WINMARK CORP
WINA · Retail-Miscellaneous Retail · 3.6M shares · -3%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $466K (gross $2M, SBC $2M)
Reference price $475.80 · est. market cap ~$1.7B — last insider sale, 2026-03-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B82Asset-light resale franchisor with top-decile margins, recurring royalties and ~98% renewals, but small scale and modest growth.
Strengths
- Top-decile operating margin (63%, 100th pct), FCF margin (52%, 100th pct) and ROA (167%, 94th pct)
- Durable recurring-royalty model with 98% renewal rate and 96% gross margin
- Low capital intensity and consistent cash generation
Risks
- Small scale ($86M revenue) and modest revenue growth (5.9%)
- Negative ROE is a buyback/negative-equity artifact, not distress; a leasing-litigation settlement aided 2025
- Concentration in five consumer-discretionary resale brands
Notable findings
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
96.4%
Operating margin
63.4%
Net margin
48.4%
Return on equity
-77.6%
Return on assets
167.4%
Revenue growth (QoQ)
-1.1%
Net-income growth
4.3%
Current ratio
2.5×
Free cash flow
$45M
EBITDA
$55M
Tangible book value
-$57M
Cash & investments
$10M
Stock comp / revenue
2.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-30 | Ishaug Anthony D | Option exercise | 3.3K | $98.25 |
| 2026-04-28 | Gaudette Renae M. | Option exercise | 2.5K | $98.25 |
| 2026-03-04 | GRASSLE JENELE C | Sell | 3.9K | $475.80 |
| 2026-03-03 | Tomlinson Percy C Jr | Sell | 1.7K | $460.52 |
| 2026-02-26 | Tomlinson Percy C Jr | Option exercise | 1.6K | $242.58 |
| 2026-02-26 | Tomlinson Percy C Jr | Option exercise | 60 | $197.80 |
| 2026-02-25 | GRASSLE JENELE C | Option exercise | 750 | $176.20 |
| 2026-02-25 | GRASSLE JENELE C | Option exercise | 800 | $143.20 |
| 2026-02-25 | GRASSLE JENELE C | Option exercise | 800 | $134.25 |
| 2026-02-25 | GRASSLE JENELE C | Option exercise | 800 | $156.00 |
| 2026-02-25 | GRASSLE JENELE C | Option exercise | 750 | $164.84 |
| 2025-11-21 | GRASSLE JENELE C | Sell | 2.4K | $420.87 |
| 2025-11-19 | GRASSLE JENELE C | Option exercise | 800 | $98.25 |
| 2025-11-19 | GRASSLE JENELE C | Option exercise | 800 | $125.50 |
| 2025-11-19 | GRASSLE JENELE C | Option exercise | 800 | $122.50 |
| 2025-11-07 | Ishaug Anthony D | Option exercise | 2.5K | $98.25 |
| 2025-11-07 | Ishaug Anthony D | Option exercise | 510 | $195.82 |
| 2025-11-04 | Tomlinson Percy C Jr | Option exercise | 600 | $197.80 |
| 2025-10-24 | Gaudette Renae M. | Sell | 100 | $435.62 |
| 2025-10-24 | Gaudette Renae M. | Sell | 1.1K | $415.43 |
| 2025-10-22 | Gaudette Renae M. | Option exercise | 2.5K | $90.99 |
| 2025-09-17 | Barbetta Lawrence A | Sell | 636 | $504.91 |
| 2025-09-17 | Barbetta Lawrence A | Sell | 216 | $505.33 |
| 2025-08-27 | HEFFES BRETT D | Sell | 2.0K | $454.95 |
| 2025-08-27 | HEFFES BRETT D | Option exercise | 2.1K | $176.20 |
