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Winmark (WINA)

Market Price (4/16/2026): $378.9 | Market Cap: $1.4 Bil
Sector: Consumer Discretionary | Industry: Other Specialty Retail

Winmark (WINA)

Market Price (4/16/2026): $378.9
Market Cap: $1.4 Bil
Sector: Consumer Discretionary
Industry: Other Specialty Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, Dividend Yield is 3.6%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 63%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49%

Low stock price volatility
Vol 12M is 37%

Megatrend and thematic drivers
Megatrends include Sustainable Consumption, and Circular Economy & Recycling. Themes include Circular Fashion, Eco-friendly Products, Show more.

Weak multi-year price returns
2Y Excs Rtn is -20%, 3Y Excs Rtn is -42%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%

Expensive valuation multiples
P/SPrice/Sales ratio is 16x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -4.9%

Key risks
WINA key risks include [1] a heavy dependence on franchisee renewals to protect its capital-light business model and [2] royalty revenues being sensitive to the sales performance of its franchisees.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, Dividend Yield is 3.6%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 63%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49%
3 Low stock price volatility
Vol 12M is 37%
4 Megatrend and thematic drivers
Megatrends include Sustainable Consumption, and Circular Economy & Recycling. Themes include Circular Fashion, Eco-friendly Products, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -20%, 3Y Excs Rtn is -42%
6 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
7 Expensive valuation multiples
P/SPrice/Sales ratio is 16x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x
8 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -4.9%
9 Key risks
WINA key risks include [1] a heavy dependence on franchisee renewals to protect its capital-light business model and [2] royalty revenues being sensitive to the sales performance of its franchisees.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Winmark (WINA) stock has lost about 5% since 12/31/2025 because of the following key factors:

1. Winmark's Q1 2026 diluted earnings per share (EPS) of $2.50 missed analyst estimates of $2.70, and revenue of $20.85 million fell short of the $21.09 million consensus.

2. The company's total revenue for Q1 2026 decreased by 4.9% year-over-year, primarily attributable to the absence of $2.2 million in leasing income from a prior-year litigation settlement, following the completion of its leasing portfolio run-off by the end of 2025.

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Stock Movement Drivers

Fundamental Drivers

The -6.1% change in WINA stock from 12/31/2025 to 4/15/2026 was primarily driven by a -4.9% change in the company's P/E Multiple.
(LTM values as of)123120254152026Change
Stock Price ($)404.04379.21-6.1%
Change Contribution By: 
Total Revenues ($ Mil)85850.6%
Net Income Margin (%)48.8%48.2%-1.3%
P/E Multiple34.833.1-4.9%
Shares Outstanding (Mil)44-0.6%
Cumulative Contribution-6.1%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/15/2026
ReturnCorrelation
WINA-6.1% 
Market (SPY)-5.4%31.3%
Sector (XLY)-1.0%16.3%

Fundamental Drivers

The -21.7% change in WINA stock from 9/30/2025 to 4/15/2026 was primarily driven by a -20.3% change in the company's P/E Multiple.
(LTM values as of)93020254152026Change
Stock Price ($)484.17379.21-21.7%
Change Contribution By: 
Total Revenues ($ Mil)83851.9%
Net Income Margin (%)49.5%48.2%-2.6%
P/E Multiple41.533.1-20.3%
Shares Outstanding (Mil)44-1.0%
Cumulative Contribution-21.7%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/15/2026
ReturnCorrelation
WINA-21.7% 
Market (SPY)-2.9%30.0%
Sector (XLY)-1.2%26.6%

Fundamental Drivers

The 23.2% change in WINA stock from 3/31/2025 to 4/15/2026 was primarily driven by a 21.6% change in the company's P/E Multiple.
(LTM values as of)33120254152026Change
Stock Price ($)307.73379.2123.2%
Change Contribution By: 
Total Revenues ($ Mil)81854.5%
Net Income Margin (%)49.2%48.2%-2.0%
P/E Multiple27.233.121.6%
Shares Outstanding (Mil)44-1.1%
Cumulative Contribution23.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/15/2026
ReturnCorrelation
WINA23.2% 
Market (SPY)16.3%24.5%
Sector (XLY)20.4%24.6%

