Winmark (WINA) Financials

$327.95 -5.70 (-1.71%)

As of 04:00 PM Eastern

Annual Income Statements for Winmark

This table shows Winmark's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	20	22	22	26	30	32	-20	40	39	40	40
Consolidated Net Income / (Loss)	20	22	22	25	30	32	30	40	39	40	40
Net Income / (Loss) Continuing Operations	20	22	22	26	30	32	-20	40	39	40	40
Total Pre-Tax Income	33	35	36	36	39	41	39	50	51	51	51
Total Operating Income	33	37	38	39	42	43	40	51	54	53	53
Total Gross Profit	58	67	64	69	70	71	14	75	78	79	78
Total Revenue	61	69	67	71	73	73	16	78	81	83	81
Operating Revenue	60	68	67	71	73	73	16	78	81	83	81
Total Cost of Revenue	2.68	2.50	2.12	2.44	2.78	2.39	2.02	2.73	3.65	4.46	3.38
Operating Cost of Revenue	2.62	2.65	2.10	2.43	2.74	2.47	2.10	2.94	3.71	4.46	3.38
Other Cost of Revenue	0.06	-0.15	0.02	0.01	0.04	-0.08	-0.08	-0.21	-0.06	-0.01	-0.00
Total Operating Expenses	25	30	26	29	28	28	24	24	24	26	25
Selling, General & Admin Expense	24	24	24	25	26	26	21	22	23	25	25
Other Operating Expenses / (Income)	1.63	5.76	2.32	3.27	1.93	2.03	2.62	1.85	0.98	0.40	0.04
Total Other Income / (Expense), net	-0.47	-1.87	-2.36	-2.35	-2.48	-1.66	-1.69	-1.47	-2.83	-1.92	-1.71
Interest Expense	0.48	1.80	2.34	2.37	2.45	1.73	1.74	1.45	2.91	3.09	2.86
Other Income / (Expense), net	0.01	-0.06	-0.01	0.01	-0.03	0.07	0.04	-0.02	0.09	1.17	1.15
Income Tax Expense	13	13	14	12	9.16	9.32	8.69	9.95	11	11	11
Basic Earnings per Share	$3.96	$4.89	$5.37	$6.06	$7.77	$8.37	$8.02	$10.87	$11.30	$11.55	$11.36
Weighted Average Basic Shares Outstanding	5.07M	4.46M	4.12M	4.06M	3.87M	3.84M	3.72M	3.67M	3.49M	3.48M	3.52M
Diluted Earnings per Share	$3.85	$4.69	$5.11	$5.66	$7.26	$7.84	$7.72	$10.48	$10.97	$11.04	$10.89
Weighted Average Diluted Shares Outstanding	5.22M	4.65M	4.33M	4.34M	4.15M	4.10M	3.86M	3.81M	3.59M	3.64M	3.67M
Weighted Average Basic & Diluted Shares Outstanding	5.10M	4.50M	4.10M	4.10M	3.91M	3.65M	3.71M	3.59M	3.46M	3.50M	3.54M

This table shows Winmark's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	10	10	8.94	10	11	9.72	8.82	10	11	9.58
Consolidated Net Income / (Loss)	10	10	8.94	10	11	9.72	8.82	10	11	9.58
Net Income / (Loss) Continuing Operations	10	10	8.94	10	11	9.72	8.82	10	11	9.58
Total Pre-Tax Income	14	13	12	13	15	12	12	13	15	12
Total Operating Income	14	13	12	13	15	13	12	13	15	13
Total Gross Profit	20	20	19	19	21	19	19	19	21	19
Total Revenue	21	21	21	20	22	20	20	20	22	20
Operating Revenue	21	21	21	20	22	20	20	20	22	20
Total Cost of Revenue	0.70	1.15	1.18	1.25	0.94	1.09	1.04	0.86	0.66	0.82
Operating Cost of Revenue	0.72	1.16	1.19	1.25	0.94	1.09	1.04	0.86	0.66	0.82
Total Operating Expenses	6.05	6.58	6.95	5.86	6.26	6.43	6.85	6.24	5.92	5.97
Selling, General & Admin Expense	5.67	6.49	6.64	5.81	6.25	6.41	6.82	6.24	5.92	5.97
Total Other Income / (Expense), net	-0.80	-0.79	-0.67	-0.49	-0.38	-0.38	-0.55	-0.44	-0.32	-0.40
Interest Expense	0.82	0.87	0.80	0.78	0.76	0.75	0.74	0.72	0.70	0.69
Other Income / (Expense), net	0.02	0.08	0.13	0.29	0.39	0.37	0.19	0.28	0.39	0.30
Income Tax Expense	3.25	2.43	2.77	2.40	3.60	2.42	2.85	2.15	3.49	2.78
Basic Earnings per Share	$3.01	$2.94	$2.58	$2.98	$3.20	$2.79	$2.52	$2.97	$3.16	$2.71
Weighted Average Basic Shares Outstanding	3.44M	3.49M	3.46M	3.48M	3.49M	3.48M	3.50M	3.51M	3.52M	3.52M
Diluted Earnings per Share	$2.93	$2.85	$2.49	$2.85	$3.05	$2.65	$2.41	$2.85	$3.03	$2.60
Weighted Average Diluted Shares Outstanding	3.54M	3.59M	3.59M	3.63M	3.65M	3.64M	3.66M	3.66M	3.67M	3.67M
Weighted Average Basic & Diluted Shares Outstanding	3.44M	3.46M	3.46M	3.49M	3.49M	3.50M	3.50M	3.52M	3.52M	3.54M

