WINANasdaqRetail-Miscellaneous RetailFiscal year ends December 26
WINMARK CORP
Financials through Q3 FY2026, quarter ended Sep 26, 2026Last filing: 10-Q on Oct 14, 2026
$302.11−12.72 (-4.04%)
Close on Oct 19, 2026
- Market cap
- $1.11B
- P/E (TTM)
- 27.0
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
96.4%−0.4 pts over 5 years
Operating margin
63.4%+2.6 pts over 5 years
Net margin
48.4%+3.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.9% | +1.9% | +5.4% | +2.2% | |
| Gross profit | +6.5% | +2.2% | +5.3% | +2.2% | |
| Operating income | +3.1% | +0.6% | +6.3% | +3.9% | |
| Net income | +4.3% | +1.9% | +6.9% | – | |
| EPS, diluted | +3.8% | +1.0% | +7.9% | +9.2% | |
| Free cash flow | +6.5% | +0.8% | +0.7% | +7.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -101.7% | 5576.5% | -79.5% | |
| Return on assets | 46.1% | 64.0% | 161.0% | |
| Current ratio | 3.10 | 1.61 | 2.49 | |
| Debt to equity | -1.54 | -1.55 | -0.56 | |
| Net debt to EBITDA | 0.48× | 0.27× | 0.36× | |
| Interest coverage | 16.3× | 23.1× | 22.3× | |
| Inventory turnover | 31.7× | 21.8× | 8.2× | |
| Capex to revenue | 0.1% | 0.1% | 0.2% | |
| Diluted shares | 4M | 4M | 4M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Winmark generated $223.18M from operations and spent $280.80M on capital expenditure, dividends and share buybacks. 0% of that went back into the business.
Generated
$223.18M
Used
$280.80M
Capital expenditure$984.90K0%Dividends$184.06M66%Share buybacks$95.76M34%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin48.4%
×Asset turnover3.33×
×Equity multiplier-0.49×
=Return on equity, FY2025-79.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 48.4% | 3.33× | -0.49× | -79.5% |
| FY2024 | 49.2% | 2.91× | -0.51× | -72.5% |
| FY2023 | 48.3% | 2.80× | -0.49× | -66.5% |
| FY2022 | 48.4% | 2.84× | -0.57× | -78.3% |
| FY2021 | 51.0% | 2.69× | -1.15× | -158.2% |
| FY2020 | 45.1% | 1.42× | 87.12× | 5576.5% |
| FY2019 | 43.9% | 1.35× | 14.20× | 841.6% |
| FY2018 | 41.5% | 1.52× | -2.36× | -148.7% |
| FY2017 | 35.2% | 1.43× | -2.00× | -101.1% |
| FY2016 | 33.3% | 1.39× | -2.20× | -101.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$41.65M
- Cash generatingOperating cash flow above zero$44.90M
- Return on assets improvedROA up on the prior year137.9% → 155.2%
- Earnings backed by cashOperating cash flow above net income$44.90M vs $41.65M
- Less leverageLong-term debt to assets fell111.5% → 120.4%
- Better liquidityCurrent ratio rose3.02 → 2.49
- No dilutionShare count did not rise4M → 4M
- Gross margin improvedGross margin up on the prior year95.84% → 96.39%
- More efficientAsset turnover rose2.81 → 3.21