Winmark Corporation (WINA) 10-Year Financial Performance & Capital Metrics

WINA • • Industrial / General

Consumer CyclicalFootwear & AccessoriesAccessories & Carry SolutionsCustom Textile Goods

AboutWinmark Corporation, together with its subsidiaries, operates as a franchisor of retail store concepts that buy, sell, trade, and consign used merchandise primarily in the United States and Canada. The company operates through two segments, Franchising and Leasing. Its franchises retail stores operate under the Plato's Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round brand names. The company's Plato's Closet brand stores buys and sells used clothing and accessories for the teenage and young adult market; and Once Upon A Child brand stores buys and sells used and new children's clothing, toys, furniture, equipment, and accessories primarily to parents of children ages infant to 12 years. Its Play It Again Sports brand stores buys, sells, trades in, and used and new sporting goods, equipment, and accessories for various athletic activities, such as team sports, fitness, ski/snowboard, golf, and others; Style Encore brand stores buys and sells used women's apparel, shoes, and accessories; and Music Go Round brand stores buys, sells, trades in, and used and new musical instruments, speakers, amplifiers, music-related electronics, and related accessories. In addition, the company is also involved in the middle-market equipment leasing business focusing on technology and business-essential equipment. As of February 23, 2022, it had 1,271 franchised stores, as well as offers its products online at musicgoround.com, playitagainsports.com, and style-encore.com. Winmark Corporation was incorporated in 1988 and is headquartered in Minneapolis, Minnesota.Show more

Revenue $81M -2.3%
EBITDA $54M -0.5%
Net Income $40M -0.6%
EPS (Diluted) 10.89 -1.4%
Gross Margin 95.8% +1.7%
EBITDA Margin 66.49% +1.8%
Operating Margin 65.11% +1.7%
Net Margin 49.15% +1.8%
ROE -
ROIC 122903.87% +3881.1%
Debt/Equity -
Interest Coverage 18.53 +7.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 51.6% free cash flow margin
✓Healthy dividend yield of 2.3%
✓Healthy 5Y average net margin of 48.4%
✓Efficient asset utilization: 3.0x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.88%

