Winmark Corporation (WINA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.14	$2.81	-10.5%	—	$22M	—
Q1 26	$2.7	$2.5	-7.4%	—	$20.8M	—
Q4 25	$2.78	$2.69	-3.2%	—	$21.1M	—
Q3 25	$3.22	$3.02	-6.2%	—	$22.6M	—
Q2 25	$2.88	$2.89	+0.3%	—	$20.4M	—
Q1 25	$2.74	$2.71	-1.1%	—	$21.9M	—
Q4 24	$2.65	$2.6	-1.9%	—	$19.5M	—
Q3 24	$3.16	$3.03	-4.1%	—	$21.5M	—
Q2 24	$2.77	$2.85	+2.9%	—	$20.1M	—
Q1 23	—	$2.49	—	—	$20.5M	—
Q4 22	—	$2.86	—	—	$21.1M	—
Q3 22	—	$2.93	—	—	$21.2M	—
Q2 22	—	$2.54	—	—	$19.1M	—
Q1 22	—	$2.65	—	—	$20M	—
Q4 21	—	$3.09	—	—	$20.4M	—
Q3 21	—	$2.67	—	—	$20.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$11.7	—	—	$86.1M	—
FY24	—	$11.4	—	—	$81.3M	—
FY23	—	$11.6	—	—	$83.2M	—
FY22	—	$11.3	—	—	$81.4M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$66.5M	$69.8M	$72.5M	$73.3M	$66.1M	$78.2M	$81.4M	$83.2M	$81.3M	$86.1M
YoY change	-4.22%	+4.87%	+3.95%	+1.09%	-9.87%	+18.4%	+4.08%	+2.25%	-2.35%	+5.86%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	66.5M	69.8M	72.5M	73.3M	66.1M	78.2M	81.4M	83.2M	81.3M	86.1M
Cost of revenue	4.4M	5.7M	4.7M	4.5M	4.7M	4.8M	4.7M	4.9M	3.4M	3.1M
Gross profit	62.1M	64.1M	67.8M	68.8M	61.3M	73.4M	76.7M	78.4M	77.9M	83M
Gross margin	93.3%	91.8%	93.6%	93.9%	92.8%	93.9%	94.2%	94.2%	95.8%	96.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	23.9M	25.2M	26M	25.7M	21.2M	22.3M	23.2M	25.1M	24.9M	28.4M
Operating expenses	23.9M	25.3M	26.1M	25.7M	21.2M	22.3M	23.2M	25.1M	24.9M	28.4M
Operating income	38.2M	38.8M	41.8M	43.1M	40.2M	51.3M	53.6M	53.3M	52.9M	54.6M
Operating margin	57.4%	55.6%	57.6%	58.8%	60.9%	65.6%	65.9%	64%	65.1%	63.4%
Non-operating income, net	0	—	-33.2K	—	—	—	—	—	—	—
Pretax income	35.9M	36.5M	39.3M	41.5M	38.5M	49.9M	50.8M	51.4M	51.2M	53.1M
Income tax	13.7M	11.9M	9.2M	9.3M	8.7M	9.9M	11.4M	11.2M	11.3M	11.5M
Net income	22.1M	24.6M	30.1M	32.1M	29.8M	39.9M	39.4M	40.2M	40M	41.7M
Net margin	33.3%	35.2%	41.5%	43.9%	45.1%	51%	48.4%	48.3%	49.2%	48.4%
EBITDA	38.6M	39.2M	42.1M	43.9M	41.1M	52M	54.6M	55.5M	55.2M	56.7M
EPS	5.39	6.06	7.77	8.37	8.02	10.9	11.3	11.6	11.4	11.7
Diluted EPS	5.13	5.66	7.26	7.84	7.72	10.5	11	11	10.9	11.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	22.3M	20M	20.1M	20.1M	21.5M	19.5M	21.9M	20.4M	22.6M	21.1M	20.8M	22M
Cost of revenue	946.4K	1.1M	1.1M	861.1K	662.5K	816.6K	888.3K	766.5K	663.3K	786.3K	618.5K	818.5K
Gross profit	21.4M	18.9M	19M	19.3M	20.8M	18.7M	21M	19.7M	22M	20.3M	20.2M	21.1M
Gross margin	95.8%	94.5%	94.7%	95.7%	96.9%	95.8%	95.9%	96.2%	97.1%	96.3%	97%	96.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	6.2M	6.4M	6.8M	6.2M	5.9M	6M	7.4M	6.6M	7M	7.3M	7.9M	7.5M
Operating expenses	6.2M	6.4M	6.8M	6.2M	5.9M	6M	7.4M	6.6M	7M	7.3M	7.9M	7.5M
Operating income	15.1M	12.5M	12.2M	13M	14.9M	12.8M	13.6M	13.1M	14.9M	13M	12.4M	13.6M
Operating margin	67.8%	62.5%	60.8%	64.7%	69.4%	65.3%	62%	64%	65.9%	61.7%	59.3%	62.1%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	14.7M	12.1M	11.7M	12.6M	14.6M	12.4M	13.1M	12.7M	14.6M	12.7M	11.9M	13.2M
Income tax	3.6M	2.4M	2.8M	2.1M	3.5M	2.8M	3.2M	2.1M	3.5M	2.7M	2.6M	2.8M
Net income	11.1M	9.7M	8.8M	10.4M	11.1M	9.6M	10M	10.6M	11.1M	10M	9.3M	10.4M
Net margin	50%	48.5%	43.9%	51.8%	51.7%	49%	45.4%	51.9%	49.2%	47.2%	44.4%	47.3%
EBITDA	15.8M	13.2M	12.7M	13.6M	15.6M	13.3M	14M	13.6M	15.5M	13.6M	12.8M	14.1M
EPS	3.2	2.78	2.52	2.97	3.16	2.71	2.81	3	3.13	2.79	2.59	2.9
Diluted EPS	3.05	2.64	2.41	2.85	3.03	2.6	2.71	2.89	3.02	2.69	2.5	2.81

