NYSE : GRMN
Garmin Ltd. — Financial statements
Technology · Scientific & Technical Instruments · Switzerland
Last price 272.67 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 52.54B
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Financial statements
Garmin Ltd. (GRMN) reported revenue of 7.89B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 7.89B | 7.25B | 6.30B | 5.23B | 4.86B | 4.98B |
| Cost of Revenue | 3.12B | 2.99B | 2.60B | 2.22B | 2.05B | 2.09B |
| Gross Profit | 4.77B | 4.26B | 3.70B | 3.00B | 2.81B | 2.89B |
| Selling, General & Admin | 1.34B | 1.25B | 1.11B | 1.01B | 944.00M | 893.09M |
| Research & Development | 1.21B | 1.13B | 993.60M | 904.70M | 834.93M | 778.75M |
| Operating Expenses | 2.55B | 2.38B | 2.10B | 1.91B | 1.78B | 1.67B |
| Operating Income | 2.22B | 1.88B | 1.59B | 1.09B | 1.03B | 1.22B |
| Interest & Investment Income | 145.06M | 128.87M | 113.52M | 77.30M | 40.83M | 28.57M |
| Currency Exchange Gain (Loss) | -3.32M | 7.85M | -20.60M | 26.43M | -11.27M | -45.26M |
| Other Non Operating Income (Expenses) | 6.01M | 2.64M | 8.49M | 4.52M | 8.56M | 4.24M |
| EBT Excluding Unusual Items | 2.37B | 2.02B | 1.70B | 1.20B | 1.07B | 1.21B |
| Gain (Loss) on Sale of Investments | -629.00K | -899.00K | -8.00K | -62.00K | -986.00K | 622.00K |
| Pretax Income | 2.42B | 2.01B | 1.70B | 1.20B | 1.06B | 1.21B |
| Income Tax Expense | 402.76M | 350.65M | 283.96M | -89.28M | 91.39M | 124.60M |
| Net Income | 2.02B | 1.66B | 1.41B | 1.29B | 973.59M | 1.08B |
| Net Income to Common | 2.02B | 1.66B | 1.41B | 1.29B | 973.59M | 1.08B |
| Shares Outstanding (Basic) | 192.67M | 192.47M | 192.06M | 191.40M | 192.54M | 192.18M |
| Shares Outstanding (Diluted) | 193.62M | 193.62M | 193.28M | 192.06M | 193.04M | 193.04M |
| EPS (Basic) | 10.47 | 8.65 | 7.35 | 6.74 | 5.06 | 5.63 |
| EPS (Diluted) | 10.41 | 8.59 | 7.30 | 6.71 | 5.04 | 5.61 |
| Free Cash Flow | 1.47B | 1.36B | 1.24B | 1.18B | 543.97M | 704.78M |
| Free Cash Flow Per Share | 7.58 | 7.04 | 6.41 | 6.16 | 2.82 | 3.65 |
| Dividend Per Share | 4.20 | 3.60 | 3.00 | 2.92 | 2.92 | 2.68 |
| Gross Margin | 60.44% | 58.74% | 58.70% | 57.48% | 57.75% | 58.01% |
| Operating Margin | 28.14% | 25.89% | 25.31% | 20.89% | 21.15% | 24.46% |
| Profit Margin | 25.58% | 22.96% | 22.41% | 24.67% | 20.03% | 21.72% |
| Free Cash Flow Margin | 18.61% | 18.81% | 19.68% | 22.62% | 11.19% | 14.14% |
| EBITDA | 2.41B | 2.06B | 1.77B | 1.27B | 1.19B | 1.37B |
| EBITDA Margin | 30.61% | 28.50% | 28.17% | 24.29% | 24.52% | 27.56% |
| D&A For EBITDA | 195.46M | 188.76M | 179.74M | 177.57M | 163.85M | 154.82M |
| EBIT | 2.22B | 1.88B | 1.59B | 1.09B | 1.03B | 1.22B |
| EBIT Margin | 28.14% | 25.89% | 25.31% | 20.89% | 21.15% | 24.46% |
| Effective Tax Rate | 16.64% | 17.41% | 16.75% | 8.58% | 10.32% | |
| Advertising Expenses | 228.54M | 191.59M | 173.11M | 168.04M | 171.83M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.04B | 2.28B | 2.08B | 1.69B | 1.28B | 1.50B |