5Y2.09%

3Y1.29%

TTM3.35%

Profit (Net Income) CAGR

10Y7.13%

5Y4.44%

3Y0.03%

TTM2.97%

EPS CAGR

10Y10.96%

5Y6.79%

3Y1.29%

TTM2.65%

ROCE

10Y Avg174.67%

5Y Avg245.14%

3Y Avg277.4%

Latest262.93%

Peer Comparison

Custom Textile Goods

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MAMKMaxsMaking Inc. Class A Ordinary Shares	119.6M	13.00	118.18	-18.38%	8.46%	26.23%		0.59
WINAWinmark Corporation	1.61B	451.30	41.44	-2.35%	48.84%		2.61%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	69.45M	66.58M	69.75M	72.51M	73.3M	66.06M	78.22M	81.41M	83.24M	81.29M
Revenue Growth %	0.14%	-0.04%	0.05%	0.04%	0.01%	-0.1%	0.18%	0.04%	0.02%	-0.02%
Cost of Goods Sold+	8.41M	4.43M	5.7M	4.67M	4.5M	4.73M	4.79M	4.7M	4.86M	3.42M
COGS % of Revenue	0.12%	0.07%	0.08%	0.06%	0.06%	0.07%	0.06%	0.06%	0.06%	0.04%
Gross Profit+	61.04M	62.16M	64.04M	67.84M	68.8M	61.34M	73.43M	76.71M	78.38M	77.87M
Gross Margin %	0.88%	0.93%	0.92%	0.94%	0.94%	0.93%	0.94%	0.94%	0.94%	0.96%
Gross Profit Growth %	0.07%	0.02%	0.03%	0.06%	0.01%	-0.11%	0.2%	0.04%	0.02%	-0.01%
Operating Expenses+	23.94M	23.85M	25.26M	26.08M	25.67M	21.12M	22.09M	23.1M	25.1M	24.94M
OpEx % of Revenue	0.34%	0.36%	0.36%	0.36%	0.35%	0.32%	0.28%	0.28%	0.3%	0.31%
Selling, General & Admin	24.09M	23.84M	25.25M	26.04M	25.75M	21.2M	22.3M	23.16M	25.11M	24.94M
SG&A % of Revenue	0.35%	0.36%	0.36%	0.36%	0.35%	0.32%	0.29%	0.28%	0.3%	0.31%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-149.7K	18.5K	9K	-33.2K	-78.3K	-79.3K	-206.6K	-57.9K	-5.6K	-1.5K
Operating Income+	37.09M	38.3M	38.78M	41.76M	43.13M	40.21M	51.34M	53.61M	53.28M	52.93M
Operating Margin %	0.53%	0.58%	0.56%	0.58%	0.59%	0.61%	0.66%	0.66%	0.64%	0.65%
Operating Income Growth %	0.12%	0.03%	0.01%	0.08%	0.03%	-0.07%	0.28%	0.04%	-0.01%	-0.01%
EBITDA+	37.52M	38.72M	39.14M	42.08M	43.88M	41.07M	52.01M	54.48M	54.34M	54.05M
EBITDA Margin %	0.54%	0.58%	0.56%	0.58%	0.6%	0.62%	0.66%	0.67%	0.65%	0.66%
EBITDA Growth %	0.12%	0.03%	0.01%	0.08%	0.04%	-0.06%	0.27%	0.05%	-0%	-0.01%
D&A (Non-Cash Add-back)	432.6K	420.5K	355.4K	314.1K	745.5K	853.6K	674.9K	869.1K	1.06M	1.12M
EBIT	37.09M	38.21M	38.8M	41.76M	43.13M	40.21M	51.34M	53.61M	54.45M	54.08M
Net Interest Income+	-1.87M	-2.35M	-2.35M	-2.48M	-1.66M	-1.69M	-1.47M	-2.83M	-1.92M	-1.71M
Interest Income	0	0	0	0	67.4K	43.4K	0	85.6K	1.17M	1.15M
Interest Expense	1.87M	2.35M	2.35M	2.48M	1.73M	1.74M	1.47M	2.91M	3.09M	2.86M
Other Income/Expense	-1.87M	-2.35M	-2.35M	-2.48M	-1.66M	-1.69M	-1.47M	-2.83M	-1.92M	-1.71M
Pretax Income+	35.22M	35.95M	36.43M	39.28M	41.47M	38.52M	49.87M	50.78M	51.36M	51.22M
Pretax Margin %	0.51%	0.54%	0.52%	0.54%	0.57%	0.58%	0.64%	0.62%	0.62%	0.63%
Income Tax+	13.43M	13.73M	11.87M	9.16M	9.32M	8.69M	9.95M	11.36M	11.18M	11.27M
Effective Tax Rate %	0.62%	0.62%	0.67%	0.77%	0.78%	0.77%	0.8%	0.78%	0.78%	0.78%
Net Income+	21.8M	22.22M	24.57M	30.13M	32.15M	29.82M	39.92M	39.42M	40.18M	39.95M
Net Margin %	0.31%	0.33%	0.35%	0.42%	0.44%	0.45%	0.51%	0.48%	0.48%	0.49%
Net Income Growth %	0.09%	0.02%	0.11%	0.23%	0.07%	-0.07%	0.34%	-0.01%	0.02%	-0.01%
Net Income (Continuing)	21.8M	22.22M	24.58M	30.13M	32.15M	29.82M	39.92M	39.42M	40.18M	39.95M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.69	5.13	5.66	7.26	7.84	7.72	10.48	10.97	11.04	10.89
EPS Growth %	0.22%	0.09%	0.1%	0.28%	0.08%	-0.02%	0.36%	0.05%	0.01%	-0.01%
EPS (Basic)	4.89	5.39	6.06	7.26	8.37	8.02	10.87	11.30	11.55	11.36
Diluted Shares Outstanding	4.65M	4.33M	4.34M	4.15M	4.1M	3.86M	3.81M	3.59M	3.64M	3.67M
Basic Shares Outstanding	4.46M	4.12M	4.06M	4.15M	3.84M	3.72M	3.67M	3.49M	3.48M	3.52M
Dividend Payout Ratio	0.06%	0.07%	0.07%	0.07%	0.11%	0.48%	0.83%	0.49%	1.09%	0.97%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	24.43M	22.79M	21.37M	24.25M	41.2M	18.28M	17.43M	18.1M	16.75M	15.37M
Cash & Short-Term Investments	18.98M	18.46M	16.41M	21.04M	25.13M	6.68M	14.3M	13.96M	13.44M	12.19M
Cash Only	1.01M	1.25M	1.07M	2.5M	25.13M	6.68M	11.41M	13.62M	13.36M	12.19M
