Income Statement Winmark Corporation

Equities

WINA

US9742501029

Other Specialty Retailers

Market Closed - Nasdaq Other stock markets 04:00:00 2025-06-20 pm EDT			5-day change	1st Jan Change
444.29 ^USD	-1.34%		+3.32%	+13.03%

Apr. 16	Winmark Q1 Net Income, Revenue Increase	MT
Apr. 16	Tranche Update on Winmark Corporation's Equity Buyback Plan announced on February 24, 2011.	CI

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Published financial data: WINMARK CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	64.43M	76.52M	79.58M	81.27M	79.16M
Other Revenues, Total	1.63M	1.69M	1.83M	1.97M	2.13M
Total Revenues	66.06M	78.22M	81.41M	83.24M	81.29M
Cost of Goods Sold, Total	4.65M	4.79M	4.7M	4.86M	3.42M
Gross Profit	61.41M	73.43M	76.71M	78.38M	77.87M
Selling General & Admin Expenses, Total	21.2M	22.3M	23.16M	25.11M	24.94M
Provision for Bad Debts	-	-207K	-57.9K	-5.6K	-1.5K
Other Operating Expenses, Total	21.2M	22.09M	23.1M	25.1M	24.94M
Operating Income	40.21M	51.34M	53.61M	53.28M	52.93M
Interest Expense, Total	-1.74M	-1.45M	-2.91M	-3.09M	-2.86M
Interest And Investment Income	43.4K	-	85.6K	1.17M	1.15M
Net Interest Expenses	-1.69M	-1.45M	-2.83M	-1.92M	-1.71M
Other Non Operating Income (Expenses)	-	-15K	-	-	-
EBT, Excl. Unusual Items	38.52M	49.87M	50.78M	51.36M	51.22M
Gain (Loss) On Sale Of Investments	-	-	-	-	-
EBT, Incl. Unusual Items	38.52M	49.87M	50.78M	51.36M	51.22M
Income Tax Expense	8.69M	9.95M	11.36M	11.18M	11.27M
Earnings From Continuing Operations	29.82M	39.92M	39.42M	40.18M	39.95M
Net Income to Company	29.82M	39.92M	39.42M	40.18M	39.95M
Net Income - (IS)	29.82M	39.92M	39.42M	40.18M	39.95M
Net Income to Common Incl Extra Items	29.82M	39.92M	39.42M	40.18M	39.95M
Net Income to Common Excl. Extra Items	29.82M	39.92M	39.42M	40.18M	39.95M
Per Share Items
Net EPS - Basic	8.02	10.87	11.3	11.55	11.36
Basic EPS - Continuing Operations	8.02	10.87	11.3	11.55	11.36
Basic Weighted Average Shares Outstanding	3.72M	3.67M	3.49M	3.48M	3.52M
Net EPS - Diluted	7.72	10.48	10.97	11.04	10.89
Diluted EPS - Continuing Operations	7.72	10.48	10.97	11.04	10.89
Diluted Weighted Average Shares Outstanding	3.86M	3.81M	3.59M	3.64M	3.67M
Normalized Basic EPS	6.47	8.49	9.1	9.22	9.11
Normalized Diluted EPS	6.23	8.18	8.84	8.82	8.73
Dividend Per Share	0.8	1.6	2.55	3.1	3.5
Payout Ratio	9.83	14.69	22.47	26.79	30.95
Supplemental Items
EBITDA	40.7M	51.77M	54.22M	54.05M	53.73M
EBITA	40.21M	51.34M	53.8M	53.63M	53.28M
EBIT	40.21M	51.34M	53.61M	53.28M	52.93M
EBITDAR	41.89M	52.95M	55.42M	55.22M	54.8M
Total Revenues (As Reported)	66.06M	78.22M	81.41M	83.24M	81.29M
Effective Tax Rate - (Ratio)	22.57	19.95	22.37	21.77	22