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	520.1M	524.9M	616.1M	761.6M	691.1M	911.7M	822.5M	1.5B	1.4B	1.4B	1.1B
Enterprise value	547M	577.6M	629.6M	758.6M	704.6M	949.8M	886.1M	1.5B	1.4B	1.5B	1.1B
Shares outstanding	4.1M	4.1M	3.9M	3.8M	3.7M	3.7M	3.5M	3.5M	3.5M	3.5M	3.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	23.5	21.4	20.5	23.7	23.2	22.8	20.9	36.2	34.6	34.5	27.1
P/S	7.82	7.52	8.5	10.4	10.5	11.7	10.1	17.5	17	16.7	12.4
P/B	-66.2	-14.7	-128.1	61.2	-60.7	-23.3	-13.3	-24.6	-27.1	-26.8	-28.6
EV/EBITDA	14.2	14.7	15	17.3	17.1	18.3	16.2	27.2	26	26.3	20.1
EV/Sales	8.22	8.28	8.68	10.3	10.7	12.1	10.9	18.2	17.6	17.3	12.7
Earnings yield	4.26%	4.68%	4.89%	4.22%	4.32%	4.38%	4.79%	2.77%	2.89%	2.9%	3.69%
FCF yield	-0%	-0.05%	1.81%	5.44%	5.65%	5.27%	4.88%	3%	3.04%	3.11%	3.06%
PEG	—	—	—	—	—	—	—	—	—	—	-8.13