Short-Term Investments	17.97M	17.2M	15.33M	18.55M	0	0	2.89M	344.9K	75.1K	0
Accounts Receivable	22.45M	20.16M	19.29M	20.67M	14.97M	10.49M	1.77M	2M	1.51M	1.43M
Days Sales Outstanding	117.99	110.53	100.95	104.03	74.53	57.96	8.26	8.95	6.61	6.43
Inventory	45.2K	87.5K	97.1K	107.6K	86K	106.6K	325.2K	770.6K	386.1K	397.6K
Days Inventory Outstanding	1.96	7.22	6.22	8.41	6.97	8.23	24.78	59.88	29	42.49
Other Current Assets	3.48M	1.88M	2.46M	782.9K	50K	25K	30K	65K	25K	140K
Total Non-Current Assets+	22.98M	25.79M	27.04M	22.41M	20.64M	13.07M	9.47M	12.35M	12.22M	11.48M
Property, Plant & Equipment	1.12M	769.6K	486.8K	866.2K	6.37M	5.56M	4.96M	4.42M	4.1M	3.53M
Fixed Asset Turnover	61.92x	86.51x	143.27x	83.71x	11.51x	11.88x	15.77x	18.42x	20.32x	23.04x
Goodwill	607.5K	607.5K	607.5K	607.5K	607.5K	607.5K	607.5K	607.5K	607.5K	607.5K
Intangible Assets	-3.62B	0	0	0	0	0	0	3.35M	2.99M	2.64M
Long-Term Investments	21.25M	24.41M	25.95M	20.46M	12.51M	4.57M	229.3K	5.4K	0	0
Other Non-Current Assets	607.5K	-3.33B	-1.96B	-1.15B	492.5K	435.9K	418.3K	429.7K	471.3K	491.2K
Total Assets+	47.41M	48.58M	48.4M	46.66M	61.84M	31.34M	26.9M	30.46M	28.97M	26.84M
Asset Turnover	1.46x	1.37x	1.44x	1.55x	1.19x	2.11x	2.91x	2.67x	2.87x	3.03x
Asset Growth %	-0.13%	0.02%	-0%	-0.04%	0.33%	-0.49%	-0.14%	0.13%	-0.05%	-0.07%
Total Current Liabilities+	7.51M	7.36M	9.45M	12.48M	11.93M	11.38M	9.98M	10.6M	10.46M	5.09M
Accounts Payable	1.64M	1.69M	2.07M	1.35M	1.01M	1.77M	2.1M	2.12M	1.72M	1.56M
Days Payables Outstanding	71.3	139.56	132.71	105.65	82.31	136.66	159.92	164.88	129.14	166.91
Short-Term Debt	2.03M	1.99M	3.81M	6.26M	6.82M	5.33M	4.23M	4.22M	4.22M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Current Liabilities	1.46M	2.1M	1.39M	-1.28M	-1.57M	0	0	0	2.25M	592.9K
Current Ratio	3.25x	3.10x	2.26x	1.94x	3.45x	1.61x	1.75x	1.71x	1.60x	3.02x
Quick Ratio	3.25x	3.09x	2.25x	1.93x	3.45x	1.60x	1.71x	1.64x	1.56x	2.94x
Cash Conversion Cycle	48.65	-21.81	-25.54	6.79	-0.81	-70.46	-126.88	-96.05	-93.53	-117.99
Total Non-Current Liabilities+	70.57M	49.08M	69.63M	38.99M	37.46M	31.34M	56M	81.49M	77.66M	72.8M
Long-Term Debt	64.32M	43.33M	65.36M	28.33M	21.87M	17.63M	43.38M	69.07M	64.85M	59.94M
Capital Lease Obligations	0	0	0	0	5.85M	5.88M	4.81M	4.29M	3.72M	3.09M
Deferred Tax Liabilities	3.61M	3.33M	1.96M	1.15M	0	0	0	0	0	0
Other Non-Current Liabilities	1.22M	993.6K	4.27M	1.08M	1.89M	773.2K	954.8K	1.16M	1.44M	1.74M
Total Liabilities	78.08M	56.43M	79.08M	51.47M	49.39M	42.72M	65.98M	92.09M	88.12M	77.89M
Total Debt+	66.35M	45.32M	69.17M	34.59M	34.97M	28.85M	52.42M	77.57M	72.78M	63.04M
Net Debt	65.34M	44.06M	68.1M	32.09M	9.84M	22.16M	41.01M	63.96M	59.42M	50.85M
Debt / Equity	-	-	-	-	2.81x	-	-	-	-	-
Debt / EBITDA	1.77x	1.17x	1.77x	0.82x	0.80x	0.70x	1.01x	1.42x	1.34x	1.17x
Net Debt / EBITDA	1.74x	1.14x	1.74x	0.76x	0.22x	0.54x	0.79x	1.17x	1.09x	0.94x
Interest Coverage	19.88x	16.26x	16.48x	16.84x	24.92x	23.14x	34.95x	18.39x	17.24x	18.53x
Total Equity+	-30.67M	-7.85M	-30.68M	-4.81M	12.45M	-11.38M	-39.08M	-61.63M	-59.16M	-51.05M
Equity Growth %	-2.42%	0.74%	-2.91%	0.84%	3.59%	-1.91%	-2.43%	-0.58%	0.04%	0.14%
Book Value per Share	-6.59	-1.81	-7.07	-1.16	3.04	-2.95	-10.26	-17.16	-16.25	-13.92
Total Shareholders' Equity	-30.67M	-7.85M	-30.68M	-4.81M	12.45M	-11.38M	-39.08M	-61.63M	-59.16M	-51.05M
Common Stock	406.5K	2.98M	1.48M	4.43M	11.93M	9.28M	0	1.81M	7.77M	14.79M
Retained Earnings	-31.05M	-10.82M	-32.15M	-9.23M	519K	-20.66M	-39.08M	-63.44M	-66.92M	-65.84M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-32.9K	-9.9K	0	-4.12M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	22.3M	25.66M	25.16M	34.94M	50.65M	43.22M	48.35M	43.79M	43.99M	42.16M
Operating CF Margin %	0.32%	0.39%	0.36%	0.48%	0.69%	0.65%	0.62%	0.54%	0.53%	0.52%
Operating CF Growth %	0.24%	0.15%	-0.02%	0.39%	0.45%	-0.15%	0.12%	-0.09%	0%	-0.04%
Net Income	21.8M	22.22M	24.57M	30.13M	32.15M	29.82M	39.92M	39.42M	40.18M	39.95M
