# Winmark Corporation (WINA)

> Source: Nexqual · https://nexqual.com/WINA · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Winmark Corporation (WINA), nexqual.com/WINA" · informational, not investment advice.

**Price:** USD 279.71 (-2.19% on the day) · last close of Oct 23, 2026; US market after hours, not a live price. Prev close 285.97 · day 275.47–285 · 52w 275.47–488.83 · market cap $1.00B · NGM

## Key facts
- Last four reported quarters (through Sep 26, 2026): revenue $91.8M, net income $41.4M (45.1% margin), free cash flow $43.8M (SEC filings).
- Valuation: P/E 24.3x (avg 36.6x at the last 3 fiscal year-ends), EV/EBITDA 18.1x, net debt $2.0M.
- Total return with dividends: 1Y -29.9% vs S&P 500 +14.4%; 5Y +39.9% vs S&P 500 +77.0%.
- Next earnings: 2026-10-14, EPS estimate USD 2.6, revenue estimate $26.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $78.2M | $81.4M | $83.2M | $81.3M | $86.1M | $91.8M |
| Gross profit | $75.3M | $77.7M | $78.8M | $77.9M | $83.0M | — |
| Operating income | $51.3M | $53.6M | $53.3M | $52.9M | $54.6M | $54.8M |
| Net income | $39.9M | $39.4M | $40.2M | $40.0M | $41.7M | $41.4M |
| EPS (diluted) | $10.48 | $10.97 | $11.04 | $10.89 | $11.30 | — |
| Free cash flow | $48.3M | $43.7M | $43.6M | $42.0M | $44.7M | $43.8M |
| Gross margin | 96.2% | 95.4% | 94.6% | 95.8% | 96.4% | — |
| Operating margin | 65.6% | 65.9% | 64.0% | 65.1% | 63.4% | 59.7% |
| Net margin | 51.0% | 48.4% | 48.3% | 49.2% | 48.4% | 45.1% |
| Revenue growth | +18.4% | +4.1% | +2.3% | -2.3% | +5.9% | — |
| Cash + short-term investments | $11.4M | $13.6M | $13.4M | $12.2M | $10.3M | — |
| Total debt | $47.7M | $39.1M | $34.8M | $29.9M | $30.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 26, 2026)
P/E 24.3x · P/S 10.9x · EV/EBITDA 18.1x · EV/Sales 11.0x · P/FCF 23.0x · FCF yield 4.36% · Earnings yield 4.12% · Dividend yield (paid, TTM) 4.96% · Net debt $2.0M · EV $1.01B
P/E at fiscal year-ends: Dec 2025 35.8x, Dec 2024 36.1x, Dec 2023 37.8x.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -29.9% | +39.9% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -30.0% | +7.0% |
| Volatility (annualized) | 38.1% | 33.4% |
| Max drawdown | -41.5% (Mar 2026→Oct 2026) | -43.6% (Sep 2025→Oct 2026) |

## Peers (Specialty Retail)
HZO (MarineMax, Inc.  (FL)) USD 52.56 +0.34% · WOOF (Petco Health and Wellness Compa) USD 2.45 -3.16% · EYE (National Vision Holdings, Inc.) USD 18.67 -1.06% · SVV (Savers Value Village, Inc.) USD 9.38 -4.77% · ARHS (Arhaus, Inc.) USD 11.7 +1.47% · SBH (Sally Beauty Holdings, Inc. (Na) USD 17.41 -1.22%

## More
Full page: https://nexqual.com/WINA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WINA's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/908315/000090831526000007/wina-20251227x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Walmart (WMT) | "We also compete with Target and Walmart." |
| Competitor | Meta Platforms (META) | "Also, our franchisees increasingly compete with online used and new goods marketplaces such as eBay, craigslist, Facebook Marketplace, Poshmark, thredUP, Amazon and many others." |
| Competitor | Amazon (AMZN) | "Also, our franchisees increasingly compete with online used and new goods marketplaces such as eBay, craigslist, Facebook Marketplace, Poshmark, thredUP, Amazon and many others." |

## Revenue by product line (quarter ended 2026-09-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Royalty | $21.7M | 77.8% | +3.8% |
| Advertising | $3.8M | 13.7% | — |
| Product | $1.0M | 3.7% | +48.7% |
| Product & Service Other | $498,700 | 1.8% | +5.9% |
| Software Fees | $497,100 | 1.8% | +433.9% |
| Franchise | $330,100 | 1.2% | -21.0% |
| Total revenue | $27.9M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.60 | $2.84 | -8.5% | $26.2M | 1 |
| Next quarter (ends 2027-03-31) | — | — | — | $0 | — |
| Current fiscal year (ends 2026-12-31) | $11.11 | $11.37 | -2.3% | $96.9M | 1 |
| Next fiscal year (ends 2027-12-31) | $11.13 | $12.49 | -10.9% | $140.3M | 1 |