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Winmark Corp key statistics and ratios

In fiscal 2025, Winmark Corp had a net margin of 48.4%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Net margin25.1%27.5%24.9%32.7%32.8%31.4%33.3%35.2%41.5%43.9%45.1%51.0%48.4%48.3%49.2%48.4%45.1%
Return on equity44.9%48.5%48.8%65.0%67.2%————————————
Return on assets24.5%31.4%28.3%37.8%37.2%42.7%46.1%50.5%63.1%59.3%64.0%137.1%137.5%135.2%143.2%161.0%118.5%
Effective tax rate41.2%39.7%44.1%38.4%38.4%38.1%38.2%32.6%23.3%22.5%22.6%19.9%22.4%21.8%22.0%21.6%22.0%
SG&A as % of revenue45.2%37.1%39.0%39.8%38.9%34.7%35.9%36.2%35.9%35.1%32.1%28.5%28.4%30.2%30.7%33.0%32.7%
Dividends ÷ net income2.9%3.9%201.9%5.3%134.2%5.6%6.9%7.2%7.2%10.7%47.7%83.1%48.8%108.7%97.3%117.9%120.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 4 checks passed · September 26, 2026
What it owns · $45m
Short-term assets $33mLonger-term assets $12m
What it owes, and who funded it · $10m
Short-term liabilities $10mShareholders' equity $-37m
  • Short-term assets cover short-term liabilities $33m of assets due within a year against $10m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $28m of cash against $30m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $44m of operating cash flow against $30m of debt.
  • Operating profit covers interest at least five times over Operating income of $55m against $2m of interest.

From Winmark Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

92 /100

Strong moat

How hard Winmark's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 75.0% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 62.1%; its worst year was 55.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 52.8% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 3.7% over five years; stock-based pay has been a median 2.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (97 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: NXXT vs WINAABLV vs WINAPLBY vs WINADLPN vs WINA

More: Specialized Consumer Services stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Winmark Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Winmark Corp.