Depreciation & Amortization	432.6K	420.5K	355.4K	314.1K	745.5K	853.6K	674.9K	869.1K	1.06M	799.3K
Stock-Based Compensation	1.69M	1.78M	1.96M	1.98M	1.67M	1.32M	1.44M	1.65M	1.95M	1.99M
Deferred Taxes	-2.14M	-305.4K	-1.38M	827.8K	-1.82M	-1.22M	-1.36M	-287.7K	-512K	-159.4K
Other Non-Cash Items	-7.4K	3.9K	891.8K	123.1K	21.02M	15.71M	2.29M	791K	1.13M	1.62M
Working Capital Changes	521.9K	2.16M	-1.24M	1.57M	-3.12M	-3.26M	5.39M	1.34M	180.1K	-2.05M
Change in Receivables	-88.7K	-62.3K	-316.8K	242.9K	-116.4K	87.6K	10.39M	3.31M	519.3K	138.9K
Change in Inventory	48.3K	-42.3K	-9.6K	-10.5K	21.6K	-20.6K	-218.6K	-445.4K	384.5K	-11.5K
Change in Payables	-312.2K	48.7K	381K	-721.2K	-336.8K	754.6K	329.4K	23K	-402.6K	-157.4K
Cash from Investing+	4.5M	-3.22M	85.2K	453.9K	-9.18M	-4.16M	-283.1K	-3.67M	-383.9K	-194.9K
Capital Expenditures	-22.33M	-26.28M	-25.48M	-23.8M	-9.18M	-4.16M	-283.1K	-3.68M	-383.9K	-194.9K
CapEx % of Revenue	0.32%	0.39%	0.37%	0.33%	0.13%	0.06%	0%	0.05%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	26.6M	23.01M	25.34M	-191.55M	0	0	0	0	0	0
Cash from Financing+	-27.88M	-22.2M	-25.42M	-33.98M	-18.86M	-57.56M	-43.31M	-37.88M	-43.9M	-43.02M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.23M	-1.53M	-1.76M	-2.17M	-3.45M	-14.23M	-33.16M	-19.26M	-43.66M	-38.87M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	299.9K	1.91M	2.31M	2.82M	10.92M	8.25M	8.32M	4.75M	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-27.2K	-617.4K	-318.1K	11.14M	41.47M	39.06M	48.06M	40.11M	43.61M	41.96M
FCF Margin %	-0%	-0.01%	-0%	0.15%	0.57%	0.59%	0.61%	0.49%	0.52%	0.52%
FCF Growth %	1%	-21.7%	0.48%	36.02%	2.72%	-0.06%	0.23%	-0.17%	0.09%	-0.04%
FCF per Share	-0.01	-0.14	-0.07	2.68	10.11	10.11	12.61	11.17	11.98	11.44
FCF Conversion (FCF/Net Income)	1.02x	1.16x	1.02x	1.16x	1.58x	1.45x	1.21x	1.11x	1.09x	1.06x
Interest Paid	1.49M	2.3M	2.18M	2.5M	1.71M	1.74M	1.39M	2.72M	3.05M	2.85M
Taxes Paid	14.65M	11.8M	13.59M	6.73M	11.12M	9.55M	11.56M	11.31M	10.87M	11.17M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	-	841.63%	5576.53%	-	-	-	-
Return on Invested Capital (ROIC)	76.28%	81.06%	79.01%	96.82%	130.52%	182.39%	605.72%	1891.06%	3087.18%	122903.87%
Gross Margin	87.89%	93.35%	91.83%	93.56%	93.86%	92.85%	93.87%	94.23%	94.16%	95.8%
Net Margin	31.39%	33.37%	35.22%	41.55%	43.86%	45.14%	51.04%	48.43%	48.27%	49.15%
Debt / Equity	-	-	-	-	2.81x	-	-	-	-	-
Interest Coverage	19.88x	16.26x	16.48x	16.84x	24.92x	23.14x	34.95x	18.39x	17.24x	18.53x
FCF Conversion	1.02x	1.16x	1.02x	1.16x	1.58x	1.45x	1.21x	1.11x	1.09x	1.06x
Revenue Growth	13.52%	-4.13%	4.75%	3.96%	1.09%	-9.87%	18.4%	4.08%	2.25%	-2.35%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Royalty	-	-	-	-	51.42M	46.29M	-	-	-	72.2M
Royalty Growth	-	-	-	-	-	-9.99%	-	-	-	-
Product	-	-	-	-	2.62M	2.22M	-	-	-	3.6M
Product Growth	-	-	-	-	-	-15.40%	-	-	-	-
Product and Service, Other	-	-	-	-	-	-	-	-	-	2.13M
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-	-
Franchise	-	-	-	1.58M	1.54M	1.44M	-	-	-	1.55M
Franchise Growth	-	-	-	-	-2.49%	-6.26%	-	-	-	-
Royalties	-	-	-	-	-	-	60.78M	67.15M	70.23M	-
Royalties Growth	-	-	-	-	-	-	-	10.48%	4.59%	-
Merchandise sales	-	-	-	-	-	-	3.1M	3.92M	4.76M	-
Merchandise sales Growth	-	-	-	-	-	-	-	26.50%	21.41%	-
Other	-	-	-	-	-	-	1.69M	1.83M	1.97M	-
Other Growth	-	-	-	-	-	-	-	8.06%	7.96%	-
Franchise fees	-	-	-	-	-	-	1.5M	1.58M	1.51M	-
Franchise fees Growth	-	-	-	-	-	-	-	5.24%	-4.02%	-
Product And Service Other	-	-	-	1.63M	1.66M	1.63M	-	-	-	-
Product And Service Other Growth	-	-	-	-	2.15%	-1.80%	-	-	-	-
Franchising	47.88M	49.3M	51.28M	-	-	-	-	-	-	-
Franchising Growth	-	2.95%	4.01%	-	-	-	-	-	-	-
Leasing	21.57M	17.28M	18.47M	-	-	-	-	-	-	-
Leasing Growth	-	-19.86%	6.87%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
C	-	-	3.8M	-	-	-	-	-	-	-
C Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Winmark Corporation (WINA) has a price-to-earnings (P/E) ratio of 41.4x. This suggests investors expect higher future growth.

