Winmark Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Winmark has an operating margin of 65.1%, meaning the company retains $65 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 64.0% the prior year.
Winmark's revenue declined 2.3% year-over-year, from $83.2M to $81.3M. This contraction results in a growth score of 22/100.
With a current ratio of 3.02, Winmark holds $3.02 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Winmark converts 51.6% of revenue into free cash flow ($42.0M). This strong cash generation earns a score of 100/100.
Winmark scores 19.07, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.6B) relative to total liabilities ($77.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Winmark passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Winmark generates $1.06 in operating cash flow ($42.2M OCF vs $40.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Winmark earns $18.5 in operating income for every $1 of interest expense ($52.9M vs $2.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Winmark (WINA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Winmark generated $81.3M in revenue in fiscal year 2024. This represents a decrease of 2.3% from the prior year.
Winmark's EBITDA was $53.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 0.6% from the prior year.
Winmark generated $42.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 3.8% from the prior year.
Winmark reported $40.0M in net income in fiscal year 2024. This represents a decrease of 0.6% from the prior year.
Winmark earned $10.89 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 1.4% from the prior year.
Winmark held $12.2M in cash against $0 in long-term debt as of fiscal year 2024.
Winmark had 4M shares outstanding in fiscal year 2024. This represents an increase of 1.2% from the prior year.
Winmark's gross margin was 95.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the prior year.
Winmark's operating margin was 65.1% in fiscal year 2024, reflecting core business profitability. This is up 1.1 percentage points from the prior year.
Winmark's net profit margin was 49.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 0.9 percentage points from the prior year.
Winmark invested $195K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 49.2% from the prior year.
WINA Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $22.6M+10.9% | $20.4M-6.9% | $21.9M+12.1% | $19.5M-2.8% | $20.1M+0.1% | $20.1M+0.3% | $20.0M-10.2% | $22.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $7.0M+6.9% | $6.6M-11.4% | $7.4M+24.6% | $6.0M-4.4% | $6.2M-8.4% | $6.8M+6.3% | $6.4M+2.7% | $6.2M |
| Operating Income | $14.9M+14.3% | $13.1M-3.9% | $13.6M+6.5% | $12.8M-1.9% | $13.0M+6.5% | $12.2M-2.4% | $12.5M-17.2% | $15.1M |
| Interest Expense | $610K+0.1% | $610K-0.7% | $614K-11.5% | $694K-3.8% | $721K-2.2% | $738K-1.8% | $751K-1.6% | $763K |
| Income Tax | $3.5M+65.7% | $2.1M-33.7% | $3.2M+14.1% | $2.8M+29.8% | $2.1M-24.7% | $2.8M+17.8% | $2.4M-32.7% | $3.6M |
| Net Income | $11.1M+5.0% | $10.6M+6.5% | $10.0M+3.9% | $9.6M-8.1% | $10.4M+18.3% | $8.8M-9.2% | $9.7M-12.9% | $11.1M |
| EPS (Diluted) | $3.02+4.5% | $2.89+6.6% | $2.71+4.2% | $2.60-8.8% | $2.85+18.3% | $2.41-9.1% | $2.65-13.1% | $3.05 |
WINA Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $53.7M+24.5% | $43.2M+16.5% | $37.1M+38.1% | $26.8M-39.9% | $44.7M+16.6% | $38.3M+32.3% | $29.0M-47.9% | $55.5M |
| Current Assets | $43.1M+33.7% | $32.2M+24.9% | $25.8M+67.7% | $15.4M-53.4% | $33.0M+25.4% | $26.3M+56.9% | $16.7M-61.8% | $43.8M |
| Cash & Equivalents | $39.7M+38.1% | $28.8M+31.8% | $21.8M+79.1% | $12.2M-58.5% | $29.4M+28.5% | $22.9M+71.2% | $13.4M-67.1% | $40.6M |
| Inventory | $284K-21.7% | $362K+7.1% | $338K-14.9% | $398K+48.2% | $268K-36.3% | $421K+9.0% | $386K+32.7% | $291K |
| Accounts Receivable | $1.7M-3.2% | $1.7M-34.0% | $2.6M+93.5% | $1.3M-17.1% | $1.6M-4.6% | $1.7M+14.5% | $1.5M-13.4% | $1.7M |
| Goodwill | $608K0.0% | $608K0.0% | $608K0.0% | $608K0.0% | $608K0.0% | $608K0.0% | $608K0.0% | $608K |
| Total Liabilities | $80.1M+0.1% | $80.0M-3.6% | $83.0M+6.6% | $77.9M-10.4% | $86.9M-4.4% | $90.9M+3.2% | $88.1M-2.2% | $90.1M |
| Current Liabilities | $7.2M+3.2% | $7.0M-27.7% | $9.7M+90.5% | $5.1M-55.6% | $11.5M-20.3% | $14.4M+37.4% | $10.5M-10.1% | $11.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$26.3M+28.5% | -$36.8M+19.8% | -$45.9M+10.0% | -$51.0M-20.9% | -$42.2M+19.7% | -$52.6M+11.1% | -$59.2M-71.2% | -$34.6M |
| Retained Earnings | -$44.1M+14.9% | -$51.9M+12.2% | -$59.1M+10.3% | -$65.8M-22.7% | -$53.6M+11.9% | -$60.9M+9.0% | -$66.9M-63.3% | -$41.0M |
