Garmin Ltd.

GRMN · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Valuation
Market cap	$39,527	$40,202	$24,594	$17,689	$26,188	$23,013	$18,763	$12,178	$11,457	$9,326	$7,149	$10,202	$9,026	$7,943	$7,727	$6,104	$6,152	$4,006	$21,003	$12,024	$7,171	$6,587	$5,898	$3,170	$2,304	$1,988	$2,005
Enterprise value	$36,985	$37,864	$22,739	$16,351	$24,412	$21,243	$17,408	$10,793	$10,403	$8,212	$6,100	$8,838	$7,697	$6,558	$6,329	$4,819	$5,041	$3,297	$20,258	$11,613	$6,805	$6,272	$5,571	$2,860	$2,102	$1,784	$1,929
P/E (TTM) at period end	23.76×	28.48×	19.07×	18.17×	24.20×	23.19×	19.70×	17.55×	16.16×	18.01×	15.67×	28.01×	14.74×	14.64×	14.83×	10.44×	8.74×	5.47×	24.56×	23.39×	23.04×	32.02×	33.02×	22.20×	20.30×	18.82×	31.25×
P/S (TTM) at period end	5.46×	6.38×	4.70×	3.64×	5.26×	5.50×	4.99×	3.64×	3.71×	3.09×	2.53×	3.55×	3.43×	2.92×	2.80×	2.27×	2.09×	1.15×	6.60×	6.78×	6.98×	8.64×	10.29×	6.81×	6.24×	5.75×	8.62×
P/B at period end	4.41×	5.12×	3.51×	2.85×	4.28×	4.17×	3.91×	2.93×	2.97×	2.70×	2.12×	3.00×	2.47×	2.25×	2.37×	2.00×	2.17×	1.80×	8.94×	7.72×	6.20×	7.04×	7.87×	5.26×	5.07×	5.44×	10.30×
EV / EBITDA (TTM)	18.23×	21.83×	18.57×	14.26×	18.46×	18.76×	17.11×	12.80×	13.99×	11.92×	10.15×	11.96×	12.36×	9.99×	10.40×	6.98×	5.98×	3.63×	21.48×	19.39×	17.82×	20.55×	22.54×	14.77×	14.79×	13.03×	21.89×
EV / Sales (TTM)	5.10×	6.01×	4.35×	3.36×	4.90×	5.07×	4.63×	3.22×	3.37×	2.72×	2.16×	3.08×	2.92×	2.41×	2.29×	1.79×	1.71×	0.94×	6.37×	6.55×	6.62×	8.23×	9.72×	6.15×	5.69×	5.16×	8.29×
Returns
Return on equity	18.5%	18.0%	18.4%	15.7%	17.7%	18.0%	19.9%	16.7%	18.4%	15.0%	13.5%	10.7%	16.7%	15.4%	16.0%	19.2%	24.8%	32.9%	36.4%	33.0%	26.9%	22.0%	23.8%	23.7%	25.0%	28.9%	33.0%
Return on invested capital	22.5%	22.4%	20.1%	18.6%	23.3%	22.9%	23.9%	22.2%	23.1%	19.7%	17.4%	15.7%	21.7%	22.8%	25.1%	35.6%	39.2%	45.2%	48.3%	39.3%	34.3%	31.8%	37.8%	34.2%	33.4%	60.4%	53.2%
Dividend yield	1.7%	1.4%	2.3%	3.8%	1.9%	2.0%	2.2%	2.4%	3.3%	5.2%	5.3%	3.5%	3.9%	3.2%	4.0%	4.9%	2.4%	3.8%	0.8%	0.9%	0.8%	0.8%	0.9%	–	–	1.5%	0.4%
Financial health
Current ratio	3.63×	3.54×	3.41×	3.26×	2.94×	3.15×	2.95×	2.89×	2.96×	2.89×	2.55×	2.43×	2.87×	2.79×	3.00×	3.73×	3.49×	4.14×	2.91×	3.46×	4.10×	3.61×	5.17×	6.34×	7.19×	9.23×	6.14×
Debt / equity	0.00×	0.00×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00×	–	–	–	0.03×	0.07×	0.13×	0.14×
Effective tax rate	17.4%	16.7%	(7.4%)	8.6%	10.3%	10.1%	3.5%	15.7%	(1.7%)	18.9%	19.6%	49.7%	6.3%	13.1%	10.8%	(1.3%)	12.9%	19.9%	12.6%	13.5%	16.5%	19.4%	20.9%	21.9%	25.4%	25.0%	23.7%
Share count
Diluted shares outstanding	194	193	192	193	193	192	191	190	189	189	191	194	196	196	195	198	201	211	220	219	218	218	218	216	217	201	201

