olivLaw · US equity research
Winmark Corporation WINA
Retail-Miscellaneous Retail · SIC 5900 · Vertical: Retail-Miscellaneous Retail (SIC 5900)
Winmark Corporation is a Minnesota franchisor running five resale brands for second-hand clothing, toys, sporting goods and musical instruments. Its model, built on recurring royalties from over 1,378 franchises, has remained steady, and in 2026 the company is investing in advertising funds and a point-of-sale system upgrade.
At the close of 04 Nov 2026, Winmark Corporation (WINA) stock was 277.51 USD (+3.33% on the day), with market capitalisation 987.7 m USD, P/E 24.8 on diluted EPS of 11.21 USD over the last 12 months, dividend yield 1.15%, beta 0.56, 52-week range 268.56–480.67 USD. Latest reported quarter (Q3 2026): revenue of 27.9 m USD (+23.2% YoY), net income of 11.8 m USD (+6.1% YoY), diluted EPS 3.21 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 265.77 – 313.25
- in the lower half of the band · %B 0.25 · band width 16.4%
- SMA 50 / 200
- 299.78 / 376.04
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -6.94 / -6.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.6% | −1.1% | −4.5 pp | — |
| 3 months | −23.5% | −0.5% | −23.0 pp | — |
| 6 months | −25.3% | +4.4% | −29.7 pp | — |
| Year to date | −31.5% | +12.3% | −43.8 pp | — |
| 1 year | −32.9% | +13.5% | −46.5 pp | −24.1% |
| 3 years | −34.7% | +76.4% | −111.1 pp | +0.4% |
| 5 years | +8.0% | +63.7% | −55.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19.5 m | 21.9 m | 20.4 m | 22.6 m | 21.1 m | 20.8 m | 22.0 m | 27.9 m |
| SG&A | 6.0 m | 7.4 m | 6.6 m | 7.0 m | 7.3 m | 7.9 m | 7.5 m | 7.3 m |
| Operating income | 12.8 m | 13.6 m | 13.1 m | 14.9 m | 13.0 m | 12.4 m | 13.6 m | 15.8 m |
| Interest expense | 693.6 k | 613.9 k | 609.8 k | 610.3 k | 612.9 k | 613.9 k | 609.8 k | 610.3 k |
| Pre-tax income | 12.4 m | 13.1 m | 12.7 m | 14.6 m | 12.7 m | 11.9 m | 13.2 m | 15.4 m |
| Income tax | 2.8 m | 3.2 m | 2.1 m | 3.5 m | 2.7 m | 2.6 m | 2.8 m | 3.6 m |
| Net income | 9.6 m | 10.0 m | 10.6 m | 11.1 m | 10.0 m | 9.3 m | 10.4 m | 11.8 m |
| Diluted EPS | 2.60 ≈ | 2.71 | 2.89 | 3.02 | 2.69 ≈ | 2.50 | 2.81 | 3.21 |
| Operating cash flow | 8.5 m | 15.1 m | 9.0 m ≈ | 12.3 m ≈ | 8.5 m | 11.9 m | 10.7 m ≈ | 12.9 m ≈ |
| Capex | 0 | 51.2 k | 54.7 k ≈ | 66.8 k ≈ | 19.6 k | 14.6 k | 40.3 k ≈ | 221.8 k ≈ |
| Dividends paid | 29.7 m | 3.2 m | 3.4 m ≈ | 3.4 m ≈ | 39.1 m | 3.4 m | 3.7 m ≈ | 3.7 m ≈ |
| Share repurchases | — | 2.2 m | 168.8 k ≈ | 0 ≈ | 0 | — | — | 8.1 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 55 percentile of its own 40-quarter history (min 16.4, median 24.1, max 44.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 72.5 m | 73.3 m | 66.1 m | 78.2 m | 81.4 m | 83.2 m | 81.3 m | 86.1 m |
| Revenue YoY | +3.9% | +1.1% | −9.9% | +18.4% | +4.1% | +2.3% | −2.3% | +5.9% |
| Net income | 30.1 m | 32.1 m | 29.8 m | 39.9 m | 39.4 m | 40.2 m | 40.0 m | 41.7 m |
| Net income YoY | +22.6% | +6.7% | −7.2% | +33.9% | −1.2% | +1.9% | −0.6% | +4.3% |
| Diluted EPS | 7.26 | 7.84 | 7.72 | 10.48 | 10.97 | 11.04 | 10.89 | 11.30 |
| Diluted EPS YoY | +28.3% | +8.0% | −1.5% | +35.8% | +4.7% | +0.6% | −1.4% | +3.8% |
| net % | 41.5% | 43.9% | 45.1% | 51.0% | 48.4% | 48.3% | 49.2% | 48.4% |
| Free cash flow | 34.2 m | 50.5 m | 43.2 m | 48.3 m | 43.7 m | 43.6 m | 42.0 m | 44.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 10.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -53.7 m USD
- Total assets
- 24.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.49x
- ROE
- unavailable
- ROA
- 161.0%
- FCF margin
