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1. Company Snapshot

1.a. Company Description

Winmark Corporation, together with its subsidiaries, operates as a franchisor of retail store concepts that buy, sell, trade, and consign used merchandise primarily in the United States and Canada.The company operates through two segments, Franchising and Leasing.Its franchises retail stores operate under the Plato's Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round brand names.


The company's Plato's Closet brand stores buys and sells used clothing and accessories for the teenage and young adult market; and Once Upon A Child brand stores buys and sells used and new children's clothing, toys, furniture, equipment, and accessories primarily to parents of children ages infant to 12 years.Its Play It Again Sports brand stores buys, sells, trades in, and used and new sporting goods, equipment, and accessories for various athletic activities, such as team sports, fitness, ski/snowboard, golf, and others; Style Encore brand stores buys and sells used women's apparel, shoes, and accessories; and Music Go Round brand stores buys, sells, trades in, and used and new musical instruments, speakers, amplifiers, music-related electronics, and related accessories.In addition, the company is also involved in the middle-market equipment leasing business focusing on technology and business-essential equipment.


As of February 23, 2022, it had 1,271 franchised stores, as well as offers its products online at musicgoround.com, playitagainsports.com, and style-encore.com.Winmark Corporation was incorporated in 1988 and is headquartered in Minneapolis, Minnesota.

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1.b. Last Insights on WINA

Winmark Corporation's recent performance was positively driven by steady earnings growth, with net income reaching $11,136,500 for the quarter ended September 27, 2025. The company's nine-month net income also showed a notable increase, rising to $31,694,200. Furthermore, Winmark's leadership addition of Lisa Hake as Chief Marketing Officer, brings over 25 years of marketing experience, potentially boosting brand management and innovation. The company's governance changes, including Jenele C. Grassle's decision not to stand for re-election, may also bring new perspectives to the board.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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82,152 Shares in Winmark Corporation $WINA Purchased by Fisher Asset Management LLC

Dec -03

Source: defenseworld.net

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Comparing Winmark (NASDAQ:WINA) and Arhaus (NASDAQ:ARHS)

Nov -30

Source: defenseworld.net

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Creative Planning Grows Stock Holdings in Winmark Corporation $WINA

Nov -26

Source: defenseworld.net

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Creative Planning Has $1.97 Million Stock Position in Winmark Corporation $WINA

Nov -26

Source: defenseworld.net

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Bank of New York Mellon Corp Increases Stock Holdings in Winmark Corporation $WINA

Nov -21

Source: defenseworld.net

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Teacher Retirement System of Texas Has $1.76 Million Stock Holdings in Winmark Corporation $WINA

Nov -04

Source: defenseworld.net

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Winmark Corporation Announces Third Quarter Results

Oct -15

Source: businesswire.com

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Winmark Corporation Announces Leadership Addition

Sep -22

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.01%)

6. Segments

Franchising

Expected Growth: 4.83%

Winmark Corporation's franchising growth of 4.83% is driven by increasing demand for used goods, successful brand recognition, and strategic store locations. Additionally, the company's diversified portfolio of brands, including Plato's Closet, Once Upon a Child, and Music Go Round, contributes to its growth. Furthermore, Winmark's focus on sustainability and eco-friendliness resonates with environmentally conscious consumers, driving sales and expansion.

Leasing

Expected Growth: 7.88%

Winmark Corporation's 7.88% leasing growth is driven by increasing demand for used goods, expansion into new markets, and strategic partnerships. Additionally, the company's diversified portfolio of brands, including Plato's Closet, Once Upon a Child, and Music Go Round, contributes to its growth. Furthermore, Winmark's focus on sustainability and eco-friendliness resonates with environmentally conscious consumers, driving leasing growth.

7. Detailed Products

Plato's Closet

A retail franchise that buys and sells gently used clothing and accessories for teens and young adults

Once Upon A Child

A retail franchise that buys and sells gently used children's clothing, toys, and equipment

Play It Again Sports

A retail franchise that buys and sells new and used sports equipment and gear

Music Go Round

A retail franchise that buys and sells new and used musical instruments and equipment

Style Encore

A retail franchise that buys and sells gently used women's clothing and accessories

8. Winmark Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Winmark Corporation's products and services are moderately susceptible to substitutes, as customers have some alternatives available in the market.

Bargaining Power Of Customers

Winmark Corporation's customers have limited bargaining power due to the company's strong brand presence and diversified product offerings.

Bargaining Power Of Suppliers

Winmark Corporation's suppliers have moderate bargaining power, as the company relies on a few key suppliers for its operations.

Threat Of New Entrants

The threat of new entrants is high in Winmark Corporation's industry, as the barriers to entry are relatively low and the market is attractive to new players.

Intensity Of Rivalry

The intensity of rivalry in Winmark Corporation's industry is high, as there are many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 662.82%
Debt Cost 5.38%
Equity Weight -562.82%
Equity Cost 8.08%
WACC -9.80%
Leverage -117.77%

11. Quality Control: Winmark Corporation passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Winmark

A-Score: 6.3/10

Value: 2.8

Growth: 5.0

Quality: 8.4

Yield: 6.0

Momentum: 9.0

Volatility: 6.3

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Build-A-Bear Workshop

A-Score: 6.1/10

Value: 5.1

Growth: 6.9

Quality: 7.0

Yield: 5.0

Momentum: 10.0

Volatility: 2.7

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Tandy Leather Factory

A-Score: 5.1/10

Value: 9.3

Growth: 3.8

Quality: 6.8

Yield: 5.0

Momentum: 0.5

Volatility: 5.3

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Liquidity Services

A-Score: 4.9/10

Value: 3.8

Growth: 6.1

Quality: 6.8

Yield: 0.0

Momentum: 7.5

Volatility: 5.0

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1stdibs

A-Score: 3.9/10

Value: 8.4

Growth: 4.7

Quality: 5.2

Yield: 0.0

Momentum: 1.0

Volatility: 4.0

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Stock-Card
A.K.A. Brands

A-Score: 2.3/10

Value: 7.2

Growth: 3.4

Quality: 2.2

Yield: 0.0

Momentum: 0.5

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

371.22$

Current Price

431.81$

Potential

-14.03%

Expected Cash-Flows