Winmark Corp. (WINA)
NASDAQ:WINA
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Winmark
(NASDAQ:WINA)
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Rating:62Neutral
Price Target:
$429.00
▲(10.16% Upside)
Action:Reiterated
Date:05/07/26
The score is primarily supported by strong profitability and free cash flow generation, but it is held back by a structurally weak balance sheet (negative equity), bearish technical momentum (below key moving averages with negative MACD), and a relatively expensive P/E despite a solid dividend yield. Corporate governance updates add a small positive offset.
Positive Factors
High Profitability / Royalty-like Model
Winmark’s franchise/royalty model generates exceptionally high margins (net margin ~48%), reflecting low capital intensity and scalable fee-based economics. That durable margin profile supports persistent cash generation, resilience to modest sales declines, and strong return on invested capital over time.
Negative Factors
Structurally Weak Balance Sheet
Persistent negative shareholders’ equity and meaningful outstanding debt (~$62M) constrain financial flexibility, complicate capital allocation and increase refinancing and covenant risk. Negative equity also distorts leverage metrics, making downside resilience lower in stress scenarios.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability / Royalty-like Model
Winmark’s franchise/royalty model generates exceptionally high margins (net margin ~48%), reflecting low capital intensity and scalable fee-based economics. That durable margin profile supports persistent cash generation, resilience to modest sales declines, and strong return on invested capital over time.
Read all positive factors
Winmark (WINA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.43B
Dividend Yield3.35%
Average Volume (3M)84.55K
Price to Earnings (P/E)34.9
Beta (1Y)0.56
Revenue Growth2.27%
EPS Growth-1.23%
CountryUS
Employees89
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)11.51
Shares Outstanding3,577,671
10 Day Avg. Volume91,703
30 Day Avg. Volume84,548
Financial Highlights & Ratios
PEG Ratio10.73
Price to Book (P/B)-27.13
Price to Sales (P/S)16.92
P/FCF Ratio32.57
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue17.36
Enterprise Value/Gross Profit17.96
Enterprise Value/Ebitda26.62
Forecast
1Y Price Target
$545.00Price Target Upside39.94% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)12.11
Revenue Forecast (FY)$89.05M
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
82
Very Positive
Balance Sheet
28
Negative
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 84.99M | 86.06M | 81.29M | 83.24M | 81.41M | 78.22M |
| Gross Profit | 82.15M | 82.95M | 77.87M | 78.38M | 76.71M | 73.43M |
| EBITDA | 55.42M | 56.68M | 55.20M | 55.52M | 54.57M | 52.01M |
| Net Income | 40.95M | 41.65M | 39.95M | 40.18M | 39.42M | 39.92M |
Balance Sheet | ||||||
| Total Assets | 35.07M | 24.88M | 26.84M | 28.97M | 30.46M | 26.90M |
| Cash, Cash Equivalents and Short-Term Investments | 19.83M | 10.46M | 12.19M | 13.44M | 13.96M | 14.30M |
| Total Debt | 62.20M | 64.79M | 63.04M | 72.78M | 77.57M | 52.42M |
| Total Liabilities | 81.28M | 78.57M | 77.89M | 88.12M | 92.09M | 65.98M |
| Stockholders Equity | -46.21M | -53.68M | -51.05M | -59.16M | -61.63M | -39.08M |
Cash Flow | ||||||
| Free Cash Flow | 41.54M | 44.70M | 41.96M | 43.61M | 40.11M | 48.06M |
| Operating Cash Flow | 41.70M | 44.90M | 42.16M | 43.99M | 43.79M | 48.35M |
| Investing Cash Flow | -155.70K | -192.30K | -194.90K | -383.90K | -3.67M | -283.10K |
| Financing Cash Flow | -43.58M | -46.57M | -43.02M | -43.90M | -37.88M | -43.31M |
Winmark Technical Analysis
Positive
389.45
Price Trends
383.08
Positive
411.71
Negative
423.07
Negative
Market Momentum
6.37
Negative
60.35
Neutral
76.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WINA, the sentiment is Positive. The current price of 389.45 is above the 20-day moving average (MA) of 384.70, above the 50-day MA of 383.08, and below the 200-day MA of 423.07, indicating a neutral trend. The MACD of 6.37 indicates Negative momentum. The RSI at 60.35 is Neutral, neither overbought nor oversold. The STOCH value of 76.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.18B | 38.64 | 14.24% | ― | 9.26% | 18.70% | |
63 Neutral | $860.47M | 22.40 | 10.99% | ― | 32.51% | 241.09% | |
62 Neutral | $1.43B | 34.94 | -100.45% | 3.35% | 2.27% | -1.23% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $1.56B | 71.21 | 5.19% | ― | 10.20% | -7.90% | |
55 Neutral | $775.54M | ― | -36.11% | ― | 10.25% | 70.25% | |
50 Neutral | $377.60M | -38.68 | -3.56% | ― | 10.09% | 99.49% |
* Consumer Cyclical Sector Average
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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...
Business Operations and StrategyDividendsFinancial Disclosures
Winmark Posts Lower Q1 Earnings, Declares Quarterly Dividend
Neutral
Apr 15, 2026
On April 15, 2026, Winmark Corporation reported first-quarter 2026 net income of $9.25 million, or $2.50 per diluted share, down from $9.96 million, or $2.71 per diluted share, a year earlier, when results benefited from $2.2 million of litigation...
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.