This table details how cash moves in and out of Winmark's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-8.55	-1.08	0.26	-0.13	1.41	23	-18	4.75	2.24	-0.29	-1.06
Net Cash From Operating Activities	18	22	26	25	35	51	43	48	44	44	42
Net Cash From Continuing Operating Activities	18	22	26	25	35	51	43	48	44	44	42
Net Income / (Loss) Continuing Operations	20	22	22	25	30	32	30	40	39	40	40
Consolidated Net Income / (Loss)	20	22	22	25	30	32	30	40	39	40	40
Depreciation Expense	0.41	0.43	0.42	0.36	0.31	0.40	0.48	0.43	0.41	0.42	0.45
Amortization Expense	0.75	0.59	0.47	0.45	1.05	0.55	0.11	0.26	0.19	0.35	0.35
Non-Cash Adjustments To Reconcile Net Income	0.48	1.55	2.63	2.56	0.69	22	15	13	5.54	3.66	3.69
Changes in Operating Assets and Liabilities, net	-3.73	-2.04	0.61	-2.73	2.76	-4.74	-2.53	-4.84	-1.78	-0.61	-2.28
Net Cash From Investing Activities	-7.05	4.50	-3.22	0.09	0.45	-9.18	-4.16	-0.28	-3.67	-0.38	-0.19
Net Cash From Continuing Investing Activities	-7.05	4.50	-3.22	0.09	0.45	-9.18	-4.16	-0.28	-3.67	-0.38	-0.19
Purchase of Property, Plant & Equipment	-28	-22	-26	-25	-24	-9.18	-4.16	-0.28	-0.14	-0.38	-0.19
Acquisitions	-	-	-	-	-	-	0.00	0.00	-3.54	0.00	0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	0.00	0.01	0.00	0.00
Net Cash From Financing Activities	-19	-28	-23	-25	-34	-19	-58	-43	-38	-44	-43
Net Cash From Continuing Financing Activities	-19	-28	-23	-25	-34	-19	-58	-43	-38	-44	-43
Repayment of Debt	-15	-39	-40	-42	-46	-22	-50	-4.25	-7.95	-4.25	-9.19
Repurchase of Common Equity	-12	-75	-1.57	-50	-1.85	-24	-49	-44	-49	0.00	0.00
Payment of Dividends	-27	-1.23	-1.53	-1.77	-2.17	-3.45	-14	-33	-19	-44	-39
Issuance of Debt	34	87	19	66	13	20	48	30	34	0.00	0.00
Other Financing Activities, net	0.51	0.27	1.31	2.31	2.82	11	8.25	8.32	4.75	4.01	5.03

This table details how cash moves in and out of Winmark's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	8.29	-3.36	11	7.74	8.22	-27	9.49	6.53	7.89	-25
Net Cash From Operating Activities	12	9.58	14	9.30	12	8.76	13	8.22	12	8.46
Net Cash From Continuing Operating Activities	12	9.58	14	9.30	12	8.76	13	8.22	12	8.46
Net Income / (Loss) Continuing Operations	10	10	8.94	10	11	9.72	8.82	10	11	9.58
Consolidated Net Income / (Loss)	10	10	8.94	10	11	9.72	8.82	10	11	9.58
Depreciation Expense	0.19	0.00	0.10	0.10	0.11	0.11	0.11	0.12	0.12	0.10
Amortization Expense	0.06	0.01	0.16	0.02	0.09	0.09	0.09	0.09	0.09	0.09
Non-Cash Adjustments To Reconcile Net Income	1.59	1.69	0.78	1.39	0.55	0.93	0.60	1.51	0.60	0.98
Changes in Operating Assets and Liabilities, net	-0.38	-2.29	3.87	-2.58	0.18	-2.08	3.75	-3.92	0.19	-2.30
Net Cash From Financing Activities	-3.52	-13	-2.89	-1.47	-3.67	-36	-3.79	-1.59	-4.22	-33
Net Cash From Continuing Financing Activities	-3.52	-13	-2.89	-1.47	-3.67	-36	-3.79	-1.59	-4.22	-33
Repayment of Debt	-1.06	-1.06	-1.06	-1.06	-1.06	-1.06	-1.06	-1.06	-1.06	-6.00
Payment of Dividends	-2.41	-13	-2.42	-2.79	-2.79	-36	-2.80	-3.17	-3.17	-30
Other Financing Activities, net	0.38	1.81	0.59	2.38	0.18	0.86	0.07	2.63	0.01	2.32

This table presents Winmark's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	55	47	49	49	47	62	31	27	30	29	27
Total Current Assets	28	24	23	21	24	41	18	17	18	17	15
Cash & Equivalents	2.09	1.01	1.25	1.07	2.50	25	6.66	11	14	13	12
Restricted Cash	-	0.03	0.04	0.09	0.08	0.05	0.03	0.03	0.07	0.03	0.14
Short-Term Investments	20	18	17	15	19	13	8.69	2.89	0.34	0.08	0.00
Accounts Receivable	1.33	1.42	1.48	1.80	1.55	1.67	1.58	1.10	1.44	1.48	1.34
Inventories, net	0.09	0.05	0.09	0.10	0.11	0.09	0.11	0.33	0.77	0.39	0.40
Prepaid Expenses	0.47	0.68	1.05	0.90	0.90	0.97	1.00	1.01	1.31	1.39	1.21
Current Deferred & Refundable Income Taxes	4.16	3.29	1.68	2.16	0.57	0.50	0.22	0.67	0.56	0.03	0.10
Plant, Property, & Equipment, net	1.42	1.12	0.77	0.49	0.87	2.77	2.33	1.98	1.70	1.67	1.42
Plant, Property & Equipment, gross	4.54	4.61	4.31	4.34	4.99	6.87	6.53	-	6.44	6.56	5.63
Accumulated Depreciation	3.12	3.49	3.54	3.86	4.12	4.09	4.20	-	4.73	4.89	4.21
Total Noncurrent Assets	25	22	25	27	22	18	11	7.49	11	11	10
Goodwill	-	0.61	0.61	0.61	0.61	0.61	0.61	0.61	0.61	0.61	0.61
Intangible Assets	-	-	-	-	-	-	-	0.00	3.35	2.99	2.64
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	0.67	1.89	3.25	3.54	4.05	4.21
Other Noncurrent Operating Assets	0.68	-	-	0.35	0.48	4.09	3.66	3.40	3.15	2.90	2.60
Total Liabilities & Shareholders' Equity	55	47	49	49	47	62	31	27	30	29	27
Total Liabilities	33	78	56	85	51	49	43	66	92	88	78
Total Current Liabilities	25	7.51	7.36	9.43	12	12	11	9.98	11	10	5.09
Short-Term Debt	19	2.03	1.99	3.81	6.26	6.42	5.33	4.23	4.22	4.22	0.00
Accounts Payable	1.96	1.64	1.69	2.07	1.35	1.02	1.77	2.10	2.12	1.72	1.56
Accrued Expenses	1.76	1.88	1.81	1.84	3.13	2.78	2.62	2.00	2.61	2.86	1.87
Current Deferred Revenue	2.14	1.96	1.86	1.71	1.74	1.72	1.66	1.65	1.64	1.67	1.66
Total Noncurrent Liabilities	8.53	71	49	75	39	37	31	56	81	78	73
Long-Term Debt	0.03	64	43	65	28	23	18	43	69	65	60
Noncurrent Deferred Revenue	1.35	1.42	1.42	8.60	8.43	7.86	7.05	6.86	6.97	7.66	8.03
Other Noncurrent Operating Liabilities	1.40	1.22	0.99	0.85	1.08	6.90	6.08	5.76	5.45	5.16	4.83
Total Equity & Noncontrolling Interests	22	-31	-7.85	-36	-4.81	12	-11	-39	-62	-59	-51
Total Preferred & Common Equity	22	-31	-7.85	-36	-4.81	12	-11	-39	-62	-59	-51
Total Common Equity	22	-31	-7.85	-36	-4.81	12	-11	-39	-62	-59	-51
Common Stock	0.42	0.41	2.98	1.48	4.43	12	9.28	0.00	1.81	7.77	15
Retained Earnings	21	-31	-11	-37	-9.23	0.52	-21	-39	-63	-67	-66