Growth & Financials

Winmark Corporation (WINA) reported $84.5M in revenue for fiscal year 2024. This represents a 65% increase from $51.3M in 2011.

Winmark Corporation (WINA) saw revenue decline by 2.3% over the past year.

Yes, Winmark Corporation (WINA) is profitable, generating $41.3M in net income for fiscal year 2024 (49.2% net margin).

Dividend & Returns

Yes, Winmark Corporation (WINA) pays a dividend with a yield of 2.35%. This makes it attractive for income-focused investors.

Winmark Corporation (WINA) generated $44.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Winmark Corporation (WINA) 10-Year Financial Performance & Capital Metrics

WINA • • Industrial / General

Consumer CyclicalFootwear & AccessoriesAccessories & Carry SolutionsCustom Textile Goods

Revenue $81M -2.3%
EBITDA $54M -0.5%
Net Income $40M -0.6%
EPS (Diluted) 10.89 -1.4%
Gross Margin 95.8% +1.7%
EBITDA Margin 66.49% +1.8%
Operating Margin 65.11% +1.7%
Net Margin 49.15% +1.8%
ROE -
ROIC 122903.87% +3881.1%
Debt/Equity -
Interest Coverage 18.53 +7.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 51.6% free cash flow margin
✓Healthy dividend yield of 2.3%
✓Healthy 5Y average net margin of 48.4%
✓Efficient asset utilization: 3.0x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y2.88%

