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WINMARK CORP

WINA Clue Score41
United States Fiscal year ends December CIK 0000908315
$291.86 -1.11% Close, 9 Oct 2026
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Price $291.86 +41.41% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 11 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue66.5Operating income38.2Net income22.1EPS, diluted5.11Fiscal year 2017Revenue69.8 +4.9%Operating income38.8Net income24.6 +11.0%EPS, diluted5.66 +10.8%Fiscal year 2018Revenue72.5 +3.9%Operating income41.8Net income30.1 +22.6%EPS, diluted7.26 +28.3%Fiscal year 2019Revenue73.3 +1.1%Operating income43.1Net income32.1 +6.7%EPS, diluted7.84 +8.0%Fiscal year 2020Revenue1.3 −98.2%Operating income40.2Net income29.8 −7.2%EPS, diluted7.72 −1.5%Fiscal year 2021Revenue1.3 +0.0%Operating income51.3Net income39.9 +33.9%EPS, diluted10.48 +35.8%Fiscal year 2022Revenue81.4 +6,162.4%Operating income53.6Net income39.4 −1.2%EPS, diluted10.97 +4.7%Fiscal year 2023Revenue83.2 +2.3%Operating income53.3Net income40.2 +1.9%EPS, diluted11.04 +0.6%Fiscal year 2024Revenue81.3 −2.3%Operating income52.9Net income40.0 −0.6%EPS, diluted10.89 −1.4%Fiscal year 2025Revenue86.1 +5.9%Operating income54.6Net income41.7 +4.3%EPS, diluted11.30 +3.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 66.5 69.8 72.5 73.3 1.3 1.3 81.4 83.2 81.3 86.1
Growth +4.9% +3.9% +1.1% −98.2% +0.0% +6,162.4% +2.3% −2.3% +5.9%
Operating income 38.2 38.8 41.8 43.1 40.2 51.3 53.6 53.3 52.9 54.6
Net income 22.1 24.6 30.1 32.1 29.8 39.9 39.4 40.2 40.0 41.7
Growth +11.0% +22.6% +6.7% −7.2% +33.9% −1.2% +1.9% −0.6% +4.3%
EPS, diluted 5.11 5.66 7.26 7.84 7.72 10.48 10.97 11.04 10.89 11.30
Growth +10.8% +28.3% +8.0% −1.5% +35.8% +4.7% +0.6% −1.4% +3.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin57.4%Net margin33.3%Free cash flow margin39.4%Fiscal year 2017Operating margin55.6%Net margin35.2%Free cash flow margin36.0%Fiscal year 2018Operating margin57.6%Net margin41.5%Free cash flow margin47.2%Fiscal year 2019Operating margin58.8%Net margin43.9%Free cash flow margin68.9%Fiscal year 2020Operating margin3,093.2%Net margin2,294.1%Free cash flow margin3,321.2%Fiscal year 2021Operating margin3,948.9%Net margin3,070.8%Free cash flow margin3,713.2%Fiscal year 2022Operating margin65.9%Net margin48.4%Free cash flow margin53.6%Fiscal year 2023Operating margin64.0%Net margin48.3%Free cash flow margin52.4%Fiscal year 2024Operating margin65.1%Net margin49.2%Free cash flow margin51.6%Fiscal year 2025Operating margin63.4%Net margin48.4%Free cash flow margin51.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 57.4% 55.6% 57.6% 58.8% 3,093.2% 3,948.9% 65.9% 64.0% 65.1% 63.4%
Net margin 33.3% 35.2% 41.5% 43.9% 2,294.1% 3,070.8% 48.4% 48.3% 49.2% 48.4%
Free cash flow margin 39.4% 36.0% 47.2% 68.9% 3,321.2% 3,713.2% 53.6% 52.4% 51.6% 51.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow26.3Capital expenditure−0.1Free cash flow26.2Buybacks−1.6Dividends paid−1.5Fiscal year 2017Operating cash flow25.2Capital expenditure−0.1Free cash flow25.1 −4.1%Buybacks−49.9Dividends paid−1.8Fiscal year 2018Operating cash flow34.9Capital expenditure−0.7Free cash flow34.2 +36.2%Buybacks−1.8Dividends paid−2.2Fiscal year 2019Operating cash flow50.6Capital expenditure−0.2Free cash flow50.5 +47.4%Buybacks−24.0Dividends paid−3.4Fiscal year 2020Operating cash flow43.2Capital expenditure−0.0Free cash flow43.2 −14.5%Buybacks−49.0Dividends paid−14.2Fiscal year 2021Operating cash flow48.3Capital expenditure−0.1Free cash flow48.3 +11.8%Buybacks−44.2Dividends paid−33.2Fiscal year 2022Operating cash flow43.8Capital expenditure−0.1Free cash flow43.7 −9.6%Buybacks−49.1Dividends paid−19.3Fiscal year 2023Operating cash flow44.0Capital expenditure−0.4Free cash flow43.6 −0.1%Dividends paid−43.7Fiscal year 2024Operating cash flow42.2Capital expenditure−0.2Free cash flow42.0 −3.8%Dividends paid−38.9Fiscal year 2025Operating cash flow44.9Capital expenditure−0.2Free cash flow44.7 +6.5%Buybacks−2.4Dividends paid−49.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 26.3 25.2 34.9 50.6 43.2 48.3 43.8 44.0 42.2 44.9
Capital expenditure −0.1 −0.1 −0.7 −0.2 −0.0 −0.1 −0.1 −0.4 −0.2 −0.2
Free cash flow 26.2 25.1 34.2 50.5 43.2 48.3 43.7 43.6 42.0 44.7
Growth −4.1% +36.2% +47.4% −14.5% +11.8% −9.6% −0.1% −3.8% +6.5%
Buybacks −1.6 −49.9 −1.8 −24.0 −49.0 −44.2 −49.1 n/a n/a −2.4
Dividends paid −1.5 −1.8 −2.2 −3.4 −14.2 −33.2 −19.3 −43.7 −38.9 −49.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.3Shareholders’ equity−12.9Fiscal year 2017Cash1.1Shareholders’ equity−35.7Fiscal year 2018Cash2.5Shareholders’ equity−4.8Fiscal year 2019Cash25.1Total debt25.7Net cash (debt)−0.6Shareholders’ equity12.4Debt to equity2.06Fiscal year 2020Cash6.7Total debt21.9Net cash (debt)−15.3Shareholders’ equity−11.4Fiscal year 2021Cash11.4Total debt47.7Net cash (debt)−36.3Shareholders’ equity−39.1Fiscal year 2022Cash13.6Shareholders’ equity−61.6Fiscal year 2023Cash13.4Shareholders’ equity−59.2Fiscal year 2024Cash12.2Shareholders’ equity−51.0Fiscal year 2025Cash10.3Shareholders’ equity−53.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.3 1.1 2.5 25.1 6.7 11.4 13.6 13.4 12.2 10.3
Total debt n/a n/a n/a 25.7 21.9 47.7 n/a n/a n/a n/a
Net cash (debt) n/a n/a n/a −0.6 −15.3 −36.3 n/a n/a n/a n/a
Shareholders’ equity −12.9 −35.7 −4.8 12.4 −11.4 −39.1 −61.6 −59.2 −51.0 −53.7
Debt to equity n/a n/a n/a 2.06 n/a n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 30 Dec 2017 FY2018 29 Dec 2018 FY2019 28 Dec 2019 FY2020 26 Dec 2020 FY2021 25 Dec 2021 FY2022 31 Dec 2022 FY2023 30 Dec 2023 FY2024 28 Dec 2024 FY2025 27 Dec 2025
Revenue and profit
66.5 69.8 72.5 73.3 1.3 1.3 81.4 83.2 81.3 86.1
Growth +4.9% +3.9% +1.1% −98.2% +0.0% +6,162.4% +2.3% −2.3% +5.9%
2.1 2.4 2.7 2.5 2.1 2.9 3.7 4.5 3.4 3.1
23.9 25.2 26.0 25.7 21.2 22.3 23.2 25.1 24.9 28.4
38.2 38.8 41.8 43.1 40.2 51.3 53.6 53.3 52.9 54.6
Growth +1.6% +7.6% +3.3% −6.8% +27.7% +4.4% −0.6% −0.7% +3.1%
35.9 36.5 39.3 41.5 38.5 49.9 50.8 51.4 51.2 53.1
13.7 11.9 9.2 9.3 8.7 9.9 11.4 11.2 11.3 11.5
22.1 24.6 30.1 32.1 29.8 39.9 39.4 40.2 40.0 41.7
Growth +11.0% +22.6% +6.7% −7.2% +33.9% −1.2% +1.9% −0.6% +4.3%
Per share
5.37 6.06 7.77 8.37 8.02 10.87 11.30 11.55 11.36 11.73
5.11 5.66 7.26 7.84 7.72 10.48 10.97 11.04 10.89 11.30
Growth +10.8% +28.3% +8.0% −1.5% +35.8% +4.7% +0.6% −1.4% +3.8%
4.1 4.1 3.9 3.8 3.7 3.7 3.5 3.5 3.5 3.5
4.3 4.3 4.1 4.1 3.9 3.8 3.6 3.6 3.7 3.7
Growth +0.2% −4.4% −1.2% −5.8% −1.4% −5.7% +1.3% +0.7% +0.5%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 131.3% a year over five years, and earnings per share grew 7.9% a year.
  • The diluted share count fell 4.6% in five years, so buybacks did some of the work per share.
  • Operating margin is down 3,029.8 points on five years ago, at 63.4%.
  • Profitable in every one of the 10 years on file.