Winmark (WINA)
Market Price (10/17/2026): $314.3 | Market Cap: $1.1 BilSector: Consumer Discretionary | Industry: Other Specialty Retail
Winmark (WINA)
Market Price (10/17/2026): $314.3Market Cap: $1.1 BilSector: Consumer DiscretionaryIndustry: Other Specialty Retail
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, Dividend Yield is 4.4% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 60% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Sustainable Consumption, and Circular Economy & Recycling. Themes include Circular Fashion, Eco-friendly Products, Show more. | Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -94% | Expensive valuation multiplesP/SPrice/Sales ratio is 12x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x Key risksWINA 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, Dividend Yield is 4.4% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 60% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Sustainable Consumption, and Circular Economy & Recycling. Themes include Circular Fashion, Eco-friendly Products, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -94% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 12x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x |
| Key risksWINA 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. |
Qualitative Assessment
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Winmark (WINA) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Winmark's Q2 fiscal 2026 earnings missed analyst expectations. The company reported diluted earnings per share (EPS) of $2.81 for the quarter ended June 27, 2026, which fell short of the consensus estimate of $3.14 by $0.33. This represents a decline from the $2.89 EPS reported in Q2 fiscal 2025. While revenue of $21.97 million slightly exceeded estimates, the EPS miss signaled weaker profitability.
2. The company experienced a softening in net margin and modest projected earnings growth. Winmark's net margin for the trailing twelve months as of Q2 fiscal 2026 was 47.1%, a decrease from 49.5% a year prior. This deceleration in profitability, coupled with a five-year average annual earnings growth of 1.6% and a weaker most recent year, raised concerns about future growth prospects. Analysts project earnings to grow at approximately 8.5% annually, which might be perceived as modest.
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Winmark (WINA) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Winmark's Q2 fiscal 2026 earnings missed analyst expectations. The company reported diluted earnings per share (EPS) of $2.81 for the quarter ended June 27, 2026, which fell short of the consensus estimate of $3.14 by $0.33. This represents a decline from the $2.89 EPS reported in Q2 fiscal 2025. While revenue of $21.97 million slightly exceeded estimates, the EPS miss signaled weaker profitability.
2. The company experienced a softening in net margin and modest projected earnings growth. Winmark's net margin for the trailing twelve months as of Q2 fiscal 2026 was 47.1%, a decrease from 49.5% a year prior. This deceleration in profitability, coupled with a five-year average annual earnings growth of 1.6% and a weaker most recent year, raised concerns about future growth prospects. Analysts project earnings to grow at approximately 8.5% annually, which might be perceived as modest.
3. Winmark's stock was identified as overvalued, leading to potential price corrections and cautious analyst sentiment. As of July 17, 2026, Winmark traded at a price-to-earnings (P/E) ratio of 34.3x, significantly higher than the US Specialty Retail industry average of 20.4x. The share price of $388.95 at that time also surpassed a discounted cash flow (DCF) fair value estimate of approximately $304.03, indicating overvaluation. By September 28, 2026, the sole analyst covering Winmark maintained a "Hold" rating, and Weiss Ratings had downgraded the stock.
4. Institutional investor activity showed a net outflow of positions. In Q2 fiscal 2026, 44 institutional funds exited their positions in Winmark, while 23 new institutional positions were initiated. This net reduction in institutional holdings suggests a shift in investor confidence and a potential contributing factor to the stock's decline during the period.
