Winmark Stock Price, News & Analysis

Winmark Corporation (NASDAQ: WINA), known as Winmark – the Resale Company®, is a nationally recognized franchisor in the retail trade sector. The company focuses on used merchandise stores and operates a franchise system built around value-oriented resale retail concepts. Winmark describes its mission as championing and guiding entrepreneurs who want to operate resale franchises that buy and sell gently used merchandise.

According to company disclosures, Winmark’s primary business is its franchising segment, which franchises value-oriented retail stores that buy, sell, trade and consign merchandise and provides strategic consulting services related to franchising. The company has also reported a leasing segment that historically included middle-market equipment leasing and small-ticket financing. Management has stated that the run-off of its leasing portfolio announced in May 2021 is substantially complete, and recent financial statements show that royalties from franchised operations represent the largest share of reported revenue, alongside franchise fees, merchandise sales and other income.

Franchise brands and resale focus

Winmark’s franchise system centers on several branded resale concepts. The company states that it champions and guides entrepreneurs interested in operating one of its award-winning resale franchises: Plato’s Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore® and Music Go Round®. These concepts are operated by franchisees under Winmark’s franchising model. Winmark reports that its system is focused on sustainability and small business formation, reflecting the resale nature of its stores and its emphasis on franchise ownership.

Company press releases report that there were 1,350 franchises in operation at December 28, 2024, increasing to 1,363 franchises at March 29, 2025, 1,371 franchises at June 28, 2025, and 1,377 franchises at September 27, 2025. Over the same period, Winmark notes that there were over 2,800 available territories, and that dozens of additional franchises had been awarded but were not yet open. These figures illustrate the scale of the franchise network and the company’s focus on franchised, rather than company-owned, retail locations.

Business model and revenue sources

Winmark’s financial statements and public descriptions indicate that the company generates revenue from several sources tied to its franchising activities and related operations. Reported revenue categories include:

• Royalties – ongoing payments from franchisees based on their store sales, which represent the majority of total revenue.
• Franchise fees – fees associated with awarding new franchises.
• Merchandise sales – sales of merchandise, which are disclosed as a separate revenue line.
• Leasing income – income from equipment leasing activities, which has declined as the leasing portfolio has been run off, but still appears in recent periods, including a noted impact from settlement of customer litigation.
• Other revenue – additional income reported under an "other" category.

The company’s condensed statements of operations show that income from operations is driven primarily by royalty revenue from the franchise system, offset by cost of merchandise sold and selling, general and administrative expenses. Interest expense and interest and other income are reported below operating income, followed by income taxes and net income.

Corporate profile and stock information

Winmark Corporation is incorporated in Minnesota and lists its principal executive offices in Minneapolis, Minnesota, as reflected in its Form 8-K filings. The company’s common stock trades on the NASDAQ under the ticker symbol WINA. Winmark identifies itself as operating in the Retail Trade sector, specifically within used merchandise stores, and positions its franchise system around resale retail concepts.

Public filings show that Winmark has used a combination of term loans, notes payable and a line of credit as part of its capital structure, alongside negative shareholders’ equity (reported as a shareholders’ equity deficit) and significant retained earnings (reported as an accumulated deficit). The company’s cash flow statements highlight net cash provided by operating activities, cash used for investing activities such as property and equipment purchases, and cash used for financing activities, including debt payments, share repurchases, stock option exercises and dividends.

Dividends and capital returns

Winmark’s Board of Directors has repeatedly approved regular quarterly cash dividends to shareholders, as disclosed in multiple press releases and Form 8-K filings. The company has also announced a special dividend, stating that a special dividend of $10.00 per share would be paid on December 1, 2025 to shareholders of record on November 12, 2025, with the total amount of the special dividend expected to be approximately $35.6 million based on the then-current number of shares outstanding. The company has indicated that it anticipates using cash on hand to finance the special dividend, and that future dividends remain subject to Board approval.

In addition to dividends, Winmark’s cash flow statements show repurchases of common stock and proceeds from the exercise of stock options, indicating that share repurchases and equity-based compensation are part of its capital management approach. These activities, together with dividends, reflect how the company allocates cash between reinvestment in the business, debt obligations and returns to shareholders.

Governance and leadership developments

Winmark periodically reports governance and leadership changes through press releases and Form 8-K filings. For example, the company has announced changes to its Board of Directors, including a director’s decision not to stand for re-election and the appointment of a new director with technology and retail experience. Winmark has also created and filled the role of Chief Marketing Officer, describing the position as focused on brand management, franchisee marketing support and consumer engagement. These announcements emphasize the company’s interest in enhancing its governance structure, technology offerings and marketing capabilities in support of its franchise system.

Financial reporting and transparency

Winmark provides regular financial updates through quarterly and annual results press releases and accompanying SEC filings. These disclosures include condensed balance sheets, condensed statements of operations and condensed statements of cash flows, detailing assets, liabilities, revenue composition, expenses, net income and cash flows from operating, investing and financing activities. The company also includes cautionary language about forward-looking statements, noting that predictions or statements of intention are subject to risks and uncertainties and that actual results may differ materially.

Investors and analysts reviewing Winmark’s stock often focus on trends in royalty revenue, franchise count, leasing income run-off, operating margins, interest expense and dividend declarations. Because Winmark’s business is centered on franchising resale retail concepts, the performance of its franchise network and the pace of new franchise openings are key elements in understanding its long-term prospects.

Role in resale and small business formation

Across its public communications, Winmark emphasizes its role in resale retail, sustainability and small business formation. By franchising resale concepts such as Plato’s Closet, Once Upon A Child, Play It Again Sports, Style Encore and Music Go Round, the company positions its franchisees to operate stores that buy and sell merchandise that has already been produced and used. Winmark highlights that it "champions and guides entrepreneurs" through its franchise system, underscoring the company’s focus on supporting franchise owners within the used merchandise and resale segment of the retail trade sector.