WINA WINMARK CORP

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 3/4 quarters. Q3 2025: $0M, Q2 2025: $0M, Q1 2025: $2M, Q1 2026: $2M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $2M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Buyback $5M / FCF $33M = 14% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 141,908 shares = 7.9% of 3,571,861 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

1 open-market purchase by SPRENGER GINA DECARO

• SPRENGER GINA DECARO () bought 250 shares at $410.77 on 2025-08-13

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 3 quarters but insufficient insider buying

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $3M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 100.5x more than bought. 3 C-suite officers among sellers

• Gaudette Renae M. (CHIEF OPERATING OFFICER) sold 100 shares on 2025-10-24
• Gaudette Renae M. (CHIEF OPERATING OFFICER) sold 1,100 shares on 2025-10-24
• HEFFES BRETT D (CHAIR AND CEO) sold 600 shares on 2025-08-26
• HEFFES BRETT D (CHAIR AND CEO) sold 400 shares on 2025-08-26
• HEFFES BRETT D (CHAIR AND CEO) sold 800 shares on 2025-08-26
• HEFFES BRETT D (CHAIR AND CEO) sold 641 shares on 2025-08-26
• HEFFES BRETT D (CHAIR AND CEO) sold 1,985 shares on 2025-08-27
• HEFFES BRETT D (CHAIR AND CEO) sold 1,186 shares on 2025-08-27
• HEFFES BRETT D (CHAIR AND CEO) sold 1,630 shares on 2025-08-27
• HEFFES BRETT D (CHAIR AND CEO) sold 170 shares on 2025-08-27