Winmark Corporation (WINA) Balance Sheet
WINA balance sheet, 2025
December 31, 2025 · U.S. dollars$24.9M assets = $78.6M liabilities + −$53.7M equity
Liabilities exceed assets: shareholders’ equity is negative (−$53.7M).
Both columns are drawn to the same scale: what WINA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WINA financial health
Descriptive bands, not a rating. Fiscal 2025.
WINA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $48.6M2016 | $24.9M2025 | −7.2%/yr | |
| Total liabilities | $56.4M2016 | $78.6M2025 | +3.7%/yr | |
| Shareholders’ equity | −$7.9M2016 | −$53.7M2025 | — | |
| Cash & short-term investments | $18.5M2016 | $10.5M2025 | −6.1%/yr | |
| Total debt | $45.3M2016 | $64.8M2025 | +4.1%/yr | |
| Net cash (debt) | −$26.9M2016 | −$54.3M2025 | −$27.5M | |
| Working capital | $15.4M2016 | $8.4M2025 | −$7.0M | |
| Book value per share | −$1.812016 | −$14.572025 | — | |
| Current ratio | 3.102016 | 2.492025 | −0.61 | |
| Shares outstanding | 4.3M2016 | 3.7M2025 | −1.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WINA assets
WINA liabilities and equity
WINA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WINA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $10.5M | $12.2M | $13.4M | $14.0M | $14.3M | $6.7M | $25.1M | $21.0M | $16.4M | $18.5M |
| Cash & equivalents | $10.5M | $12.2M | $13.4M | $13.6M | $11.4M | $6.7M | $25.1M | $2.5M | $1.1M | $1.3M |
| Short-term investments | — | $140,000 | $75,100 | $344,900 | $2.9M | $8.7M | $12.8M | $18.5M | $15.3M | $17.2M |
| Receivables | $1.9M | $1.4M | $189,600 | $2.0M | $1.8M | $10.5M | $15.0M | $20.7M | $19.3M | $20.2M |
| Inventory | $362,500 | $397,600 | $386,100 | $770,600 | $325,200 | $106,600 | $86,000 | $107,600 | $97,100 | $87,500 |
| Other current assets | $1.3M | $1.3M | $2.8M | $1.4M | $1.0M | $995,200 | $1.0M | $0 | $0 | $0 |
| Total current assets | $14.1M | $15.4M | $16.7M | $18.1M | $17.4M | $18.3M | $41.2M | $24.3M | $21.4M | $22.8M |
| Property, plant & equipment (net) | $3.0M | $3.5M | $4.1M | $4.4M | $5.0M | $5.6M | $6.4M | $866,200 | $486,800 | $769,600 |
| Goodwill & intangible assets | $2.9M | $3.2M | $3.6M | $4.0M | $607,500 | $607,500 | $607,500 | $607,500 | $1.2M | $1.2M |
| Long-term investments | $0 | $0 | $0 | $5,400 | $229,300 | $4.6M | $12.5M | $20.5M | $25.9M | $24.4M |
| Other non-current assets | $4.9M | $4.7M | $4.1M | $4.0M | $3.7M | $2.3M | $1.2M | $482,600 | $0 | $0 |
| Total assets | $24.9M | $26.8M | $28.5M | $30.5M | $26.9M | $31.3M | $61.8M | $46.7M | $48.4M | $48.6M |
| Liabilities | ||||||||||
| Accounts payable | $1.7M | $1.6M | $1.7M | $2.1M | $2.1M | $1.8M | $1.0M | $1.4M | $2.1M | $1.7M |
| Short-term debt | — | $641,900 | $4.2M | $4.2M | $4.2M | $5.3M | $9.5M | $9.3M | $4.4M | $2.0M |
| Deferred revenue | $1.7M | $1.7M | $1.7M | $1.6M | $1.6M | $1.7M | $1.7M | $1.7M | $1.7M | $1.9M |
| Total current liabilities | $5.7M | $5.1M | $10.5M | $10.6M | $10.0M | $11.4M | $11.9M | $12.5M | $9.5M | $7.4M |
| Long-term debt | $60.0M | $59.9M | $64.8M | $69.1M | $43.4M | $18.2M | $22.7M | $28.3M | $65.4M | $43.3M |
| Lease obligations | $2.4M | $3.1M | $3.7M | $4.3M | $4.8M | $7.0M | $9.4M | $5.7M | $1.7M | $0 |
| Other long-term liabilities | $12.9M | $12.9M | $12.8M | $12.4M | $12.6M | $13.1M | $14.8M | $10.7M | $4.3M | $5.7M |
| Total liabilities | $78.6M | $77.9M | $87.7M | $92.1M | $66.0M | $42.7M | $49.4M | $51.5M | $79.1M | $56.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $19.6M | $14.8M | $7.8M | $1.8M | — | $9.3M | $11.9M | $4.4M | $1.5M | $3.0M |
