Winmark Has A Good Business Model But It's Still Overvalued (Rating Downgrade)

2026-02-23 04:08:13 ET

Winmark ( WINA ) is a shareholder-friendly company that licenses thrift shop brands to franchisees. It could be a good dividend growth stock at a lower price, but right now, I think it’s overvalued. You might not have heard about Winmark before because its revenue is very low for a publicly traded company, even though it has nearly 1,400 stores. Winmark doesn’t operate its thrift stores directly; it collects royalties from the franchise owners, so it also has very high margins. And it pays out a large percentage of its royalty income as special dividends....

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