Fundamental Drivers

The 29.5% change in WINA stock from 3/31/2023 to 4/15/2026 was primarily driven by a 29.1% change in the company's P/E Multiple.
(LTM values as of)33120234152026Change
Stock Price ($)292.84379.2129.5%
Change Contribution By: 
Total Revenues ($ Mil)81854.4%
Net Income Margin (%)48.4%48.2%-0.5%
P/E Multiple25.633.129.1%
Shares Outstanding (Mil)34-3.5%
Cumulative Contribution29.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/15/2026
ReturnCorrelation
WINA29.5% 
Market (SPY)63.3%32.7%
Sector (XLY)61.7%32.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WINA Return39%-3%83%-3%6%3%161%
Peers Return32%-21%-17%-29%-5%-7%-46%
S&P 500 Return27%-19%24%23%16%2%85%

Monthly Win Rates [3]
WINA Win Rate67%33%75%33%42%50% 
Peers Win Rate60%44%50%50%48%52% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
WINA Max Drawdown-8%-24%0%-20%-22%-1% 
Peers Max Drawdown-11%-39%-39%-47%-35%-22% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: BNED, SPWH, BOBS, ULTA, TSCO. See WINA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/15/2026 (YTD)

How Low Can It Go

Unique KeyEventWINAS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-30.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven44.2%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven229 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-45.5%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven83.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven471 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-18.7%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven23.0%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven114 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-59.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven147.4%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven239 days1,480 days

Compare to BNED, SPWH, BOBS, ULTA, TSCO

In The Past

Winmark's stock fell -30.7% during the 2022 Inflation Shock from a high on 11/18/2021. A -30.7% loss requires a 44.2% gain to breakeven.

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About Winmark (WINA)

Winmark 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.

AI Analysis | Feedback

Winmark is like McDonald's for second-hand retail.

It's also like CarMax for diverse used consumer items, but franchised.

AI Analysis | Feedback

  • Franchising Retail Store Concepts: Winmark franchises five distinct retail store concepts (Plato's Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round) that specialize in buying, selling, and trading used merchandise across various categories.
  • Equipment Leasing: The company provides middle-market equipment leasing services, primarily focusing on technology and business-essential equipment.

AI Analysis | Feedback

Winmark Corporation (WINA) primarily sells its services to other companies rather than directly to individuals. Its major customers fall into two distinct categories:

  • Franchisees: These are independent business owners who acquire and operate Winmark's branded retail stores, including Plato's Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round. Winmark earns revenue from initial franchise fees and ongoing royalties from this large network of numerous privately-owned businesses across the United States and Canada.
  • Middle-market businesses: These are companies that utilize Winmark's equipment leasing services for technology and other business-essential equipment.

Due to the nature of Winmark's diversified franchising and leasing business models, its customer base consists of a multitude of independent franchisees and various middle-market companies. Therefore, there are no specific major public companies that serve as primary, individually named customers for Winmark, as its customer relationships are highly fragmented across many smaller, non-public entities.

AI Analysis | Feedback

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AI Analysis | Feedback

Brett D. Heffes, Chair of the Board and Chief Executive Officer

Brett D. Heffes has served as the Chair of the Board of Directors since March 1, 2020, and as Chief Executive Officer of Winmark Corporation since February 2016. He joined Winmark in 2002 and previously held positions including President of Finance and Administration, Chief Financial Officer, and Treasurer. Mr. Heffes brings extensive experience in executive management, financial management, capital markets, and corporate governance. His prior experience includes serving as Chief Financial Officer at Gearworks, Inc., and Veeco St. Paul, Inc., and as an independent director at Famous Dave's of America, Inc., and The J. Jill Group, Inc.. He has been instrumental in refocusing Winmark by shedding non-core activities, such as selling a small ticket leasing business and winding down a middle-market leasing business.

Anthony D. Ishaug, Chief Financial Officer and Treasurer

Anthony D. Ishaug serves as the Chief Financial Officer and Treasurer of Winmark Corporation, a position he has held since September. Before joining Winmark, Mr. Ishaug's career included roles as CFO/COO at Department 56 Inc. and Treasurer/Controller at Lenox.