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Stock Movement Drivers
Fundamental Drivers
The -25.4% change in WINA stock from 6/30/2026 to 10/16/2026 was primarily driven by a -25.9% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10162026 | Change |
|---|---|---|---|
| Stock Price ($) | 421.91 | 314.83 | -25.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 85 | 92 | 8.0% |
| Net Income Margin (%) | 48.2% | 45.1% | -6.3% |
| P/E Multiple | 36.8 | 27.3 | -25.9% |
| Shares Outstanding (Mil) | 4 | 4 | -0.4% |
| Cumulative Contribution | -25.4% |
Market Drivers
6/30/2026 to 10/16/2026| Return | Correlation | |
|---|---|---|
| WINA | -25.4% | |
| Market (SPY) | 2.2% | 13.1% |
| Sector (XLY) | -4.1% | 44.2% |
Fundamental Drivers
The -26.0% change in WINA stock from 3/31/2026 to 10/16/2026 was primarily driven by a -25.1% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10162026 | Change |
|---|---|---|---|
| Stock Price ($) | 425.16 | 314.83 | -26.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 86 | 92 | 6.7% |
| Net Income Margin (%) | 48.4% | 45.1% | -6.8% |
| P/E Multiple | 36.4 | 27.3 | -25.1% |
| Shares Outstanding (Mil) | 4 | 4 | -0.6% |
| Cumulative Contribution | -26.0% |
Market Drivers
3/31/2026 to 10/16/2026| Return | Correlation | |
|---|---|---|
| WINA | -26.0% | |
| Market (SPY) | 17.7% | 13.9% |
| Sector (XLY) | 3.4% | 33.8% |
Fundamental Drivers
The -34.6% change in WINA stock from 9/30/2025 to 10/16/2026 was primarily driven by a -34.0% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10162026 | Change |
|---|---|---|---|
| Stock Price ($) | 481.47 | 314.83 | -34.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 83 | 92 | 10.1% |
| Net Income Margin (%) | 49.5% | 45.1% | -8.8% |
| P/E Multiple | 41.3 | 27.3 | -34.0% |
| Shares Outstanding (Mil) | 4 | 4 | -1.4% |
| Cumulative Contribution | -34.6% |
Market Drivers
9/30/2025 to 10/16/2026| Return | Correlation | |
|---|---|---|
| WINA | -34.6% | |
| Market (SPY) | 15.5% | 22.1% |
| Sector (XLY) | -5.6% | 32.8% |
Fundamental Drivers
The -7.6% change in WINA stock from 9/30/2023 to 10/16/2026 was primarily driven by a -8.3% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10162026 | Change |
|---|---|---|---|
| Stock Price ($) | 340.67 | 314.83 | -7.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 83 | 92 | 10.4% |
| Net Income Margin (%) | 47.9% | 45.1% | -5.8% |
| P/E Multiple | 29.7 | 27.3 | -8.3% |
| Shares Outstanding (Mil) | 3 | 4 | -3.1% |
| Cumulative Contribution | -7.6% |
Market Drivers
9/30/2023 to 10/16/2026| Return | Correlation | |
|---|---|---|
| WINA | -7.6% | |
| Market (SPY) | 84.7% | 29.5% |
| Sector (XLY) | 42.9% | 34.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WINA Return | 39% | -3% | 83% | -3% | 6% | -22% | 98% |
| Peers Return | -8% | -48% | -23% | -28% | -27% | -19% | -84% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| WINA Win Rate | 67% | 33% | 75% | 33% | 42% | 50% | |
| Peers Win Rate | 44% | 33% | 40% | 48% | 35% | 32% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WINA Max Drawdown | -13% | -24% | -13% | -20% | -24% | -41% | |
| Peers Max Drawdown | -46% | -63% | -64% | -57% | -54% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BNED, SPWH, CHWY, FLWS, QVCG. 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 10/16/2026 (YTD)
How Low Can It Go
| Event | WINA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.3% | -18.8% |
| % Gain to Breakeven | 20.9% | 23.1% |
| Time to Breakeven | 53 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.7% | -24.5% |
| % Gain to Breakeven | 31.1% | 32.4% |
| Time to Breakeven | 132 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.9% | -33.7% |
| % Gain to Breakeven | 81.5% | 50.9% |
| Time to Breakeven | 470 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.5% | -12.2% |
| % Gain to Breakeven | 12.9% | 13.9% |
| Time to Breakeven | 63 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -12.9% | -17.9% |
| % Gain to Breakeven | 14.8% | 21.8% |
| Time to Breakeven | 49 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -55.5% | -53.4% |
| % Gain to Breakeven | 124.7% | 114.4% |
| Time to Breakeven | 178 days | 1085 days |
In The Past
Winmark's stock fell -17.3% during the 2025 US Tariff Shock. Such a loss loss requires a 20.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | WINA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.7% | -24.5% |
| % Gain to Breakeven | 31.1% | 32.4% |
| Time to Breakeven | 132 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.9% | -33.7% |
| % Gain to Breakeven | 81.5% | 50.9% |
| Time to Breakeven | 470 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -55.5% | -53.4% |
| % Gain to Breakeven | 124.7% | 114.4% |
| Time to Breakeven | 178 days | 1085 days |
In The Past
Winmark's stock fell -17.3% during the 2025 US Tariff Shock. Such a loss loss requires a 20.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Winmark (WINA)
Winmark Corporation (WINA) operates as a franchisor of retail store concepts primarily focused on the robust second-hand market across the United States and Canada. The company empowers local entrepreneurs to establish and run stores that buy, sell, trade, and consign quality used merchandise across diverse categories. Its well-known franchise brands include Plato's Closet for teen and young adult clothing, Once Upon A Child for children's items, Play It Again Sports for sporting goods, Style Encore for women's apparel, and Music Go Round for musical instruments. Beyond its core franchising business, Winmark also operates a middle-market equipment leasing segment, providing financing for technology and business-essential equipment.
