MARKETS / NASDAQ / WINA

NASDAQ · RETAIL-MISCELLANEOUS RETAIL · LARGE CAP

Winmark Corp. WINA

16 fiscal years on record · USD · FY2025 reported · SEC filings only

3 YEARS OF DIVIDEND GROWTH

Revenue

$86.1M

▲ 5.9% YoY

Net income

$41.7M

▲ 4.3% YoY

Free cash flow

$44.7M

▲ 6.5% YoY

In brief

What this company does

At December 27, 2025, there were 1,378 franchises in operation in the United States and Canada and over 2,800 available territories. The company was incorporated in Minnesota in 1988. The company began franchising the Plato's Closet brand in 1999. Play It Again Sports franchisees buy, sell and trade gently used and new sporting goods, equipment and accessories for a variety of athletic activities including team sports, fitness, ski/snowboard and golf among others. As of December 27, 2025, the company employed 87 employees, none of whom were covered by a collective bargaining agreement.

Written from the business description in Winmark Corporation's annual report to the U.S. Securities and Exchange Commission, filed 25 February 2026. Every sentence was checked against that document before publication.

Growth

USD 86.1M

Revenue, FY2025 · full 16-year series below

Revenue $M Net income $M

FY2025 · Revenue 86.1 · Net income 41.7

Compound annual growth

Revenue

+1.9%

+131.3%

+2.2%

+5.0%

Net income

+1.9%

+6.9%

EPS, diluted

+1.0%

+7.9%

+9.2%

+12.3%

Dividend / share

+57.1%

+40.8%

+32.2%

Returned to shareholders

−8.3%

−2.2%

−4.2%

+19.5%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +131.3% a year over five years — but profit grew slower: net income at +6.9%, earnings per share at +7.9%.

The share count fell from 0.00B to 0.00B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

48 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 63.4% · Net 48.4%

ROE

FY2020 · ROE 5576.5%

Gross margin96.4%

Operating margin63.4%

Net margin48.4%

Return on assets161.0%

EBITDAUSD 55.3M

Cash & shareholders

USD 49.1M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 44.7

Net buybacks $M Dividends $M

FY2025 · Dividends 49.1 · Net buybacks -2.5

Dividends paidUSD 49.1M

Net buybacksUSD -2.5M

Share of profit117.9%

Consecutive raises3 years

USD 49.1M in dividends — 118% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 24.9M

EquityUSD -53.7M

CashUSD 10.3M

Current ratio2.49×

Equity funds -216% of total assets.

The 16-year record

16 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue $B	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
Operating income $B	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EBITDA $B	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income tax $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Free cash flow $B	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EPS, diluted $	11.30	10.89	11.04	10.97	10.48	7.72	7.84	7.26	5.66	5.11	4.69	3.85	3.48	2.47	2.69	1.98
Dividend / sh $	·	·	3.10	2.55	1.60	0.80	0.90	0.56	0.43	0.37	0.27	0.23	0.19	0.15	0.11	·
Payout %	118	97	109	49	83	48	11	7	7	7	6	134	5	202	4	3
ROE %	·	·	·	·	·	5576.5	841.6	·	·	·	·	67.2	65.0	48.8	48.5	44.9
Shares out B	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	·	0.00	0.01

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 64 reconciliationsAUDITED

Reconciled in 16 of 19 fiscal years. 15 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityRetail-Miscellaneous Retail

Listed onNASDAQ

Incorporated inMinnesota

Fiscal year endsDecember 26

Data on record since2010