Winmark Corporation (WINA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-34.3%

$185.94

vs $283.16 price

Levered DCF

$193.06

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

12.43

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	34.97×	34.88×	36.15×	20.87×	22.25×	22.94×	23.69×	21.9×
P/B	-27.13×	-27.29×	-24.56×	-13.35×	-22.73×	-60.15×	61.18×	-137.21×
P/S	16.92×	17.14×	17.46×	10.1×	11.36×	10.36×	10.39×	9.1×
EV / EBITDA	26.65×	26.16×	27.24×	16.25×	17.87×	17.19×	17.55×	16.44×
Gross margin	96.4%	95.8%	94.2%	94.2%	93.9%	92.8%	93.9%	93.6%
Operating margin	63.4%	65.1%	64.0%	65.9%	65.6%	60.9%	58.8%	57.6%
Net margin	48.4%	49.2%	48.3%	48.4%	51.0%	45.1%	43.9%	41.5%
Current ratio	2.49×	3.02×	1.6×	1.71×	1.75×	1.61×	3.45×	1.94×
Debt / equity	-1.21×	-1.23×	-1.23×	-1.26×	-1.34×	-2.54×	2.81×	-7.19×
Interest coverage	22.31×	18.53×	17.24×	18.39×	34.95×	23.14×	24.92×	16.84×
Dividend yield	3.4%	2.8%	3.0%	2.3%	3.7%	2.1%	0.5%	0.3%
Payout ratio	117.9%	97.3%	108.7%	48.8%	83.1%	47.7%	10.7%	7.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-77.6%	-78.3%	-67.9%	-64.0%	-102.1%	-262.1%	258.3%	-626.5%
Return on invested capital	222.7%	189.8%	183.4%	172.9%	194.3%	123.1%	56.3%	73.7%
Return on assets	167.4%	148.8%	138.7%	129.4%	148.4%	95.2%	52.0%	64.6%
Free cash flow yield	3.1%	3.0%	3.0%	4.9%	5.4%	5.7%	5.4%	1.7%
Earnings yield	2.9%	2.9%	2.8%	4.8%	4.5%	4.4%	4.2%	4.6%
Enterprise value	$1.5B	$1.4B	$1.5B	$886.5M	$929.2M	$706.6M	$771.4M	$691.9M
Net debt / EBITDA	0.96×	0.92×	1.07×	1.17×	0.79×	0.54×	0.22×	0.76×
Cash conversion cycle (days)	-146	-118	-94	-96	-127	-70	-1	7