Winmark's primary service involves offering these proven retail models to franchisees, while its main "products" are the operational systems, brand recognition, and support for these specialized resale stores. Through its extensive network, the company serves a broad customer base of value-conscious consumers and sellers across specific demographics: teens and young adults (Plato's Closet), parents of children up to 12 years old (Once Upon A Child), athletes (Play It Again Sports), women seeking fashion (Style Encore), and musicians (Music Go Round). This dual business model leverages the growing demand for sustainable retail solutions and specialized equipment financing, providing diversified revenue streams for the company.
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Winmark is like McDonald's for second-hand retail.
It's also like CarMax for diverse used consumer items, but franchised.
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- 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.
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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.
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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.
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Here are the key risks to Winmark Corporation's business:
-
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).
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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.
-
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.
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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.
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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.
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Winmark Corporation (WINA) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- 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.
- 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.
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Other Specialty Retail
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -18.3% | 78.7% | 87.5% | CVSA 248% · PRDO 232% · LRN 140% |
| Homebuilding | 18 | -7.8% | 31.8% | 44.6% | GRBK 187% · PHM 146% · TOL 140% |
| Specialty Stores | 7 | 12.5% | 39.3% | 17.2% | ASO 51% · DKS 36% · FIVE 17% |
| Hotels, Resorts & Cruise Lines | 21 | 11.3% | 40.4% | 11.2% | RCL 233% · MAR 153% · HLT 142% |
| Home Furnishings | 3 | -5.3% | 45.2% | 1.7% | SGI 50% · MHK -35% |
| Home Improvement Retail | 5 | -17.8% | 5.8% | -0.8% | HD 0% · LOW -1% · FND -63% |
| Automotive Retail | 17 | -14.7% | 6.1% | -8.2% | MUSA 239% · PAG 132% · ORLY 113% |
| Footwear | 9 | 72.7% | 44.4% | -10.2% | DECK 44% · SHOO 19% · CROX -10% |
| Specialized Consumer Services | 10 | -13.6% | 22.1% | -12.1% | HRB 132% · FTDR 85% · SCI 42% |
| Distributors | 4 | -9.2% | -25.1% | -16.0% | ARMK 123% · GPC 22% · LKQ -54% |
| Restaurants | 36 | -5.8% | -7.5% | -18.4% | EAT 329% · CAKE 200% · TXRH 107% |
| Household Appliances | 17 | -4.2% | 20.4% | -36.6% | |
| Apparel Retail | 26 | 4.6% | 5.1% | -37.5% | ANF 291% · TJX 146% · ROST 130% |
| Leisure Facilities | 12 | 9.7% | -8.3% | -41.2% | LTH 139% · OSW 119% · PLNT -37% |
| Computer & Electronics Retail | 3 | 16.8% | 50.9% | -41.5% | BBY 3% · GME -41% |
