Winmark Corporation — Earnings Quality Grade F
WINA · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 0 days, change +0 days YoY
AR growth 42.2% exceeds revenue growth 5.9%
Revenue 5.9%, CFFO 6.5%. Cash follows revenue
Expense Quality
Inventory -8.8% vs COGS -9.1%. Normal
CapEx growth -1.3% vs revenue 5.9%. Normal
SG&A/Gross Profit = 34.2%. Normal
Gross margin 96.4%, change +0.6pp. Stable
Cash Flow Quality
CFFO/NI = 1.08. Profits backed by cash
FCF $0.0B, FCF/NI = 1.07
Accruals ratio = -13.0%. Low accruals
Cash $0.0B covers only 17% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = -5% of equity. Manageable
Debt/EBITDA = 1.1x. Healthy
Other assets 3.1% vs revenue 5.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -11% YoY. Normal
Manipulation Score
M-Score = -2.75 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25