WINMARK CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WINMARK CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	66.5	69.8	72.5	73.3	66.1	78.2	81.4	83.2	81.3	86.1
Cost of revenue	2.1	2.43	2.74	2.47	2.1	2.94	3.71	4.46	3.38	3.1
Gross profit	64.4	67.3	69.8	70.8	64	75.3	77.7	78.8	77.9	83
Selling, general and administrative	23.9	25.2	26	25.7	21.2	22.3	23.2	25.1	24.9	28.4
Operating income	38.2	38.8	41.8	43.1	40.2	51.3	53.6	53.3	52.9	54.6
Interest expense	2.34	2.37	2.45	1.73	1.74	1.45	2.91	3.09	2.86	2.45
Pre-tax income	35.9	36.5	39.3	41.5	38.5	49.9	50.8	51.4	51.2	53.1
Income tax	13.7	11.9	9.16	9.32	8.69	9.95	11.4	11.2	11.3	11.5
Net income	22.1	24.6	30.1	32.1	29.8	39.9	39.4	40.2	40	41.7
EBITDA	38.6	39.2	42.1	43.5	40.7	51.8	54.2	54.1	53.7	55.3
EPS, basic	5.37	6.06	7.77	8.37	8.02	10.87	11.30	11.55	11.36	11.73
EPS, diluted	5.11	5.66	7.26	7.84	7.72	10.48	10.97	11.04	10.89	11.30
Shares, basic (weighted)	4.12	4.06	3.87	3.84	3.72	3.67	3.49	3.48	3.52	3.55
Shares, diluted (weighted)	4.33	4.34	4.15	4.1	3.86	3.81	3.59	3.64	3.67	3.69
Dividend per share	0.37	0.43	0.56	0.90	0.80	1.60	2.55	3.10

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.25	1.07	2.5	25.1	6.66	11.4	13.6	13.4	12.2	10.3
Receivables	0.01	0.01	1.55	1.67	1.58	1.1	1.44	1.48	1.34	1.48
Inventory	0.09	0.1	0.11	0.09	0.11	0.33	0.77	0.39	0.4	0.36
Other current assets	1.05	0.9	0.9	0.97	1	1.01	1.31	1.39	1.21	1.33
Total current assets	22.8	21.5	24.3	41.2	18.3	17.4	18.1	16.7	15.4	14.1
Property, plant and equipment	0.77	0.49	0.87	2.77	2.33	1.98	1.7	1.67	1.42	1.22
Lease right-of-use assets				3.6	3.23	2.98	2.72	2.43	2.11	1.76
Goodwill	0.61	0.61	0.61	0.61	0.61	0.61	0.61	0.61	0.61	0.61
Intangible assets							3.35	2.99	2.64	2.29
Other non-current assets		0.35	0.48	0.49	0.44	0.42	0.43	0.47	0.49	0.51
Total assets	48.6	48.8	46.7	61.8	31.3	26.9	30.5	29	26.8	24.9
Accounts payable	1.69	2.07	1.35	1.02	1.77	2.1	2.12	1.72	1.56	1.67
Accrued liabilities	1.81	1.84	3.13	2.78	2.62	2	2.61	2.86	1.87	2.32
Deferred revenue	1.86	1.71	1.74	1.72	1.66	1.65	1.64	1.67	1.66	1.67
Total current liabilities	7.36	9.43	12.5	11.9	11.4	9.98	10.6	10.5	5.09	5.67
Long-term debt	19.9	28.8	25.6	21.9	17.6	43.4	39.1	34.8	29.9	30
Lease liabilities				5.85	5.31	4.81	4.29	3.72	3.09	2.41
Other non-current liabilities	0.99	0.85	1.08	1.05	0.77	0.95	1.16	1.44	1.74	2.18
Total liabilities	61.5	84.6	51.5	49.4	42.7	66	92.1	88.1	77.9	78.6
Total debt				25.7	21.9	47.7
Retained earnings	-10.8	-37.2	-9.23	0.52	-20.7	-39.1	-63.4	-66.9	-65.8	-73.3
Other comprehensive income	-0.01
Shareholders' equity	-12.9	-35.7	-4.81	12.4	-11.4	-39.1	-61.6	-59.2	-51	-53.7
Total equity	-12.9	-35.7	-4.81	12.4	-11.4	-39.1	-61.6	-59.2	-51	-53.7
Total liabilities and equity	48.6	48.8	46.7	61.8	31.3	26.9	30.5	29	26.8	24.9
Shares outstanding	4.17	3.84	3.91	3.95	3.76	3.64	3.46	3.5	3.54	3.57