Renae M. Gaudette, Chief Operating Officer

Renae M. Gaudette holds the title of Chief Operating Officer at Winmark Corporation. She previously served as Executive Vice President and Vice President - Franchising within the company.

Lisa S. Hake, Chief Marketing Officer

Lisa S. Hake joined Winmark Corporation as Chief Marketing Officer, effective October 1st. She brings over 25 years of experience in brand management, marketing innovation, franchisee ad fund management, partnership activations, and consumer engagement. Prior to Winmark, Ms. Hake was the Vice President of Marketing & Communications at Great Clips, and also held senior marketing roles at Best Buy (including Senior Marketing Director for Geek Squad), 3M, and The Pillsbury Company.

Steven A. Murphy, President of Franchising

Steven A. Murphy serves as the President of Franchising for Winmark Corporation.

AI Analysis | Feedback

Here are the key risks to Winmark Corporation's business:

  1. Intensifying Competition from Online Resale Platforms and Other Digital Channels: Winmark's business model is heavily reliant on its network of physical franchised stores that buy, sell, and trade used merchandise. The increasing popularity and accessibility of online platforms such as Poshmark, Mercari, eBay, and Facebook Marketplace directly compete with Winmark's franchisees by offering alternative, often more convenient, channels for consumers to both sell their used items (impacting inventory acquisition for stores) and purchase pre-owned goods (impacting customer traffic and sales).

  2. Sensitivity to Macroeconomic Conditions and Shifts in Consumer Spending Habits: Although the resale market can sometimes benefit during economic downturns, severe and prolonged economic contractions can negatively impact Winmark's business. Such conditions can reduce the supply of quality used merchandise (as consumers may hold onto items longer) and limit discretionary spending, even on lower-cost used items, thereby affecting the sales and profitability of its franchised stores.

  3. Dependence on the Successful Performance and Expansion of its Franchise Network: As a franchisor, Winmark's primary revenue streams, including royalties, rent, and equipment leasing income, are directly tied to the operational success, profitability, and growth of its independent franchisees. Challenges such as difficulties in attracting and retaining qualified franchisees, declining franchisee financial performance (potentially due to competition or economic factors), or a slowdown in new store openings could significantly impact Winmark's overall business performance.

AI Analysis | Feedback

The rapid growth and increasing sophistication of online consumer-to-consumer (C2C) marketplaces and specialized resale platforms represent a clear emerging threat. Platforms such as Poshmark, Mercari, ThredUp, Depop, Facebook Marketplace, Reverb (for musical instruments), and SidelineSwap (for sporting goods) directly compete with Winmark's franchised stores for both the supply of used merchandise (by offering sellers an alternative with potentially higher returns and greater convenience) and for buyers (by providing a vast, easily accessible inventory online). This trend facilitates disintermediation, allowing individuals to transact directly, bypassing the physical retail model upon which Winmark's franchisees are built.

AI Analysis | Feedback

Winmark (WINA) Addressable Markets

Franchising Segment - Used Merchandise Retail

  • Used Clothing and Accessories (Plato's Closet, Style Encore): The North America secondhand apparel market was projected to grow from USD 22.39 billion in 2023 to USD 58.34 billion by 2032. The U.S. second-hand fashion market was valued at approximately USD 51.9 billion in 2024. In 2026, the overall U.S. secondhand market is estimated at USD 61 billion, with resale accounting for USD 34 billion of that total. The Canada second-hand apparel (thrift) market is projected to grow from USD 5.2 billion in 2025 to USD 17.9 billion by 2031.
  • Used Children's Clothing, Toys, Furniture, Equipment (Once Upon A Child): The U.S. secondhand kids' and baby item market was valued at USD 7 billion in 2021 and is forecast to reach USD 12.8 billion by 2030.
  • Used Sporting Goods, Equipment, and Accessories (Play It Again Sports): While specific market sizes for *used* sporting goods are not readily available, the overall sporting goods market in the United States was worth an estimated USD 111 billion in 2022. The Canada sports equipment and outdoor gear market (overall) is valued at USD 4.5 billion. Consumer interest in secondhand exercise and sports equipment is significant, with 36% of consumers in the United States and 34% in Canada showing interest in 2023.
  • Used Musical Instruments, Speakers, Amplifiers, and related accessories (Music Go Round): The overall musical instruments market in the United States was valued at USD 5.63 billion in 2024 and is projected to reach USD 9.73 billion by 2033. In Canada, the overall musical instruments market was valued at USD 2.36 billion in 2024 and is projected to reach USD 3.96 billion by 2033.