This table presents Winmark's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	34	40	48	56	38	45	52
Total Current Assets	21	28	36	44	26	33	41
Cash & Equivalents	17	25	32	41	23	29	37
Restricted Cash	0.06	0.08	-	-	0.00	0.00	0.09
Short-Term Investments	0.84	0.13	-	-	0.03	0.00	0.00
Accounts Receivable	1.63	1.58	1.59	1.70	1.69	1.61	1.60
Inventories, net	0.64	0.41	0.45	0.29	0.42	0.27	0.44
Prepaid Expenses	1.01	0.89	0.82	1.10	1.27	1.02	1.17
Current Deferred & Refundable Income Taxes	0.04	0.00	0.52	0.00	0.00	0.66	0.00
Plant, Property, & Equipment, net	1.74	1.61	1.59	1.68	1.65	1.64	1.52
Total Noncurrent Assets	11	11	10	10	10	10	9.93
Goodwill	0.61	0.61	0.61	0.61	0.61	0.61	0.61
Intangible Assets	3.44	3.26	3.17	3.08	2.91	2.82	2.73
Noncurrent Deferred & Refundable Income Taxes	3.47	3.52	3.39	3.39	4.05	3.92	3.92
Other Noncurrent Operating Assets	3.21	3.12	3.04	2.98	2.84	2.76	2.68
Total Liabilities & Shareholders' Equity	34	40	48	56	38	45	52
Total Liabilities	94	94	91	90	91	87	86
Total Current Liabilities	12	13	12	12	14	11	11
Short-Term Debt	4.22	4.22	4.22	4.22	4.22	4.22	3.47
Accounts Payable	1.91	1.44	1.64	1.69	1.30	1.48	1.60
Accrued Expenses	3.87	3.88	4.27	4.04	4.73	4.09	3.78
Current Deferred Revenue	1.65	1.67	1.68	1.68	1.66	1.66	1.67
Current Deferred & Payable Income Tax Liabilities	-	2.01	-	-	2.47	-	0.03
Total Noncurrent Liabilities	83	81	79	78	77	75	75
Long-Term Debt	70	68	67	66	64	63	62
Noncurrent Deferred Revenue	7.03	7.24	7.34	7.55	7.74	7.87	8.03
Other Noncurrent Operating Liabilities	5.37	5.31	5.17	5.02	5.00	4.85	4.69
Total Equity & Noncontrolling Interests	-60	-54	-44	-35	-53	-42	-34
Total Preferred & Common Equity	-60	-54	-44	-35	-53	-42	-34
Total Common Equity	-60	-54	-44	-35	-53	-42	-34
Common Stock	0.38	2.87	5.72	6.41	8.32	11	12
Retained Earnings	-61	-57	-49	-41	-61	-54	-46

