Winmark Corporation (WINA) Cash Flow Statement

According to quarterly financial data, Winmark's operating cash flow to net income ratio fluctuates significantly, ranging from 0.79 to 1.52, which suggests that while the business is highly profitable, the timing of working capital movements often creates a disconnect between reported earnings and actual cash generation.

As reported in recent filings, Winmark's free cash flow margins exhibit notable swings, oscillating between 40.3% and 68.6% over the last ten quarters, reflecting the impact of periodic large-scale capital returns to shareholders rather than a fundamental shift in the underlying operational efficiency of the franchise model.

Based on the provided figures, Winmark maintains an exceptionally low capital intensity, with CapEx to revenue ratios consistently remaining below 1.0%, which underscores the company's structural advantage as a franchisor that avoids the heavy asset requirements typical of traditional retail and equipment leasing competitors.

As evidenced by historical cash flow statements, Winmark frequently utilizes its robust free cash flow to fund significant special dividends, such as the $39.1M payout in 2025Q4, indicating a management priority of returning excess liquidity to shareholders rather than pursuing aggressive, capital-intensive expansion or acquisitions.