 17.87 18.62 16.69 15.70
EBIT Less CapEx to Interest Expense		 20.08 17.02 16.70 18.29 21.75 18.83 22.31 21.75 24.85 21.65 20.31
NOPAT Less CapEx to Interest Expense		 14.74 13.21 12.40 14.82 16.13 14.26 16.71 17.78 18.51 16.66 15.68
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 51.17% 108.68% 109.95% 110.72% 111.75% 97.28% 95.53% 95.70% 96.24% 117.91% 120.52%
Augmented Payout Ratio		 51.17% 108.68% 109.95% 110.72% 111.75% 97.28% 101.00% 101.56% 102.10% 123.71% 120.93%

Financials Breakdown Chart

Key Financial Trends

Winmark Corp. (NASDAQ: WINA) continues to show the profile of a highly profitable, cash-generative business with modest capital spending and strong quarterly earnings, but the balance sheet still reflects a meaningful debt load and negative shareholder equity.

Top-line growth has slowed a bit in the most recent quarter, but profitability remains strong. In Q1 2026, revenue was $20.8 million, down slightly from $21.1 million in Q4 2025 and $22.6 million in Q3 2025. Even so, the company generated $12.4 million of operating income and $9.3 million of net income, showing that margins remain robust.

Operating cash flow is a major strength. Winmark produced $11.9 million in operating cash flow in Q1 2026, close to the $12.3 million it generated in Q3 2025 and ahead of $8.5 million in Q4 2025. For a company of this size, that is a very healthy level of cash generation.

Shareholder returns remain a priority. The company paid $3.4 million in dividends in Q1 2026, and dividends have been a consistent use of cash across the periods provided. That supports the income-oriented appeal of the stock, though it also consumes a large portion of operating cash flow.

Gross margins remain excellent. Q1 2026 gross profit was $20.2 million on $20.8 million of revenue, implying very low cost of revenue. That’s consistent with Winmark’s asset-light franchise model and is a key reason earnings stay strong even when revenue moves around.

Balance sheet liquidity improved sequentially in Q1 2026. Cash and equivalents increased to $19.8 million from $9.0 million at year-end 2025, reflecting the strong quarterly cash generation. Total current assets were $25.1 million versus current liabilities of $9.1 million.

However, leverage remains a key concern. Long-term debt stood at about $60.0 million in Q1 2026, while total liabilities were $81.8 million. Winmark’s equity remained negative at $(46.2) million, meaning liabilities still exceed shareholders’ equity by a wide margin.

The long-term trend in cash flow is positive, but quarterly results can be lumpy. Over the last several years, operating cash flow has generally stayed strong, but financing cash flows have often been negative because of dividends and occasional debt repayments or share repurchases. That creates a more limited cushion if business conditions weaken.

Share count has been fairly stable. Diluted shares in Q1 2026 were 3.71 million, not far from prior quarters. That suggests Winmark is not heavily diluting shareholders, which is a favorable sign.

Overall, Winmark looks financially durable, but not without risk. The company has strong margins, steady earnings, and excellent cash generation, but the negative equity position and debt burden are worth watching closely.

  • Strong earnings and cash generation: Q1 2026 net income of $9.3 million and operating cash flow of $11.9 million show durable profitability.
  • Excellent gross margin profile: Revenue is converted into gross profit at a very high rate, reflecting the strength of the franchise model.
  • Cash balance improved sharply: Cash and equivalents rose to $19.8 million from $9.0 million at year-end 2025.
  • Low capital spending: Capital expenditures were minimal, helping free up cash for dividends and other uses.
  • Stable share count: The company has not been aggressively diluting shareholders.
  • Revenue has been slightly uneven: Recent quarterly sales have fluctuated around the low-$20 million range.
  • Dividend is a major cash use: Strong cash generation supports it, but it also limits retained cash accumulation.
  • Negative shareholder equity: Total common equity was $(46.2) million in Q1 2026.
  • Debt remains substantial: Long-term debt was about $60.0 million.
  • Leverage reduces flexibility: High liabilities relative to equity could matter if earnings soften.

Bottom line: Winmark remains a high-margin, cash-producing business with a strong dividend profile, but investors should balance that against the company’s leveraged balance sheet and negative equity position.

06/15/26 12:42 AM ETAI Generated. May Contain Errors.

Winmark Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Winmark's financial year ends in December. Their financial year 2025 ended on December 27, 2025.

Winmark's net income appears to be on an upward trend, with a most recent value of $41.65 million in 2025, rising from $21.80 million in 2015. The previous period was $39.95 million in 2024. Find out what analysts predict for Winmark in the coming months.

Winmark's total operating income in 2025 was $54.59 million, based on the following breakdown:
  • Total Gross Profit: $82.95 million
  • Total Operating Expenses: $28.36 million

Over the last 10 years, Winmark's total revenue changed from $69.45 million in 2015 to $86.06 million in 2025, a change of 23.9%.

Winmark's total liabilities were at $78.57 million at the end of 2025, a 0.9% increase from 2024, and a 0.6% increase since 2015.

In the past 10 years, Winmark's cash and equivalents has ranged from $1.01 million in 2015 to $25.13 million in 2019, and is currently $10.30 million as of their latest financial filing in 2025.

Over the last 10 years, Winmark's book value per share changed from -7.43 in 2015 to -15.07 in 2025, a change of 102.8%.


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Financial statements for NASDAQ:WINA last updated on 4/17/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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