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Forensic Analysis · Retail / Consumer Discretionary · as of Nov 9, 2026

Winmark Corp (WINA)

A forensic read on Winmark Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality, not compounding
Forensic grade
Clean
Earnings quality
2
Forensic signals
5.9%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Winmark Corp earns an A (High-quality, not compounding) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

115% of FCF
FY2025
Shareholder returns. Returned $52M to shareholders (buybacks + dividends) in FY2025 — 115% of free cash flow. That is $7M (15%) more than free cash flow covered, and more than operating cash flow as well. It came out of the balance sheet's own liquid holdings, not new debt: cash fell $2M over FY2025 — $2M of the $7M. The FY2025 cash-flow statement filed $5M from shares issued; net cash used in investing activities of $192,300; net cash used in financing activities of $47M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $2M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 120%.
-12%
FY2023→FY2024
Dividend — cut. The payout was CUT ~12% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$86.1M
Revenue Growth YoY+5.9%
Revenue CAGR (2yr)+1.7%
Net Margin48.4%
Free Cash Flow$44.7M

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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