5Y2.09%

3Y1.29%

TTM3.35%

Profit (Net Income) CAGR

10Y7.13%

5Y4.44%

3Y0.03%

TTM2.97%

EPS CAGR

10Y10.96%

5Y6.79%

3Y1.29%

TTM2.65%

ROCE

10Y Avg174.67%

5Y Avg245.14%

3Y Avg277.4%

Latest262.93%

Peer Comparison

Custom Textile Goods

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MAMKMaxsMaking Inc. Class A Ordinary Shares	119.6M	13.00	118.18	-18.38%	8.46%	26.23%		0.59
WINAWinmark Corporation	1.61B	451.30	41.44	-2.35%	48.84%		2.61%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	69.45M	66.58M	69.75M	72.51M	73.3M	66.06M	78.22M	81.41M	83.24M	81.29M
Revenue Growth %	0.14%	-0.04%	0.05%	0.04%	0.01%	-0.1%	0.18%	0.04%	0.02%	-0.02%
Cost of Goods Sold+	8.41M	4.43M	5.7M	4.67M	4.5M	4.73M	4.79M	4.7M	4.86M	3.42M
COGS % of Revenue	0.12%	0.07%	0.08%	0.06%	0.06%	0.07%	0.06%	0.06%	0.06%	0.04%
Gross Profit+	61.04M	62.16M	64.04M	67.84M	68.8M	61.34M	73.43M	76.71M	78.38M	77.87M
Gross Margin %	0.88%	0.93%	0.92%	0.94%	0.94%	0.93%	0.94%	0.94%	0.94%	0.96%
Gross Profit Growth %	0.07%	0.02%	0.03%	0.06%	0.01%	-0.11%	0.2%	0.04%	0.02%	-0.01%
Operating Expenses+	23.94M	23.85M	25.26M	26.08M	25.67M	21.12M	22.09M	23.1M	25.1M	24.94M
OpEx % of Revenue	0.34%	0.36%	0.36%	0.36%	0.35%	0.32%	0.28%	0.28%	0.3%	0.31%
Selling, General & Admin	24.09M	23.84M	25.25M	26.04M	25.75M	21.2M	22.3M	23.16M	25.11M	24.94M
SG&A % of Revenue	0.35%	0.36%	0.36%	0.36%	0.35%	0.32%	0.29%	0.28%	0.3%	0.31%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-149.7K	18.5K	9K	-33.2K	-78.3K	-79.3K	-206.6K	-57.9K	-5.6K	-1.5K
Operating Income+	37.09M	38.3M	38.78M	41.76M	43.13M	40.21M	51.34M	53.61M	53.28M	52.93M
Operating Margin %	0.53%	0.58%	0.56%	0.58%	0.59%	0.61%	0.66%	0.66%	0.64%	0.65%
Operating Income Growth %	0.12%	0.03%	0.01%	0.08%	0.03%	-0.07%	0.28%	0.04%	-0.01%	-0.01%
EBITDA+	37.52M	38.72M	39.14M	42.08M	43.88M	41.07M	52.01M	54.48M	54.34M	54.05M
EBITDA Margin %	0.54%	0.58%	0.56%	0.58%	0.6%	0.62%	0.66%	0.67%	0.65%	0.66%
EBITDA Growth %	0.12%	0.03%	0.01%	0.08%	0.04%	-0.06%	0.27%	0.05%	-0%	-0.01%
D&A (Non-Cash Add-back)	432.6K	420.5K	355.4K	314.1K	745.5K	853.6K	674.9K	869.1K	1.06M	1.12M
EBIT	37.09M	38.21M	38.8M	41.76M	43.13M	40.21M	51.34M	53.61M	54.45M	54.08M
Net Interest Income+	-1.87M	-2.35M	-2.35M	-2.48M	-1.66M	-1.69M	-1.47M	-2.83M	-1.92M	-1.71M
Interest Income	0	0	0	0	67.4K	43.4K	0	85.6K	1.17M	1.15M
Interest Expense	1.87M	2.35M	2.35M	2.48M	1.73M	1.74M	1.47M	2.91M	3.09M	2.86M
Other Income/Expense	-1.87M	-2.35M	-2.35M	-2.48M	-1.66M	-1.69M	-1.47M	-2.83M	-1.92M	-1.71M
Pretax Income+	35.22M	35.95M	36.43M	39.28M	41.47M	38.52M	49.87M	50.78M	51.36M	51.22M
Pretax Margin %	0.51%	0.54%	0.52%	0.54%	0.57%	0.58%	0.64%	0.62%	0.62%	0.63%
Income Tax+	13.43M	13.73M	11.87M	9.16M	9.32M	8.69M	9.95M	11.36M	11.18M	11.27M
Effective Tax Rate %	0.62%	0.62%	0.67%	0.77%	0.78%	0.77%	0.8%	0.78%	0.78%	0.78%
Net Income+	21.8M	22.22M	24.57M	30.13M	32.15M	29.82M	39.92M	39.42M	40.18M	39.95M
Net Margin %	0.31%	0.33%	0.35%	0.42%	0.44%	0.45%	0.51%	0.48%	0.48%	0.49%
Net Income Growth %	0.09%	0.02%	0.11%	0.23%	0.07%	-0.07%	0.34%	-0.01%	0.02%	-0.01%
Net Income (Continuing)	21.8M	22.22M	24.58M	30.13M	32.15M	29.82M	39.92M	39.42M	40.18M	39.95M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.69	5.13	5.66	7.26	7.84	7.72	10.48	10.97	11.04	10.89
EPS Growth %	0.22%	0.09%	0.1%	0.28%	0.08%	-0.02%	0.36%	0.05%	0.01%	-0.01%
EPS (Basic)	4.89	5.39	6.06	7.26	8.37	8.02	10.87	11.30	11.55	11.36
Diluted Shares Outstanding	4.65M	4.33M	4.34M	4.15M	4.1M	3.86M	3.81M	3.59M	3.64M	3.67M
Basic Shares Outstanding	4.46M	4.12M	4.06M	4.15M	3.84M	3.72M	3.67M	3.49M	3.48M	3.52M
Dividend Payout Ratio	0.06%	0.07%	0.07%	0.07%	0.11%	0.48%	0.83%	0.49%	1.09%	0.97%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	24.43M	22.79M	21.37M	24.25M	41.2M	18.28M	17.43M	18.1M	16.75M	15.37M
Cash & Short-Term Investments	18.98M	18.46M	16.41M	21.04M	25.13M	6.68M	14.3M	13.96M	13.44M	12.19M
Cash Only	1.01M	1.25M	1.07M	2.5M	25.13M	6.68M	11.41M	13.62M	13.36M	12.19M
Short-Term Investments	17.97M	17.2M	15.33M	18.55M	0	0	2.89M	344.9K	75.1K	0
Accounts Receivable	22.45M	20.16M	19.29M	20.67M	14.97M	10.49M	1.77M	2M	1.51M	1.43M
