Core Insights - Winmark Corporation (NASDAQ:WINA) is focusing on a strategic shift towards franchising retail stores that sell secondhand goods, with a notable increase in franchise locations from 1,319 to 1,350 by the end of 2024, indicating steady expansion [1] - The company is gradually exiting its leasing segment to enhance margins and align with its long-term strategy, while also emphasizing sustainability and the circular economy [2] - Winmark's strong cash reserves, exceeding $39.7 million in cash and cash equivalents as of Q3 2025, have allowed it to maintain a solid dividend policy, with an operating cash flow of over $36.3 million [3] Financial Performance - Over the past five years, Winmark has consistently raised its dividends at an annual average rate of nearly 36%, and has also issued special dividends, making it a strong candidate for dividend investors [4] - The current quarterly dividend stands at $0.96 per share, with a dividend yield of 0.98% as of October 30 [4]