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Revenue and gross profit
Revenue	$7,671	$7,246	$6,297	$5,228	$4,860	$4,983	$4,187	$3,758	$3,347	$3,087	$3,019	$2,820	$2,871	$2,632	$2,716	$2,759	$2,690	$2,946	$3,494	$3,180	$1,774	$1,028	$763	$573	$465	$369	$346	$233
Cost of revenue	($3,062)	($2,989)	($2,600)	($2,223)	($2,054)	($2,092)	($1,705)	($1,524)	($1,368)	($1,324)	($1,357)	($1,282)	($1,266)	($1,225)	($1,277)	($1,420)	($1,344)	($1,502)	($1,941)	($1,717)	($892)	($493)	($351)	($242)	($210)	($171)	($154)	($100)
Gross profit	$4,609	$4,256	$3,697	$3,005	$2,807	$2,890	$2,481	$2,234	$1,980	$1,798	$1,689	$1,539	$1,604	$1,407	$1,438	$1,339	$1,346	$1,444	$1,554	$1,463	$882	$535	$411	$331	$255	$198	$191	$133
Operating expenses
Research and development	($1,181)	($1,126)	($994)	($905)	($835)	($779)	($652)	($605)	($568)	($512)	($468)	($427)	($395)	($365)	($326)	($299)	($277)	($238)	($206)	($159)	($113)	($75)	($79)	($44)	($32)	($28)	($22)	($17)
Selling, general and administrative	($1,310)	($1,254)	($1,109)	($1,008)	($944)	($721)	($624)	($519)	($478)	($438)	($411)	($395)	($372)	($355)	($370)	($341)	($288)	($264)	($277)	($190)	($215)	($122)	($62)	($60)	($45)	($39)	($33)	($27)
Total operating expenses	($2,491)	($2,380)	($2,103)	($1,913)	($1,779)	($1,672)	($1,427)	($1,288)	($1,201)	($1,114)	($1,056)	($989)	($914)	($833)	($834)	($785)	($710)	($658)	($691)	($556)	($328)	($197)	($141)	($104)	($78)	($67)	($62)	($50)
Total costs and expenses	($5,553)	($5,369)	($4,703)	($4,136)	($3,832)	($3,764)	($3,132)	($2,812)	($2,569)	($2,403)	($2,386)	($2,271)	($2,180)	($2,058)	($2,112)	($2,205)	($2,053)	($2,160)	($2,632)	($2,273)	($1,219)	($690)	($492)	($346)	($288)	($238)	($216)	($150)
Operating income	$2,118	$1,876	$1,594	$1,092	$1,028	$1,219	$1,054	$946	$778	$684	$633	$550	$691	$574	$604	$554	$637	$786	$862	$907	$555	$338	$271	$227	$177	$131	$129	$83
Earnings
EBITDA	$2,276	$2,029	$1,734	$1,225	$1,147	$1,322	$1,132	$1,018	$843	$744	$689	$601	$739	$623	$657	$608	$690	$843	$909	$943	$599	$382	$305	$247	$194	$142	$137	$88
Interest income	$141	$129	$114	$77	$41	$29	$37	$53	$47	$37	$33	$30	$36	$35	$35	$33	$25	$24	$36	$42	–	–	$9	–	–	–	–	–
Interest expense	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($1)	–	($1)	($0)	–	–	($40)	($9)	–	–	–	($1)
Pre-tax income	$2,269	$2,015	$1,695	$1,200	$1,065	$1,207	$1,103	$987	$823	$697	$639	$567	$724	$654	$625	$584	$577	$809	$914	$978	$595	$373	$255	$226	$183	$152	$141	$84
Income tax expense	($392)	($351)	($284)	$89	($91)	($125)	($111)	($35)	($129)	$12	($121)	($111)	($360)	($41)	($82)	($63)	$7	($105)	($182)	($123)	($80)	($61)	($50)	($47)	($40)	($39)	($35)	($20)
Net income	$1,877	$1,664	$1,411	$1,290	$974	$1,082	$992	$952	$694	$709	$518	$456	$364	$612	$542	$521	$585	$704	$733	$855	$514	$311	$206	$179	$143	$113	$106	$64
Per share
Diluted EPS (GAAP)	$9.70	$8.59	$7.30	$6.71	$5.04	$5.61	$5.17	$4.99	$3.66	$3.76	$2.73	$2.39	$1.88	$3.12	$2.76	$2.67	$2.95	$3.50	$3.48	$3.89	$2.35	$1.43	$0.95	$0.82	$0.66	$0.53	$0.53	$0.32
Basic EPS (GAAP)	$9.75	$8.65	$7.35	$6.74	$5.06	$5.63	$5.19	$5.01	$3.68	$3.77	$2.74	$2.39	$1.89	$3.13	$2.78	$2.68	$2.97	$3.51	$3.51	$3.95	$2.38	$1.44	$0.95	$0.83	$0.66	$0.53	$0.53	$0.32
Basic shares outstanding	193	192	192	191	193	192	191	190	189	188	189	191	193	195	195	194	197	200	209	217	216	216	217	217	216	216	201	201
Margins
Gross margin	60.1%	58.7%	58.7%	57.5%	57.7%	58.0%	59.3%	59.5%	59.1%	58.2%	55.9%	54.6%	55.9%	53.5%	53.0%	48.5%	50.1%	49.0%	44.5%	46.0%	49.7%	52.1%	53.9%	57.7%	54.8%	53.7%	55.3%	57.0%
Operating margin	27.6%	25.9%	25.3%	20.9%	21.1%	24.5%	25.2%	25.2%	23.3%	22.1%	21.0%	19.5%	24.1%	21.8%	22.2%	20.1%	23.7%	26.7%	24.7%	28.5%	31.3%	32.9%	35.5%	39.6%	38.1%	35.6%	37.4%	35.5%
Net margin	24.5%	23.0%	22.4%	24.7%	20.0%	21.7%	23.7%	25.3%	20.7%	23.0%	17.2%	16.2%	12.7%	23.3%	20.0%	18.9%	21.7%	23.9%	21.0%	26.9%	29.0%	30.3%	27.0%	31.2%	30.7%	30.7%	30.6%	27.6%