Days Sales Outstanding	117.99	110.53	100.95	104.03	74.53	57.96	8.26	8.95	6.61	6.43
Inventory	45.2K	87.5K	97.1K	107.6K	86K	106.6K	325.2K	770.6K	386.1K	397.6K
Days Inventory Outstanding	1.96	7.22	6.22	8.41	6.97	8.23	24.78	59.88	29	42.49
Other Current Assets	3.48M	1.88M	2.46M	782.9K	50K	25K	30K	65K	25K	140K
Total Non-Current Assets+	22.98M	25.79M	27.04M	22.41M	20.64M	13.07M	9.47M	12.35M	12.22M	11.48M
Property, Plant & Equipment	1.12M	769.6K	486.8K	866.2K	6.37M	5.56M	4.96M	4.42M	4.1M	3.53M
Fixed Asset Turnover	61.92x	86.51x	143.27x	83.71x	11.51x	11.88x	15.77x	18.42x	20.32x	23.04x
Goodwill	607.5K	607.5K	607.5K	607.5K	607.5K	607.5K	607.5K	607.5K	607.5K	607.5K
Intangible Assets	-3.62B	0	0	0	0	0	0	3.35M	2.99M	2.64M
Long-Term Investments	21.25M	24.41M	25.95M	20.46M	12.51M	4.57M	229.3K	5.4K	0	0
Other Non-Current Assets	607.5K	-3.33B	-1.96B	-1.15B	492.5K	435.9K	418.3K	429.7K	471.3K	491.2K
Total Assets+	47.41M	48.58M	48.4M	46.66M	61.84M	31.34M	26.9M	30.46M	28.97M	26.84M
Asset Turnover	1.46x	1.37x	1.44x	1.55x	1.19x	2.11x	2.91x	2.67x	2.87x	3.03x
Asset Growth %	-0.13%	0.02%	-0%	-0.04%	0.33%	-0.49%	-0.14%	0.13%	-0.05%	-0.07%
Total Current Liabilities+	7.51M	7.36M	9.45M	12.48M	11.93M	11.38M	9.98M	10.6M	10.46M	5.09M
Accounts Payable	1.64M	1.69M	2.07M	1.35M	1.01M	1.77M	2.1M	2.12M	1.72M	1.56M
Days Payables Outstanding	71.3	139.56	132.71	105.65	82.31	136.66	159.92	164.88	129.14	166.91
Short-Term Debt	2.03M	1.99M	3.81M	6.26M	6.82M	5.33M	4.23M	4.22M	4.22M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Current Liabilities	1.46M	2.1M	1.39M	-1.28M	-1.57M	0	0	0	2.25M	592.9K
Current Ratio	3.25x	3.10x	2.26x	1.94x	3.45x	1.61x	1.75x	1.71x	1.60x	3.02x
Quick Ratio	3.25x	3.09x	2.25x	1.93x	3.45x	1.60x	1.71x	1.64x	1.56x	2.94x
Cash Conversion Cycle	48.65	-21.81	-25.54	6.79	-0.81	-70.46	-126.88	-96.05	-93.53	-117.99
Total Non-Current Liabilities+	70.57M	49.08M	69.63M	38.99M	37.46M	31.34M	56M	81.49M	77.66M	72.8M
Long-Term Debt	64.32M	43.33M	65.36M	28.33M	21.87M	17.63M	43.38M	69.07M	64.85M	59.94M
Capital Lease Obligations	0	0	0	0	5.85M	5.88M	4.81M	4.29M	3.72M	3.09M
Deferred Tax Liabilities	3.61M	3.33M	1.96M	1.15M	0	0	0	0	0	0
Other Non-Current Liabilities	1.22M	993.6K	4.27M	1.08M	1.89M	773.2K	954.8K	1.16M	1.44M	1.74M
Total Liabilities	78.08M	56.43M	79.08M	51.47M	49.39M	42.72M	65.98M	92.09M	88.12M	77.89M
Total Debt+	66.35M	45.32M	69.17M	34.59M	34.97M	28.85M	52.42M	77.57M	72.78M	63.04M
Net Debt	65.34M	44.06M	68.1M	32.09M	9.84M	22.16M	41.01M	63.96M	59.42M	50.85M
Debt / Equity	-	-	-	-	2.81x	-	-	-	-	-
Debt / EBITDA	1.77x	1.17x	1.77x	0.82x	0.80x	0.70x	1.01x	1.42x	1.34x	1.17x
Net Debt / EBITDA	1.74x	1.14x	1.74x	0.76x	0.22x	0.54x	0.79x	1.17x	1.09x	0.94x
Interest Coverage	19.88x	16.26x	16.48x	16.84x	24.92x	23.14x	34.95x	18.39x	17.24x	18.53x
Total Equity+	-30.67M	-7.85M	-30.68M	-4.81M	12.45M	-11.38M	-39.08M	-61.63M	-59.16M	-51.05M
Equity Growth %	-2.42%	0.74%	-2.91%	0.84%	3.59%	-1.91%	-2.43%	-0.58%	0.04%	0.14%
Book Value per Share	-6.59	-1.81	-7.07	-1.16	3.04	-2.95	-10.26	-17.16	-16.25	-13.92
Total Shareholders' Equity	-30.67M	-7.85M	-30.68M	-4.81M	12.45M	-11.38M	-39.08M	-61.63M	-59.16M	-51.05M
Common Stock	406.5K	2.98M	1.48M	4.43M	11.93M	9.28M	0	1.81M	7.77M	14.79M
Retained Earnings	-31.05M	-10.82M	-32.15M	-9.23M	519K	-20.66M	-39.08M	-63.44M	-66.92M	-65.84M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-32.9K	-9.9K	0	-4.12M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	22.3M	25.66M	25.16M	34.94M	50.65M	43.22M	48.35M	43.79M	43.99M	42.16M
Operating CF Margin %	0.32%	0.39%	0.36%	0.48%	0.69%	0.65%	0.62%	0.54%	0.53%	0.52%
Operating CF Growth %	0.24%	0.15%	-0.02%	0.39%	0.45%	-0.15%	0.12%	-0.09%	0%	-0.04%
Net Income	21.8M	22.22M	24.57M	30.13M	32.15M	29.82M	39.92M	39.42M	40.18M	39.95M
Depreciation & Amortization	432.6K	420.5K	355.4K	314.1K	745.5K	853.6K	674.9K	869.1K	1.06M	799.3K
Stock-Based Compensation	1.69M	1.78M	1.96M	1.98M	1.67M	1.32M	1.44M	1.65M	1.95M	1.99M
Deferred Taxes	-2.14M	-305.4K	-1.38M	827.8K	-1.82M	-1.22M	-1.36M	-287.7K	-512K	-159.4K
Other Non-Cash Items	-7.4K	3.9K	891.8K	123.1K	21.02M	15.71M	2.29M	791K	1.13M	1.62M
Working Capital Changes	521.9K	2.16M	-1.24M	1.57M	-3.12M	-3.26M	5.39M	1.34M	180.1K	-2.05M