| Short-Term Investments | 299.69M | 459.20M | 421.27M | 274.62M | 173.29M | 347.98M |
| Cash & Short-Term Investments | 2.34B | 2.74B | 2.50B | 1.97B | 1.45B | 1.85B |
| Accounts Receivable | 1.14B | 1.25B | 983.40M | 815.24M | 656.85M | 843.45M |
| Other Receivables | 22.33M | 19.14M | ||||
| Receivables | 1.16B | 1.27B | 983.40M | 815.24M | 656.85M | 843.45M |
| Inventory | 2.25B | 1.77B | 1.47B | 1.35B | 1.52B | 1.23B |
| Prepaid Expenses | 720.30M | 448.41M | 353.99M | 318.56M | 315.92M | 328.72M |
| Other Current Assets | 12.51M | 17.54M | 24.04M | 16.32M | 14.86M | 15.96M |
| Total Current Assets | 6.48B | 6.25B | 5.34B | 4.46B | 3.96B | 4.26B |
| Property, Plant & Equipment | 1.70B | 1.57B | 1.40B | 1.37B | 1.29B | 1.16B |
| Long-Term Investments | 1.73B | 1.40B | 1.20B | 1.13B | 1.21B | 1.27B |
| Goodwill | 978.56M | 760.24M | 603.95M | 608.47M | 567.99M | 575.08M |
| Other Intangible Assets | 270.88M | 198.36M | 154.16M | 181.15M | 178.46M | 215.99M |
| Long-Term Deferred Tax Assets | 704.89M | 718.09M | 822.52M | 754.63M | 441.07M | 260.20M |
| Long-Term Deferred Charges | 3.92M | 4.37M | 6.90M | 11.06M | 9.83M | 12.36M |
| Other Long-Term Assets | 121.16M | 95.92M | 106.97M | 91.11M | 85.26M | 103.38M |
| Total Assets | 11.99B | 10.99B | 9.63B | 8.60B | 7.73B | 7.85B |
| Accounts Payable | 500.67M | 347.49M | 359.37M | 253.79M | 212.42M | 370.05M |
| Accrued Expenses | 590.72M | 607.96M | 508.19M | 506.72M | 446.11M | 538.37M |
| Current Portion of Leases | 51.00M | 31.15M | 27.90M | 27.78M | 25.15M | 20.50M |
| Current Income Taxes Payable | 384.35M | 381.55M | 294.58M | 225.47M | 246.18M | 128.08M |
| Current Unearned Revenue | 119.86M | 105.65M | 111.00M | 101.19M | 91.09M | 87.65M |
| Other Current Liabilities | 481.65M | 246.27M | 206.82M | 195.74M | 190.68M | 303.49M |
| Total Current Liabilities | 2.13B | 1.72B | 1.51B | 1.31B | 1.21B | 1.45B |
| Long-Term Leases | 173.49M | 164.84M | 134.89M | 113.03M | 114.54M | 70.04M |
| Long-Term Unearned Revenue | 22.40M | 22.28M | 28.32M | 36.15M | 35.70M | 41.62M |
| Long-Term Deferred Tax Liabilities | 116.22M | 109.70M | 103.27M | 114.68M | 129.97M | 117.59M |
| Other Long-Term Liabilities | 3.89M | 4.22M | 7.79M | 16.96M | 34.99M | 62.86M |
| Total Liabilities | 2.44B | 2.02B | 1.78B | 1.59B | 1.53B | 1.74B |
| Common Stock | 19.49M | 19.49M | 19.49M | 19.59M | 17.98M | 17.98M |
| Additional Paid-In Capital | 2.43B | 2.37B | 2.25B | 2.13B | 2.04B | 1.96B |
| Retained Earnings | 7.65B | 6.97B | 6.00B | 5.26B | 4.73B | 4.32B |
| Treasury Stock | -468.63M | -406.42M | -270.52M | -330.91M | -475.10M | -303.11M |
| Comprehensive Income & Other | -76.03M | 20.64M | -147.24M | -65.61M | -114.53M | 117.83M |
| Shareholders' Equity | 9.55B | 8.97B | 7.85B | 7.01B | 6.20B | 6.11B |
| Total Liabilities & Equity | 11.99B | 10.99B | 9.63B | 8.60B | 7.73B | 7.85B |
| Total Debt | 224.49M | 195.99M | 162.79M | 140.81M | 139.69M | 90.55M |
| Net Cash (Debt) | 3.84B | 3.94B | 3.54B | 2.95B | 2.52B | 3.02B |