Current Domestic Taxes	9.63M	10.98M	11.06M	11.12M	10.87M
Current Foreign Taxes	286K	334K	586K	574K	563K
Total Current Taxes	9.92M	11.31M	11.65M	11.7M	11.43M
Deferred Domestic Taxes	-1.22M	-1.36M	-288K	-512K	-159K
Total Deferred Taxes	-1.22M	-1.36M	-288K	-512K	-159K
Normalized Net Income	24.07M	31.17M	31.74M	32.1M	32.02M
Interest on Long-Term Debt	1.74M	1.45M	2.91M	3.09M	2.86M
Supplemental Operating Expense Items
Advertising Expense	274K	348K	492K	700K	600K
Selling and Marketing Expenses	274K	348K	492K	700K	600K
Net Rental Expense, Total	1.2M	1.18M	1.21M	1.17M	1.07M
Imputed Operating Lease Interest Expense	517K	335K	431K	385K	356K
Imputed Operating Lease Depreciation	678K	843K	776K	786K	711K
Stock-Based Comp., SG&A Exp. (Total)	1.32M	1.44M	1.65M	1.95M	1.99M
Total Stock-Based Compensation	1.32M	1.44M	1.65M	1.95M	1.99M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	6.66M	11.41M	13.62M	13.36M	12.19M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	6.66M	11.41M	13.62M	13.36M	12.19M
Accounts Receivable, Total	10.22M	3.93M	1.71M	1.38M	1.29M
Other Receivables	268K	728K	636K	207K	142K
Total Receivables	10.49M	4.66M	2.34M	1.58M	1.43M
Inventory	107K	325K	771K	386K	398K
Prepaid Expenses	995K	1.01M	1.31M	1.39M	1.21M
Restricted Cash	25K	30K	65K	25K	140K
Total Current Assets	18.28M	17.43M	18.1M	16.75M	15.37M
Gross Property Plant And Equipment	9.75M	9.34M	9.15M	8.98M	7.74M
Accumulated Depreciation	-4.2M	-4.38M	-4.73M	-4.89M	-4.21M
Net Property Plant And Equipment	5.56M	4.96M	4.42M	4.1M	3.53M
Goodwill	608K	608K	608K	608K	608K
Other Intangibles, Total	-	-	3.35M	2.99M	2.64M
Accounts Receivable Long-Term	4.57M	229K	5.4K	-	-
Deferred Tax Assets Long-Term	1.89M	3.25M	3.54M	4.05M	4.21M
Other Long-Term Assets, Total	436K	418K	430K	471K	491K
Total Assets	31.34M	26.9M	30.46M	28.97M	26.84M
Liabilities
Accounts Payable, Total	1.77M	2.1M	2.12M	1.72M	1.56M
Accrued Expenses, Total	2.21M	1.52M	2.09M	2.86M	1.22M
Current Portion of Long-Term Debt	5.33M	4.23M	4.22M	4.22M	-
Current Portion of Leases	418K	479K	523K	-	642K
Unearned Revenue Current, Total	1.66M	1.64M	1.64M	1.67M	1.66M
Other Current Liabilities	-	-	-	-	-
Total Current Liabilities	11.38M	9.98M	10.6M	10.46M	5.09M
Long-Term Debt	18.21M	43.38M	69.07M	64.85M	59.94M
Long-Term Leases	5.31M	4.81M	4.29M	3.72M	3.09M
Unearned Revenue Non Current	7.05M	6.86M	6.97M	7.66M	8.03M
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	773K	955K	1.16M	1.44M	1.74M
Total Liabilities	42.72M	65.98M	92.09M	88.12M	77.89M
Common Stock, Total	9.28M	-	1.81M	7.77M	14.79M
Retained Earnings	-20.66M	-39.08M	-63.44M	-66.92M	-65.84M
Comprehensive Income and Other	-	-	-	-	-