This table displays calculated financial ratios and metrics derived from Winmark's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.77%	13.52%	-4.22%	7.12%	1.76%	1.09%	-78.47%	395.54%	4.08%	2.25%	-2.35%
EBITDA Growth	11.34%	11.12%	2.74%	1.36%	8.76%	2.45%	-7.48%	27.35%	4.40%	1.70%	-0.62%
EBIT Growth	11.06%	11.95%	3.16%	1.63%	7.50%	3.52%	-6.81%	27.49%	4.63%	1.40%	-0.68%
NOPAT Growth	10.94%	12.76%	2.83%	10.86%	22.40%	4.41%	-6.89%	31.99%	1.28%	0.14%	-0.95%
Net Income Growth	10.06%	8.64%	1.60%	10.98%	22.56%	6.72%	-7.24%	33.85%	-1.24%	1.91%	-0.56%
EPS Growth	10.63%	21.82%	8.96%	10.76%	28.27%	7.99%	-1.53%	35.75%	4.68%	0.64%	-1.36%
Operating Cash Flow Growth	-19.12%	25.86%	17.70%	-4.07%	38.60%	44.97%	-14.66%	11.86%	-9.43%	0.47%	-4.17%
Free Cash Flow Firm Growth	-43.05%	92.38%	-12.17%	32.23%	43.16%	-4.54%	-1.47%	15.16%	-12.58%	12.21%	-3.94%
Invested Capital Growth	75.74%	-7.26%	13.78%	-10.58%	-48.97%	-58.51%	-189.43%	-80.70%	59.10%	-49.64%	3.32%
Revenue Q/Q Growth	4.11%	1.11%	0.54%	-0.48%	0.15%	1.12%	-76.49%	221.09%	0.93%	-1.29%	-0.60%
EBITDA Q/Q Growth	5.95%	0.51%	1.87%	0.47%	-0.75%	0.99%	-0.30%	4.61%	0.74%	-0.73%	0.31%
EBIT Q/Q Growth	5.98%	0.74%	1.89%	0.56%	-1.10%	2.02%	-0.16%	3.96%	1.08%	-1.07%	0.32%
NOPAT Q/Q Growth	5.76%	1.64%	1.62%	7.42%	-0.71%	2.04%	-1.21%	9.94%	-2.98%	-1.84%	-0.32%
Net Income Q/Q Growth	5.38%	0.20%	2.04%	6.69%	0.06%	2.56%	-1.22%	9.60%	-3.46%	-1.13%	-0.33%
EPS Q/Q Growth	5.77%	4.69%	2.00%	8.22%	0.14%	3.29%	0.13%	10.43%	-2.05%	-1.78%	-0.46%
Operating Cash Flow Q/Q Growth	-12.71%	6.74%	10.74%	-1.18%	4.02%	11.59%	-2.55%	3.98%	-7.82%	-1.83%	-0.72%
Free Cash Flow Firm Q/Q Growth	-17.09%	15.72%	-11.47%	36.49%	11.75%	-6.51%	-4.47%	7.78%	-7.47%	-1.81%	-0.52%
Invested Capital Q/Q Growth	33.27%	10.34%	32.94%	-5.70%	-38.84%	-37.45%	-30.95%	-3.54%	40.33%	31.22%	33.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.61%	96.40%	96.81%	96.57%	96.17%	96.74%	87.17%	96.50%	95.51%	94.65%	95.84%
EBITDA Margin	55.97%	54.78%	58.76%	55.60%	59.43%	60.23%	258.78%	66.50%	66.70%	66.34%	67.51%
Operating Margin	54.04%	53.41%	57.44%	54.46%	57.60%	58.84%	254.76%	65.63%	65.85%	64.01%	65.11%
EBIT Margin	54.06%	53.32%	57.42%	54.48%	57.55%	58.93%	255.04%	65.61%	65.96%	65.41%	66.53%
Profit (Net Income) Margin	32.80%	31.39%	33.30%	34.50%	41.55%	43.86%	188.95%	51.04%	48.43%	48.27%	49.15%
Tax Burden Percent	61.57%	61.89%	61.77%	67.43%	76.69%	77.53%	77.43%	80.05%	77.63%	78.23%	78.00%
Interest Burden Percent	98.54%	95.13%	93.87%	93.90%	94.14%	95.99%	95.68%	97.17%	94.57%	94.32%	94.72%
Effective Tax Rate	38.43%	38.11%	38.23%	32.57%	23.31%	22.47%	22.57%	19.95%	22.37%	21.77%	22.00%
Return on Invested Capital (ROIC)	144.36%	132.51%	132.46%	145.67%	250.07%	546.18%	16,404.11%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	146.19%	127.23%	128.54%	141.68%	244.32%	490.16%	16,784.32%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-77.19%	-613.51%	-247.44%	-258.51%	-398.76%	295.45%	-10,827.58%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	67.16%	-481.00%	-114.98%	-112.84%	-148.69%	841.63%	5,576.53%	-158.22%	-78.29%	-66.53%	-72.51%
Cash Return on Invested Capital (CROIC)	89.42%	140.04%	119.58%	156.84%	314.93%	628.89%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	61.38%	72.51%	79.59%	79.69%	87.39%	79.62%	86.40%	176.23%	187.25%	183.27%	193.80%
Return on Assets (ROA)	37.24%	42.69%	46.15%	50.46%	63.09%	59.26%	64.01%	137.08%	137.48%	135.23%	143.17%
Return on Common Equity (ROCE)	67.16%	-481.00%	-114.98%	-112.84%	-148.69%	841.63%	5,576.53%	-158.22%	-78.29%	-66.53%	-72.51%
Return on Equity Simple (ROE_SIMPLE)	92.86%	-71.07%	-282.07%	-68.83%	-626.51%	258.26%	-262.10%	-102.14%	-63.97%	-67.92%	-78.27%
Net Operating Profit after Tax (NOPAT)	20	23	24	26	32	33	31	41	42	42	41
NOPAT Margin	33.27%	33.05%	35.48%	36.72%	44.17%	45.62%	197.26%	52.54%	51.13%	50.07%	50.79%
Net Nonoperating Expense Percent (NNEP)	-1.84%	5.28%	3.92%	3.99%	5.75%	56.02%	-380.21%	5.67%	4.75%	2.61%	2.58%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	357.19%	420.55%	464.05%
Cost of Revenue to Revenue	4.39%	3.60%	3.19%	3.43%	3.83%	3.26%	12.83%	3.50%	4.49%	5.35%	4.16%
SG&A Expenses to Revenue	38.91%	34.69%	35.88%	35.42%	35.91%	35.12%	134.33%	28.51%	28.45%	30.16%	30.69%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.58%	42.99%	39.37%	40.01%	38.57%	37.89%	150.95%	30.87%	29.66%	30.64%	30.73%
Earnings before Interest and Taxes (EBIT)	33	37	38	39	42	43	40	51	54	54	54
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	34	38	39	40	43	44	41	52	54	55	55
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	16.82	0.00	0.00	0.00	0.00	53.56	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	16.82	0.00	0.00	0.00	0.00	56.31	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.94	4.77	6.85	6.10	7.54	9.10	39.55	10.55	9.38	16.98	17.12
Price to Earnings (P/E)	18.11	15.20	20.56	16.67	18.16	20.74	0.00	20.68	19.36	35.19	34.83
Dividend Yield	7.19%	0.34%	0.33%	0.38%	0.40%	0.52%	0.48%	0.70%	1.15%	0.76%	2.78%
Earnings Yield	5.52%	6.58%	4.86%	6.00%	5.51%	4.82%	0.00%	4.84%	5.16%	2.84%	2.87%
Enterprise Value to Invested Capital (EV/IC)	20.02	22.71	25.43	28.73	64.76	183.24	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	5.88	5.45	7.25	6.84	7.73	8.98	40.07	10.98	10.11	17.65	17.70
Enterprise Value to EBITDA (EV/EBITDA)	10.51	9.95	12.34	12.30	13.01	14.90	15.48	16.51	15.15	26.61	26.22
Enterprise Value to EBIT (EV/EBIT)	10.88	10.23	12.63	12.55	13.43	15.23	15.71	16.73	15.32	26.98	26.61
Enterprise Value to NOPAT (EV/NOPAT)	17.68	16.50	20.43	18.62	17.50	19.68	20.31	20.90	19.77	35.25	34.86
Enterprise Value to Operating Cash Flow (EV/OCF)	20.29	16.96	18.35	19.33	16.04	12.99	14.63	17.76	18.79	33.40	34.14
Enterprise Value to Free Cash Flow (EV/FCFF)	28.54	15.61	22.64	17.30	13.90	17.09	16.67	19.66	21.54	34.28	34.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.87	-2.16	-5.77	-1.94	-7.19	2.34	-2.07	-1.22	-1.19	-1.17	-1.17
Long-Term Debt to Equity	0.00	-2.10	-5.52	-1.83	-5.89	1.82	-1.60	-1.11	-1.12	-1.10	-1.17
Financial Leverage	-0.53	-4.82	-1.93	-1.82	-1.63	0.60	-0.65	-0.82	-0.92	-0.95	-0.94