| Leisure Products | 14 | -17.9% | -19.6% | -44.3% | GOLF 80% · HAS 31% · MAT -13% |
| Automotive Parts & Equipment | 39 | -13.1% | -19.5% | -47.1% | MOD 1130% · GTX 253% · BWA 51% |
| Apparel, Accessories & Luxury Goods | 29 | 0.2% | 12.1% | -47.4% | RL 258% · TPR 248% · KTB 77% |
| Broadline Retail | 13 | 9.6% | 28.0% | -48.3% | EBAY 75% · AMZN 47% · OLLI 41% |
| Casinos & Gaming | 20 | -12.3% | -27.5% | -50.5% | MCRI 87% · BYD 11% · RRR 9% |
| Automobile Manufacturers | 8 | -74.5% | -54.7% | -77.1% | GM 51% · TSLA 26% · F 8% |
| Other Specialty Retail ← | 17 | -35.1% | -36.3% | -77.3% | ULTA 46% · TSCO -8% · BBWI -65% |
| Consumer Electronics | 11 | -31.6% | -34.4% | -78.5% | GRMN 102% · SONO -45% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Winmark Earnings Notes | 12/16/2025 | |
| Can Winmark Stock Recover If Markets Fall? | 10/17/2025 | |
| WINA Dip Buy Analysis | 07/10/2025 | |
| Winmark Total Shareholder Return (TSR): 0.1% in 2024 and 23.4% 3-yr compounded annual returns (above peer average) | 03/07/2025 | |
| Winmark (WINA) Operating Cash Flow Comparison | 02/17/2025 | |
| Winmark (WINA) Net Income Comparison | 02/16/2025 | |
| Winmark (WINA) Operating Income Comparison | 02/15/2025 | |
| Winmark (WINA) Revenue Comparison | 02/14/2025 | |
| Winmark vs. S&P500 Correlation | 10/03/2024 | |
| Winmark Price Volatility | 09/24/2024 | |
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| 76 Stocks Just Touched 52-Week Lows | 09/11/2026 | |
| Stocks At 52-Week Lows: Wednesday’s Full List | 09/03/2026 |
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Invest in Strategies
Wealth Management
Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.12 |
| Mkt Cap | 0.4 |
| Rev LTM | 1,504 |
| Op Inc LTM | 52 |
| FCF LTM | 42 |
| FCF 3Y Avg | 12 |
| CFO LTM | 51 |
| CFO 3Y Avg | 36 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.0% |
| Rev Chg 3Y Avg | 3.0% |
| Rev Chg Q | 0.8% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Inc Chg LTM | 11.8% |
| Op Inc Chg 3Y Avg | 0.4% |
| Op Mgn LTM | 2.5% |
| Op Mgn 3Y Avg | 1.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 4.2% |
| CFO/Rev 3Y Avg | 2.9% |
| FCF/Rev LTM | 2.8% |
| FCF/Rev 3Y Avg | 0.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.4 |
| P/S | 0.3 |
| P/Op Inc | 8.6 |
| P/EBIT | 12.1 |
| P/E | 20.1 |
| P/CFO | 9.6 |
| Total Yield | 3.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Franchising | 83 | 79 | 78 | 74 | 67 |
| Other | 3 | 2 | 5 | 7 | 11 |
| Total | 86 | 81 | 83 | 81 | 78 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Franchising | 52 | 52 | 49 | 49 | 45 |
| Other | 3 | 1 | 4 | 5 | 7 |
| Total | 55 | 53 | 53 | 54 | 51 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Unallocated | 17 | 20 | 21 | 21 | 18 |
| Franchising | 7 | 7 | 8 | 9 | 5 |
| Other | 0 | 0 | 0 | 1 | 4 |
| Total | 25 | 27 | 29 | 30 | 27 |
Price Behavior
| Market Price | $314.83 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 08/25/1993 | |
| Distance from 52W High | -34.1% | |
| 50 Days | 200 Days | |
| DMA Price | $317.58 | $383.77 |
| DMA Trend | down | down |
| Distance from DMA | -0.9% | -18.0% |
| 3M | 1YR | |
| Volatility | 38.0% | 36.9% |
| Downside Capture | 156.40 | 87.37 |
| Upside Capture | -35.79 | 23.48 |
| Correlation (S&P 500) | 22.4% | 18.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.40 | 1.00 | 0.73 | 0.55 | 0.71 | 0.67 |