| Retained earnings (deficit) | −$73.3M | −$65.8M | −$66.9M | −$63.4M | −$39.1M | −$20.7M | $519,000 | −$9.2M | −$32.2M | −$10.8M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | $0 | — | — | — | $0 | −$4.1M | −$3.9M | −$9,900 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | −$53.7M | −$51.0M | −$59.2M | −$61.6M | −$39.1M | −$11.4M | $12.4M | −$4.8M | −$30.7M | −$7.9M |
| Key figures | ||||||||||
| Total debt | $64.8M | $63.0M | $72.8M | $77.6M | $52.4M | $28.8M | $35.0M | $34.6M | $69.2M | $45.3M |
| Net cash (debt) | −$54.3M | −$50.8M | −$59.4M | −$63.6M | −$38.1M | −$22.2M | −$9.8M | −$13.5M | −$52.8M | −$26.9M |
| Working capital | $8.4M | $10.3M | $6.3M | $7.5M | $7.5M | $6.9M | $29.3M | $11.8M | $11.9M | $15.4M |
| Tangible book value | −$56.6M | −$54.3M | −$62.8M | −$65.6M | −$39.7M | −$12.0M | $11.8M | −$5.4M | −$31.9M | −$9.1M |
| Book value per share | −$14.57 | −$13.92 | −$16.25 | −$17.16 | −$10.26 | −$2.95 | $3.04 | −$1.16 | −$7.07 | −$1.81 |
| Shares outstanding | 3.7M | 3.7M | 3.6M | 3.6M | 3.8M | 3.9M | 4.1M | 4.1M | 4.3M | 4.3M |
| Current ratio | 2.49 | 3.02 | 1.60 | 1.71 | 1.75 | 1.61 | 3.45 | 1.94 | 2.26 | 3.10 |
| Quick ratio | 2.19 | 2.68 | 1.30 | 1.51 | 1.61 | 1.51 | 3.36 | 3.34 | 3.78 | 5.25 |
| Debt / equity | — | — | — | — | — | — | 2.81 | — | — | — |
| Equity / assets | −215.7% | −190.2% | −207.6% | −202.4% | −145.3% | −36.3% | 20.1% | −10.3% | −63.4% | −16.2% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $28.0M | $25.8M | $19.8M | $10.5M | $39.7M | $28.8M | $21.8M | $12.2M | $37.2M | $29.4M | $22.9M | $13.4M |
| Cash & equivalents | $28.0M | $25.8M | $19.8M | $10.5M | $39.7M | $28.8M | $21.8M | $12.2M | $37.2M | $29.4M | $22.9M | $13.4M |
| Short-term investments | — | — | — | — | — | — | — | $0 | $0 | $0 | $34,100 | $75,100 |
| Receivables | $2.3M | $2.3M | $2.0M | $1.9M | $1.7M | $2.2M | $2.6M | $1.4M | $1.6M | $2.3M | $1.7M | $1.5M |
| Inventory | $789,200 | $656,900 | $421,400 | $362,500 | $283,700 | $362,100 | $338,200 | $397,600 | $441,800 | $268,200 | $420,900 | $386,100 |
| Other current assets | $1.6M | $2.0M | $2.8M | $1.3M | $1.4M | $897,800 | $1.0M | $1.3M | $1.3M | $1.0M | $1.3M | $1.4M |
| Total current assets | $32.6M | $30.8M | $25.1M | $14.1M | $43.1M | $32.2M | $25.8M | $15.4M | $40.5M | $33.0M | $26.3M | $16.7M |
| Property, plant & equipment (net) | $2.7M | $2.7M | $2.8M | $3.0M | $3.2M | $3.3M | $3.4M | $3.5M | $3.7M | $3.9M | $4.0M | $4.1M |
| Goodwill & intangible assets | $4.9M | $4.9M | $2.8M | $2.9M | $3.0M | $3.1M | $3.2M | $3.2M | $3.3M | $3.4M | $3.5M | $3.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $4.8M | $4.8M | $4.4M | $4.9M | $4.5M | $4.6M | $4.7M | $4.7M | $4.4M | $4.4M | $4.5M | $4.5M |
| Total assets | $45.0M | $43.2M | $35.1M | $24.9M | $53.7M | $43.2M | $37.1M | $26.8M | $52.0M | $44.7M | $38.3M | $29.0M |
| Liabilities | ||||||||||||
| Accounts payable | $1.8M | $2.1M | $1.1M | $1.7M | $1.4M | $1.2M | $1.5M | $1.6M | $1.6M | $1.5M | $1.3M | $1.7M |
| Short-term debt | $700,000 | — | — | — | $597,700 | $585,000 | — | $641,900 | $3.5M | $4.2M | $4.2M | $4.2M |
| Deferred revenue | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M |
| Total current liabilities | $10.2M | $8.2M | $17.7M | $5.7M | $7.2M | $7.0M | $9.7M | $5.1M | $10.5M | $11.5M | $14.4M | $10.5M |
| Long-term debt | $0 | $60.0M | $60.0M | $60.0M | $60.0M | $60.0M | $59.9M | $59.9M | $62.4M | $62.7M | $63.8M | $64.8M |
| Lease obligations | — | $2.1M | $2.2M | $2.4M | $2.6M | $2.8M | $2.9M | $3.1M | $3.3M | $3.4M | $3.6M | $3.7M |