Total Common Equity	-11.38M	-39.08M	-61.63M	-59.16M	-51.05M
Total Equity	-11.38M	-39.08M	-61.63M	-59.16M	-51.05M
Total Liabilities And Equity	31.34M	26.9M	30.46M	28.97M	26.84M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.71M	3.59M	3.46M	3.5M	3.54M
ECS Total Common Shares Outstanding	3.76M	3.64M	3.46M	3.5M	3.54M
Book Value / Share	-3.03	-10.75	-17.81	-16.92	-14.42
Tangible Book Value	-11.99M	-39.69M	-65.59M	-62.76M	-54.29M
Tangible Book Value Per Share	-3.19	-10.92	-18.96	-17.95	-15.34
Total Debt	29.27M	52.9M	78.09M	72.78M	63.68M
Net Debt	22.61M	41.49M	64.48M	59.42M	51.49M
Debt Equivalent Oper. Leases	9.56M	9.43M	9.66M	9.37M	8.54M
Account Code - Inventory Valuation	6	6	6	6	6
Buildings, Total	2.95M	2.95M	2.95M	2.95M	2.95M
Machinery, Total	3.58M	3.41M	3.48M	3.6M	2.68M
Full Time Employees	90	85	83	83	89
Accumulated Allowance for Doubtful Accounts (Supple)	800	600	800	600	500

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	29.82M	39.92M	39.42M	40.18M	39.95M
Depreciation & Amortization - CF	854K	675K	677K	709K	762K
Amortization of Goodwill and Intangible Assets - (CF)	-	-	192K	354K	354K
Depreciation & Amortization, Total	854K	675K	869K	1.06M	1.12M
Amortization of Deferred Charges, Total - (CF)	106K	18.9K	-	-	-
(Gain) Loss From Sale Of Asset	200	-	-9.4K	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Provision for Credit Losses	-79.3K	-	-	-	-
Stock-Based Compensation (CF)	1.32M	1.44M	1.65M	1.95M	1.99M
Tax Benefit from Stock Options	873K	2.48M	858K	1.14M	1.31M
Provision and Write-off of Bad Debts	-	-207K	-57.9K	-5.6K	-1.5K
Other Operating Activities, Total	-1.24M	-1.36M	-288K	-512K	-159K
Change In Accounts Receivable	87.6K	478K	-335K	-36.7K	139K
Change In Inventories	-20.6K	-219K	-445K	384K	-11.5K
Change In Accounts Payable	755K	329K	23K	-403K	-157K
Change in Unearned Revenues	-2.82M	-1.25M	-710K	430K	336K
Change In Income Taxes	-596K	-2.93M	-750K	-611K	-1.37M
Change in Other Net Operating Assets	14.17M	8.97M	3.56M	416K	-980K
Cash from Operations	43.22M	48.35M	43.79M	43.99M	42.16M
Capital Expenditure	-4.16M	-283K	-139K	-384K	-195K
Sale of Property, Plant, and Equipment	-	-	9.4K	-	-
Sale (Purchase) of Intangible assets	-	-	-3.54M	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Cash from Investing	-4.16M	-283K	-3.67M	-384K	-195K
Long-Term Debt Issued, Total	47.76M	30M	33.7M	-	-
Total Debt Issued	47.76M	30M	33.7M	-	-
Long-Term Debt Repaid, Total	-50.35M	-4.25M	-7.95M	-4.25M	-9.19M
Total Debt Repaid	-50.35M	-4.25M	-7.95M	-4.25M	-9.19M
Issuance of Common Stock	8.25M	8.32M	4.75M	4.01M	5.03M
Repurchase of Common Stock	-48.99M	-44.22M	-49.12M	-	-
Common Dividends Paid	-2.93M	-5.86M	-8.86M	-10.76M	-12.37M