Leverage Ratio	1.80	-11.27	-2.49	-2.24	-2.36	14.20	87.12	-1.15	-0.57	-0.49	-0.51
Compound Leverage Factor	1.78	-10.72	-2.34	-2.10	-2.22	13.63	83.36	-1.12	-0.54	-0.46	-0.48
Debt to Total Capital	46.46%	185.99%	120.96%	206.75%	116.15%	70.06%	193.57%	558.42%	628.92%	696.90%	673.76%
Short-Term Debt to Total Capital	46.40%	5.69%	5.31%	11.38%	21.02%	15.44%	43.85%	49.65%	36.20%	42.56%	0.00%
Long-Term Debt to Total Capital	0.06%	180.30%	115.65%	195.37%	95.13%	54.62%	149.72%	508.78%	592.72%	654.34%	673.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	53.54%	-85.99%	-20.96%	-106.75%	-16.15%	29.94%	-93.57%	-458.42%	-528.92%	-596.90%	-573.76%
Debt to EBITDA	0.55	1.74	1.16	1.75	0.80	0.66	0.58	0.92	1.35	1.25	1.09
Net Debt to EBITDA	-0.11	1.24	0.69	1.33	0.31	-0.20	0.20	0.64	1.09	1.01	0.87
Long-Term Debt to EBITDA	0.00	1.69	1.11	1.65	0.66	0.51	0.45	0.83	1.27	1.17	1.09
Debt to NOPAT	0.92	2.89	1.92	2.64	1.08	0.87	0.76	1.16	1.76	1.66	1.45
Net Debt to NOPAT	-0.18	2.06	1.14	2.01	0.42	-0.26	0.26	0.81	1.42	1.33	1.15
Long-Term Debt to NOPAT	0.00	2.80	1.84	2.50	0.88	0.68	0.58	1.06	1.66	1.56	1.45
Altman Z-Score	10.32	6.10	8.88	6.40	10.91	12.17	12.85	15.01	10.85	15.73	17.42
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.16	3.25	3.10	2.27	1.94	3.45	1.61	1.75	1.71	1.60	3.02
Quick Ratio	0.96	2.72	2.71	1.93	1.81	3.32	1.49	1.54	1.45	1.43	2.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13	24	21	28	40	39	38	44	38	43	41
Operating Cash Flow to CapEx	63.35%	100.00%	99.99%	98.95%	146.80%	551.81%	1,039.20%	17,077.43%	33,761.99%	11,459.83%	21,630.53%
Free Cash Flow to Firm to Interest Expense	26.03	13.46	9.09	11.91	16.48	22.24	21.83	30.05	13.10	13.87	14.41
Operating Cash Flow to Interest Expense	36.61	12.39	11.22	10.65	14.27	29.26	24.88	33.25	15.02	14.23	14.76
Operating Cash Flow Less CapEx to Interest Expense	-21.18	0.00	0.00	-0.11	4.55	23.96	22.48	33.06	14.98	14.11	14.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.14	1.36	1.39	1.46	1.52	1.35	0.34	2.69	2.84	2.80	2.91
Accounts Receivable Turnover	48.29	50.60	45.94	43.51	43.30	45.49	9.71	58.26	64.05	57.14	57.82
Inventory Turnover	28.21	36.10	31.95	26.45	27.16	24.70	21.02	12.66	6.67	7.70	8.62
Fixed Asset Turnover	43.66	54.64	70.35	113.43	107.19	40.29	6.18	36.30	44.23	49.34	52.63
Accounts Payable Turnover	1.22	1.39	1.27	1.30	1.62	2.02	1.45	1.41	1.73	2.32	2.06
Days Sales Outstanding (DSO)	7.56	7.21	7.95	8.39	8.43	8.02	37.59	6.27	5.70	6.39	6.31
Days Inventory Outstanding (DIO)	12.94	10.11	11.42	13.80	13.44	14.77	17.36	28.82	54.72	47.37	42.34
Days Payable Outstanding (DPO)	299.10	262.36	287.13	281.42	224.85	180.62	251.01	258.25	210.77	157.33	177.30
Cash Conversion Cycle (CCC)	-278.61	-245.03	-267.76	-259.23	-202.99	-157.82	-196.05	-223.16	-150.35	-103.57	-128.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18	17	19	17	8.65	3.59	-3.21	-5.80	-2.37	-3.55	-3.43
Invested Capital Turnover	4.34	4.01	3.73	3.97	5.66	11.97	83.16	-17.36	-19.92	-28.10	-23.28
Increase / (Decrease) in Invested Capital	7.75	-1.30	2.30	-2.01	-8.31	-5.06	-6.80	-2.59	3.43	-1.18	0.12
Enterprise Value (EV)	360	379	482	487	560	658	632	859	823	1,469	1,439
Market Capitalization	363	331	455	435	547	667	624	825	763	1,414	1,392
Book Value per Share	$4.32	($7.43)	($1.90)	($9.35)	($1.23)	$3.25	($3.04)	($10.78)	($17.93)	($16.96)	($14.50)
Tangible Book Value per Share	$4.32	($7.58)	($2.05)	($9.50)	($1.39)	$3.09	($3.20)	($10.95)	($19.08)	($18.00)	($15.42)
Total Capital	40	36	37	33	30	42	12	8.53	12	9.91	8.90
Total Debt	19	66	45	69	35	29	24	48	73	69	60
Total Long-Term Debt	0.03	64	43	65	28	23	18	43	69	65	60
Net Debt	-3.64	47	27	53	13	-8.86	8.17	33	59	56	48
Capital Expenditures (CapEx)	28	22	26	25	24	9.18	4.16	0.28	0.13	0.38	0.19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.20	-0.05	-1.07	-0.67	-3.10	-2.29	-3.15	-2.64	-2.30	-2.96	-2.05
Debt-free Net Working Capital (DFNWC)	23	19	17	16	18	36	12	12	12	11	10
Net Working Capital (NWC)	3.86	17	15	12	12	29	6.89	7.45	7.51	6.28	10
Net Nonoperating Expense (NNE)	0.29	1.15	1.45	1.59	1.90	1.29	1.31	1.18	2.20	1.50	1.33
Net Nonoperating Obligations (NNO)	-3.64	47	27	53	13	-8.86	8.17	33	59	56	48
Total Depreciation and Amortization (D&A)	1.17	1.02	0.89	0.80	1.36	0.95	0.59	0.69	0.60	0.77	0.80
Debt-free, Cash-free Net Working Capital to Revenue	0.32%	-0.07%	-1.61%	-0.94%	-4.27%	-3.13%	-19.93%	-3.38%	-2.82%	-3.55%	-2.52%
Debt-free Net Working Capital to Revenue	36.91%	27.29%	26.20%	22.21%	24.86%	48.69%	77.45%	14.94%	14.40%	12.62%	12.64%
Net Working Capital to Revenue	6.30%	24.36%	23.21%	16.87%	16.23%	39.93%	43.67%	9.53%	9.22%	7.55%	12.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.96	$4.89	$5.39	$6.06	$7.77	$8.37	$8.02	$10.87	$11.30	$11.55	$11.36
Adjusted Weighted Average Basic Shares Outstanding	5.07M	4.46M	4.12M	4.06M	3.87M	3.84M	3.72M	3.67M	3.49M	3.48M	3.52M
Adjusted Diluted Earnings per Share	$3.85	$4.69	$5.13	$5.66	$7.26	$7.84	$7.72	$10.48	$10.97	$11.04	$10.89
Adjusted Weighted Average Diluted Shares Outstanding	5.22M	4.65M	4.33M	4.34M	4.15M	4.10M	3.86M	3.81M	3.59M	3.64M	3.67M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$7.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	5.00M	4.11M	4.17M	3.85M	3.91M	3.65M	3.71M	3.59M	3.46M	3.50M	3.54M
Normalized Net Operating Profit after Tax (NOPAT)	20	23	24	26	32	33	31	41	42	42	41
Normalized NOPAT Margin	33.27%	33.05%	35.48%	36.72%	44.17%	45.62%	197.26%	52.54%	51.13%	50.07%	50.79%
Pre Tax Income Margin	53.27%	50.72%	53.90%	51.15%	54.18%	56.57%	244.03%	63.76%	62.38%	61.70%	63.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	68.26	20.55	16.30	16.40	17.05	24.95	23.17	35.30	18.42	17.62	18.93
NOPAT to Interest Expense	42.01	12.74	10.07	11.06	13.09	19.32	17.92	28.27	14.28	13.48	14.45
EBIT Less CapEx to Interest Expense	10.47	8.16	5.09	5.64	7.33	19.65	20.77	35.10	18.38	17.49	18.86
NOPAT Less CapEx to Interest Expense	-15.78	0.35	-1.14	0.29	3.36	14.01	15.53	28.07	14.23	13.36	14.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	134.20%	5.63%	6.89%	7.18%	7.20%	10.73%	47.72%	83.07%	48.85%	108.68%	97.28%
Augmented Payout Ratio	191.84%	349.00%	14.00%	210.20%	13.33%	85.47%	211.98%	193.84%	173.44%	108.68%	97.28%

