Latest Ratios: P/E Ratio 23.6x · EV/EBITDA 18.0x · ROE N/A. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $953M | $1.5B | $1.5B | $1.5B | $847M | $946M | $718M | $813M | $660M | $562M | $546M |
| Enterprise Value | $1.0B | $1.6B | $1.5B | $1.6B | $911M | $987M | $740M | $823M | $692M | $630M | $590M |
| P/E Ratio → | 23.61 | 36.30 | 36.38 | 37.82 | 21.50 | 23.69 | 24.07 | 25.29 | 21.90 | 22.86 | 24.59 |
| P/S Ratio | 10.38 | 17.57 | 17.88 | 18.26 | 10.41 | 12.10 | 10.87 | 11.09 | 9.10 | 8.05 | 8.20 |
| P/B Ratio | — | — | — | — | — | — | — | 65.32 | — | — | — |
| P/FCF | 21.77 | 33.82 | 34.63 | 34.86 | 21.12 | 19.68 | 18.38 | 19.61 | 59.24 | — | — |
| P/OCF | 21.22 | 33.67 | 34.47 | 34.55 | 19.35 | 19.57 | 16.61 | 16.06 | 18.89 | 22.32 | 21.29 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 18.20 | 18.50 | 18.97 | 11.19 | 12.62 | 11.20 | 11.23 | 9.54 | 9.03 | 8.87 |
| EV / EBITDA | 18.04 | 28.12 | 27.83 | 29.07 | 16.72 | 18.98 | 18.02 | 18.76 | 16.44 | 16.09 | 15.25 |
| EV / EBIT | 18.45 | 28.18 | 27.81 | 29.01 | 16.97 | 19.23 | 18.40 | 19.08 | 16.57 | 16.23 | 15.45 |
| EV / FCF | — | 35.03 | 35.84 | 36.22 | 22.72 | 20.54 | 18.94 | 19.85 | 62.12 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 96.4% | 96.4% | 95.8% | 94.2% | 94.2% | 93.9% | 92.8% | 93.9% | 93.6% | 91.8% | 93.4% |
| Operating Margin | 63.4% | 63.4% | 65.1% | 64.0% | 65.9% | 65.6% | 60.9% | 58.8% | 57.6% | 55.6% | 57.5% |
| Net Profit Margin | 48.4% | 48.4% | 49.2% | 48.3% | 48.4% | 51.0% | 45.1% | 43.9% | 41.5% | 35.2% | 33.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | 5576.5% | 841.6% | — | — | — |
| ROA | 161.0% | 161.0% | 143.2% | 135.2% | 137.5% | 137.1% | 64.0% | 59.3% | 63.4% | 50.7% | 46.3% |
| ROIC | 18361.2% | 18361.2% | 122903.9% | 3087.2% | 1891.1% | 605.7% | 182.4% | 130.5% | 96.8% | 79.0% | 81.1% |
| ROCE | 266.5% | 266.5% | 262.9% | 277.7% | 291.5% | 278.4% | 115.1% | 102.6% | 114.2% | 96.7% | 94.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | 2.81 | — | — | — |
| Debt / EBITDA | 1.16 | 1.16 | 1.17 | 1.34 | 1.42 | 1.01 | 0.70 | 0.80 | 0.82 | 1.77 | 1.17 |
| Net Debt / Equity | — | — | — | — | — | — | — | 0.79 | — | — | — |
| Net Debt / EBITDA | 0.98 | 0.98 | 0.94 | 1.09 | 1.17 | 0.79 | 0.54 | 0.22 | 0.76 | 1.74 | 1.14 |
| Debt / FCF | — | 1.22 | 1.21 | 1.36 | 1.59 | 0.85 | 0.57 | 0.24 | 2.88 | — | — |
| Interest Coverage | 22.72 | 22.72 | 18.93 | 17.62 | 18.42 | 34.95 | 23.14 | 24.92 | 16.84 | 16.49 | 16.22 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.49 | 2.49 | 3.02 | 1.60 | 1.71 | 1.75 | 1.61 | 3.45 | 1.94 | 2.26 | 3.10 |
| Quick Ratio | 2.42 | 2.42 | 2.94 | 1.56 | 1.64 | 1.71 | 1.60 | 3.45 | 1.93 | 2.25 | 3.09 |
| Cash Ratio | 1.85 | 1.85 | 2.40 | 1.28 | 1.32 | 1.43 | 0.59 | 2.11 | 1.69 | 1.74 | 2.51 |
| Asset Turnover | — | 3.46 | 3.03 | 2.87 | 2.67 | 2.91 | 2.11 | 1.19 | 1.55 | 1.44 | 1.37 |
| Inventory Turnover | 8.56 | 8.56 | 8.59 | 12.59 | 6.10 | 14.73 | 44.34 | 52.33 | 43.41 | 58.72 | 50.57 |
| Days Sales Outstanding | — | 8.26 | 6.43 | 6.61 | 8.95 | 8.26 | 57.96 | 74.53 | 104.03 | 100.95 | 110.53 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.4% | 0.9% | 2.7% | 2.9% | 2.3% | 3.5% | 2.0% | 0.4% | 0.3% | 0.3% | 0.3% |
| Payout Ratio | 32.2% | 32.2% | 97.3% | 108.7% | 48.8% | 83.1% | 47.7% | 10.7% | 7.2% | 7.2% | 6.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 2.8% | 2.7% | 2.6% | 4.7% | 4.2% | 4.2% | 4.0% | 4.6% | 4.4% | 4.1% |
| FCF Yield | 4.6% | 3.0% | 2.9% | 2.9% | 4.7% | 5.1% | 5.4% | 5.1% | 1.7% | — | — |
| Buyback Yield | 0.3% | 0.2% | 0.0% | 0.0% | 5.8% | 4.7% | 6.8% | 3.0% | 0.3% | 8.9% | 0.3% |
| Total Shareholder Yield | 1.6% | 1.0% | 2.7% | 2.9% | 8.1% | 8.2% | 8.8% | 3.4% | 0.6% | 9.2% | 0.6% |
| Shares Outstanding | — | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WINA stock.
