Winmark Corp. (WINA) intrinsic value & 10-year financials
Winmark Corp. (WINA) has a Graham intrinsic value of $238.85 per share. At $314.83 on Oct 17, 2026, the stock trades 32% above that value. Over the last 10 fiscal years revenue grew 2.9% a year to $86.1M, with an average return on invested capital of 80.8%.
- Graham intrinsic value
- $238.85
- Share price (Oct 17, 2026)
- $314.83
- Price vs Graham value
- 32% above
- Market cap
- $1.2B
- Revenue (FY2025)
- $86.1M
- Revenue growth (10-yr CAGR)
- 2.9%
- ROIC (10-yr avg)
- 80.8%
- Free cash flow (FY2025)
- $44.7M
WINA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $86.1M | $41.7M | $11.30 | $44.7M | 63.4% | -138.5% |
| FY2024 | $81.3M | $40.0M | $10.89 | $42.0M | 65.1% | -137.8% |
| FY2023 | $83.2M | $40.2M | $11.04 | $43.6M | 64.0% | -145.2% |
| FY2022 | $81.4M | $39.4M | $10.97 | $43.7M | 65.9% | -388.3% |
| FY2021 | $1.3M | $39.9M | $10.48 | $48.3M | 3948.9% | 417.6% |
| FY2020 | $1.3M | $29.8M | $7.72 | $43.2M | 3093.2% | 172.8% |
| FY2019 | $73.3M | $32.1M | $7.84 | $50.5M | 58.8% | 151.6% |
| FY2018 | $72.5M | $30.1M | $7.26 | $34.2M | 57.6% | 293.0% |
| FY2017 | $69.7M | $24.6M | $5.66 | $25.1M | 55.6% | 398.2% |
| FY2016 | $66.6M | $22.1M | $5.13 | $26.2M | 57.5% | 184.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
WINMARK CORP has demonstrated mature, steady growth, with revenue compounding at 2.9% annually over the past decade.
WINMARK CORP has historically struggled to out-earn its cost of capital, averaging just -40.9% ROIC.
Over the decade, WINMARK CORP shows that management has aggressively returned capital to shareholders by retiring 14.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, WINMARK CORP is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $238.85 per share.