This table displays calculated financial ratios and metrics derived from Winmark's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.02%	3.69%	2.36%	6.77%	5.45%	-5.14%	-2.02%	-1.19%	-3.62%	-2.45%
EBITDA Growth	4.64%	3.06%	-6.08%	9.17%	6.84%	-3.00%	-1.34%	-1.21%	-1.13%	1.29%
EBIT Growth	4.88%	4.43%	-6.87%	9.74%	7.37%	-4.38%	-0.86%	-1.81%	-1.24%	1.35%
NOPAT Growth	6.17%	-10.41%	-7.70%	12.24%	4.18%	-7.32%	-2.34%	0.30%	-0.64%	-1.31%
Net Income Growth	2.84%	-12.19%	-9.23%	14.86%	7.53%	-4.52%	-1.38%	0.60%	-0.26%	-1.38%
EPS Growth	9.74%	-7.47%	-6.04%	12.20%	4.10%	-7.02%	-3.21%	0.00%	-0.66%	-1.89%
Operating Cash Flow Growth	-0.72%	-27.94%	3.77%	3.11%	2.05%	-8.57%	-3.51%	-11.61%	0.29%	-3.48%
Free Cash Flow Firm Growth	-30.69%	-49.63%	-37.72%	39.04%	34.99%	51.66%	35.60%	-9.47%	-10.25%	-12.74%
Invested Capital Growth	29.03%	59.10%	23.16%	-22.39%	-29.82%	-49.64%	-13.72%	4.89%	0.68%	3.32%
Revenue Q/Q Growth	10.98%	-0.18%	-2.85%	-0.79%	9.60%	-10.21%	0.35%	0.05%	6.91%	-9.12%
EBITDA Q/Q Growth	17.38%	-8.24%	-5.28%	7.01%	14.87%	-16.69%	-2.11%	7.14%	14.97%	-14.66%
EBIT Q/Q Growth	17.03%	-6.69%	-7.14%	8.22%	14.51%	-16.90%	-3.73%	7.19%	15.16%	-14.72%
NOPAT Q/Q Growth	14.45%	-1.47%	-12.57%	13.84%	6.24%	-12.35%	-7.87%	16.92%	5.24%	-12.94%
Net Income Q/Q Growth	14.86%	-1.85%	-12.12%	15.95%	7.53%	-12.85%	-9.24%	18.28%	6.61%	-13.83%
EPS Q/Q Growth	15.35%	-2.73%	-12.63%	14.46%	7.02%	-13.11%	-9.06%	18.26%	6.32%	-14.19%
Operating Cash Flow Q/Q Growth	31.21%	-19.03%	44.52%	-32.84%	29.86%	-27.45%	52.51%	-38.48%	47.34%	-30.18%
Free Cash Flow Firm Q/Q Growth	11.47%	-21.01%	1.21%	56.01%	8.23%	-11.25%	-9.51%	4.16%	7.30%	-13.71%
Invested Capital Q/Q Growth	0.75%	40.33%	-176.94%	25.38%	-5.28%	31.22%	-110.45%	37.59%	-9.93%	33.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	96.71%	94.56%	94.24%	93.88%	95.81%	94.56%	94.84%	95.72%	96.92%	95.82%
EBITDA Margin	69.44%	63.83%	62.24%	67.13%	70.36%	65.27%	62.67%	67.11%	72.17%	67.78%
Operating Margin	68.14%	63.42%	60.36%	65.08%	67.76%	62.47%	60.76%	64.70%	69.40%	65.31%
EBIT Margin	68.24%	63.79%	60.97%	66.51%	69.49%	64.31%	61.69%	66.09%	71.20%	66.82%
Profit (Net Income) Margin	48.99%	48.17%	43.57%	50.92%	49.96%	48.49%	43.85%	51.84%	51.70%	49.02%
Tax Burden Percent	76.11%	80.72%	76.33%	81.23%	75.62%	80.07%	75.58%	82.94%	76.11%	77.48%
Interest Burden Percent	94.32%	93.55%	93.63%	94.25%	95.08%	94.17%	94.05%	94.58%	95.40%	94.69%
Effective Tax Rate	23.89%	19.28%	23.67%	18.77%	24.38%	19.93%	24.42%	17.06%	23.89%	22.52%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-111.52%	-78.29%	-64.29%	-70.92%	-85.55%	-66.53%	-75.13%	-93.47%	-117.38%	-72.51%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	124.11%	181.10%	181.49%	148.10%	131.27%	180.17%	130.88%	118.23%	108.33%	194.63%
Return on Assets (ROA)	89.10%	136.75%	129.69%	113.39%	94.38%	135.85%	93.04%	92.74%	78.66%	142.80%
Return on Common Equity (ROCE)	-111.52%	-78.29%	-64.29%	-70.92%	-85.55%	-66.53%	-75.13%	-93.47%	-117.38%	-72.51%
Return on Equity Simple (ROE_SIMPLE)	-67.57%	0.00%	-71.26%	-91.39%	-117.57%	0.00%	-76.18%	-95.01%	-118.80%	0.00%
Net Operating Profit after Tax (NOPAT)	11	11	9.46	11	11	10	9.23	11	11	9.89
NOPAT Margin	51.86%	51.19%	46.07%	52.86%	51.24%	50.02%	45.92%	53.66%	52.82%	50.60%
Net Nonoperating Expense Percent (NNEP)	1.91%	1.38%	0.98%	0.76%	0.67%	0.53%	0.90%	0.96%	0.83%	0.60%
Return On Investment Capital (ROIC_SIMPLE)	-	92.81%	-	-	-	101.14%	-	-	-	111.19%
Cost of Revenue to Revenue	3.29%	5.44%	5.76%	6.12%	4.19%	5.44%	5.16%	4.28%	3.08%	4.18%
SG&A Expenses to Revenue	26.80%	30.70%	32.33%	28.53%	28.00%	32.01%	33.90%	31.02%	27.52%	30.52%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.58%	31.14%	33.88%	28.80%	28.05%	32.09%	34.08%	31.02%	27.52%	30.52%
Earnings before Interest and Taxes (EBIT)	14	13	13	14	16	13	12	13	15	13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	15	13	13	14	16	13	13	14	16	13
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	8.82	9.38	13.09	13.40	14.96	16.98	15.16	14.90	16.57	17.12
Price to Earnings (P/E)	17.43	19.36	27.82	27.96	31.05	35.19	31.34	30.67	33.81	34.83
Dividend Yield	1.11%	1.15%	0.90%	0.90%	0.83%	0.76%	0.89%	0.94%	0.88%	2.78%
Earnings Yield	5.74%	5.16%	3.59%	3.58%	3.22%	2.84%	3.19%	3.26%	2.96%	2.87%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	9.52	10.11	13.67	13.87	15.31	17.65	15.70	15.35	16.92	17.70
Enterprise Value to EBITDA (EV/EBITDA)	14.25	15.15	20.93	21.12	23.21	26.61	23.62	23.10	25.30	26.22
Enterprise Value to EBIT (EV/EBIT)	14.46	15.32	21.20	21.37	23.46	26.98	23.93	23.44	25.67	26.61
Enterprise Value to NOPAT (EV/NOPAT)	17.91	19.77	27.40	27.45	30.41	35.25	31.37	30.56	33.41	34.86
Enterprise Value to Operating Cash Flow (EV/OCF)	16.17	18.79	25.27	25.88	28.81	33.40	29.89	29.88	32.59	34.14
Enterprise Value to Free Cash Flow (EV/FCFF)	18.61	21.54	28.80	26.88	29.58	34.28	30.70	30.74	33.44	34.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-1.23	-1.19	-1.34	-1.63	-2.03	-1.17	-1.29	-1.59	-1.95	-1.17
Long-Term Debt to Equity	-1.16	-1.12	-1.26	-1.54	-1.91	-1.10	-1.21	-1.49	-1.85	-1.17
Financial Leverage	-0.87	-0.92	-0.87	-0.92	-0.90	-0.95	-0.87	-0.89	-0.85	-0.94
Leverage Ratio	-1.21	-0.57	-0.46	-0.66	-0.94	-0.49	-0.73	-1.08	-1.57	-0.51
Compound Leverage Factor	-1.14	-0.53	-0.43	-0.63	-0.89	-0.46	-0.69	-1.02	-1.50	-0.48
Debt to Total Capital	534.66%	628.92%	397.19%	258.23%	197.20%	696.90%	440.69%	270.72%	204.93%	673.76%
Short-Term Debt to Total Capital	30.34%	36.20%	23.19%	15.30%	11.86%	42.56%	27.33%	17.06%	10.80%	0.00%