Leasing Segment - Middle-Market Equipment Leasing

  • Equipment Leasing: The equipment leasing and finance industry in the United States reached a record high of USD 1.34 trillion in 2023. The U.S. industrial equipment rental and leasing market was USD 54.1 billion in 2024 and is expected to reach USD 56.6 billion in 2025. In Canada, the commercial and industrial machinery and equipment rental and leasing industry generated USD 18.1 billion in operating revenue in 2024. The broader Canadian equipment rental industry is projected to reach USD 8.5 billion in 2025 and USD 10.5 billion by 2029, with the construction and industrial equipment rental segment anticipated to grow to USD 6.6 billion in 2025 and USD 8.2 billion by 2029.

AI Analysis | Feedback

Winmark Corporation (WINA) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

  1. Franchise Expansion: The company continues to expand its franchise base. As of December 27, 2025, Winmark had 1,378 franchises in operation and over 2,800 available territories, with an additional 82 franchises awarded but not yet open. This expansion through new store openings is a direct driver of franchise fees and ongoing royalty revenue.
  2. Increased Royalty Revenue from System-Wide Sales: A primary revenue driver for Winmark is royalties from its existing franchise network. The company's ongoing investments in marketing, technology, and innovation are aimed at supporting franchisees and enhancing the shared business model, which is anticipated to lead to increased system-wide sales and, consequently, higher royalty revenue.
  3. Growth in Equipment Leasing Business: Winmark's middle-market equipment leasing business, operated by its subsidiary Winmark Capital, has been identified as a growing component of its revenue.
  4. Strategic Investments in Marketing, Technology, and Innovation: Winmark made significant investments in marketing, technology, and innovation in 2025 and plans to continue building on these areas. These strategic investments are intended to strengthen support for franchisees and enhance the overall business model, which is expected to positively influence royalty growth and system-wide franchise performance.
  5. Capitalizing on Consumer Demand for Resale and Sustainability: Winmark is positioned to benefit from the increasing consumer demand for sustainable and affordable shopping alternatives within the growing resale sector. The company leverages this trend across its various brands, which is expected to continue driving customer traffic and sales for its franchisees.

AI Analysis | Feedback

Share Repurchases

  • Winmark repurchased common stock totaling $2,418,700 in 2025.
  • In 2022, the company's share repurchases included approximately $36.59 million in Q1 and $11.26 million in Q2.
  • During 2021, Winmark executed significant repurchases, with notable amounts including $16.32 million in Q4 and $10.46 million in Q1.

Share Issuance

  • Proceeds from the exercises of stock options amounted to $4,957,800 in 2025.
  • In 2024, the proceeds from stock option exercises were $5,033,700.

Outbound Investments

  • Winmark reported no significant purchase of investments for the trailing twelve months ended December 2025.

Capital Expenditures

  • Capital expenditures for Winmark were $192,300 in 2025.
  • Capital expenditures were $0.19 million in 2024 and $0.38 million in 2023.
  • The company's capital spending is generally minimal, indicating that the business is not heavily capital-intensive.