| Up Beta | 0.76 | 1.67 | 0.58 | 1.07 | 0.58 | 0.64 |
| Down Beta | 1.67 | 3.38 | 2.37 | 0.93 | 1.04 | 0.46 |
| Up Capture | -31% | 15% | -33% | -15% | 20% | 36% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 19 | 26 | 58 | 123 | 397 |
| Down Capture | 151% | 122% | 158% | 86% | 101% | 98% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 23 | 38 | 68 | 129 | 355 |
[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 | |
|---|---|---|---|---|
| WINA | -27.9% | 36.9% | -0.82 | - |
| Sector ETF (XLY) | -3.6% | 19.2% | -0.32 | 30.6% |
| Equity (SPY) | 15.8% | 12.7% | 0.86 | 17.9% |
| Gold (GLD) | -1.4% | 29.4% | -0.05 | 3.3% |
| Commodities (DBC) | 50.4% | 20.7% | 1.86 | -24.5% |
| Real Estate (VNQ) | 4.8% | 13.7% | 0.09 | 20.4% |
| Bitcoin (BTCUSD) | -25.9% | 43.6% | -0.57 | 4.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WINA | |
|---|---|---|---|---|
| WINA | 11.9% | 32.2% | 0.39 | - |
| Sector ETF (XLY) | 5.1% | 24.1% | 0.17 | 39.1% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 37.5% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 5.2% |
| Commodities (DBC) | 9.6% | 19.5% | 0.37 | -0.6% |
| Real Estate (VNQ) | 1.6% | 18.8% | -0.02 | 31.5% |
| Bitcoin (BTCUSD) | 8.8% | 51.8% | 0.35 | 14.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WINA | |
|---|---|---|---|---|
| WINA | 13.7% | 30.5% | 0.48 | - |
| Sector ETF (XLY) | 12.0% | 22.2% | 0.49 | 41.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 41.7% |
| Gold (GLD) | 12.3% | 16.4% | 0.61 | 4.5% |
| Commodities (DBC) | 8.1% | 18.1% | 0.36 | 9.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 37.5% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 11.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/14/2026 | 5.5% | ||
| 7/15/2026 | 0.0% | -4.9% | -8.0% |
| 4/15/2026 | -9.1% | -2.8% | -15.3% |
| 2/18/2026 | 3.8% | -1.3% | -9.4% |
| 10/15/2025 | 3.6% | -2.2% | -2.1% |
| 7/15/2025 | -0.1% | 0.7% | 8.4% |
| 4/16/2025 | 2.4% | 10.1% | 32.1% |
| 2/19/2025 | -1.5% | -9.3% | -13.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 16 | 14 |
| # Negative | 8 | 8 | 10 |
| Median Positive | 2.4% | 3.0% | 8.2% |
| Median Negative | -1.6% | -5.0% | -8.7% |
| Max Positive | 5.5% | 10.1% | 32.1% |
| Max Negative | -9.1% | -9.3% | -15.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/14/2026 | 5.5% | ||
| 7/15/2026 | 0.0% | -4.9% | -8.0% |
| 4/15/2026 | -9.1% | -2.8% | -15.3% |
| 2/18/2026 | 3.8% | -1.3% | -9.4% |
| 10/15/2025 | 3.6% | -2.2% | -2.1% |
| 7/15/2025 | -0.1% | 0.7% | 8.4% |
| 4/16/2025 | 2.4% | 10.1% | 32.1% |
| 2/19/2025 | -1.5% | -9.3% | -13.2% |
| 10/16/2024 | 2.3% | 3.3% | 10.4% |
| 7/17/2024 | -3.1% | -5.1% | -13.3% |
| 4/17/2024 | 4.5% | 6.0% | 5.9% |
| 2/21/2024 | -1.7% | -5.4% | -11.9% |
| 10/18/2023 | 3.8% | 2.1% | 7.9% |
| 7/19/2023 | 1.9% | 1.3% | -0.6% |
| 4/19/2023 | -0.7% | 2.4% | -0.1% |
| 3/1/2023 | 1.8% | 1.3% | 9.5% |
| 10/12/2022 | 2.2% | 4.3% | 13.9% |
| 7/13/2022 | 0.6% | 6.3% | 13.3% |
| 4/13/2022 | 2.1% | 1.9% | -3.8% |
| 2/23/2022 | 4.4% | 6.0% | 3.1% |
| 10/14/2021 | -1.3% | 0.3% | 22.6% |
| 7/14/2021 | 3.4% | 7.2% | 1.5% |
| 4/14/2021 | 2.4% | 6.3% | 4.8% |
| 2/24/2021 | 1.0% | 2.7% | 5.2% |
| 10/14/2020 | -3.2% | -6.5% | 2.2% |
| SUMMARY STATS | |||
| # Positive | 17 | 16 | 14 |
| # Negative | 8 | 8 | 10 |
| Median Positive | 2.4% | 3.0% | 8.2% |
| Median Negative | -1.6% | -5.0% | -8.7% |