Analyst consensus

Hold28 analysts

Bearish · 2 · Hold · 20 · Bullish · 6

Earnings history

	EPS	Estimate
Q3 2024	$1.99	$1.44	Beat
Q4 2024	$2.41	$1.90	Beat
Q1 2025	$1.61	$1.67	Miss
Q2 2025	$2.17	$1.90	Beat
Q3 2025	$1.99	$1.99	Match
Q4 2025	$2.79	$2.40	Beat
Q1 2026	$2.08	$1.84	Beat
Q2 2026	$2.81	$2.30	Beat

Peers

Company overview

IPO dateDec 8, 2000

CEOClifton Albert Pemble

Employees23,000

SectorTechnology

IndustryHardware, Equipment & Parts

CountryCH

ExchangeNew York Stock Exchange

Websitewww.garmin.com

Garmin Ltd. specializes in the design, development, manufacturing, marketing, and global distribution of diverse wireless products and solutions. Its operations span across North and South America, the Asia Pacific region, the Australian Continent, Europe, the Middle East, and Africa. The company's offerings are organized into several key segments: Fitness: This division caters to athletes and active individuals with products like specialized running and multi-sport watches, cycling computers, activity trackers, smartwatches, and various fitness-related accessories. Additionally, it supports these offerings with its Garmin Connect web and mobile platforms, alongside Connect IQ, an ecosystem for app development. Outdoor: Garmin's Outdoor category features rugged adventure watches, portable GPS devices, golf-specific instruments and accompanying mobile applications, plus specialized dog tracking and training systems. Aviation: The Aviation sector delivers comprehensive avionics solutions for aircraft, encompassing integrated cockpit systems, advanced flight displays and instrumentation, navigation and communication tools, automated flight controls, safety enhancements, audio management, engine monitoring, traffic and weather avoidance systems, ADS-B transponders, data connectivity, portable GPS navigators, wearable aviation devices, and related support services. Marine: For the Marine market, Garmin provides a suite of solutions including chartplotters, multi-function displays, marine cartography, fish finders, sonar technology, autopilots, radar systems, compliant instrumentation and sensors, VHF radios, handheld and wearable marine devices, sailing-specific products, onboard entertainment, digital switching, and electric trolling motors. Auto: The Automotive segment focuses on in-vehicle computing and infotainment systems, personal navigation units, and various camera solutions. Garmin's products are distributed through a diverse network including independent and online retailers, authorized dealers, distributors, service and installation centers, original equipment manufacturers (OEMs), and directly via its official e-commerce platform, garmin.com. Established in 1989, Garmin Ltd. maintains its corporate headquarters in Schaffhausen, Switzerland.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.