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	22.1	24.6	30.1	32.1	29.8	39.9	39.4	40.2	40	41.7
Depreciation and amortization	0.42	0.36	0.31	0.4	0.48	0.43	0.6	0.77	0.8	0.75
Stock-based compensation	1.78	1.96	1.98	1.67	1.32	1.44	1.65	1.95	1.99	2.28
Deferred income tax	-0.33	-0.48	0.83	-1.82	-1.22	-1.36	-0.29	-0.51	-0.16	-0.2
Change in receivables	-0.06	-0.32	0.24	-0.12	0.09	0.48	-0.34	-0.04	0.14	-0.15
Change in inventory	-0.04	-0.01	-0.01	0.02	-0.02	-0.22	-0.45	0.38	-0.01	0.04
Change in payables	0.05	0.38	-0.72	-0.34	0.75	0.33	0.02	-0.4	-0.16	0.11
Cash from operations	26.3	25.2	34.9	50.6	43.2	48.3	43.8	44	42.2	44.9
Capital expenditures	-0.07	-0.07	-0.69	-0.17	-0.05	-0.07	-0.14	-0.38	-0.19	-0.19
Cash from investing	-3.22	0.09	0.45	-9.18	-4.16	-0.28	-3.67	-0.38	-0.19	-0.19
Stock issued	1.31	2.31	2.82	10.9	8.25	8.32	4.75	4.01	5.03	4.96
Share buybacks	-1.57	-49.9	-1.85	-24	-49	-44.2	-49.1			-2.42
Dividends paid	-1.53	-1.77	-2.17	-3.45	-14.2	-33.2	-19.3	-43.7	-38.9	-49.1
Cash from financing	-22.8	-25.4	-34	-18.9	-57.6	-43.3	-37.9	-43.9	-43	-46.6
Net change in cash	0.26	-0.13	1.41	22.6	-18.5	4.75	2.24	-0.29	-1.06	-1.87
Free cash flow	26.2	25.1	34.2	50.5	43.2	48.3	43.7	43.6	42	44.7
Interest paid	2.3	2.18	2.5	1.71	1.74	1.39	2.72	3.05	2.85	2.42
Income taxes paid	11.8	13.6	6.73	11.1	9.55	11.6	11.3	10.9	11.2	11.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 26, 2026; growth uses fiscal years. Valuation uses the share price of $271.87 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	59.7%	Operating income / revenue.
EBITDA margin	60.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	57.9%	Pre-tax income / revenue.
Net margin	45.1%	Net income / revenue.
FCF margin	47.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	48.0%	Cash from operations / revenue.
Effective tax rate	22.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	92.0%	Net income / average total assets.
SG&A / revenue	32.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	3.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	0.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	4.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	1.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	3.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	6.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-7.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.20x	Current assets / current liabilities.
Quick ratio	2.96x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.74x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	183.0%	Total liabilities / total assets.
Interest coverage	22.4x	Operating income / interest expense.
Working capital	$22.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$40.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.04x	Revenue / average total assets.
Fixed asset turnover	75.6x	Revenue / average property, plant and equipment.
Receivables turnover	40.7x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.
FCF conversion	105.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.24	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$24.91	Revenue / diluted weighted shares.
FCF per share	$11.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.96	Cash from operations / diluted weighted shares.
Book value per share	-$10.51	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$11.25	Tangible book value / shares outstanding.
Cash per share	$7.86	(Cash + short-term investments) / shares outstanding.
Payout ratio	120.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	113.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$976.6M	Share price x shares outstanding.
Enterprise value	$948.6M	Market cap + total debt - cash - short-term investments.
P/E	23.6x	Market cap / net income. Only when net income is positive.
P/S	10.6x	Market cap / revenue.
P/FCF	22.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.2x	Market cap / cash from operations, when positive.
EV/Sales	10.3x	Enterprise value / revenue.
EV/EBIT	17.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.5%	Free cash flow / market cap.
Earnings yield	4.2%	Net income / market cap (the inverse of P/E).
Dividend yield	5.1%	Dividends paid over the period / market cap.
Shareholder yield	5.1%	(Dividends paid + share buybacks) / market cap.
PEG	23.7x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was WINMARK CORP's revenue in fiscal 2025?

WINMARK CORP reported revenue of $86.1M for fiscal 2025, 5.9% higher than the year before.

Was WINMARK CORP profitable in fiscal 2025?

Yes. Net income was $41.7M, a net margin of 48.4%.

How much free cash flow did WINMARK CORP generate in fiscal 2025?

Cash from operations of $44.9M minus capital expenditures of $192.3K left free cash flow of $44.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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