| Net Cash Per Share | 19.84 | 20.34 | 18.30 | 15.37 | 13.06 | 15.67 |
| Filing Date Shares Outstanding | 192.70M | 192.48M | 192.40M | 191.78M | 191.36M | 192.79M |
| Total Common Shares Outstanding | 192.76M | 192.62M | 192.47M | 191.78M | 191.62M | 192.61M |
| Working Capital | 4.36B | 4.53B | 3.83B | 3.15B | 2.74B | 2.81B |
| Book Value Per Share | 49.54 | 46.58 | 40.78 | 36.56 | 32.38 | 31.74 |
| Tangible Book Value | 8.30B | 8.01B | 7.09B | 6.22B | 5.46B | 5.32B |
| Tangible Book Value Per Share | 43.06 | 41.61 | 36.84 | 32.45 | 28.48 | 27.64 |
| Land | 191.90M | 184.88M | 201.29M | 193.86M | 206.90M | |
| Buildings | 1.11B | 982.49M | 934.84M | 856.72M | 763.65M | |
| Machinery | 1.37B | 1.21B | 1.12B | 1.00B | 917.56M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.02B | 1.66B | 1.41B | 1.29B | 973.59M | 1.08B |
| Depreciation & Amortization | 195.46M | 188.76M | 179.74M | 177.57M | 163.85M | 154.82M |
| Loss (Gain) From Sale of Assets | -133.00K | 881.00K | -4.90M | 215.00K | -2.08M | 298.00K |
| Loss (Gain) From Sale of Investments | 629.00K | 899.00K | 8.00K | 62.00K | 986.00K | -622.00K |
| Stock-Based Compensation | 174.53M | 166.00M | 137.16M | 101.42M | 76.80M | 92.52M |
| Other Operating Activities | 90.83M | 46.38M | -61.25M | -366.31M | -149.15M | 31.02M |
| Change in Accounts Receivable | -188.68M | -222.81M | -196.26M | -129.12M | 167.34M | -19.11M |
| Change in Inventory | -381.96M | -218.06M | -178.81M | 244.51M | -363.33M | -476.45M |
| Change in Accounts Payable | 133.04M | -30.52M | 120.64M | 28.50M | -131.27M | 108.95M |
| Change in Unearned Revenue | 3.40M | -11.84M | 2.22M | 10.41M | -2.38M | -7.38M |
| Change in Income Taxes | -6.50M | -46.43M | 43.69M | -38.04M | 49.89M | 5.89M |
| Change in Other Net Operating Assets | -150.77M | 96.22M | -21.20M | 57.41M | 4.02M | 40.29M |
| Operating Cash Flow | 1.89B | 1.63B | 1.43B | 1.38B | 788.26M | 1.01B |
| Capital Expenditures | -419.15M | -270.45M | -193.57M | -193.52M | -244.29M | -307.64M |
| Sale of Property, Plant & Equipment | 35.00K | |||||
| Cash Acquisitions | -320.59M | -175.66M | -16.44M | -150.85M | -13.46M | -20.18M |
| Sale (Purchase) of Intangibles | -1.94M | |||||
| Investment in Securities | -235.33M | -199.46M | -198.35M | 12.69M | 112.12M | -145.64M |
| Other Investing Activities | 2.32M | 322.00K | 15.03M | -1.29M | 495.00K | |
| Investing Cash Flow | -972.75M | -645.24M | -393.33M | -332.97M | -145.12M | -475.37M |
| Issuance of Common Stock | 60.37M | 58.01M | 49.96M | 44.06M | 62.22M | 35.73M |
| Repurchase of Common Stock | -244.85M | -238.21M | -104.47M | -121.80M | -223.74M | -30.98M |
| Common Dividends Paid | -751.44M | -663.88M | -572.36M | -558.77M | -679.10M | -491.46M |
| Financing Cash Flow | -935.93M | -844.08M | -626.86M | -636.51M | -840.62M | -486.71M |
| Foreign Exchange Rate Adjustments | -11.53M | 55.16M | -26.28M | 7.46M | -21.45M | -10.25M |
| Net Cash Flow | -33.02M | 199.21M | 386.00M | 414.24M | -218.93M | 40.09M |
