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what it is
Winmark franchises secondhand retail chains and also runs an equipment leasing business.
how it gets paid
Last year Winmark made $86M in revenue. franchise royalties was the main engine at $54M, or 63% of sales.
why it's growing
Revenue grew 5.9% last year. The verified quarterly figures show revenue up 187% vs. prior year and EPS up 185% vs. prior year.
what just happened
Revenue hit $65M and EPS reached $8.61, but that jump came off a much smaller base.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
95/100 earnings predictability — you can trust these numbers
36.5x trailing p/e — you're paying up for this one
0.8% dividend yield — cash in your pocket every quarter
219.0% return on capital — a money-printing machine
xvary composite: 69/100 — average
What they do
Winmark franchises secondhand retail chains and also runs an equipment leasing business.
This business wins because it mostly collects franchise fees instead of running hundreds of stores itself. That asset-light model (few company-owned assets) → less capital tied up → so what: it still posted a 63.4% operating margin in 2024. You get resale demand without the usual retail mess.
How they make money
$86M
annual revenue · their business grew +5.9% last year
franchise royalties
$54M
leasing operations
$18M
initial franchise fees
$8M
other franchise income
$6M
The products that matter
teen & young adult apparel
Plato's Closet
500+ stores · largest brand
it is the largest concept inside a 1,378-store system, so unit growth here matters more than anywhere else.
largest network
children's apparel & gear
Once Upon A Child
five-brand platform
it is one of five resale banners feeding an $86.1M royalty model. That matters because family spending gives the company exposure beyond one fashion niche.
family spend exposure
used sporting goods
Play It Again Sports
1,378-store network
it broadens the mix beyond apparel. That matters because the company has one revenue line and needs all five brands contributing to store growth.
broadens the mix
Key numbers
63.4%
operating margin
Operating margin → the share of sales left after running the business → so what: Winmark kept about $0.63 of every revenue dollar in 2024.
219.0%
return on capital
Return on capital → profit generated from money invested in the business → so what: this company needs very little capital to make a lot of money.
$63M
long-term debt
Long-term debt was $63 million, or 4% of capital. Low leverage → less balance-sheet pressure → so what: debt is not the main risk here.
$7.50
special dividend
Winmark paid special dividends of $3.00 in 2022, $9.40 in 2023, and $7.50 in 2024. That is real cash back to you, but it also tells you payouts can swing year to year.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 70 / 100
- long-term debt $63M (4% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for WINA right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $65M and EPS reached $8.61, but that jump came off a much smaller base.
The verified quarterly figures show revenue up 187% vs. prior year and EPS up 185% vs. prior year. The annual EPS pattern was flatter: $11.04 in 2023 versus an estimated $10.89 in 2024.
$65M
revenue
$8.61
eps
187%
revenue growth
the number that mattered
$65 million in quarterly revenue matters because it is roughly 76% of Winmark's entire $86 million annual revenue base.
source: company earnings report, 2026
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What could go wrong
the cleanest risk is not a collapsing business. it is a premium multiple meeting a company that grew revenue 5.9%.
high
valuation vs. growth
The stock trades at 36.5x trailing earnings while revenue grew 5.9% last year. If the business keeps being merely good, the multiple has room to fall even if operations stay healthy.
multiple compression is the fast risk here
med
store pipeline dependence
Management has 77 awarded-but-unopened stores in the pipeline. That is the visible expansion backlog. If openings slip, the growth story gets thinner fast.
the royalty base needs new doors to keep compounding
med
franchisee pushback on new fees
The new $295 per month software fee begins 2026-09-01. It can lift revenue, but it touches the full 1,378-store base. If operators see it as a squeeze, store-level economics and relationships both matter.
pricing power only counts if the network accepts it
low
thin disclosure by brand
This snapshot does not break out revenue or profit by banner. You are underwriting the system as a whole, not getting perfect visibility into which concepts are carrying the load.
less precision on where the growth is actually coming from
You do not need a broken business to lose money here. You just need 1,378 stores and a 77-store backlog to look less exciting than a 36.5x multiple implies.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
77 awarded-but-unopened stores
This is the cleanest number to watch. If that pipeline turns into openings, the story holds together. If it stalls, the valuation argument gets harder.
calendar
Q1 2026 earnings on 2026-04-22
Consensus EPS is $2.71. More important than the headline: any update on the store pipeline, same-store sales, and how management talks about the fee rollout.
trend
S&P SmallCap 600 inclusion
The addition became effective 2026-01-21. Index buying is a one-time event. What matters next is whether the stock holds up after the mechanical flows fade.
risk
software fee rollout on 2026-09-01
A $295 monthly fee sounds small until it hits every franchisee. Watch the tone. If operators absorb it quietly, margins get another layer. If they do not, the relationship cost matters.
Analyst rankings
earnings predictability
95 / 100
the reported numbers are unusually steady. in human-speak, analysts think this company is boring in the profitable way.
risk rank
2
risk rank 2 means safer than most stocks on the board. It does not mean the valuation is safe.
price stability
70 / 100
the chart is steadier than the average small cap, but the $296–$527 range says this is still equity risk, not a savings account.
source: institutional data
Institutional activity
institutional ownership data for WINA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$410
current price
n/a
target midpoint · n/a from current
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