- 51.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 66.1 m | 78.2 m | 81.4 m | 83.2 m | 81.3 m | 86.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 2.1 m | 2.9 m | 3.7 m | 4.5 m | 3.4 m | 3.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 64.0 m ≈ | 75.3 m ≈ | 77.7 m ≈ | 78.8 m ≈ | 77.9 m ≈ | 83.0 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| SG&A | 21.2 m | 22.3 m | 23.2 m | 25.1 m | 24.9 m | 28.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 40.2 m | 51.3 m | 53.6 m | 53.3 m | 52.9 m | 54.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 484.7 k | 430.6 k | 603.1 k | 772.7 k | 799.3 k | 746.7 k | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 40.7 m ≈ | 51.8 m ≈ | 54.2 m ≈ | 54.1 m ≈ | 53.7 m ≈ | 55.3 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 1.7 m | 1.5 m | 2.9 m | 3.1 m | 2.9 m | 2.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 38.5 m | 49.9 m | 50.8 m | 51.4 m | 51.2 m | 53.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 8.7 m | 9.9 m | 11.4 m | 11.2 m | 11.3 m | 11.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 29.8 m | 39.9 m | 39.4 m | 40.2 m | 40.0 m | 41.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 7.72 | 10.48 | 10.97 | 11.04 | 10.89 | 11.30 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 3.9 m | 3.8 m | 3.6 m | 3.6 m | 3.7 m | 3.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 0.80 | 1.60 | 2.55 | 3.10 | — | — | SEC (XBRL)· 28 Feb 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.7 m | 11.4 m | 13.6 m | 13.4 m | 12.2 m | 10.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 1.6 m | 1.1 m | 1.4 m | 1.5 m | 1.3 m | 1.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 106.6 k | 325.2 k | 770.6 k | 386.1 k | 397.6 k | 362.5 k | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 18.3 m | 17.4 m | 18.1 m | 16.7 m | 15.4 m | 14.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 2.3 m | 2.0 m | 1.7 m | 1.7 m | 1.4 m | 1.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 607.5 k | 607.5 k | 607.5 k | 607.5 k | 607.5 k | 607.5 k | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | 3.3 m | 3.0 m | 2.6 m | 2.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 31.3 m | 26.9 m | 30.5 m | 29.0 m | 26.8 m | 24.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 1.8 m | 2.1 m | 2.1 m | 1.7 m | 1.6 m | 1.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 21.9 m | 47.7 m | — | — | — | — | SEC (XBRL)· 08 Mar 2022verified |
| Current liabilities | 11.4 m | 10.0 m | 10.6 m | 10.5 m | 5.1 m | 5.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | -11.4 m † | -39.1 m † | -61.6 m † | -59.2 m † | -51.0 m † | -53.7 m † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 43.2 m | 48.3 m | 43.8 m | 44.0 m | 42.2 m | 44.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 45.1 k | 74.7 k | 139.1 k | 383.9 k | 194.9 k | 192.3 k | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 43.2 m ≈ | 48.3 m ≈ | 43.7 m ≈ | 43.6 m ≈ | 42.0 m ≈ | 44.7 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -4.2 m | -283.1 k | -3.7 m | -383.9 k | -194.9 k | -192.3 k | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -57.6 m | -43.3 m | -37.9 m | -43.9 m | -43.0 m | -46.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 14.2 m | 33.2 m | 19.3 m | 43.7 m | 38.9 m | 49.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 49.0 m | 44.2 m | 49.1 m | — | — | 2.4 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 987.7 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation47
- Quality100
- Growth11
- Returns54
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 40.74 – 353.44 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E147.27 – 353.44 (Mid 201.91)4 companies used · median multiple 18.0x · quartiles 13.1x – 31.5xEZPW, FCFS, SPH, SVV
- Dividend discount (DDM)40.74 – 54.78 (Mid 46.73)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 45.1% | 100 (vs peers) | 9% |
| FCF conversion · Quality | 105.7% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 1.9% | 16 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 1.0% | 7 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 22.4x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 3.2x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 24.8x | 40 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.4% | 55 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 5.9% | 84 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 113.9% | 9 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth11/100 · 2/2 factors with a value
- Quality100/100 · 2/3 factors with a value
- Returns54/100 · 2/2 factors with a value
- Valuation47/100 · 2/3 factors with a value
Memo
WINMARK CORPORATION (WINA). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 86.1 m USD in 2025; YoY growth 5.9%; net margin 45.1%.