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	93.3%	91.8%	93.6%	93.9%	92.8%	93.9%	94.2%	94.2%	95.8%	96.4%	96.3%
Operating margin	57.4%	55.6%	57.6%	58.8%	60.9%	65.6%	65.9%	64%	65.1%	63.4%	62.1%
Net margin	33.3%	35.2%	41.5%	43.9%	45.1%	51%	48.4%	48.3%	49.2%	48.4%	47.1%
ROE	-282.1%	-68.8%	-626.5%	258.3%	-262.1%	-102.1%	-64%	-67.9%	-78.3%	-77.6%	-77.6%
ROA	45.6%	50.3%	64.6%	52%	95.2%	148.4%	129.4%	138.7%	148.8%	167.4%	78.1%
ROIC	124.2%	153.5%	366.7%	352.5%	1.5K%	-4.3K%	2.1K%	22K%	-20.6K%	-2.7K%	-2.9K%
Return on tangible assets	46.8%	51.6%	66.3%	53%	99%	155.4%	174.9%	184.6%	196.3%	218.1%	122.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.1	2.27	1.94	3.45	1.61	1.75	1.71	1.6	3.02	2.49	3.75
Quick ratio	3.09	2.26	1.93	3.45	1.6	1.71	1.64	1.56	2.94	2.42	3.67
Debt / equity	-5.77	-1.94	-7.19	2.81	-2.54	-1.34	-1.26	-1.23	-1.23	-1.16	-0.02
Debt / assets	0.93	1.42	0.74	0.57	0.92	1.95	2.55	2.51	2.35	2.51	1.44
Net debt / EBITDA	0.7	1.35	0.32	-0.07	0.33	0.73	1.17	1.07	0.92	0.92	0.65
Interest coverage	16.2	16.4	16.8	25	23.2	34.9	18.4	17.6	18.9	22.7	22.4
Effective tax rate	38.2%	32.6%	23.3%	22.5%	22.6%	19.9%	22.4%	21.8%	22%	21.6%	22.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	16.1	17.2	18.7	19.1	17.8	21.3	23.3	23.9	23.1	24.2	24.2
EPS (basic)	5.39	6.06	7.77	8.37	8.02	10.9	11.3	11.6	11.4	11.7	11.7
EPS (diluted)	5.13	5.66	7.26	7.84	7.72	10.5	11	11	10.9	11.3	11
Book value per share	-1.9	-8.8	-1.24	3.24	-3.06	-10.6	-17.7	-17	-14.5	-15.1	-10.5
FCF per share	-0	-0.07	2.87	10.8	10.5	13.1	11.5	12.5	11.9	12.6	11.1
Cash per share	4.48	4.04	5.43	9.88	4.13	3.89	4	3.86	3.47	2.9	7.19
Capex per share	6.37	6.28	6.14	2.39	1.12	0.08	0.04	0.11	0.06	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	39.5%	36.5%	32.8%	12.5%	6.3%	0.36%	0.16%	0.46%	0.24%	—	—
Capex / operating cash flow	100%	105.1%	72.1%	18.3%	9.64%	0.6%	0.28%	0.89%	0.46%	—	—
Payout ratio	6.89%	7.18%	7.2%	10.7%	47.7%	83.1%	48.8%	108.7%	97.3%	117.9%	35.4%
Dividend yield	0.29%	0.34%	0.35%	0.45%	2.06%	3.64%	2.34%	3.01%	2.81%	3.42%	1.36%

Yield

1.36%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.02

ex-dividend Aug 12, 2026

Payout ratio

35%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 12, 2026	$1.02
May 13, 2026	$1.02
Feb 11, 2026	$0.96
Nov 12, 2025	$10.96
Aug 13, 2025