WINA Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $12.3M+35.4% | $9.0M-40.0% | $15.1M+78.3% | $8.5M+2.9% | $8.2M-38.5% | $13.4M+52.5% | $8.8M-27.5% | $12.1M |
| Capital Expenditures | $67K+22.1% | $55K+6.8% | $51K | $0-100.0% | $103K+16.8% | $88K-11.4% | $99K-47.2% | $188K |
| Free Cash Flow | $12.2M+35.5% | $9.0M-40.2% | $15.0M+77.7% | $8.5M+4.2% | $8.1M-38.8% | $13.3M+53.2% | $8.7M-27.1% | $11.9M |
| Investing Cash Flow | -$67K-22.1% | -$55K-6.8% | -$51K | $0+100.0% | -$103K-16.8% | -$88K+11.4% | -$99K+47.2% | -$188K |
| Financing Cash Flow | -$1.2M+38.9% | -$2.0M+62.3% | -$5.4M+83.9% | -$33.4M-1996.2% | -$1.6M+57.9% | -$3.8M+89.4% | -$35.9M-877.0% | -$3.7M |
| Dividends Paid | $3.4M+0.2% | $3.4M+6.7% | $3.2M-89.3% | $29.7M+839.2% | $3.2M+13.1% | $2.8M-92.2% | $35.7M+1179.0% | $2.8M |
| Share Buybacks | $0-100.0% | $169K-92.5% | $2.2M | N/A | N/A | N/A | N/A | N/A |
WINA Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 65.9%+2.0pp | 64.0%+1.9pp | 62.0%-3.3pp | 65.3%+0.6pp | 64.7%+3.9pp | 60.8%-1.7pp | 62.5%-5.3pp | 67.8% |
| Net Margin | 49.2%-2.7pp | 51.9%+6.5pp | 45.4%-3.6pp | 49.0%-2.8pp | 51.8%+8.0pp | 43.9%-4.6pp | 48.5%-1.5pp | 50.0% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 20.7%-3.8pp | 24.6%-2.3pp | 26.9%-8.8pp | 35.7%+12.4pp | 23.3%+0.3pp | 23.0%-10.5pp | 33.5%+13.5pp | 20.1% |
| Current Ratio | 5.95+1.4 | 4.60+1.9 | 2.66-0.4 | 3.02+0.1 | 2.88+1.0 | 1.83+0.2 | 1.60-2.2 | 3.77 |
| Debt-to-Equity | -3.04-0.9 | -2.17-0.4 | -1.81-0.3 | -1.53+0.5 | -2.06-0.3 | -1.73-0.2 | -1.49+1.1 | -2.61 |
| FCF Margin | 53.8%+9.8pp | 44.0%-24.5pp | 68.6%+25.3pp | 43.3%+2.9pp | 40.4%-25.7pp | 66.0%+22.8pp | 43.2%-10.1pp | 53.3% |
Note: Shareholder equity is negative (-$51.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Similar Companies
Frequently Asked Questions
What is Winmark's annual revenue?
Winmark (WINA) reported $81.3M in total revenue for fiscal year 2024. This represents a -2.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Winmark's revenue growing?
Winmark (WINA) revenue declined by 2.3% year-over-year, from $83.2M to $81.3M in fiscal year 2024.
Is Winmark profitable?
Yes, Winmark (WINA) reported a net income of $40.0M in fiscal year 2024, with a net profit margin of 49.1%.
What is Winmark's earnings per share (EPS)?
Winmark (WINA) reported diluted earnings per share of $10.89 for fiscal year 2024. This represents a -1.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Winmark's EBITDA?
Winmark (WINA) had EBITDA of $53.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Winmark's gross margin?
Winmark (WINA) had a gross margin of 95.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Winmark's operating margin?
Winmark (WINA) had an operating margin of 65.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Winmark's net profit margin?
Winmark (WINA) had a net profit margin of 49.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Winmark's free cash flow?
Winmark (WINA) generated $42.0M in free cash flow during fiscal year 2024. This represents a -3.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Winmark's operating cash flow?
Winmark (WINA) generated $42.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Winmark's total assets?
Winmark (WINA) had $26.8M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Winmark's capital expenditures?
Winmark (WINA) invested $195K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Winmark have outstanding?
Winmark (WINA) had 4M shares outstanding as of fiscal year 2024.
What is Winmark's current ratio?
Winmark (WINA) had a current ratio of 3.02 as of fiscal year 2024, which is generally considered healthy.
What is Winmark's debt-to-equity ratio?
Winmark (WINA) had a debt-to-equity ratio of -1.53 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Winmark's return on assets (ROA)?
Winmark (WINA) had a return on assets of 148.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Winmark's debt-to-equity ratio negative or unusual?
Winmark (WINA) has negative shareholder equity of -$51.0M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Winmark's Altman Z-Score?
Winmark (WINA) has an Altman Z-Score of 19.07, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Winmark's Piotroski F-Score?
Winmark (WINA) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Winmark's earnings high quality?
Winmark (WINA) has an earnings quality ratio of 1.06x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Winmark cover its interest payments?
Winmark (WINA) has an interest coverage ratio of 18.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Winmark?
Winmark (WINA) scores 80 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.