| 2025-08-27 | HEFFES BRETT D | Option exercise | 2.9K | $164.84 |
| 2025-08-27 | HEFFES BRETT D | Option exercise | 1.4K | $143.87 |
| 2025-08-27 | HEFFES BRETT D | Sell | 1.2K | $454.03 |
| 2025-08-27 | HEFFES BRETT D | Sell | 1.6K | $452.72 |
| 2025-08-27 | HEFFES BRETT D | Sell | 170 | $451.76 |
| 2025-08-26 | HEFFES BRETT D | Sell | 641 | $452.07 |
| 2025-08-26 | HEFFES BRETT D | Sell | 800 | $453.82 |
| 2025-08-26 | HEFFES BRETT D | Option exercise | 1.9K | $143.87 |
| 2025-08-26 | HEFFES BRETT D | Option exercise | 526 | $164.84 |
| 2025-08-26 | HEFFES BRETT D | Sell | 400 | $456.97 |
| 2025-08-26 | HEFFES BRETT D | Sell | 600 | $458.65 |
| 2025-08-26 | HEFFES BRETT D | Option exercise | 510 | $195.82 |
| 2025-08-13 | SPRENGER GINA DECARO | Buy | 250 | $410.77 |
| 2025-07-17 | HEFFES BRETT D | Inherited | 53 | — |
| 2025-05-30 | Ishaug Anthony D | Sell | 457 | $422.00 |
| 2025-05-30 | Ishaug Anthony D | Sell | 200 | $428.14 |
| 2025-05-30 | Ishaug Anthony D | Sell | 2.9K | $427.07 |
| 2025-05-30 | Ishaug Anthony D | Sell | 300 | $423.13 |
| 2025-05-30 | Ishaug Anthony D | Sell | 184 | $420.60 |
| 2025-05-30 | Ishaug Anthony D | Option exercise | 6.8K | $90.99 |
| 2025-05-16 | GRASSLE JENELE C | Sell | 1.6K | $428.23 |
| 2025-05-12 | GRASSLE JENELE C | Option exercise | 800 | $90.99 |
| 2025-05-12 | GRASSLE JENELE C | Option exercise | 800 | $91.93 |
| 2025-05-06 | Ishaug Anthony D | Sell | 308 | $365.09 |
| 2025-05-06 | Ishaug Anthony D | Sell | 89 | $365.61 |
| 2025-05-06 | Ishaug Anthony D | Sell | 1.0K | $367.03 |
| 2025-05-06 | Ishaug Anthony D | Sell | 169 | $368.14 |
| 2025-05-06 | Ishaug Anthony D | Option exercise | 3.3K | $91.93 |
| 2025-04-28 | Gaudette Renae M. | Option exercise | 2.5K | $91.93 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-06 | Exec/director changeExhibits | filing ↗ |
| 2026-04-22 | Shareholder vote | filing ↗ |
| 2026-04-15 | ResultsReg FDOtherExhibits | filing ↗ |
| 2026-03-16 | Other | filing ↗ |
| 2026-02-18 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-28 | Reg FDOtherExhibits | filing ↗ |
| 2025-10-15 | ResultsReg FDOtherExhibits | filing ↗ |
| 2025-08-08 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-06 | 2026-05-05 | 0000908315-26-000021 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0000908315-26-000019 ↗ |
| 10-Q | 2026-04-15 | 2026-03-28 | 0000908315-26-000017 ↗ |
| 8-K | 2026-04-15 | 2026-04-15 | 0000908315-26-000016 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0000908315-26-000012 ↗ |
| 10-K | 2026-02-25 | 2025-12-27 | 0000908315-26-000007 ↗ |
| 8-K | 2026-02-18 | 2026-02-18 | 0000908315-26-000004 ↗ |
| 8-K | 2026-01-28 | 2026-01-28 | 0000908315-26-000002 ↗ |
| 10-Q | 2025-10-15 | 2025-09-27 | 0000908315-25-000034 ↗ |
| 8-K | 2025-10-15 | 2025-10-15 | 0000908315-25-000036 ↗ |
| 8-K | 2025-08-08 | 2025-08-06 | 0000908315-25-000030 ↗ |
| 8-K | 2025-07-15 | 2025-07-15 | 0000908315-25-000026 ↗ |