Winmark Corp
WINA—
Build a strategy around WINA
Winmark Corp AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity (-26.3M) with 62.6M debt yet generates 44.7M FCF TTM - asset-light franchise model funds itself entirely from operations.[Free Cash Flow TTM]
- ROA of 78% TTM vs industry median 1% - 78x capital efficiency advantage from franchise royalty model requiring minimal assets.[Return on Assets TTM]
- Operating margin 64% TTM vs industry median 18% - 3.5x advantage with 96% gross margin shows pure royalty economics.[Operating Margin TTM]
Watch Triggers
- Total Revenue TTM: Decline >5% YoY — Signals franchisee closures - royalty model has no backlog to smooth revenue drops
- Operating Margin TTM: Falls below 60% — Would indicate corporate cost creep eroding franchise economics advantage
- Long Term Debt: Exceeds 1.5x annual FCF — Currently 1.4x - further leverage risks dividend sustainability
Bull Case
Franchise royalty model generates 53% FCF margin TTM with near-zero capex - franchisees bear all operating costs while WINA collects fees.
Free Cash Flow TTMCapital Expenditure TTMOperating Margin TTM
39.7M cash (74% of assets) covers 1.6x annual dividends with FCF fully funding buybacks - no external capital needed despite negative equity.
Cash and EquivalentsDividends Paid Per Share TTMFree Cash Flow TTM
Bear Case
P/S of 17.7x vs industry median 4.1x and P/E of 36x vs median 29x - premium valuation leaves little margin for franchisee weakness.
P/S RatioP/E Ratio
84.5M TTM revenue is tiny vs industry median 689M - limited scale means single-digit franchisee losses could materially impact results.
Total Revenue TTMNet Income TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
60%
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Forward Thesis
FCF will continue exceeding net income as depreciation-light model sustains 99%+ FCF conversion
1-3yhigh
- Capex only 172.7K TTM (0.2% of revenue)
- No inventory or receivables buildup needed
- Franchise model scales without capital
FCF 44.7M vs Net Income 41.3M TTMPPE only 3.2M totalWorking capital 35.8M mostly cash
Valuation Context
Caveats
WINA Fundamentals
Real Estate and Rental and Leasing → Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$1.3B | — | ||
$1.34B | — | ||
33 | — | ||
$84.99M | +2.3% | — | |
$11.09 | -0.9% | — | |
62.8% | -2.6% | — | |
48.2% | -1.3% | — | |
$41.54M | -5.0% | — | |
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
WINA Dividend History
66 dividends
2026
$1.980005/13/26$1.0200
02/11/26$0.9600
2025
$13.780011/12/25$10.9600
08/13/25$0.9600
05/14/25$0.9600
02/12/25$0.9000
2024
$11.000011/13/24$8.4000
08/14/24$0.9000
05/14/24$0.9000
02/13/24$0.8000
2023
$12.500011/14/23$10.2000
08/15/23$0.8000
05/16/23$0.8000
02/07/23$0.7000
2022
$5.550011/08/22$3.7000
08/09/22$0.7000
05/10/22$0.7000
02/08/22$0.4500
2021
$9.100011/09/21$7.9500
08/10/21$0.4500
05/11/21$0.4500
02/09/21$0.2500
2020
$3.800011/09/20$3.2500
08/11/20$0.2500
05/12/20$0.0500
02/11/20$0.2500
2019
$0.900011/05/19$0.2500
08/06/19$0.2500
05/07/19$0.2500
02/05/19$0.1500
2018
$0.560011/06/18$0.1500
08/07/18$0.1500
05/08/18$0.1500
02/06/18$0.1100
2017
$0.430011/07/17$0.1100
08/07/17$0.1100
05/08/17$0.1100
02/06/17$0.1000
2016
$0.370011/07/16$0.1000
08/08/16$0.1000
05/09/16$0.1000
02/08/16$0.0700
2015
$0.270011/06/15$0.0700
08/10/15$0.0700
05/11/15$0.0700
02/09/15$0.0600
2014
$5.230011/07/14$0.0600
08/11/14$0.0600
05/12/14$0.0600
02/12/14$5.0000
02/10/14$0.0500
2013
$0.190011/04/13$0.0500
08/05/13$0.0500
05/06/13$0.0500
02/04/13$0.0400
2012
$5.150011/05/12$0.0400
08/06/12$0.0400
05/07/12$0.0400
02/06/12$5.0300