Long-Term Debt to Total Capital	504.32%	592.72%	374.00%	242.93%	185.34%	654.34%	413.36%	253.67%	194.13%	673.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-434.66%	-528.92%	-297.19%	-158.23%	-97.20%	-596.90%	-340.69%	-170.72%	-104.93%	-573.76%
Debt to EBITDA	1.38	1.35	1.35	1.30	1.26	1.25	1.24	1.22	1.20	1.09
Net Debt to EBITDA	1.05	1.09	0.89	0.71	0.53	1.01	0.82	0.68	0.52	0.87
Long-Term Debt to EBITDA	1.30	1.27	1.27	1.23	1.18	1.17	1.16	1.14	1.14	1.09
Debt to NOPAT	1.73	1.76	1.77	1.69	1.65	1.66	1.64	1.61	1.59	1.45
Net Debt to NOPAT	1.32	1.42	1.16	0.92	0.70	1.33	1.09	0.91	0.69	1.15
Long-Term Debt to NOPAT	1.63	1.66	1.67	1.59	1.55	1.56	1.54	1.51	1.51	1.45
Altman Z-Score	6.16	6.49	8.38	9.17	10.50	10.99	9.66	10.22	11.50	12.38
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.82	1.71	2.09	3.04	3.77	1.60	1.83	2.88	3.84	3.02
Quick Ratio	1.67	1.45	1.98	2.87	3.63	1.43	1.71	2.71	3.68	2.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	9.35	7.39	7.47	12	13	11	10	11	11	9.77
Operating Cash Flow to CapEx	43,838.15%	13,869.75%	251,827.27%	10,177.02%	6,431.90%	8,833.57%	15,203.64%	8,005.84%	281,720.93%	0.00%
Free Cash Flow to Firm to Interest Expense	11.40	8.50	9.37	14.97	16.54	14.91	13.74	14.63	16.09	14.09
Operating Cash Flow to Interest Expense	14.43	11.03	17.37	11.94	15.83	11.67	18.12	11.40	17.20	12.19
Operating Cash Flow Less CapEx to Interest Expense	14.39	10.95	17.36	11.82	15.58	11.53	18.00	11.25	17.20	12.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.82	2.84	2.98	2.23	1.89	2.80	2.12	1.79	1.52	2.91
Accounts Receivable Turnover	53.27	64.05	53.61	57.08	50.53	57.14	50.65	51.55	49.47	57.82
Inventory Turnover	6.61	6.67	8.78	8.14	9.72	7.70	10.32	10.98	9.97	8.62
Fixed Asset Turnover	42.49	44.23	46.76	48.80	49.36	49.34	50.89	51.15	51.19	52.63
Accounts Payable Turnover	1.77	1.73	2.38	2.42	2.51	2.32	3.15	2.52	2.22	2.06
Days Sales Outstanding (DSO)	6.85	5.70	6.81	6.39	7.22	6.39	7.21	7.08	7.38	6.31
Days Inventory Outstanding (DIO)	55.25	54.72	41.55	44.84	37.54	47.37	35.36	33.25	36.63	42.34
Days Payable Outstanding (DPO)	205.84	210.77	153.06	150.61	145.71	157.33	116.00	144.95	164.73	177.30
Cash Conversion Cycle (CCC)	-143.73	-150.35	-104.70	-99.38	-100.94	-103.57	-73.44	-104.62	-120.73	-128.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-3.98	-2.37	-6.57	-4.90	-5.16	-3.55	-7.47	-4.66	-5.13	-3.43
Invested Capital Turnover	-16.84	-19.92	-10.83	-18.67	-18.45	-28.10	-11.79	-17.26	-15.89	-23.28
Increase / (Decrease) in Invested Capital	1.63	3.43	1.98	-0.90	-1.19	-1.18	-0.90	0.24	0.04	0.12
Enterprise Value (EV)	768	823	1,119	1,153	1,291	1,469	1,300	1,268	1,384	1,439
Market Capitalization	712	763	1,072	1,115	1,262	1,414	1,255	1,230	1,355	1,392
Book Value per Share	($17.58)	($17.93)	($15.61)	($12.59)	($9.92)	($16.96)	($15.03)	($12.07)	($9.59)	($14.50)
Tangible Book Value per Share	($18.76)	($19.08)	($16.72)	($13.68)	($10.97)	($18.00)	($16.04)	($13.05)	($10.53)	($15.42)
Total Capital	14	12	18	28	36	9.91	15	25	32	8.90
Total Debt	74	73	72	71	70	69	68	67	66	60
Total Long-Term Debt	70	69	68	67	66	65	64	63	62	60
Net Debt	56	59	47	39	30	56	45	38	29	48
Capital Expenditures (CapEx)	0.03	0.07	0.01	0.09	0.19	0.10	0.09	0.10	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4.11	-2.30	-6.13	-4.06	-4.16	-2.96	-6.78	-3.68	-3.86	-2.05
Debt-free Net Working Capital (DFNWC)	14	12	19	28	36	11	16	26	33	10
Net Working Capital (NWC)	9.56	7.51	14	24	32	6.28	12	22	30	10
Net Nonoperating Expense (NNE)	0.61	0.64	0.51	0.40	0.29	0.31	0.42	0.37	0.24	0.31
Net Nonoperating Obligations (NNO)	56	59	47	39	29	56	45	38	29	48
Total Depreciation and Amortization (D&A)	0.25	0.01	0.26	0.13	0.19	0.19	0.20	0.20	0.21	0.19
Debt-free, Cash-free Net Working Capital to Revenue	-5.09%	-2.82%	-7.48%	-4.88%	-4.93%	-3.55%	-8.19%	-4.45%	-4.72%	-2.52%
Debt-free Net Working Capital to Revenue	17.08%	14.40%	22.75%	33.98%	43.16%	12.62%	19.47%	31.14%	40.87%	12.64%
Net Working Capital to Revenue	11.85%	9.22%	17.60%	28.91%	38.16%	7.55%	14.38%	26.03%	36.63%	12.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.01	$2.94	$2.58	$2.98	$3.20	$2.79	$2.52	$2.97	$3.16	$2.71
Adjusted Weighted Average Basic Shares Outstanding	3.44M	3.49M	3.46M	3.48M	3.49M	3.48M	3.50M	3.51M	3.52M	3.52M
Adjusted Diluted Earnings per Share	$2.93	$2.85	$2.49	$2.85	$3.05	$2.65	$2.41	$2.85	$3.03	$2.60
Adjusted Weighted Average Diluted Shares Outstanding	3.54M	3.59M	3.59M	3.63M	3.65M	3.64M	3.66M	3.66M	3.67M	3.67M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	3.44M	3.46M	3.46M	3.49M	3.49M	3.50M	3.50M	3.52M	3.52M	3.54M
Normalized Net Operating Profit after Tax (NOPAT)	11	11	9.46	11	11	10	9.23	11	11	9.89
Normalized NOPAT Margin	51.86%	51.19%	46.07%	52.86%	51.24%	50.02%	45.92%	53.66%	52.82%	50.60%
Pre Tax Income Margin	64.36%	59.68%	57.09%	62.68%	66.07%	60.56%	58.02%	62.51%	67.92%	63.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	17.60	15.50	15.69	17.38	20.32	17.16	16.82	18.43	21.75	18.83
NOPAT to Interest Expense	13.38	12.44	11.86	13.82	14.99	13.34	12.52	14.97	16.14	14.26
EBIT Less CapEx to Interest Expense	17.57	15.42	15.68	17.27	20.08	17.02	16.70	18.29	21.75	18.83
NOPAT Less CapEx to Interest Expense	13.35	12.36	11.85	13.70	14.74	13.21	12.40	14.82	16.13	14.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	86.65%	48.85%	52.07%	51.22%	51.17%	108.68%	109.95%	110.72%	111.75%	97.28%
Augmented Payout Ratio	244.86%	173.44%	52.07%	51.22%	51.17%	108.68%	109.95%	110.72%	111.75%	97.28%