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$22.3M	$20M	$20.1M	$20.1M	$21.5M	$19.5M	$21.9M	$20.4M	$22.6M	$21.1M	$20.8M	$22M
YoY change	+5.45%	-5.14%	-2.02%	-1.19%	-3.62%	-2.45%	+9%	+1.47%	+5.22%	+7.87%	-4.88%	+7.59%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	18.5M	16.4M	21M	37.9M	15.3M	14.3M	14M	13.4M	12.2M	10.3M
Receivables	1.5M	1.8M	1.6M	35.8K	16.7K	29.3K	145K	189.6K	71.1K	101.1K
Inventory	87.5K	97.1K	107.6K	86K	106.6K	325.2K	770.6K	386.1K	397.6K	362.5K
Total current assets	22.8M	21.5M	24.3M	41.2M	18.3M	17.4M	18.1M	16.7M	15.4M	14.1M
Property, plant & equipment	-677.6K	-960.4K	-600.2K	3.4M	2.6M	2M	1.5M	1.1M	576K	-3.6K
Goodwill & intangibles	1.2M	1.2M	1.2M	1.2M	1.2M	1.2M	7.9M	7.2M	6.5M	5.8M
Total assets	48.6M	48.8M	46.7M	61.8M	31.3M	26.9M	30.5M	29M	26.8M	24.9M
Accounts payable	1.7M	2.1M	1.4M	1M	1.8M	2.1M	2.1M	1.7M	1.6M	1.7M
Short-term debt	2M	3.8M	6.3M	6.4M	5.3M	4.2M	4.2M	4.2M	—	—
Total current liabilities	7.4M	9.4M	12.5M	11.9M	11.4M	10M	10.6M	10.5M	5.1M	5.7M
Long-term debt	43.3M	65.4M	28.3M	28.6M	23.5M	48.2M	73.4M	68.6M	63M	62.4M
Total liabilities	56.4M	84.6M	51.5M	49.4M	42.7M	66M	92.1M	88.1M	77.9M	78.6M
Shareholders' equity	-7.9M	-35.7M	-4.8M	12.4M	-11.4M	-39.1M	-61.6M	-59.2M	-51M	-53.7M
Total debt	45.3M	69.2M	34.6M	35M	28.8M	52.4M	77.6M	72.8M	63M	62.4M
Net debt	44.1M	68.1M	32.1M	9.8M	22.2M	41M	64M	59.4M	50.8M	52.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	40.7M	13.4M	22.9M	29.4M	37.2M	12.2M	21.8M	28.8M	39.7M	10.3M	19.8M	25.8M
Receivables	1.7M	189.6K	1.7M	1.6M	1.6M	71.1K	2.6M	1.7M	1.7M	101.1K	2M	1.8M
Inventory	290.9K	386.1K	420.9K	268.2K	441.8K	397.6K	338.2K	362.1K	283.7K	362.5K	421.4K	656.9K
Total current assets	43.8M	16.7M	26.3M	33M	40.5M	15.4M	25.8M	32.2M	43.1M	14.1M	25.1M	30.8M
Property, plant & equipment	6.7M	1.1M	6.4M	6.2M	3.7M	576K	3.4M	3.3M	3.2M	-3.6K	2.8M	2.7M
Goodwill & intangibles	7.4M	7.2M	7M	6.8M	6.7M	6.5M	6.3M	6.1M	6M	5.8M	5.6M	9.9M
Total assets	55.5M	29M	38.3M	44.7M	52M	26.8M	37.1M	43.2M	53.7M	24.9M	35.6M	43.2M
Accounts payable	1.7M	1.7M	1.3M	1.5M	1.6M	1.6M	1.5M	1.2M	1.4M	1.7M	1.1M	2.1M
Short-term debt	4.2M	4.2M	4.2M	4.2M	3.5M	—	—	—	—	—	—	—
Total current liabilities	11.6M	10.5M	14.4M	11.5M	10.5M	5.1M	9.7M	7M	7.2M	5.7M	9.1M	8.2M
Long-term debt	69.8M	68.6M	67.4M	66.2M	65.7M	63M	62.9M	62.7M	62.6M	62.4M	62.2M	62M
Total liabilities	90.1M	88.1M	90.9M	86.9M	85.7M	77.9M	83M	80M	80.1M	78.6M	81.8M	80.8M