2011
$0.110011/07/11$0.0300
08/08/11$0.0300
05/09/11$0.0300
02/07/11$0.0200
2010
$0.060011/08/10$0.0200
08/09/10$0.0200
05/10/10$0.0200
WINA Stock Splits
No stock splits
WINA SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/15/26 | 03/28/26 | 10-Q | |
02/25/26 | 12/27/25 | Unknown | |
10/15/25 | 09/27/25 | 10-Q | |
07/15/25 | 06/28/25 | 10-Q | |
04/16/25 | 03/29/25 | 10-Q | |
02/26/25 | 12/28/24 | 10-K | |
10/16/24 | 09/28/24 | 10-Q | |
07/17/24 | 06/29/24 | 10-Q | |
04/17/24 | 03/30/24 | 10-Q | |
02/28/24 | 12/30/23 | 10-K | |
10/18/23 | 09/30/23 | 10-Q | |
07/19/23 | 07/01/23 | 10-Q | |
04/19/23 | 04/01/23 | 10-Q | |
03/10/23 | 12/31/22 | 10-K | |
10/12/22 | 09/24/22 | 10-Q | |
07/13/22 | 06/25/22 | 10-Q | |
04/14/22 | 03/26/22 | 10-Q | |
03/08/22 | 12/25/21 | 10-K | |
10/13/21 | 09/25/21 | 10-Q | |
07/20/21 | 06/26/21 | 10-Q | |
04/20/21 | 03/27/21 | 10-Q | |
03/09/21 | 12/26/20 | 10-K | |
10/20/20 | 09/26/20 | 10-Q | |
07/21/20 | 06/27/20 | 10-Q | |
04/22/20 | 03/28/20 | 10-Q | |
03/10/20 | 12/28/19 | 10-K | |
10/22/19 | 09/28/19 | 10-Q | |
07/23/19 | 06/29/19 | 10-Q | |
04/26/19 | 03/30/19 | 10-Q | |
03/08/19 | 12/29/18 | 10-K | |
10/23/18 | 09/29/18 | 10-Q | |
07/24/18 | 06/30/18 | 10-Q | |
05/01/18 | 03/31/18 | 10-Q | |
03/09/18 | 12/30/17 | 10-K | |
10/24/17 | 09/30/17 | 10-Q | |
07/25/17 | 07/01/17 | 10-Q | |
04/25/17 | 04/01/17 | 10-Q | |
03/10/17 | 12/31/16 | 10-K | |
10/18/16 | 09/24/16 | 10-Q | |
07/20/16 | 06/25/16 | 10-Q | |
04/21/16 | 03/26/16 | 10-Q | |
03/08/16 | 12/26/15 | 10-K | |
10/21/15 | 09/26/15 | 10-Q | |
07/23/15 | 06/27/15 | 10-Q | |
04/23/15 | 03/28/15 | 10-Q | |
03/11/15 | 12/27/14 | 10-K | |
10/22/14 | 09/27/14 | 10-Q | |
07/23/14 | 06/28/14 | 10-Q | |
04/23/14 | 03/29/14 | 10-Q | |
03/12/14 | 12/28/13 | 10-K | |
10/23/13 | 09/28/13 | 10-Q | |
07/24/13 | 06/29/13 | 10-Q | |
04/24/13 | 03/30/13 | 10-Q | |
03/14/13 | 12/29/12 | 10-K | |
10/25/12 | 09/29/12 | 10-Q | |
07/27/12 | 06/30/12 | 10-Q | |
04/25/12 | 03/31/12 | 10-Q | |
03/15/12 | 12/31/11 | 10-K | |
10/21/11 | 09/24/11 | 10-Q | |
07/25/11 | 06/25/11 | 10-Q | |
04/20/11 | 03/26/11 | 10-Q | |
03/10/11 | 12/25/10 | 10-K | |
10/21/10 | 09/25/10 | 10-Q | |
07/23/10 | 06/26/10 | 10-Q | |
04/21/10 | 03/27/10 | 10-Q | |
03/11/10 | 12/26/09 | 10-K | |
10/23/09 | 09/30/09 | 10-Q | |
07/23/09 | 06/30/09 | 10-Q | |
04/22/09 | 03/31/09 | 10-Q | |
03/13/09 | 12/31/08 | Unknown | -- |
11/05/08 | 09/30/08 | Unknown | -- |
08/01/08 | 06/30/08 | Unknown | -- |
05/08/08 | 03/30/08 | Unknown | -- |
03/18/08 | 12/31/07 | Unknown | -- |
11/09/07 | 09/30/07 | Unknown | -- |
08/14/07 | 06/30/07 | 10-Q | |
05/14/07 | 03/31/07 | 4 | |
03/20/07 | 12/31/06 | Unknown | -- |
11/13/06 | 09/30/06 | 10-Q | |
08/11/06 | 06/30/06 | Unknown | -- |
05/12/06 | 03/30/06 | Unknown | -- |
03/28/06 | 12/31/05 | 10-K | |
11/04/05 | 09/30/05 | 4 | |
08/08/05 | 06/30/05 | Unknown | -- |
05/09/05 | 03/30/05 | Unknown | -- |
03/16/05 | 12/31/04 | 11-K | |
11/09/04 | 09/30/04 | 8-K | |
08/09/04 | 06/30/04 | Unknown | -- |
05/06/04 | 03/30/04 | Unknown | -- |
03/22/04 | 12/31/03 | 11-K | |
11/10/03 | 09/30/03 | Unknown | -- |
08/12/03 | 06/30/03 | 8-K | |
05/09/03 | 03/30/03 | Unknown | -- |
03/19/03 | 12/31/02 | 11-K | |
11/01/02 | 09/30/02 | Unknown | -- |
08/09/02 | 06/30/02 | Unknown | -- |
05/13/02 | 03/31/02 | 10-Q | |
03/20/02 | 12/31/01 | 11-K | |
11/13/01 | 09/30/01 | Unknown | -- |
08/13/01 | 06/30/01 | 10-Q | |
05/14/01 | 03/30/01 | Unknown | -- |
03/23/01 | 12/31/00 | Unknown | -- |
11/06/00 | 09/30/00 | Unknown | -- |
08/07/00 | 06/30/00 | Unknown | -- |
05/08/00 | 03/30/00 | Unknown | -- |