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Winmark Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Winmark has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Winmark's Piotroski F-Score or its related term are showing as below:

WINA' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 7   Max: 9
Current: 6

During the past 13 years, the highest Piotroski F-Score of Winmark was 9. The lowest was 3. And the median was 7.


Winmark Piotroski F-Score Historical Data

The historical data trend for Winmark's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Winmark Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 9.00 5.00 8.00

Winmark Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 8.00 8.00 6.00

Competitive Comparison

For the Specialty Retail subindustry, Winmark's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Winmark Piotroski F-Score Distribution

For the Retail - Cyclical industry and Consumer Cyclical sector, Winmark's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Winmark's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar22) TTM:Last Year (Mar21) TTM:
Net Income was 8.937 + 10.083 + 11.589 + 9.853 = $40.46 Mil.
Cash Flow from Operations was 9.539 + 11.922 + 13.3 + 13.348 = $48.11 Mil.
Revenue was 19.03 + 20.153 + 20.374 + 20.05 = $79.61 Mil.
Gross Profit was 17.719 + 19.113 + 18.882 + 18.969 = $74.68 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(30.698 + 27.019 + 54.972 + 26.899 + 15.271) / 5 = $30.9718 Mil.
Total Assets at the begining of this year (Mar21) was $30.70 Mil.
Long-Term Debt & Capital Lease Obligation was $60.61 Mil.
Total Current Assets was $5.89 Mil.
Total Current Liabilities was $12.65 Mil.
Net Income was 5.055 + 9.359 + 8.092 + 9.311 = $31.82 Mil.

Revenue was 12.39 + 18.277 + 16.795 + 18.659 = $66.12 Mil.
Gross Profit was 11.527 + 17.168 + 16.175 + 17.711 = $62.58 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(59.892 + 31.626 + 35.839 + 31.343 + 30.698) / 5 = $37.8796 Mil.
Total Assets at the begining of last year (Mar20) was $59.89 Mil.
Long-Term Debt & Capital Lease Obligation was $22.13 Mil.
Total Current Assets was $19.19 Mil.
Total Current Liabilities was $13.63 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Winmark's current Net Income (TTM) was 40.46. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Winmark's current Cash Flow from Operations (TTM) was 48.11. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar21)
=40.462/30.698
=1.31806632

ROA (Last Year)=Net Income/Total Assets (Mar20)
=31.817/59.892
=0.53123956

Winmark's return on assets of this year was 1.31806632. Winmark's return on assets of last year was 0.53123956. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Winmark's current Net Income (TTM) was 40.46. Winmark's current Cash Flow from Operations (TTM) was 48.11. ==> 48.11 > 40.46 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=60.605/30.9718
=1.95678004

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=22.133/37.8796
=0.58429867

Winmark's gearing of this year was 1.95678004. Winmark's gearing of last year was 0.58429867. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar22)=Total Current Assets/Total Current Liabilities
=5.886/12.653
=0.46518612

Current Ratio (Last Year: Mar21)=Total Current Assets/Total Current Liabilities
=19.189/13.625
=1.40836697

Winmark's current ratio of this year was 0.46518612. Winmark's current ratio of last year was 1.40836697. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Winmark's number of shares in issue this year was 3.716. Winmark's number of shares in issue last year was 3.874. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=74.683/79.607
=0.93814614

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=62.581/66.121
=0.94646179

Winmark's gross margin of this year was 0.93814614. Winmark's gross margin of last year was 0.94646179. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar21)
=79.607/30.698
=2.59323083

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar20)
=66.121/59.892
=1.10400387

Winmark's asset turnover of this year was 2.59323083. Winmark's asset turnover of last year was 1.10400387. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+0+0+1+0+1
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Winmark has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Winmark  (NAS:WINA) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Winmark Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Winmark's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Winmark Business Description

Winmark logo
Industry
Consumer Cyclical » Retail - Cyclical NAICS : 533110 SIC : 5999
Traded in Other Exchanges
N/A
Address
605 Highway 169 North, Suite 400, Minneapolis, MN, USA, 55441
Winmark Corp is a franchisor of value-oriented retail store concepts that buy, sell and trade gently used the merchandise. The company's reportable segments include Franchising and Leasing. The franchising segment franchises value-oriented retail store that buys, sells, trade and consign merchandise as well as provide strategic consulting services relating to franchising. The leasing segment includes middle-market equipment leasing business and small-ticket financing business. It generates a majority of its revenue from the Franchising segment.
Executives
Mackenzie Kirk A director 605 HWY 169 N SUITE 400 MINNEAPOLIS MN 55441
Wilson Mark L director 605 HWY 169 N SUITE 400 MINNEAPOLIS MN 55441
Gaudette Renae M. officer: President of Franchising 605 HIGHWAY 169 N, SUITE 400 MINNEAPOLIS MN 55441
Heffes Brett D director, officer: Chairman and CEO 605 HWY 169 N SUITE 400 MINNEAPOLIS MN 55441
Ishaug Anthony D officer: Chief Financial Officer 605 HWY 169 N SUITE 400 MINNEAPOLIS MN 55441
Barbetta Lawrence A director 605 HWY 169 N SUITE 400 MINNEAPOLIS MN 55441
Reyelts Paul C director 605 HWY 169 N SUITE 400 MINNEAPOLIS MN 55441
Grassle Jenele C director 605 HWY 169 N SUITE 400 MINNEAPOLIS MN 55441
Goff Leah A officer: VP of Human Resources 605 HWY 169 N SUITE 400 MINNEAPOLIS MN 55441
Olson Ronald G 10 percent owner GROWN BIZ INTERNATIONAL INC 4200 DAHLBERG DRIVE MINNEAPOLIS MN 55422-4837
Morgan John L director, 10 percent owner, officer: Executive Chairman 605 HIGHWAY 169 SUITE 400 MINNEAPOLIS MN 55441
Murphy Steven officer: President of Franchising 605 HWY 169 N SUITE 400 MINNEAPOLIS MN 55441
Zola Steven C director, officer: President, Winmark Capital 605 HWY 169 N SUITE 400 MINNEAPOLIS MN 55441
Bradshaw James Shel 10 percent owner 12600 HILL COUNTRY BLVD SUITE R-230 AUSTIN TX 78738
Bares Brian Timothy 10 percent owner 12600 HILL COUNTRY BLVD SUITE R-230 AUSTIN TX 78738

Winmark Headlines

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