Change in Receivables	-88.7K	-62.3K	-316.8K	242.9K	-116.4K	87.6K	10.39M	3.31M	519.3K	138.9K
Change in Inventory	48.3K	-42.3K	-9.6K	-10.5K	21.6K	-20.6K	-218.6K	-445.4K	384.5K	-11.5K
Change in Payables	-312.2K	48.7K	381K	-721.2K	-336.8K	754.6K	329.4K	23K	-402.6K	-157.4K
Cash from Investing+	4.5M	-3.22M	85.2K	453.9K	-9.18M	-4.16M	-283.1K	-3.67M	-383.9K	-194.9K
Capital Expenditures	-22.33M	-26.28M	-25.48M	-23.8M	-9.18M	-4.16M	-283.1K	-3.68M	-383.9K	-194.9K
CapEx % of Revenue	0.32%	0.39%	0.37%	0.33%	0.13%	0.06%	0%	0.05%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	26.6M	23.01M	25.34M	-191.55M	0	0	0	0	0	0
Cash from Financing+	-27.88M	-22.2M	-25.42M	-33.98M	-18.86M	-57.56M	-43.31M	-37.88M	-43.9M	-43.02M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.23M	-1.53M	-1.76M	-2.17M	-3.45M	-14.23M	-33.16M	-19.26M	-43.66M	-38.87M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	299.9K	1.91M	2.31M	2.82M	10.92M	8.25M	8.32M	4.75M	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-27.2K	-617.4K	-318.1K	11.14M	41.47M	39.06M	48.06M	40.11M	43.61M	41.96M
FCF Margin %	-0%	-0.01%	-0%	0.15%	0.57%	0.59%	0.61%	0.49%	0.52%	0.52%
FCF Growth %	1%	-21.7%	0.48%	36.02%	2.72%	-0.06%	0.23%	-0.17%	0.09%	-0.04%
FCF per Share	-0.01	-0.14	-0.07	2.68	10.11	10.11	12.61	11.17	11.98	11.44
FCF Conversion (FCF/Net Income)	1.02x	1.16x	1.02x	1.16x	1.58x	1.45x	1.21x	1.11x	1.09x	1.06x
Interest Paid	1.49M	2.3M	2.18M	2.5M	1.71M	1.74M	1.39M	2.72M	3.05M	2.85M
Taxes Paid	14.65M	11.8M	13.59M	6.73M	11.12M	9.55M	11.56M	11.31M	10.87M	11.17M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	-	841.63%	5576.53%	-	-	-	-
Return on Invested Capital (ROIC)	76.28%	81.06%	79.01%	96.82%	130.52%	182.39%	605.72%	1891.06%	3087.18%	122903.87%
Gross Margin	87.89%	93.35%	91.83%	93.56%	93.86%	92.85%	93.87%	94.23%	94.16%	95.8%
Net Margin	31.39%	33.37%	35.22%	41.55%	43.86%	45.14%	51.04%	48.43%	48.27%	49.15%
Debt / Equity	-	-	-	-	2.81x	-	-	-	-	-
Interest Coverage	19.88x	16.26x	16.48x	16.84x	24.92x	23.14x	34.95x	18.39x	17.24x	18.53x
FCF Conversion	1.02x	1.16x	1.02x	1.16x	1.58x	1.45x	1.21x	1.11x	1.09x	1.06x
Revenue Growth	13.52%	-4.13%	4.75%	3.96%	1.09%	-9.87%	18.4%	4.08%	2.25%	-2.35%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Royalty	-	-	-	-	51.42M	46.29M	-	-	-	72.2M
Royalty Growth	-	-	-	-	-	-9.99%	-	-	-	-
Product	-	-	-	-	2.62M	2.22M	-	-	-	3.6M
Product Growth	-	-	-	-	-	-15.40%	-	-	-	-
Product and Service, Other	-	-	-	-	-	-	-	-	-	2.13M
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-	-
Franchise	-	-	-	1.58M	1.54M	1.44M	-	-	-	1.55M
Franchise Growth	-	-	-	-	-2.49%	-6.26%	-	-	-	-
Royalties	-	-	-	-	-	-	60.78M	67.15M	70.23M	-
Royalties Growth	-	-	-	-	-	-	-	10.48%	4.59%	-
Merchandise sales	-	-	-	-	-	-	3.1M	3.92M	4.76M	-
Merchandise sales Growth	-	-	-	-	-	-	-	26.50%	21.41%	-
Other	-	-	-	-	-	-	1.69M	1.83M	1.97M	-
Other Growth	-	-	-	-	-	-	-	8.06%	7.96%	-
Franchise fees	-	-	-	-	-	-	1.5M	1.58M	1.51M	-
Franchise fees Growth	-	-	-	-	-	-	-	5.24%	-4.02%	-
Product And Service Other	-	-	-	1.63M	1.66M	1.63M	-	-	-	-
Product And Service Other Growth	-	-	-	-	2.15%	-1.80%	-	-	-	-
Franchising	47.88M	49.3M	51.28M	-	-	-	-	-	-	-
Franchising Growth	-	2.95%	4.01%	-	-	-	-	-	-	-
Leasing	21.57M	17.28M	18.47M	-	-	-	-	-	-	-
Leasing Growth	-	-19.86%	6.87%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
C	-	-	3.8M	-	-	-	-	-	-	-
C Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Winmark Corporation (WINA) has a price-to-earnings (P/E) ratio of 41.4x. This suggests investors expect higher future growth.

Growth & Financials

Winmark Corporation (WINA) reported $84.5M in revenue for fiscal year 2024. This represents a 65% increase from $51.3M in 2011.

Winmark Corporation (WINA) saw revenue decline by 2.3% over the past year.

Yes, Winmark Corporation (WINA) is profitable, generating $41.3M in net income for fiscal year 2024 (49.2% net margin).

Dividend & Returns

Yes, Winmark Corporation (WINA) pays a dividend with a yield of 2.35%. This makes it attractive for income-focused investors.

Winmark Corporation (WINA) generated $44.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.