Winmark Corporation· WINA

Winmark's 2026 Outlook: Why the Stock Has Stalled Since 2023 Despite Rising Royalties

Winmark's royalty engine is healthy, with second-quarter royalties up 7.8% to $20.1 million and a 98% franchisee renewal rate locking in recurring revenue. A trailing P/E near 35 on a business growing mid-single digits seems to be the core problem, and it might explain why the stock has stalled since 2023.

Bessemer Group Inc. Increases Stake in Winmark Corporation $WINA

Bessemer Group Inc. raised its stake in Winmark Corporation (NASDAQ: WINA) by 3.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,738 shares of the specialty retailer's stock after acquiring an additional 1,440 shares during the quarter. Bessemer Group Inc.

Winmark: A Very Stable Business, But A Slightly Overvalued One

Winmark operates as a very capital-light, high-margin franchisor of secondhand stores. The business model is very low-risk. WINA continued to report healthy earnings growth in Q2, driven by higher royalties as the franchise continues to expand slowly. I estimate WINA stock to have -8% downside to $345. The stock is comparable to a slightly overvalued perpetual corporate bond.

Winmark Corporation Announces Quarterly Cash Dividend

MINNEAPOLIS--(BUSINESS WIRE)--Winmark Corporation (Nasdaq: WINA) announced today that its Board of Directors has approved the payment of a quarterly cash dividend to shareholders. The quarterly dividend of $1.02 per share will be paid on September 1, 2026 to shareholders of record on the close of business on August 12, 2026. Future dividends will be subject to Board approval. Winmark — the Resale Company®, is a nationally recognized franchisor focused on sustainability and small business format.

Winmark Corporation Announces Second Quarter Results

MINNEAPOLIS--(BUSINESS WIRE)--Winmark Corporation (Nasdaq: WINA) announced today net income for the quarter ended June 27, 2026 of $10,394,800 or $2.81 per share diluted compared to net income of $10,601,200 or $2.89 per share diluted in 2025. For the six months ended June 27, 2026, net income was $19,649,600 or $5.31 per share diluted compared to net income of $20,557,600 or $5.60 per share diluted for the same period last year. 2025 year-to-date results included $2.2 million of leasing income.

Winmark initiated with a Buy at Maxim