WINAWINMARK CORP

Retail-Miscellaneous Retail

Revenue: $86M; 5.9% YoY
Operating margin: 63.4%; 2.6% YoY
EBITDA: $55M; 3.0% YoY
Market cap: $1.0B
Employees: —
Net debt / EBITDA: 0.4×; $20M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
108% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
115% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1M	$81M	$83M	$81M	$86M	5.9%
Operating income	$51M	$54M	$53M	$53M	$55M	3.1%
Net income	$40M	$39M	$40M	$40M	$42M	4.3%
Operating cash flow	$48M	$44M	$44M	$42M	$45M	6.5%
Capex	$75K	$139K	$384K	$195K	$192K	1.3%
Stock-based comp	$1M	$2M	$2M	$2M	$2M	15%
Buybacks	$44M	$49M	—	—	$2M
Dividends	$33M	$19M	$44M	$39M	$49M	26%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 17, 2020	MORGAN JOHN L	SC 13D/A	1.8%	Passive
Apr 1, 2019	MORGAN JOHN L	SC 13D/A	9.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 3
Net: −$4M

Pay vs performance

No pay-versus-performance disclosure yet.