Winmark Corporation's current P/E ratio is 23.6x. The historical average is 28.7x. This places it at the 50th percentile of its historical range.
Winmark Corporation's current EV/EBITDA is 18.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.0x.
Based on historical data, Winmark Corporation is trading at a P/E of 23.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Winmark Corporation's current dividend yield is 1.37% with a payout ratio of 32.2%.
Winmark Corporation has 96.4% gross margin and 63.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Winmark Corporation's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Negative equity position
Metrics are mathematically derived from official filings.
Premium Pricing for Royalty Stability
According to current market data, Winmark trades at a 37.01x trailing P/E ratio, which suggests investors are paying a significant premium for the company's counter-cyclical royalty model compared to broader retail peers, despite a PEG ratio of 4.67 indicating potentially stretched growth expectations relative to historical performance.
The valuation appears to reflect a market consensus that Winmark’s franchise-based royalty stream is a defensive asset, yet the high multiple warrants caution given the lack of explosive top-line growth. Investors should monitor whether the current valuation can be sustained if the pace of new store openings continues to moderate in saturated North American markets.
Exceptional Margins Masking Operational Nuance
As reported in recent financial statements, Winmark maintains a structural gross margin of 96.39%, which underscores its status as a pure-play franchisor that successfully offloads operational and inventory-related costs to its network of independent franchisees, resulting in highly efficient conversion of royalties into bottom-line earnings.
The 48.40% net margin highlights the company's ability to generate significant profit without the burden of traditional retail overhead. However, analysts should distinguish between the high-margin franchising segment and the more capital-intensive leasing business, as shifts in revenue mix could impact the long-term sustainability of these elite profitability levels.
Capital Returns Driving Balance Sheet
Based on the provided balance sheet data, Winmark maintains a total debt load of $62.2M as of 2026Q1, which appears to be utilized primarily to facilitate aggressive shareholder distributions rather than to fund core business operations, contributing to a persistent negative equity position that warrants careful monitoring by investors.
The company's leverage profile is a deliberate outcome of its capital allocation strategy rather than a sign of financial distress. While the interest coverage ratio remains healthy at 18.33x, the reliance on debt to fund dividends creates a structural vulnerability that limits the company's flexibility during periods of economic volatility.
Working Capital Dynamics of Franchising
According to quarterly filings, Winmark’s cash conversion cycle remains deeply negative, often exceeding -100 days, which reflects the company's unique ability to collect royalty payments from franchisees well before it incurs significant operational expenses, effectively turning its working capital into a source of liquidity rather than a drain.
This negative CCC is a hallmark of a high-quality franchise model where the corporate entity acts as a platform rather than a retailer. The efficiency of this cycle suggests that the company’s primary operational risk is not inventory management, but rather the ongoing health and profitability of its franchisee base.
Misapplication of Retail Valuation Metrics
The most commonly misapplied metric for Winmark is the Price-to-Book ratio, which is rendered effectively meaningless by the company's persistent negative equity position resulting from aggressive share repurchases and special dividends, obscuring the true value of the underlying royalty-generating franchise network and its recurring cash flow potential.
Investors should instead focus on free cash flow yield and the stability of the royalty base, as these metrics better capture the economic reality of a franchisor. Relying on book value in this context may lead to an incorrect assessment of the company's financial health and its capacity for future capital returns.