Shareholders' equity	-34.6M	-59.2M	-52.6M	-42.2M	-33.7M	-51M	-45.9M	-36.8M	-26.3M	-53.7M	-46.2M	-37.6M
Total debt	74M	72.8M	71.6M	70.4M	69.2M	63M	62.9M	62.7M	62.6M	62.4M	62.2M	62M
Net debt	33.4M	59.4M	48.7M	41M	32M	50.8M	41M	34M	22.8M	52.1M	42.4M	36.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	22.1M	24.6M	30.1M	32.1M	29.8M	39.9M	39.4M	40.2M	40M	41.7M
Depreciation & amortization	420.5K	355.4K	314.1K	745.5K	853.6K	674.9K	869.1K	1.1M	1.1M	1.1M
Stock-based compensation	1.8M	2M	2M	1.7M	1.3M	1.4M	1.7M	2M	2M	2.3M
Change in working capital	2.3M	-1.3M	80.4K	-2.4M	-2.5M	6.3M	1.4M	278.7K	-982.3K	-1.7M
Operating cash flow	26.3M	24.2M	33M	50.2M	43.1M	47M	46.7M	43M	41.9M	44.9M
Capital expenditure	-26.3M	-25.5M	-23.8M	-9.2M	-4.2M	-283.1K	-129.7K	-383.9K	-194.9K	—
Investing cash flow	-3.2M	85.2K	453.9K	-9.2M	-4.2M	-283.1K	-129.7K	-383.9K	-194.9K	—
Dividends paid	-1.5M	-1.8M	-2.2M	-3.4M	-14.2M	-33.2M	-19.3M	-43.7M	-38.9M	-49.1M
Share repurchases	-1.6M	-49.9M	-1.8M	-24M	-49M	-44.2M	-49.1M	0	0	-2.4M
Financing cash flow	-61.3M	-67.6M	-73.6M	-48.6M	-65.8M	-51.6M	-42.6M	-47.9M	-48.1M	-51.5M
Net change in cash	-38.3M	-43.3M	-40.2M	-7.5M	-26.8M	-4.9M	4M	-5.3M	-6.3M	-6.6M
Free cash flow	-3K	-268.1K	11.1M	41.5M	39.1M	48.1M	40.1M	43.6M	42M	44.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	11.1M	9.7M	8.8M	10.4M	11.1M	9.6M	10M	10.6M	11.1M	10M	9.3M	10.4M
Depreciation & amortization	264.2K	277.9K	271K	280.6K	287.7K	277.1K	267.9K	271.8K	274K	280.3K	274.5K	273.9K
Stock-based compensation	509K	501.4K	485.9K	454.6K	517.7K	529.8K	536.6K	529K	601.3K	616.3K	614.1K	614.2K
Change in working capital	807.1K	449.4K	1.9M	-3.6M	798.4K	-139.3K	2M	-3.7M	684.3K	-608.1K	810.8K	-1.7M
Operating cash flow	12.7M	10.3M	11.6M	7.7M	12.7M	10M	12.7M	7.7M	12.3M	8.5M	11.9M	10.7M
Capital expenditure	-187.8K	-99.2K	-87.9K	-102.7K	-4.3K	0	-51.2K	-54.7K	—	—	—	—
Investing cash flow	-187.8K	-99.2K	-87.9K	-102.7K	-4.3K	0	-51.2K	-54.7K	—	—	—	—
Dividends paid	-2.8M	-35.7M	-2.8M	-3.2M	-3.2M	-29.7M	-3.2M	-3.4M	-3.4M	-39.1M	-3.4M	-3.7M
Share repurchases	0	0	—	—	—	—	-2.2M	-168.8K	0	0	0	0
Financing cash flow	-3.9M	-36.7M	-3.9M	-4.2M	-4.2M	-35.7M	-5.4M	-3.6M	-3.4M	-39.1M	-3.4M	-3.7M
Net change in cash	8.7M	-26.5M	7.6M	3.4M	8.5M	-25.8M	7.2M	4.1M	8.8M	-30.6M	8.4M	7.1M
Free cash flow	11.9M	8.7M	13.3M	8.1M	12.1M	8.5M	15M	9M	12.2M	8.5M	11.9M	8.5M

Winmark Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement