{"product_id":"wina-vrio-analysis","title":"Winmark Corporation (WINA): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlock the secrets to Winmark Corporation (WINA)'s competitive edge! This focused VRIO analysis distills whether its key assets are truly Valuable, Rare, Inimitable, and Organized to deliver sustainable success. Scroll down immediately to see the definitive verdict on what truly drives this business's performance.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWinmark Corporation (WINA) - VRIO Analysis: 1. Asset-Light, High-Margin Franchise Model\n\u003c\/h2\u003e\n\n\u003cp\u003eYou’re looking at Winmark Corporation (WINA) and trying to figure out if that franchise model is just good, or truly a moat. Honestly, the numbers from the first nine months of 2025 show this model is the engine driving their value, keeping the retail risk off their books.\u003c\/p\u003e\n\n\u003cp\u003eThe core takeaway is that Winmark’s structure allows it to operate with software-like profitability, which is rare for a company tied to physical retail locations. This isn't just theory; the financials back up the structure.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue: High Profitability from Royalties\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe value here is clear: Winmark Corporation collects royalties, which means they don't hold the inventory or manage the day-to-day retail headaches. For the third quarter ending September 27, 2025, the company reported total revenue of \u003cstrong\u003e$22.6 million\u003c\/strong\u003e, with net income reaching \u003cstrong\u003e$11,136,500\u003c\/strong\u003e. That translates to a net income margin of roughly \u003cstrong\u003e49.3%\u003c\/strong\u003e for the quarter, which is definitely high for this sector. Over the first nine months of 2025, net income stood at \u003cstrong\u003e$31,694,200\u003c\/strong\u003e. This structure is inherently valuable because it scales profit without scaling physical assets.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity: Margins That Don't Look Like Retail\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe rarity comes from achieving these margins in a franchise business. Many franchisors struggle to get close to these profitability levels because their revenue streams are too diluted by other activities. Winmark’s focus is laser-sharp. In Q3 2025, royalties hit \u003cstrong\u003e$20.9 million\u003c\/strong\u003e, up from \u003cstrong\u003e$19.5 million\u003c\/strong\u003e in Q3 2024. That’s a solid increase in their core, high-margin stream, showing the underlying unit economics are strong.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability: Scale and Discipline are the Moat\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eCopying the model isn't as simple as just opening a few stores. Imitability is moderately difficult because it requires decades of scale and the discipline to stick to the asset-light path. It took years to build the brand equity across Plato’s Closet®, Once Upon A Child®, and the others. The discipline to run-off the leasing portfolio, as they did starting in 2021, shows a commitment to this pure-play model that new entrants would struggle to match.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization: Built for Royalty Collection\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe entire Winmark Corporation structure is organized around maximizing and growing that royalty base. They have \u003cstrong\u003e1,377\u003c\/strong\u003e franchises in operation as of September 27, 2025, and the organization is clearly focused on supporting and growing that network. The rise in royalty revenue shows the systems - training, support, and brand management - are effectively working to drive franchisee sales, which directly feeds corporate revenue. Their cash position is also strong, with cash and equivalents rising to \u003cstrong\u003e$39.7 million\u003c\/strong\u003e at the end of Q3 2025, which helps fund continued support and expansion efforts.\u003c\/p\u003e\n\n\u003cp\u003eHere’s a quick comparison of the key financial drivers for the royalty stream:\u003c\/p\u003e\n\u003ctable\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eMetric\u003c\/td\u003e\n    \u003ctd\u003eQ3 2024 Value\u003c\/td\u003e\n    \u003ctd\u003eQ3 2025 Value\u003c\/td\u003e\n    \u003ctd\u003eChange\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eRoyalty Revenue\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e$19.5 million\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e$20.9 million\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\n\u003cstrong\u003e+7.18%\u003c\/strong\u003e (Calculated)\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eNet Income\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e$11.1207 million\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e$11,136,500\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eSlight Increase\u003c\/td\u003e\n  \u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage: Sustained by the Model\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThis asset-light, high-margin franchise model is a \u003cstrong\u003esustained competitive advantage\u003c\/strong\u003e. It’s not a single patent or a temporary marketing push; it’s the fundamental way Winmark Corporation is set up to operate. The advantage is deeply embedded in their organizational DNA and financial reporting structure.\u003c\/p\u003e\n\u003cp\u003eYou should focus your next steps on how to stress-test the royalty growth rate against new market penetration targets.\u003c\/p\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWinmark Corporation (WINA) - VRIO Analysis: 2. Diversified, Resale-Focused Brand Portfolio\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue: Mitigates risk by serving different consumer segments (apparel, sports, music) with five distinct brands, preventing over-reliance on one market niche.\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eBrand\u003c\/th\u003e\n\u003cth\u003ePrimary Segment\u003c\/th\u003e\n\u003cth\u003eStore Count (Approximate\/Latest Mentioned)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePlato's Closet\u003c\/td\u003e\n\u003ctd\u003eApparel (Teens\/Young Adults)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e515+\u003c\/strong\u003e (North America)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOnce Upon A Child\u003c\/td\u003e\n\u003ctd\u003eChildren's Products\u003c\/td\u003e\n\u003ctd\u003eReported milestone of \u003cstrong\u003e400\u003c\/strong\u003e locations in September 2021\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePlay It Again Sports\u003c\/td\u003e\n\u003ctd\u003eSports Equipment\u003c\/td\u003e\n\u003ctd\u003ePart of the 1,371 total franchises as of June 28, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eStyle Encore\u003c\/td\u003e\n\u003ctd\u003eApparel (Adult Women\/Men)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e69\u003c\/strong\u003e stores as of the end of 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMusic Go Round\u003c\/td\u003e\n\u003ctd\u003eMusical Instruments\/Gear\u003c\/td\u003e\n\u003ctd\u003ePart of the 1,371 total franchises as of June 28, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eSystem-wide sales (estimated revenues generated by all franchise locations) were \u003cstrong\u003e$1.6 billion\u003c\/strong\u003e in 2023. The used merchandise stores industry in the U.S. was estimated to have annual revenues of approximately \u003cstrong\u003e$15 billion\u003c\/strong\u003e in 2021.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity: Rare; having five established, successful resale concepts under one roof is uncommon in franchising.\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003eWinmark operates \u003cstrong\u003efive\u003c\/strong\u003e established resale franchise brands.\u003c\/li\u003e\n\u003cli\u003eAs of December 28, 2024, there were \u003cstrong\u003e1,350\u003c\/strong\u003e franchises in operation.\u003c\/li\u003e\n\u003cli\u003eAs of June 28, 2025, there were \u003cstrong\u003e1,371\u003c\/strong\u003e franchises operating.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability: Difficult; building brand equity across five distinct concepts takes decades of focused effort.\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003eWinmark has been operating for over \u003cstrong\u003e35 years\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eSince 2010, stores in the resale brands have extended the lives of over \u003cstrong\u003e1.9 billion\u003c\/strong\u003e items.\u003c\/li\u003e\n\u003cli\u003eThe company was founded in 1988 when it acquired the franchising rights for Play It Again Sports.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization: Strong; the company actively guides entrepreneurs to open multiple brands, with up to 47% of franchisees becoming multi-unit owners.\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003eUp to \u003cstrong\u003e47%\u003c\/strong\u003e of Winmark franchisees manage multiple stores.\u003c\/li\u003e\n\u003cli\u003eThe company successfully renewed \u003cstrong\u003e60\u003c\/strong\u003e out of \u003cstrong\u003e61\u003c\/strong\u003e franchise agreements available for renewal in the first six months of 2025.\u003c\/li\u003e\n\u003cli\u003eThe initial franchise fee is \u003cstrong\u003e$25,000\u003c\/strong\u003e, and the fee for an existing franchisee to set up another store is \u003cstrong\u003e$15,000\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage: Sustained; the portfolio diversity is a structural moat.\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cp\u003eFinancial performance highlights from the first six months of 2025 include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTotal Revenue: \u003cstrong\u003e$42.3 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eIncome from Operations: \u003cstrong\u003e$26.7 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNet Income: \u003cstrong\u003e$20.6 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eWinmark Corporation (WINA) - VRIO Analysis: 3. Exceptional Franchisee Satisfaction \u0026amp; Renewal Rate\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Ensures stable, predictable royalty revenue streams and lowers the cost of network maintenance.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Very rare; the renewal rate for the first six months of 2025 was \u003cstrong\u003e60 out of 61\u003c\/strong\u003e franchise agreements available for renewal. The renewal rate for the first three months of 2025 was \u003cstrong\u003e33 of 33\u003c\/strong\u003e franchise agreements available for renewal. The long-term renewal rate is nearly \u003cstrong\u003e98 percent\u003c\/strong\u003e over a ten-year period.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Very difficult; this stems from deep franchisee trust and consistent profitability, which can\\'t be bought.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Excellent; the focus on franchisee success directly translates to corporate financial health.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; this high trust level is a powerful, self-reinforcing asset.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003ePeriod\/Date\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Franchises Operating\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1,371\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of June 28, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFranchise Agreements Renewed\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e60\u003c\/strong\u003e out of \u003cstrong\u003e61\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eFirst six months of 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFranchise Agreements Renewed\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e33\u003c\/strong\u003e of \u003cstrong\u003e33\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eFirst three months of 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRoyalty Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$17.8 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ1 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFranchise Fees Collected\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$332,100\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ1 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eFranchisee support and network health metrics include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eSupport visits performed by talented support teams: Over \u003cstrong\u003e3,000\u003c\/strong\u003e every year.\u003c\/li\u003e\n\u003cli\u003eNet increase in franchise stores: \u003cstrong\u003e21\u003c\/strong\u003e stores during the first six months of 2025.\u003c\/li\u003e\n\u003cli\u003eFranchise fee for an additional store in the U.S.: \u003cstrong\u003e$15,000\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eContinuing royalty fees percentage: Generally ranging from \u003cstrong\u003e4% to 5%\u003c\/strong\u003e of gross sales.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eWinmark Corporation (WINA) - VRIO Analysis: 4. Strong Circular Economy\/Sustainability Alignment\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e64%\u003c\/strong\u003e of consumers say they're open to buying secondhand goods to save the planet as well as money.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e1,350\u003c\/strong\u003e franchised stores in operation as of December 28, 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCompetitors would need to match the scale evidenced by reaching over 1.9 billion items extended in life since 2010.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eSustainability is integrated into the business model, which has been a leader in the circular economy for over 30 years.\u003c\/li\u003e\n\u003cli\u003eThe business model is championed by Chairman and Chief Executive Officer Brett D. Heffes.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eTemporary to Sustained\u003c\/p\u003e\n\n\u003cp\u003eThe scale of operations provides a sustained advantage against trend alignment.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eSustainability Metric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eContext\/Timeframe\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCumulative Items Extended Life\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eOver 1.9 Billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSince 2010\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eItems Extended Life\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eOver 185 Million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024 alone\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eItems Extended Life\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e185 Million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePer Year\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eItems Extended Life\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e510 Thousand\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePer Day\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eItems Extended Life\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e6\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePer Second\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFranchises in Operation\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1,350\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of December 28, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompany History in Circular Economy\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eOver 30 Years\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSince 1988\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eWinmark operates five resale brands:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePlato's Closet\u003c\/li\u003e\n\u003cli\u003eOnce Upon A Child\u003c\/li\u003e\n\u003cli\u003ePlay It Again Sports\u003c\/li\u003e\n\u003cli\u003eStyle Encore\u003c\/li\u003e\n\u003cli\u003eMusic Go Round\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eAdditional context numbers:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFashion is the second-highest polluting industry in the world and contributes \u003cstrong\u003e8%\u003c\/strong\u003e of the world's greenhouse gas emissions.\u003c\/li\u003e\n\u003cli\u003eRevenues for the year ended December 28, 2024, were \u003cstrong\u003e$81,289,100\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eWinmark Corporation (WINA) - VRIO Analysis: 5. High Operating and Net Income Margins\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: Translates top-line growth directly into shareholder value, allowing for high cash returns like the recent \u003cstrong\u003e$10.00 per share\u003c\/strong\u003e special dividend. This special dividend totaled approximately \u003cstrong\u003e$35.6 million\u003c\/strong\u003e based on shares outstanding as of September 27, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: Rare; achieving high profitability in a retail-adjacent business is highly unusual, evidenced by a reported 51.96% Net Profit Margin for the second quarter of fiscal year 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Difficult; this margin profile is a result of the asset-light model, characterized by a large franchise base, which is not easily replicated by traditional retailers.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: Excellent; management clearly prioritizes cost control, despite a 9.1% rise in Selling, General, and Administrative (SG\u0026amp;A) expenses to \u003cstrong\u003e$7.43 million\u003c\/strong\u003e in Q1 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Sustained; it’s a function of the core business structure, as demonstrated by consistent high profitability across recent periods.\u003c\/p\u003e\n\u003cp\u003eThe financial performance supporting this high-margin structure includes:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003ePeriod\/Date\u003c\/td\u003e\n\u003ctd\u003eAmount\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003eQ3 Ended September 27, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$11,136,500\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDiluted EPS\u003c\/td\u003e\n\u003ctd\u003eQ3 Ended September 27, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.02\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Profit Margin\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e51.96%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue\u003c\/td\u003e\n\u003ctd\u003eQ1 Ended March 29, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$21,919,700\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003eQ1 Ended March 29, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$9,956,400\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSG\u0026amp;A Expenses\u003c\/td\u003e\n\u003ctd\u003eQ1 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$7.43 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe asset-light structure is quantified by the franchise network size:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFranchises in Operation (as of September 27, 2025): \u003cstrong\u003e1,377\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eAvailable Territories (as of September 27, 2025): Over \u003cstrong\u003e2,800\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eWinmark Corporation (WINA) - VRIO Analysis: 6. Proven Franchisee Support \u0026amp; Training System\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Reduces franchisee failure rates, which protects the royalty base and supports network expansion. The system supports a network of \u003cstrong\u003e1,350\u003c\/strong\u003e franchised stores in operation as of December 28, 2024. The effectiveness is suggested by brand-specific Average Unit Volumes (AUV), such as Plato's Closet reaching \u003cstrong\u003e$1,301,330\u003c\/strong\u003e in 2022.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderately rare; many franchisors offer support, but Winmark’s system is time-tested across diverse concepts since 1988.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; it requires years of operational refinement and institutional knowledge transfer. The initial training involves over \u003cstrong\u003e65 hours\u003c\/strong\u003e of classroom and in-store instruction. This includes dedicated time for business planning, with one full day focused on building a detailed three-year plan.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Strong; every new franchisee must attend mandatory training, showing commitment to standardization. The process includes Discovery Day, mandatory New Owner Orientation training (Resale University 101), and a second session (Resale University 201) focused on operations. The company had \u003cstrong\u003e79\u003c\/strong\u003e signed franchise agreements expected to open in 2025 as of December 28, 2024.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; the accumulated know-how is hard to reverse-engineer, supporting a network with over \u003cstrong\u003e2,800\u003c\/strong\u003e available territories.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eContext\/Date\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Franchised Stores in Operation\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1,350\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of December 28, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAvailable Territories\u003c\/td\u003e\n\u003ctd\u003eOver \u003cstrong\u003e2,800\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eAs of December 28, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSigned Franchise Agreements (Not Open)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e79\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of December 28, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMinimum Training Hours\u003c\/td\u003e\n\u003ctd\u003eOver \u003cstrong\u003e65 hours\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eClassroom and in-store instruction\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInitial U.S. Franchise Fee\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$25,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFor an initial store in the U.S. as of December 28, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eExample Brand AUV\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,301,330\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePlato's Closet (2022)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe support structure includes:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eMandatory attendance for all new franchisees regardless of prior experience.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003eAssistance in developing a business plan with financial and cash flow projections.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003eTraining modules covering:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eBusiness planning, lease evaluation, insurance needs, and financing.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003ePoint-of-sale computer training and inventory management.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003eLocal store marketing and advertising requirements, including a minimum spend of \u003cstrong\u003e5%\u003c\/strong\u003e of gross sales on approved advertising.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eWinmark Corporation (WINA) - VRIO Analysis: 7. Established Franchise Network Size \u0026amp; Growth Trajectory\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides a large, stable base for royalty collection and offers immediate scale for new brand rollouts.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderately rare; \u003cstrong\u003e1,377\u003c\/strong\u003e stores as of September 27, 2025, provides significant market penetration.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; building this physical footprint takes significant time and capital investment from franchisees.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Strong; the company added a net of \u003cstrong\u003e21\u003c\/strong\u003e stores in the first half of 2025, showing continued expansion momentum.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; scale is valuable, but new entrants can still grow, though slower.\u003c\/p\u003e\n\u003cp\u003eThe established franchise network size and growth trajectory are quantified by the following operational metrics:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eDate\/Period Reference\u003c\/td\u003e\n\u003ctd\u003eTotal Stores in Operation\u003c\/td\u003e\n\u003ctd\u003eFranchises Awarded (Not Open)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eDecember 28, 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1,350\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e79\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarch 29, 2025 (Q1 End)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1,363\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJune 28, 2025 (Q2 End)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1,371\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSeptember 27, 2025 (Q3 End)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1,377\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e77\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe network's stability is further evidenced by high franchisee retention:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFranchise renewal rate of \u003cstrong\u003e99%\u003c\/strong\u003e for the first three quarters of 2025.\u003c\/li\u003e\n\u003cli\u003eSuccessfully renewed \u003cstrong\u003e60\u003c\/strong\u003e out of \u003cstrong\u003e61\u003c\/strong\u003e franchise agreements available for renewal in the first six months of 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe current footprint across major brands includes:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePlato's Closet: \u003cstrong\u003e526\u003c\/strong\u003e stores.\u003c\/li\u003e\n\u003cli\u003eOnce Upon A Child: \u003cstrong\u003e439\u003c\/strong\u003e stores.\u003c\/li\u003e\n\u003cli\u003ePlay It Again Sports: \u003cstrong\u003e309\u003c\/strong\u003e stores.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eAvailable expansion capacity remains significant, with over \u003cstrong\u003e2,800\u003c\/strong\u003e available territories.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWinmark Corporation (WINA) - VRIO Analysis: 8. Counter-Cyclical\/Recession-Resistant Business Appeal\n\u003c\/h2\u003e\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003ePer store revenue and total revenue continued to increase each year during the Great Financial Crisis.\u003c\/p\u003e\n\u003cp\u003eDuring the 2008 recession, nearly \u003cstrong\u003etwo-thirds\u003c\/strong\u003e of U.S. resale store respondents reported an increase in sales, by an average \u003cstrong\u003e31 percent\u003c\/strong\u003e, according to a \u003cstrong\u003e2009\u003c\/strong\u003e National Association of Resale \u0026amp; Thrift Shops (NARTS) survey.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eGreat Financial Crisis Period (FY End 2009 vs 2008)\u003c\/td\u003e\n\u003ctd\u003eRecent Period (FY End 2024 vs 2023)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eStore Count Change\u003c\/td\u003e\n\u003ctd\u003eDecline from \u003cstrong\u003e924\u003c\/strong\u003e to \u003cstrong\u003e877\u003c\/strong\u003e stores\u003c\/td\u003e\n\u003ctd\u003eIncrease from \u003cstrong\u003e1,319\u003c\/strong\u003e to \u003cstrong\u003e1,350\u003c\/strong\u003e stores\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue\u003c\/td\u003e\n\u003ctd\u003eContinued to increase each year\u003c\/td\u003e\n\u003ctd\u003eChange from \u003cstrong\u003e$83,243,500\u003c\/strong\u003e to \u003cstrong\u003e$81,289,100\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eThe global secondhand apparel market is projected to reach \u003cstrong\u003e$367 billion\u003c\/strong\u003e by \u003cstrong\u003e2029\u003c\/strong\u003e, a \u003cstrong\u003e$226 billion\u003c\/strong\u003e increase from the gross merchandise value in \u003cstrong\u003e2021\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eInterest in secondhand shopping is on the rise, with \u003cstrong\u003e65%\u003c\/strong\u003e of anticipated growth expected to come from new thrift shoppers by \u003cstrong\u003e2028\u003c\/strong\u003e, according to a report from CapitalOne Shopping.\u003c\/p\u003e\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003eWinmark franchise renewal rate was more than \u003cstrong\u003e95 percent\u003c\/strong\u003e year after year for more than \u003cstrong\u003e10 years\u003c\/strong\u003e (as of \u003cstrong\u003e2017\u003c\/strong\u003e).\u003c\/p\u003e\n\u003cp\u003eThe resale industry has shown strong growth following the COVID-19 pandemic.\u003c\/p\u003e\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003eAt December \u003cstrong\u003e30, 2023\u003c\/strong\u003e, there were \u003cstrong\u003e1,319\u003c\/strong\u003e franchised stores in operation.\u003c\/p\u003e\n\u003cp\u003eAt December \u003cstrong\u003e28, 2024\u003c\/strong\u003e, there were \u003cstrong\u003e1,350\u003c\/strong\u003e franchises in operation and over \u003cstrong\u003e2,800\u003c\/strong\u003e available territories.\u003c\/p\u003e\n\u003cp\u003eFor the first \u003cstrong\u003e3\u003c\/strong\u003e quarters of \u003cstrong\u003e2025\u003c\/strong\u003e, net income was \u003cstrong\u003e$31.69 million\u003c\/strong\u003e on total revenue of \u003cstrong\u003e$57.35 million\u003c\/strong\u003e, yielding a profit margin of \u003cstrong\u003e55%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eWinmark's royalty revenue rose \u003cstrong\u003e6.6%\u003c\/strong\u003e to \u003cstrong\u003e$22.59 million\u003c\/strong\u003e in the third quarter of \u003cstrong\u003e2025\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eRevenues from Canadian franchisees were approximately \u003cstrong\u003e$7.3 million\u003c\/strong\u003e in \u003cstrong\u003e2024\u003c\/strong\u003e, \u003cstrong\u003e$6.8 million\u003c\/strong\u003e in \u003cstrong\u003e2023\u003c\/strong\u003e, and \u003cstrong\u003e$6.4 million\u003c\/strong\u003e in \u003cstrong\u003e2022\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eNet income for the year ended December \u003cstrong\u003e28, 2024\u003c\/strong\u003e was \u003cstrong\u003e$39,954,200\u003c\/strong\u003e.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003eNet income for the year ended December \u003cstrong\u003e30, 2023\u003c\/strong\u003e was \u003cstrong\u003e$40,178,100\u003c\/strong\u003e.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eWinmark Corporation (WINA) - VRIO Analysis: 9. Strong Cash Flow Generation Capability\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Funds shareholder returns, corporate investments, and provides a buffer against operational hiccups.\u003c\/p\u003e\n\n\u003cp\u003eThe company paid $3.2 million in cash dividends during Q1 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Rare; the ability to generate significant cash from operations is key to their premium valuation.\u003c\/p\u003e\n\n\u003cp\u003eThe business model supports a high cash conversion rate, with operating cash flow reaching 68.9% of sales in Q1 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; high cash flow is a result of the high-margin model and low capital expenditure needs.\u003c\/p\u003e\n\n\u003cp\u003eNet cash provided by operating activities was $15.08 million in Q1 2025, compared to $13.36 million in Q1 2024.\u003c\/p\u003e\n\u003cp\u003eCapital expenditure (Purchase of property and equipment) in Q1 2024 was only $87,900.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Excellent; operating activities generated $15.08 million in cash in just Q1 2025.\u003c\/p\u003e\n\n\u003cp\u003eThe organization supports shareholder returns through dividends and buybacks, evidenced by:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eNet income for Q1 2025 was $9,956,400.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eNet income for Q1 2024 was $8,819,000.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eThe company reported 1,363 franchises in operation as of March 29, 2025.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eNet debt on the books was $38 million.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eThe following table details key cash flow metrics for the three months ended March 29, 2025, and March 30, 2024:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ1 2025 (Three Months Ended)\u003c\/th\u003e\n\u003cth\u003eQ1 2024 (Three Months Ended)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$9,956,400\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$8,819,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Cash Provided by Operating Activities\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$15.08 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$13.36 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$21,919,700\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$20,109,500\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividends Paid\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$3.2 million\u003c\/strong\u003e (Declared\/Paid in the period)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2,797,900\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; it flows directly from the asset-light, royalty-driven structure.\u003c\/p\u003e\n\u003cp\u003eThe company's market capitalization was reported as $1.16B as of April 16, 2025.\u003c\/p\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday\u003c\/p\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516282101909,"sku":"wina-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/wina-vrio-analysis.png?v=1740232042","url":"https:\/\/dcf-model.com\/pt\/products\/wina-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}