Common & Preferred Stock Dividends Paid	-2.93M	-5.86M	-8.86M	-10.76M	-12.37M
Special Dividend Paid	-11.3M	-27.3M	-10.4M	-32.9M	-26.5M
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-57.56M	-43.31M	-37.88M	-43.9M	-43.02M
Net Change in Cash	-18.5M	4.75M	2.24M	-294K	-1.06M
Supplemental Items
Cash Interest Paid	1.74M	1.39M	2.72M	3.05M	2.85M
Cash Income Tax Paid (Refund)	9.55M	11.56M	11.31M	10.87M	11.17M
Levered Free Cash Flow	26.73M	37.83M	32.18M	34.97M	33.21M
Unlevered Free Cash Flow	27.82M	38.74M	34M	36.9M	34.99M
Change In Net Working Capital	-4.57M	-4.81M	-1.65M	-969K	998K
Net Debt Issued / Repaid	-2.59M	25.75M	25.75M	-4.25M	-9.19M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	53.94	110.18	116.84	112.08	118.55
Return on Total Capital	76.97	205.13	224.9	225.26	246.44
Return On Equity %	5.58K	-158.22	-78.29	-66.53	-72.51
Return on Common Equity	5.58K	-158.22	-78.29	-66.53	-72.51
Margin Analysis
Gross Profit Margin %	92.97	93.87	94.23	94.16	95.8
SG&A Margin	32.1	28.51	28.45	30.16	30.69
EBITDA Margin %	61.6	66.18	66.6	64.93	66.1
EBITA Margin %	60.87	65.63	66.09	64.43	65.55
EBIT Margin %	60.87	65.63	65.85	64.01	65.11
Income From Continuing Operations Margin %	45.14	51.04	48.43	48.27	49.15
Net Income Margin %	45.14	51.04	48.43	48.27	49.15
Net Avail. For Common Margin %	45.14	51.04	48.43	48.27	49.15
Normalized Net Income Margin	36.44	39.85	38.99	38.56	39.38
Levered Free Cash Flow Margin	40.47	48.37	39.52	42.01	40.85
Unlevered Free Cash Flow Margin	42.11	49.53	41.76	44.33	43.05
Asset Turnover
Asset Turnover	1.42	2.69	2.84	2.8	2.91
Fixed Assets Turnover	11.08	14.87	17.36	19.55	21.33
Receivables Turnover (Average Receivables)	5.24	10.81	28.22	52.74	59.38
Inventory Turnover (Average Inventory)	48.26	22.19	8.57	8.4	8.72
Short Term Liquidity
Current Ratio	1.61	1.75	1.71	1.6	3.02
Quick Ratio	1.51	1.61	1.51	1.43	2.68
Operating Cash Flow to Current Liabilities	3.8	4.85	4.13	4.21	8.29
Days Sales Outstanding (Average Receivables)	69.49	33.67	13.15	6.9	6.13
Days Outstanding Inventory (Average Inventory)	7.54	16.4	43.27	43.32	41.76
Average Days Payable Outstanding	108.57	140.55	152.25	156.22	174.25
Cash Conversion Cycle (Average Days)	-31.54	-90.48	-95.83	-106	-126.37
Long Term Solvency
Total Debt/Equity	-257.19	-135.35	-126.71	-123.03	-124.74
Total Debt / Total Capital	163.62	382.92	474.38	534.13	504.12
LT Debt/Equity	-206.65	-123.29	-119.02	-115.9	-123.49
Long-Term Debt / Total Capital	131.46	348.82	445.58	503.17	499.04
Total Liabilities / Total Assets	136.3	245.3	302.37	304.21	290.15
EBIT / Interest Expense	23.14	35.31	18.39	17.24	18.53
