WINA
Winmark CorporationConsumer Cyclical·Apparel - Footwear & Accessories
$378.57
$1.4B market cap
Revenue
$41.9M
Free Cash Flow
$20.4M
Rev Growth
+0.0%
FCF Margin
48.6%
P/FCF
66.5x
EV/FCF
68.6x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Winmark Corporation, together with its subsidiaries, operates as a franchisor of retail store concepts that buy, sell, trade, and consign used merchandise primarily in the United States and Canada. The company operates through two segments, Franchising and Leasing. Its franchises retail stores operate under the Plato's Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round brand names. The company's Plato's Closet brand stores buys and sells used clothing and accessori
2-Year Price History
$364.86+16.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 20.9 | 11.3 | 12.4 | 9.3 | 11.9 | 11.9 | -0.0 | 19.8 | 62.2 | 3.7 | 56.0% | 18.3x | -- |
| Act | 2025-Q4 | 21.1 | 13.7 | 13.0 | 10.0 | 8.5 | 8.5 | -0.0 | 10.5 | 64.8 | 3.7 | 63.6% | 22.4x | -- |
Valuation & Metrics
Market Stats
Price$378.57
Market Cap$1.4B
Enterprise Value$1.4B
P/S Ratio32.3x
P/FCF66.5x
EV/FCF68.6x
FCF Margin (TTM)48.6%
FCF Yield1.5%
Dividend Yield (TTM)3.9%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$41.9M
Net Income$19.2M
Free Cash Flow$20.4M
Revenue Growth (YoY)+0.0%
EBITDA Margin59.6%
Net Margin45.8%
FCF Margin48.6%
CapEx % of Revenue0.1%
SBC % of Revenue1.5%
ROIC59.8%
WC Change % Rev3.0%
Interest Coverage20.4x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.3M
Days to Cover5.5
Change (vs Prior)-9.4%
Need at least 2 settlement dates for chart
Employees
Headcount89
Revenue / Employee$471,191
Gross Profit / Employee$455,407
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
73.0%(+25.0% YoY)
213 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
32.4%(+14.9% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.5%(+0.3% YoY)
5 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $199M | $390.43 | +$86.0M | +$89.7M | -0.2% | $5.69T |
| Neuberger Berman Group LLC | $122M | $315.25 | −$3.5M | −$18.4M | -0.3% | $131.37B |
| RENAISSANCE TECHNOLOGIES LLC | $88.0M | $329.94 | −$972K | +$13.0M | +1.2% | $63.91B |
| AltraVue Capital, LLC | $69.2M | $332.31 | −$5.2M | −$3.8M | +2.0% | $1.16B |
| FIRST TRUST ADVISORS LP | $64.3M | $419.17 | −$703K | +$63.6M | +0.1% | $139.72B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $58.9M | $426.34 | +$58.8M | +$58.9M | — | $4.04T |
| STATE STREET CORPPassive | $52.9M | $389.38 | +$17.0M | +$19.9M | -0.2% | $2.89T |
| Port Capital LLC | $42.0M | $266.78 | −$0 | −$3.9M | +0.0% | $2.25B |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $41.2M | $433.13 | +$45K | +$36.2M | +0.4% | $23.79B |
| Fisher Asset Management, LLC | $40.8M | $394.62 | −$4.0M | +$40.8M | +0.1% | $294.89B |
| Nine Ten Capital Management LLC | $35.8M | $366.27 | +$0 | −$98K | -1.4% | $315M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $34.8M | $350.72 | +$1.1M | +$2.8M | +2.3% | $1.61T |
| DIMENSIONAL FUND ADVISORS LPPassive | $31.8M | $361.97 | +$1.6M | −$7.8M | -0.4% | $480.92B |
| ALLIANCEBERNSTEIN L.P. | $30.5M | $370.69 | −$1.2M | +$29.3M | -0.3% | $307.70B |
| GOLDMAN SACHS GROUP INC | $29.9M | $339.43 | −$5.3M | +$20.8M | -0.2% | $760.93B |
| Copeland Capital Management, LLC | $27.8M | $340.76 | −$506K | +$743K | -1.3% | $4.50B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $21.7M | $426.34 | +$21.6M | +$21.7M | — | $1.91T |