Better Bets vs. Winmark (WINA)

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Peer Comparisons

Peers to compare with:

Financials

WINABNEDSPWHBOBSULTATSCOMedian
NameWinmark Barnes &.Sportsma.Bobs Dis.Ulta Bea.Tractor . 
Mkt Price379.2110.181.5811.80539.1444.7528.27
Mkt Cap1.40.40.1-23.923.61.4
Rev LTM851,7291,209-12,39315,5241,729
Op Inc LTM5324-15-1,5491,46753
FCF LTM4279-1,06874042
FCF 3Y Avg43-160-1,02465243
CFO LTM422231-1,5031,63542
CFO 3Y Avg43-239-1,4391,46343

Growth & Margins

WINABNEDSPWHBOBSULTATSCOMedian
NameWinmark Barnes &.Sportsma.Bobs Dis.Ulta Bea.Tractor . 
Rev Chg LTM2.3%10.6%1.0%-9.7%4.3%4.3%
Rev Chg 3Y Avg1.2%4.3%-4.7%-6.8%3.0%3.0%
Rev Chg Q-4.9%11.3%-1.6%-11.8%3.3%3.3%
QoQ Delta Rev Chg LTM-1.2%3.1%-0.5%-3.4%0.8%0.8%
Op Inc Chg LTM-1.7%178.8%4.3%--1.9%-0.0%-0.0%
Op Inc Chg 3Y Avg0.5%128.8%-45.6%--2.0%0.8%0.5%
Op Mgn LTM62.8%1.4%-1.2%-12.5%9.5%9.5%
Op Mgn 3Y Avg64.1%0.3%-1.2%-13.8%9.8%9.8%
QoQ Delta Op Mgn LTM-0.7%-0.4%-0.4%--0.7%-0.2%-0.4%
CFO/Rev LTM49.1%1.3%2.6%-12.1%10.5%10.5%
CFO/Rev 3Y Avg51.5%-0.2%3.2%-12.4%9.7%9.7%
FCF/Rev LTM48.9%0.4%0.7%-8.6%4.8%4.8%
FCF/Rev 3Y Avg51.1%-1.1%0.1%-8.8%4.3%4.3%

Valuation

WINABNEDSPWHBOBSULTATSCOMedian
NameWinmark Barnes &.Sportsma.Bobs Dis.Ulta Bea.Tractor . 
Mkt Cap1.40.40.1-23.923.61.4
P/S15.90.20.1-1.91.51.5
P/Op Inc25.414.7-4.1-15.416.115.4
P/EBIT25.024.7-1.6-15.516.116.1
P/E33.1-36.5-1.2-20.721.620.7
P/CFO32.516.01.9-15.914.415.9
Total Yield6.7%-2.7%-82.2%-4.8%4.6%4.6%
Dividend Yield3.6%0.0%0.0%-0.0%0.0%0.0%
FCF Yield 3Y Avg3.3%-5.7%14.8%-4.8%2.5%3.3%
D/E0.00.97.0-0.10.30.3
Net D/E0.00.97.0-0.10.20.2

Returns

WINABNEDSPWHBOBSULTATSCOMedian
NameWinmark Barnes &.Sportsma.Bobs Dis.Ulta Bea.Tractor . 
1M Rtn-14.8%13.5%13.7%-25.0%4.3%-8.3%-2.0%
3M Rtn-12.2%15.0%11.3%-30.7%-18.8%-12.1%-12.2%
6M Rtn-13.5%7.7%-47.0%-30.7%0.1%-19.1%-16.3%
12M Rtn20.2%8.8%6.0%-30.7%50.6%-10.7%7.4%
3Y Rtn24.7%-93.4%-78.0%-30.7%0.8%-0.9%-15.8%
1M Excs Rtn-19.6%8.7%8.8%-29.9%-0.5%-13.1%-6.8%
3M Excs Rtn-10.8%13.0%11.2%-31.5%-19.8%-14.0%-12.4%
6M Excs Rtn-14.6%0.1%-48.7%-36.2%-6.2%-23.3%-18.9%
12M Excs Rtn-13.5%-15.7%-18.1%-61.6%18.2%-42.8%-16.9%
3Y Excs Rtn-42.1%-164.5%-152.1%-101.6%-69.1%-72.1%-86.8%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Franchising797874  
Other257  
Total818381  


Operating Income by Segment
$ Mil20252024202320222021
Franchising524949  
Other145  
Total535354  


Assets by Segment
$ Mil20252024202320222021
Unallocated2021211812
Franchising78955
Other001414
Total2729302731


