Winmark Stock Is Down More Than 30% in 2026. Here’s What $1,000 Became in 10 Years

Quick Read

• A $1,000 bet on Winmark (NASDAQ:WINA) a decade ago grew to about $3,140, but the stock has dropped 32% in 2026.

• Winmark trailed the S&P 500 (NYSEARCA:SPY) over one, five and ten years, even with dividends, which turned $1,000 into $3,140 versus $3,507.

• Franchisees run the stores while Winmark collects royalties, producing $45 million of free cash flow and funding buybacks and special dividends.

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A $1,000 investment in Winmark (NASDAQ:WINA) made a decade ago would be worth $3,139.54 today, a 213.95% gain with dividends included. The catch is 2026: the shares are down 32.39% this year alone.

How a Resale Franchisor Became a Cash Machine

Winmark owns the brands, and franchisees own the stores. Its 1,398 franchised locations run Plato’s Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round. Most of Winmark’s revenue comes from royalties, which reached $21.71M in Q3, up from $20.91M a year earlier.

Because Winmark doesn’t carry store costs, the business produced $44.70M of free cash flow in FY2025. Management handed cash back through buybacks and special dividends so heavily that shareholders’ equity now stands at -$37.4M.

Why 2026 Hurt

Winmark has missed EPS estimates for five straight quarters. The worst was Q2, when it reported $2.81 against an estimate of $3.14. The stock fell from $461.40 at February’s earnings report to $283.70 in October. Much of the extra spending is going into new advertising funds. CEO Brett Heffes explained why: “For many years Winmark and our franchisees have underinvested in the marketing necessary to consistently amplify our message across North America.”

Your $1,000 Tripled but Trailed the Market

Winmark’s figures include dividends. The S&P 500 figures use the share price of SPDR S&P 500 ETF Trust (NYSEARCA:SPY) only.

1-Year Return

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