WINMARK CORPORATION

WINA · Consumer Discretionary · $1.4B mkt cap · FY2025 filings · Wide moat

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Wide moat

The four filters

Pricing power70

Median gross margin 96.0% over 10y, variable.

Returns on capital100

Median ROIC 527.7%, above the 9% hurdle in 100% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 22x.

Capital discipline83

Owner earnings +7.2%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

172% above value

Owner earnings (normalized): $40.6M
Est. intrinsic value / share: $145.18
Recent price: $394.69
Discount to value: 172% above value

Conservative model: 9% discount rate, 1% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell WINA. See the disclaimer.