Price Behavior

Price Behavior
Market Price$379.21 
Market Cap ($ Bil)1.4 
First Trading Date08/25/1993 
Distance from 52W High-24.7% 
   50 Days200 Days
DMA Price$438.44$426.04
DMA Trendindeterminateindeterminate
Distance from DMA-13.5%-11.0%
 3M1YR
Volatility43.4%37.2%
Downside Capture0.800.49
Upside Capture145.0693.46
Correlation (SPY)26.6%23.8%
WINA Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta1.050.820.960.890.460.69
Up Beta-0.100.390.780.140.400.60
Down Beta1.260.880.660.970.210.42
Up Capture110%93%154%85%80%71%
Bmk +ve Days7162765139424
Stock +ve Days11223465149406
Down Capture105%85%86%113%69%97%
Bmk -ve Days12233358110323
Stock -ve Days11202961103345

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with WINA
WINA17.5%37.1%0.51-
Sector ETF (XLY)25.4%19.4%1.0421.7%
Equity (SPY)22.0%12.9%1.3623.9%
Gold (GLD)49.0%27.5%1.442.2%
Commodities (DBC)25.0%16.1%1.3814.9%
Real Estate (VNQ)17.3%13.7%0.9216.9%
Bitcoin (BTCUSD)-10.4%42.6%-0.1412.4%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with WINA
WINA18.7%31.4%0.59-
Sector ETF (XLY)7.1%23.7%0.2638.3%
Equity (SPY)10.9%17.0%0.5040.2%
Gold (GLD)21.9%17.8%1.015.3%
Commodities (DBC)11.5%18.8%0.507.1%
Real Estate (VNQ)4.0%18.8%0.1232.6%
Bitcoin (BTCUSD)5.1%56.5%0.3114.6%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with WINA
WINA16.4%29.8%0.57-
Sector ETF (XLY)12.8%22.0%0.5341.5%
Equity (SPY)13.8%17.9%0.6743.0%
Gold (GLD)14.3%15.9%0.754.1%
Commodities (DBC)8.7%17.6%0.4114.2%
Real Estate (VNQ)5.4%20.7%0.2237.9%
Bitcoin (BTCUSD)67.8%66.9%1.0712.2%

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Short Interest

Short Interest: As Of Date3312026
Short Interest: Shares Quantity0.4 Mil
Short Interest: % Change Since 3152026-0.5%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest6.4 days
Basic Shares Quantity3.6 Mil
Short % of Basic Shares10.0%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/18/2026-2.5%-2.2%-10.1%
10/15/20253.6%-2.2%-2.1%
7/15/2025-0.1%0.7%8.4%
2/19/2025-1.5%-9.3%-13.2%
10/16/20242.3%3.3%10.4%
7/17/2024-3.1%-5.1%-13.3%
2/21/2024-1.7%-5.4%-11.9%
10/18/20230.9%3.4%10.9%
...
SUMMARY STATS   
# Positive101113
# Negative875
Median Positive2.5%3.7%7.4%
Median Negative-1.6%-5.1%-11.9%
Max Positive4.2%10.3%24.5%
Max Negative-3.1%-9.3%-13.3%

SEC Filings

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Report DateFiling DateFiling
03/31/202604/15/202610-Q
12/31/202502/25/202610-K
09/30/202510/15/202510-Q
06/30/202507/15/202510-Q
03/31/202504/16/202510-Q
12/31/202402/26/202510-K
09/30/202410/16/202410-Q
06/30/202407/17/202410-Q
03/31/202404/17/202410-Q
12/31/202302/28/202410-K
09/30/202310/18/202310-Q
06/30/202307/19/202310-Q
03/31/202304/19/202310-Q
12/31/202203/10/202310-K
09/30/202210/12/202210-Q
06/30/202207/13/202210-Q

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Grassle, Jenele CDirectSell11212025420.872,4001,010,0881,052,175Form
2Gaudette, Renae MCHIEF OPERATING OFFICERDirectSell10242025417.111,200500,5357,866,742Form
3Barbetta, Lawrence ADirectSell9182025505.02852430,274327,756Form
4Heffes, Brett DCHAIR AND CEODirectSell8282025455.062,4411,110,81151,426,766Form
5Heffes, Brett DCHAIR AND CEODirectSell8282025453.894,9712,256,28851,925,038Form

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