| Max Positive | 5.5% | 10.1% | 32.1% |
| Max Negative | -9.1% | -9.3% | -15.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/14/2026 | 10-Q |
| 06/30/2026 | 07/15/2026 | 10-Q |
| 03/31/2026 | 04/15/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/15/2025 | 10-Q |
| 06/30/2025 | 07/15/2025 | 10-Q |
| 03/31/2025 | 04/16/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/16/2024 | 10-Q |
| 06/30/2024 | 07/17/2024 | 10-Q |
| 03/31/2024 | 04/17/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/18/2023 | 10-Q |
| 06/30/2023 | 07/19/2023 | 10-Q |
| 03/31/2023 | 04/19/2023 | 10-Q |
| 12/31/2022 | 03/10/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/14/2026 | 10-Q |
| 06/30/2026 | 07/15/2026 | 10-Q |
| 03/31/2026 | 04/15/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/15/2025 | 10-Q |
| 06/30/2025 | 07/15/2025 | 10-Q |
| 03/31/2025 | 04/16/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/16/2024 | 10-Q |
| 06/30/2024 | 07/17/2024 | 10-Q |
| 03/31/2024 | 04/17/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/18/2023 | 10-Q |
| 06/30/2023 | 07/19/2023 | 10-Q |
| 03/31/2023 | 04/19/2023 | 10-Q |
| 12/31/2022 | 03/10/2023 | 10-K |
| 09/30/2022 | 10/12/2022 | 10-Q |
| 06/30/2022 | 07/13/2022 | 10-Q |
| 03/31/2022 | 04/14/2022 | 10-Q |
| 12/31/2021 | 03/08/2022 | 10-K |
| 09/30/2021 | 10/13/2021 | 10-Q |
| 06/30/2021 | 07/20/2021 | 10-Q |
| 03/31/2021 | 04/20/2021 | 10-Q |
| 12/31/2020 | 03/09/2021 | 10-K |
| 09/30/2020 | 10/20/2020 | 10-Q |
| 06/30/2020 | 07/21/2020 | 10-Q |
| 03/31/2020 | 04/22/2020 | 10-Q |
| 12/31/2019 | 03/10/2020 | 10-K |
Insider Activity
Updated 7/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Grassle, Jenele C | Direct | Sell | 3052026 | 475.80 | 3,900 | 1,855,620 | 1,189,500 | Form | |
| 2 | Tomlinson, Percy C JR | Direct | Sell | 3032026 | 460.52 | 1,660 | 764,463 | 368,416 | Form | |
| 3 | Grassle, Jenele C | Direct | Sell | 11212025 | 420.87 | 2,400 | 1,010,088 | 1,052,175 | Form | |
| 4 | Gaudette, Renae M | CHIEF OPERATING OFFICER | Direct | Sell | 10242025 | 417.11 | 1,200 | 500,535 | 7,866,742 | Form |
| 5 | Barbetta, Lawrence A | Direct | Sell | 9182025 | 505.02 | 852 | 430,274 | 327,756 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Grassle, Jenele C | Direct | Sell | 3052026 | 475.80 | 3,900 | 1,855,620 | 1,189,500 | Form | |
| 2 | Tomlinson, Percy C JR | Direct | Sell | 3032026 | 460.52 | 1,660 | 764,463 | 368,416 | Form | |
| 3 | Grassle, Jenele C | Direct | Sell | 11212025 | 420.87 | 2,400 | 1,010,088 | 1,052,175 | Form | |
| 4 | Gaudette, Renae M | CHIEF OPERATING OFFICER | Direct | Sell | 10242025 | 417.11 | 1,200 | 500,535 | 7,866,742 | Form |
| 5 | Barbetta, Lawrence A | Direct | Sell | 9182025 | 505.02 | 852 | 430,274 | 327,756 | Form | |
| 6 | Heffes, Brett D | CHAIR AND CEO | Direct | Sell | 8282025 | 453.89 | 4,971 | 2,256,288 | 51,925,038 | Form |
| 7 | Heffes, Brett D | CHAIR AND CEO | Direct | Sell | 8282025 | 455.06 | 2,441 | 1,110,811 | 51,426,766 | Form |
| 8 | Sprenger, Gina Decaro | Direct | Buy | 8132025 | 410.77 | 250 | 102,692 | 102,692 | Form |
Investor Activity (13F)
Updated Oct 17, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Other Specialty Retail Resources |
| Specialty Retailer |
| Retail Gazette |
| Inside Retail |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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