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Winmark
(NASDAQ:WINA)
Select Model
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Rating:66Neutral
Price Target:
$407.00
▲(4.51% Upside)
Action:Reiterated
Date:07/16/26
The score is driven primarily by strong financial performance—exceptional margins and high-quality free cash flow—tempered by meaningful balance-sheet risk from negative equity and sizable debt. Technicals are a notable drag given the stock is below major moving averages with negative momentum indicators. Valuation is mixed (high P/E but solid dividend yield), while corporate events are mildly supportive but not transformative.
Positive Factors
Exceptional Profitability
Sustained, very high margins reflect an inherently high-margin franchise royalty model with minimal COGS. Durable profitability supports reinvestment, franchisee support and shareholder returns, and indicates strong unit economics that can persist across economic cycles.
Negative Factors
Negative Equity / Leverage
A persistent equity deficit and sizable debt relative to assets reduce financial flexibility and can constrain capital choices. Negative equity complicates leverage metrics, raises refinancing and covenant risk, and weakens the balance sheet cushion in downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional Profitability
Sustained, very high margins reflect an inherently high-margin franchise royalty model with minimal COGS. Durable profitability supports reinvestment, franchisee support and shareholder returns, and indicates strong unit economics that can persist across economic cycles.
Read all positive factors
Winmark (WINA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.40B
Dividend Yield3.35%
Average Volume (3M)84.55K
Price to Earnings (P/E)34.0
Beta (1Y)0.50
Revenue Growth3.76%
EPS Growth-2.25%
CountryUS
Employees87
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)11.41
Shares Outstanding3,592,169
10 Day Avg. Volume91,703
30 Day Avg. Volume84,548
Financial Highlights & Ratios
PEG Ratio10.74
Price to Book (P/B)-27.13
Price to Sales (P/S)16.92
P/FCF Ratio32.57
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$545.00Price Target Upside39.94% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)11.88
Revenue Forecast (FY)$88.67M
Winmark Business Overview & Revenue Model
Company Description
Winmark Corporation, founded in 1988 and headquartered in Minneapolis, Minnesota, functions as a franchisor managing retail concepts centered on the buying, selling, trading, and consignment of pre-owned goods. Its business predominantly spans the...
How the Company Makes Money
Winmark primarily makes money through franchising its retail concepts. Key revenue streams include: (1) Initial franchise fees: one-time payments from new franchisees for the right to open a store under a Winmark brand and access the company’s ope...
Winmark Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
28
Negative
Cash Flow
90
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 86.53M | 86.06M | 81.29M | 83.24M | 81.41M | 78.22M |
| Gross Profit | 83.65M | 82.95M | 77.87M | 78.38M | 76.71M | 73.43M |
| EBITDA | 56.03M | 56.68M | 55.20M | 55.52M | 54.57M | 52.01M |
| Net Income | 40.72M | 41.65M | 39.95M | 40.18M | 39.42M | 39.92M |
Balance Sheet | ||||||
| Total Assets | 43.19M | 24.88M | 26.84M | 28.97M | 30.46M | 26.90M |
| Cash, Cash Equivalents and Short-Term Investments | 25.83M | 10.46M | 12.19M | 13.44M | 13.96M | 14.30M |
| Total Debt | 62.02M | 64.79M | 63.04M | 72.78M | 77.57M | 52.42M |
| Total Liabilities | 80.81M | 78.57M | 77.89M | 88.12M | 92.09M | 65.98M |
| Stockholders Equity | -37.62M | -53.68M | -51.05M | -59.16M | -61.63M | -39.08M |
Cash Flow | ||||||
| Free Cash Flow | 43.22M | 44.70M | 41.96M | 43.61M | 40.11M | 48.06M |
| Operating Cash Flow | 43.38M | 44.90M | 42.16M | 43.99M | 43.79M | 48.35M |
| Investing Cash Flow | -2.35M | -192.30K | -194.90K | -383.90K | -3.67M | -283.10K |
| Financing Cash Flow | -43.97M | -46.57M | -43.02M | -43.90M | -37.88M | -43.31M |
Winmark Technical Analysis
Negative
389.45
Price Trends
386.56
Positive
403.45
Negative
415.85
Negative
Market Momentum
-2.83
Positive
45.36
Neutral
38.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WINA, the sentiment is Negative. The current price of 389.45 is below the 20-day moving average (MA) of 403.80, above the 50-day MA of 386.56, and below the 200-day MA of 415.85, indicating a neutral trend. The MACD of -2.83 indicates Positive momentum. The RSI at 45.36 is Neutral, neither overbought nor oversold. The STOCH value of 38.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for WINA.
Winmark Risk Analysis
Winmark disclosed 16 risk factors in its most recent earnings report. Winmark reported the most risks in the "Ability to Sell" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Winmark Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.28B | 40.74 | 14.24% | ― | 9.26% | 18.70% | |
66 Neutral | $1.40B | 34.01 | -100.45% | 3.35% | 3.76% | -2.25% | |
63 Neutral | $433.74M | 26.25 | -3.56% | ― | 6.50% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $902.18M | 20.15 | 10.99% | ― | 32.51% | 241.09% | |
61 Neutral | $1.54B | 71.00 | 5.19% | ― | 10.20% | -7.90% | |
55 Neutral | $869.74M | ― | -36.11% | ― | 10.25% | 70.25% |
* Consumer Cyclical Sector Average
WINA
Winmark
388.10
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6.80%
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Winmark Corporate Events
Business Operations and StrategyExecutive/Board Changes
Winmark Adds New Director as Board Refreshes Governance
Positive
May 6, 2026
On May 5, 2026, Winmark announced that long-serving director Lawrence A. Barbetta, who joined the board in 2012 and sits on the audit committee, has decided not to stand for re-election at the April 2027 annual meeting under the company’s in...
Executive/Board ChangesShareholder Meetings
Winmark Shareholders Approve Board, Pay, and Auditor Slate
Positive
Apr 22, 2026
At its annual shareholders meeting held on April 22, 2026, Winmark Corporation’s investors approved setting the board size at seven directors and elected all nominated directors, including Brett D. Heffes and six other candidates, with subst...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.