EBITDA / Interest Expense	24.11	36.42	19.01	17.87	19.18
(EBITDA - Capex) / Interest Expense	21.72	36.22	18.97	17.74	19.11
Total Debt / EBITDA	0.7	1	1.41	1.32	1.16
Net Debt / EBITDA	0.54	0.78	1.16	1.08	0.94
Total Debt / (EBITDA - Capex)	0.78	1	1.41	1.33	1.17
Net Debt / (EBITDA - Capex)	0.6	0.79	1.17	1.08	0.94
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-9.87	18.4	4.08	2.25	-2.35
Gross Profit, 1 Yr. Growth %	-10.83	19.71	4.48	2.18	-0.65
EBITDA, 1 Yr. Growth %	-6.51	27.2	4.73	-0.3	-0.6
EBITA, 1 Yr. Growth %	-6.77	27.67	4.81	-0.32	-0.65
EBIT, 1 Yr. Growth %	-6.77	27.67	4.43	-0.62	-0.66
Earnings From Cont. Operations, 1 Yr. Growth %	-7.24	33.85	-1.24	1.91	-0.56
Net Income, 1 Yr. Growth %	-7.24	33.85	-1.24	1.91	-0.56
Normalized Net Income, 1 Yr. Growth %	-7.11	29.47	1.84	1.14	-0.27
Diluted EPS Before Extra, 1 Yr. Growth %	-1.53	35.75	4.68	0.64	-1.36
Accounts Receivable, 1 Yr. Growth %	-28.91	-61.52	-56.62	-19.41	-6.14
Inventory, 1 Yr. Growth %	23.95	205.07	136.96	-49.9	2.98
Net Property, Plant and Equip., 1 Yr. Growth %	-12.7	-10.8	-10.86	-7.35	-13.86
Total Assets, 1 Yr. Growth %	-49.32	-14.18	13.22	-4.89	-7.33
Tangible Book Value, 1 Yr. Growth %	-201.23	231.14	65.25	-4.31	-13.49
Common Equity, 1 Yr. Growth %	-191.41	243.48	57.69	-4.02	-13.71
Cash From Operations, 1 Yr. Growth %	-14.66	11.86	-9.43	0.47	-4.17
Capital Expenditures, 1 Yr. Growth %	-54.69	-93.19	-50.87	175.99	-49.23
Levered Free Cash Flow, 1 Yr. Growth %	8.53	39.33	-16.01	6.94	-3.41
Unlevered Free Cash Flow, 1 Yr. Growth %	8.19	37.19	-13.31	6.9	-3.63
Dividend Per Share, 1 Yr. Growth %	-11.11	100	59.38	21.57	12.9
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-4.55	3.3	11.01	3.16	-0.07
Gross Profit, 2 Yr. CAGR %	-4.83	3.31	11.84	3.32	0.75
EBITDA, 2 Yr. CAGR %	-1.66	9.05	15.42	2.18	-0.45
EBITA, 2 Yr. CAGR %	-1.88	9.1	15.67	2.21	-0.48
EBIT, 2 Yr. CAGR %	-1.88	9.1	15.47	1.88	-0.64
Earnings From Cont. Operations, 2 Yr. CAGR %	-0.5	11.43	14.98	0.32	0.67
Net Income, 2 Yr. CAGR %	-0.5	11.43	14.98	0.32	0.67
Normalized Net Income, 2 Yr. CAGR %	-0.98	9.66	14.82	1.49	0.43
Diluted EPS Before Extra, 2 Yr. CAGR %	3.12	15.62	19.2	2.64	-0.37
Accounts Receivable, 2 Yr. CAGR %	-28.44	-47.7	-59.14	-40.87	-13.03
Inventory, 2 Yr. CAGR %	-0.47	94.46	168.87	8.96	-28.17
Net Property, Plant and Equip., 2 Yr. CAGR %	153.33	-11.75	-10.83	-9.12	-10.66
Total Assets, 2 Yr. CAGR %	-18.04	-34.05	-1.43	3.77	-6.12
Tangible Book Value, 2 Yr. CAGR %	48.77	83.09	133.92	25.74	-9.02
Common Equity, 2 Yr. CAGR %	53.83	77.19	132.73	23.03	-8.99
Cash From Operations, 2 Yr. CAGR %	11.23	-2.3	0.65	-4.61	-1.88
Capital Expenditures, 2 Yr. CAGR %	-58.2	-82.44	-81.71	16.45	18.37