The estimated value range is 94.00–204.11 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 124.32 USD, the price of 277.51 USD leaves a potential of -55.2% (value / price − 1) and a margin of safety of -123.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 45.1%
- FCF conversion: 105.7%
- Interest coverage: 22.4x
- Current ratio: 3.2x
- Shareholder yield (distributions): 5.9%
What contradicts it
- Revenue CAGR 3Y: 1.9%
- EPS CAGR 3Y: 1.0%
- Payout ratio (FCF): 113.9%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Retail-Miscellaneous Retail (SIC 5900) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FCFSFirstcash Holdings, Inc. | 8.3 bn | 20.9 | 18.2% | 9.5% | +8.0% | +22% / +73% |
| REALTheRealReal, Inc. | 1.7 bn | — | — | -1.4% | +15.4% | −6% / +500% |
| SVVSavers Value Village, Inc. | 1.5 bn | 63.3 | 5.7% | 1.4% | unavailable | +10% / −33% |
| SPHSuburban Propane Partners LP | 1.1 bn | 7.3 | — | 9.4% | +7.9% | −12% / +0% |
| WINAWinmark Corporation | 987.7 m | 24.8 | — | 45.1% | +5.9% | −33% / −35% |
| TMSTeamshares Inc | 344.7 m | — | -6.7% | — | unavailable | −54% / unavailable |
| PLBYPlayboy, Inc. | 164.1 m | 609.5 | 12.4% | 0.2% | +4.1% | −29% / +161% |
| LIVELIVE VENTURES Inc | 22.9 m | — | -2.8% | -0.6% | −5.9% | −19% / −70% |
| WBUYWebuy Global Ltd | 1.3 m | — | -160.3% | -45.3% | −63.0% | −66% / −100% |
| NEXRNexera Technologies Ltd | 62.0 k | — | -43.2% | -21.8% | +23.0% | −100% / −100% |
| WSHPWeShop Holdings Ltd | — | — | -946.5% | -14,972.7% | −67.3% | −98% / unavailable |
| POMPOMDOCTOR Ltd | — | — | — | -32.7% | unavailable | −98% / unavailable |
| EZPWEzcorp, Inc. | — | 15.1 | 14.7% | 10.0% | +9.7% | +53% / +260% |
1- and 3-year price returns: for WINA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 165.81 Total return -40% · Per year -40% | 293.52 Total return 6% · Per year 6% | 442.65 Total return 60% · Per year 60% |
| 3 years | 152.52 Total return -45% · Per year -18% | 304.58 Total return 10% · Per year 3% | 505.53 Total return 82% · Per year 22% |
| 5 years | 140.29 Total return -49% · Per year -13% | 316.06 Total return 14% · Per year 3% | 577.34 Total return 108% · Per year 16% |
- Exit P/E± 76.15
- Net margin± 53.30
- Annual revenue growth± 44.89
- Annual dilution± 4.48
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Winmark Corporation is a Minnesota franchisor running five resale brands for second-hand clothing, toys, sporting goods and musical instruments. Its model, built on recurring royalties from over 1,378 franchises, has remained steady, and in 2026 the company is investing in advertising funds and a point-of-sale system upgrade.
SWOT
Strengths
Weaknesses
- Dependence on a large base of independent franchisees that the company can support but cannot directly control 1.
- Core operations depend on the availability of used merchandise, which can be irregular and hard to forecast 1.
- Selling, general and administrative expenses have at times grown faster than revenue, weighing on margins 12.
Opportunities
- North American advertising funds could raise brand visibility and draw more customers into franchisee stores 23.
- Opening new franchises in available territories could support growth in royalty revenue 1.
- Modernizing the point-of-sale system and online sales through the network could expand franchisee sales channels 13.
Threats
- Competition from online used-goods platforms and discount retailers could reduce franchisees' market share 1.
- Adverse macroeconomic conditions could make it harder for prospective franchisees to obtain financing and reduce openings 1.