| BESSEMER GROUP INC | $18.3M | $341.22 | +$614K | −$5.3M | -0.2% | $63.62B |
| Man Group plc | $16.0M | $389.50 | +$283K | +$8.5M | -0.4% | $47.62B |
| NORTHERN TRUST CORPPassive | $15.1M | $333.92 | +$683K | −$5.0M | -0.2% | $755.34B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.07%
avg per quarter
Holders (ex-self)
+0.06%
excl. this stock
Buyers (this Q)
-0.33%
127 buyers · $0.29B in
Sellers (this Q)
-0.33%
72 sellers · $0.02B out
alpha coverage: 93% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-8.7%
how holders react when this stock falls
On quiet Qs
+3.3%
−10% to +10% baseline
On rallies (+10%+)
-8.2%
how they react when this stock rises
Holders' portfolio flow this Q
+5.1%
inflows — adds are organic
Sellers' portfolio flow this Q
+3.2%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.4%
Holder mid (any stock)
-3.8%
Holder rally (any stock)
-5.3%
Biggest decreases this quarter
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLCexited−$21.0MARROWSTREET CAPITAL, LIMITED PARTNERSHIPexited−$6.1MGOLDMAN SACHS GROUP INC−$5.3Mα-0.2AltraVue Capital, LLC−$5.2Mα+2.0Fisher Asset Management, LLC−$4.0Mα+0.1Neuberger Berman Group LLC−$3.5Mα-0.3DARK FOREST CAPITAL MANAGEMENT LPexited−$2.7MSkandinaviska Enskilda Banken AB (publ)exited−$1.8MRockefeller Capital Management L.P.−$1.2Mα-0.1Point72 Asset Management, L.P.exited−$1.2M
New buyers this quarter
Top-5 holders · 39.1%
BlackRock, Inc.--
Neuberger Berman Group LLC--
RENAISSANCE TECHNOLOGIES LLC--
AltraVue Capital, LLC--
FIRST TRUST ADVISORS LP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Neuberger Berman Group LLC285KMawer Investment Management Ltd.—RENAISSANCE TECHNOLOGIES LLC206KPRICE T ROWE ASSOCIATES INC /MD/2KAltraVue Capital, LLC162KT. Rowe Price Investment Management, Inc.—FIRST TRUST ADVISORS LP150KFisher Asset Management, LLC95KPort Capital LLC98KNine Ten Capital Management LLC84K
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$103K
1 txn · 1 insider · 250 sh
Sells ($, 12mo)
$9.63M
8 txns · 6 insiders · 21,424 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-04 | SELL | GRASSLE JENELE C | director | 3,900 | $475.80 | $1.86M | $1.19M |
| 2026-03-03 | SELL | Tomlinson Percy C Jr | director | 1,660 | $460.52 | $764K | $368K |
| 2025-11-21 | SELL | GRASSLE JENELE C | director | 2,400 | $420.87 | $1.01M | $1.05M |
| 2025-10-24 | SELL | Gaudette Renae M. | officer: CHIEF OPERATING OFFICER | 1,200 | $417.11 | $501K | $7.87M |
| 2025-09-17 | SELL | Barbetta Lawrence A | director | 852 | $505.02 | $430K | $328K |
| 2025-08-27 | SELL | HEFFES BRETT D | director, officer: CHAIR AND CEO | 4,971 | $453.89 | $2.26M | $51.93M |
| 2025-08-26 | SELL | HEFFES BRETT D | director, officer: CHAIR AND CEO | 2,441 | $455.06 | $1.11M | $51.43M |
| 2025-08-13 | BUY | SPRENGER GINA DECARO | director | 250 | $410.77 | $103K | $103K |
| 2025-05-30 | SELL | Ishaug Anthony D | officer: CHIEF FINANCIAL OFFICER | 4,000 | $425.95 | $1.70M | $24.14M |
Order Flow (FINRA, ~3w lag)
7.9%retail-12.7pp
22.3%dark-0.1pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Winmark Corporation: The Asset-Light Cash Machine Masking a Massive Capital Deficit
Overall Risk
4/10
Fraud
2/10
Dilution
3/10
Insolvency
5/10
Earnings Overstated
2/10
Hidden Liabilities
3/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
7/10
Contextually Acceptable
8/10