Levered Free Cash Flow, 2 Yr. CAGR %	183.05	23.93	8.86	-4.46	0.78
Unlevered Free Cash Flow, 2 Yr. CAGR %	139.1	22.74	9.72	-3	0.68
Dividend Per Share, 2 Yr. CAGR %	19.52	33.33	78.54	39.19	17.16
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1.8	2.56	3.56	8.01	1.29
Gross Profit, 3 Yr. CAGR %	-1.39	2.69	3.7	8.52	1.98
EBITDA, 3 Yr. CAGR %	1.29	7.15	7.59	9.92	1.25
EBITA, 3 Yr. CAGR %	1.19	7.12	7.65	10.08	1.25
EBIT, 3 Yr. CAGR %	1.19	7.12	7.52	9.83	1.02
Earnings From Cont. Operations, 3 Yr. CAGR %	6.66	9.84	7.04	10.44	0.03
Net Income, 3 Yr. CAGR %	6.66	9.84	7.04	10.44	0.03
Normalized Net Income, 3 Yr. CAGR %	1.85	8.28	6.99	10.07	0.9
Diluted EPS Before Extra, 3 Yr. CAGR %	10.9	13.02	11.85	12.66	1.29
Accounts Receivable, 3 Yr. CAGR %	-15.46	-41.81	-50.86	-48.76	-31.03
Inventory, 3 Yr. CAGR %	3.16	44.58	107.7	53.57	6.93
Net Property, Plant and Equip., 3 Yr. CAGR %	125.19	78.89	-11.46	-9.68	-10.73
Total Assets, 3 Yr. CAGR %	-13.75	-16.77	-21.03	-2.59	-0.07
Tangible Book Value, 3 Yr. CAGR %	-30.9	94.24	76.94	73.64	11.01
Common Equity, 3 Yr. CAGR %	-31.7	101.06	70.44	73.24	9.31
Cash From Operations, 3 Yr. CAGR %	19.69	11.44	-4.73	0.59	-4.46
Capital Expenditures, 3 Yr. CAGR %	-45.35	-77.17	-75.25	-54.81	-11.7
Levered Free Cash Flow, 3 Yr. CAGR %	175.56	124.65	9.31	8.8	-4.65
Unlevered Free Cash Flow, 3 Yr. CAGR %	116.1	99.67	9.75	9.33	-3.73
Dividend Per Share, 3 Yr. CAGR %	22.99	41.9	41.5	57.07	29.81
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-0.99	3.29	3.14	2.8	2.09
Gross Profit, 5 Yr. CAGR %	0.07	3.42	3.68	2.94	2.51
EBITDA, 5 Yr. CAGR %	1.64	6.03	6.72	5.14	4.3
EBITA, 5 Yr. CAGR %	1.63	6.08	6.75	5.13	4.32
EBIT, 5 Yr. CAGR %	1.63	6.08	6.68	4.99	4.18
Earnings From Cont. Operations, 5 Yr. CAGR %	6.47	12.5	9.91	5.93	4.44
Net Income, 5 Yr. CAGR %	6.47	12.5	9.91	5.93	4.44
Normalized Net Income, 5 Yr. CAGR %	1.79	6.82	6.86	5.51	4.32
Diluted EPS Before Extra, 5 Yr. CAGR %	10.48	15.45	14.15	8.74	6.79
Accounts Receivable, 5 Yr. CAGR %	-11.65	-26.48	-36.79	-41.44	-38.25
Inventory, 5 Yr. CAGR %	18.72	30.03	51.33	29.12	35.83
Net Property, Plant and Equip., 5 Yr. CAGR %	37.73	45.15	55.46	36.44	-11.14
Total Assets, 5 Yr. CAGR %	-7.94	-11.15	-9.01	-9.1	-15.37
Tangible Book Value, 5 Yr. CAGR %	-17.46	36.23	12.55	63.23	35.6
Common Equity, 5 Yr. CAGR %	-17.99	37.85	11.53	65.2	32.61
Cash From Operations, 5 Yr. CAGR %	14.12	12.97	11.68	4.72	-3.6
Capital Expenditures, 5 Yr. CAGR %	-28.54	-59.59	-64.73	-56.19	-53.72
Levered Free Cash Flow, 5 Yr. CAGR %	41.24	133.38	90.64	59.98	6.16
Unlevered Free Cash Flow, 5 Yr. CAGR %	36.45	80.7	65.28	49.96	6.36
Dividend Per Share, 5 Yr. CAGR %	24.26	34.02	42.76	40.81	31.21