| Other long-term liabilities | $72.2M | $12.6M | $3.6M | $12.9M | $12.9M | $13.1M | $13.4M | $12.9M | $12.7M | $12.7M | $12.7M | $12.8M |
| Total liabilities | $82.4M | $80.8M | $81.3M | $78.6M | $80.1M | $80.0M | $83.0M | $77.9M | $85.7M | $86.9M | $90.9M | $88.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $15.2M | $23.1M | $21.3M | $19.6M | $17.8M | $15.0M | $13.1M | $14.8M | $11.9M | $11.4M | $8.3M | $7.8M |
| Retained earnings (deficit) | −$52.6M | −$60.7M | −$67.5M | −$73.3M | −$44.1M | −$51.9M | −$59.1M | −$65.8M | −$45.7M | −$53.6M | −$60.9M | −$66.9M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | — | — | $0 |
| Total shareholders' equity | −$37.4M | −$37.6M | −$46.2M | −$53.7M | −$26.3M | −$36.8M | −$45.9M | −$51.0M | −$33.7M | −$42.2M | −$52.6M | −$59.2M |
| Key figures | ||||||||||||
| Total debt | $62.5M | $62.0M | $62.2M | $64.8M | $63.1M | $63.3M | $62.9M | $63.0M | $69.2M | $70.4M | $71.6M | $72.8M |
| Net cash (debt) | −$34.6M | −$36.2M | −$42.4M | −$54.3M | −$23.4M | −$34.5M | −$41.0M | −$50.8M | −$32.0M | −$41.0M | −$48.7M | −$59.3M |
| Working capital | $22.4M | $22.6M | $7.3M | $8.4M | $35.8M | $25.2M | $16.1M | $10.3M | $30.0M | $21.5M | $11.9M | $6.3M |
| Tangible book value | −$42.3M | −$42.5M | −$49.0M | −$56.6M | −$29.3M | −$39.9M | −$49.1M | −$54.3M | −$37.1M | −$45.6M | −$56.1M | −$62.8M |
| Book value per share | −$10.15 | −$10.16 | −$12.46 | −$14.50 | −$7.13 | −$10.03 | −$12.51 | −$13.92 | −$9.19 | −$11.54 | −$14.36 | −$16.08 |
| Shares outstanding | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M |
| Current ratio | 3.20 | 3.75 | 1.41 | 2.49 | 5.95 | 4.60 | 2.66 | 3.02 | 3.84 | 2.88 | 1.83 | 1.60 |
| Quick ratio | 2.96 | 3.43 | 1.23 | 2.19 | 5.72 | 4.42 | 2.52 | 2.68 | 3.68 | 2.76 | 1.71 | 1.43 |
| Equity / assets | −83.0% | −87.1% | −131.8% | −215.7% | −49.0% | −85.3% | −124.0% | −190.2% | −65.0% | −94.5% | −137.2% | −204.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
WINA financial position
At the end of fiscal 2025 (December 31, 2025), Winmark had total assets of $24.9 million (down 7.3% from a year earlier), total liabilities of $78.6 million and shareholders' equity of -$53.7 million. It held $10.5 million in cash and short-term investments against $64.8 million of debt, net debt of $54.3 million. Its current ratio was 2.49. In the latest quarter (ended September 30, 2026) total assets were $45.0 million and equity -$37.4 million.
Related: WINA income statement, WINA cash flow statement, WINA key metrics. See the WINA stock overview for the latest quote and news.
WINA balance sheet FAQ
What are Winmark's total assets?
Winmark reported total assets of $24.9 million at the end of fiscal 2025 (December 31, 2025), compared with $26.8 million a year earlier.
How much debt does Winmark have?
Winmark had $64.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Winmark have?
Winmark held $10.5 million in cash and short-term investments at the end of fiscal 2025; with $64.8 million of debt that is net debt of $54.3 million.
What is Winmark's book value?
Winmark's shareholders' equity (book value) was -$53.7 million at the end of fiscal 2025, or −$14.57 per share.
What is Winmark's current ratio?
Winmark had current assets of $14.1 million and current liabilities of $5.7 million, a current ratio of 2.49 (it can cover its short-term obligations).
How much goodwill does Winmark have?
Winmark carried $2.9 million of goodwill and intangible assets, 11.6% of total assets, at the end of fiscal 2025.