- State and federal rules on franchising and secondhand goods could raise compliance costs 1.
Risks
- Dependence on franchise renewalshigh
A significant number of franchise agreements not being renewed would materially affect financial performance, and management considers renewal essential to long-term success 1.
- Point-of-sale system modernizationhigh
Replacing or significantly modifying the mandatory point-of-sale system could disrupt franchisee operations and brand reputation if the rollout is poorly executed 1.
- Reliance on used merchandise supplymedium
Franchisees depend on a continuing supply of used goods from the public, which is not assured and may be limited by product safety rules 1.
- Indebtedness and covenantsmedium
The credit line, term loan and note facilities impose operating restrictions and financial tests; failing to comply could lead to acceleration of the debt 1.
- Data securitymedium
Security systems at the company and its franchisees could be breached, which could lead to financial losses, litigation and reputational harm 1.
Investment thesis
What would need to be true (bull case)
- Rising royalties and near-complete franchise renewals point to recurring revenue, if franchisee sales keep growing 12.
- The launch of advertising funds and technology investment could reignite network growth, especially if the new campaigns perform 23.
- A low-capital structure and high profitability give the company room to return cash to shareholders if financial conditions remain favorable 2.
What would break the thesis
- Rising overhead and investment in marketing and technology could erode margins if revenue does not grow fast enough 12.
- Online competition and large retailers could limit franchisee sales growth, weighing on the royalty base 1.
- If the point-of-sale upgrade or the advertising campaigns run into trouble, relations with franchisees could suffer and openings could slow 13.
What to watch
- Franchisee retail sales growth and royalty trends compared with the prior yearQ4 2026
- Results of the first Plato’s Closet advertising fund campaigns and the reporting of related costsQ4 2026
- Trend in selling, general and administrative expenses and operating margin amid technology investment2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The franchise model gives franchisees training, operational support, specialized point-of-sale systems and access to centralized purchasing, in exchange for franchise fees and royalties generally ranging from 4% to 5% of gross sales 1. The business is not capital intensive, which management says is designed to generate consistent, recurring revenue and strong operating margins 2.
Segments
Other (equipment leasing)
The non-reportable segment comprises the equipment leasing business, which has been run off since May 2021; the portfolio was fully wound down by December 27, 2025, and 2025 leasing income was largely driven by the settlement of customer litigation 1.
Market context
Demand for value-priced and second-hand goods remains relevant to the model, but it depends on a supply of used merchandise from the public that may be irregular, as well as on the regulatory framework for secondhand dealers 1.
Trends
- Royalty growth from higher salestailwind
Royalties grew in 2025 and in the first nine months of 2026, which the company attributes to higher franchise retail sales and additional stores 12. If this continues, it could support the company's recurring revenue.
- Investment in advertising and technologymixed
Management describes a long history of underinvestment in marketing and has launched advertising funds and a point-of-sale modernization, which could raise brand visibility but also adds costs and execution risk 231.
- Pressure from personnel and operating costsheadwind
Selling, general and administrative expenses rose in 2025 and 2026, mainly from compensation and investments in technology and marketing, which could compress operating margins if revenue does not grow in step 12.
Competitive position
Winmark's franchisees compete with specialty apparel stores, large discount retailers, local sporting goods and musical instrument stores, and online marketplaces for used goods 1. Competition from online platforms and from brands reselling their own used items is cited as a growing threat 1.
Competition for prospective franchisees is also intense, and the company compares itself with other franchise companies on initial investment, franchise fee, royalty rate, profitability and franchisor services 1.
- Dick’s Sporting GoodsDKS
Large sporting goods retailer named by the company as a competitor for Play It Again Sports 1.
- Academy Sports & OutdoorsASO
Sporting goods and outdoor retailer named as a competitor for Play It Again Sports 1.
- Guitar Center
Musical instrument retailer that competes with Music Go Round 1.
- eBayEBAY
Online marketplace for new and used goods that the company sees as competing with its franchisees 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report14 Oct 2026
- Current report14 Oct 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report15 Jul 2026
- Current report15 Jul 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report06 May 2026Departure or appointment of officers · Financial statements and exhibits
- Current report22 Apr 2026Shareholder vote
- Quarterly report15 Apr 2026
- Current report15 Apr 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report16 Mar 2026Other events
- Proxy statement04 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-27 · SEC / Winmark Corporation · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-26 · SEC / Winmark Corporation · 14 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Winmark Corporation · 14 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.