Frequently Asked Questions About Winmark's Financials

When does Winmark's financial year end?

According to the most recent income statement we have on file, Winmark's fiscal year ends in December. Their fiscal year 2024 ended on December 28, 2024.

How has Winmark's net income changed over the last 10 years?

Winmark's net income appears to be on an upward trend, with a most recent value of $39.95 million in 2024, rising from $20.07 million in 2014. The previous period was $40.18 million in 2023.

What is Winmark's operating income?

Winmark's total operating income in 2024 was $52.93 million, based on the following breakdown:

Total Gross Profit: $77.91 million
Total Operating Expenses: $24.98 million

How has Winmark revenue changed over the last 10 years?

Over the last 10 years, Winmark's total revenue changed from $61.18 million in 2014 to $81.29 million in 2024, a change of 32.9%.

How much debt does Winmark have?

Winmark's total liabilities were at $77.89 million at the end of 2024, a 11.6% decrease from 2023, and a 135.2% increase since 2014.

How much cash does Winmark have?

In the past 10 years, Winmark's cash and equivalents has ranged from $1.01 million in 2015 to $25.13 million in 2019, and is currently $12.19 million as of their latest financial filing in 2024.

How has Winmark's book value per share changed over the last 10 years?

Over the last 10 years, Winmark's book value per share changed from 4.32 in 2014 to -14.50 in 2024, a change of -435.3%.

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This page (NASDAQ:WINA) was last updated on 4/14/2025 by MarketBeat.com Staff

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Winmark (WINA) Financials

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Winmark (WINA) Financials

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