| Free Cash Flow | 1.47B | 1.36B | 1.24B | 1.18B | 543.97M | 704.78M |
| Free Cash Flow Margin | 18.61% | 18.81% | 19.68% | 22.62% | 11.19% | 14.14% |
| Free Cash Flow Per Share | 7.58 | 7.04 | 6.41 | 6.16 | 2.82 | 3.65 |
| Levered Free Cash Flow | 832.72M | 790.87M | 977.27M | 871.09M | 310.68M | 389.23M |
| Unlevered Free Cash Flow | 832.72M | 790.87M | 977.27M | 871.09M | 310.68M | 389.23M |
| Cash Income Tax Paid | 177.02M | 122.78M | ||||
| Change in Working Capital | -591.48M | -433.45M | -229.72M | 173.67M | -275.73M | -347.81M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 52.81B | 39.53B | 40.20B | 24.59B | 17.69B | 25.86B |
| Enterprise Value | 48.97B | 35.81B | 36.81B | 21.96B | 15.12B | 22.70B |
| Last Close Price | 272.67 | 203.04 | 203.54 | 122.83 | 85.83 | 121.43 |
| PE Ratio | 26.33 | 23.76 | 28.48 | 19.07 | 18.17 | 23.90 |
| Forward PE | 24.46 | 24.27 | 28.64 | 23.78 | 18.81 | 23.45 |
| PS Ratio | 6.66 | 5.46 | 6.38 | 4.70 | 3.64 | 5.19 |
| PB Ratio | 5.50 | 4.41 | 5.12 | 3.51 | 2.85 | 4.23 |
| P/TBV Ratio | 6.33 | 4.93 | 5.67 | 3.95 | 3.24 | 4.86 |
| P/FCF Ratio | 35.79 | 29.00 | 32.45 | 20.79 | 32.52 | 36.70 |
| P/OCF Ratio | 27.84 | 24.20 | 28.07 | 17.87 | 22.44 | 25.55 |
| PEG Ratio | 2.59 | 2.72 | 1.81 | 3.46 | 2.77 | 3.10 |
| EV/Sales Ratio | 6.18 | 4.94 | 5.85 | 4.20 | 3.11 | 4.55 |
| EV/EBITDA Ratio | 20.17 | 17.34 | 20.76 | 17.30 | 12.69 | 16.53 |
| EV/EBIT Ratio | 21.95 | 19.09 | 23.10 | 20.11 | 14.71 | 18.62 |
| EV/FCF Ratio | 33.17 | 26.27 | 29.72 | 18.57 | 27.79 | 32.20 |
| Debt / Equity Ratio | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 |
| Debt / EBITDA Ratio | 0.09 | 0.09 | 0.09 | 0.11 | 0.11 | 0.06 |
| Debt / FCF Ratio | 0.15 | 0.14 | 0.13 | 0.12 | 0.26 | 0.13 |
| Net Debt / Equity Ratio | -0.40 | -0.44 | -0.45 | -0.42 | -0.41 | -0.49 |
| Net Debt / EBITDA Ratio | -1.59 | -1.91 | -1.99 | -2.33 | -2.12 | -2.20 |
| Net Debt / FCF Ratio | -2.62 | -2.89 | -2.85 | -2.50 | -4.63 | -4.29 |
| Asset Turnover | 0.70 | 0.70 | 0.69 | 0.64 | 0.62 | 0.67 |
| Inventory Turnover | 1.51 | 1.84 | 1.84 | 1.55 | 1.50 | 2.10 |
| Quick Ratio | 1.64 | 2.33 | 2.31 | 2.12 | 1.74 | 1.86 |
| Current Ratio | 3.05 | 3.63 | 3.54 | 3.41 | 3.26 | 2.94 |
| Return on Equity (ROE) | 22.38% | 19.78% | 19.00% | 19.52% | 15.81% | 18.61% |
| Return on Assets (ROA) | 12.32% | 11.37% | 10.93% | 8.36% | 8.24% | 10.23% |
| Return on Invested Capital (ROIC) | 26.38% | 25.95% | 24.82% | 21.68% | 20.32% | 26.90% |
| Return on Capital Employed (ROCE) | 22.50% | 20.20% | 19.60% | 15.00% | 15.80% | 19.00% |
| Earnings Yield | 3.80% | 4.21% | 3.51% | 5.24% | 5.50% | 4.18% |
| FCF Yield | 2.79% | 3.45% | 3.08% | 4.81% | 3.08% | 2.73% |
| Dividend Yield | 1.53% | 1.75% | 1.44% | 2.28% | 3.16% | 2.00% |
| Payout Ratio | 40.35% | 39.90% | 40.55% | 43.33% | 69.75% | 45.41% |
| Buyback Yield / Dilution | 0.06% | -0.17% | -0.64% | 0.51% | 0.00% | -0.60% |
| Total Shareholder Return | 1.60% | 1.58% | 0.80% | 2.79% | 3.16% | 1.40% |