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Garmin

GRMN NYSE Consumer Electronics Financials FY2016–FY2025

Garmin's revenue rose 15.1% to $7.2 billion in fiscal 2025. Its operating margin was 25.9%, up from 25.3% a year earlier. Free cash flow was $1.4 billion, up 10.0%. It paid out $664 million in dividends and buybacks, 49% of free cash flow. The diluted share count rose 0.2%.

Last close · Oct 23, 2026

$293.74

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$7.2B
15.1% vs prior year
Operating margin Operating income as a share of revenue.
25.9%
0.6 pts
Net income Profit after all expenses, interest and tax.
$1.7B
17.9%
Free cash flow Cash from operations minus capital spending.
$1.4B
10.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
26.8%
1.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$56.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
32.8x
On $8.96 EPS (TTM)

About these figures. Garmin reports no borrowings, so debt is counted as zero.

What Garmin does

Garmin designs, makes and sells devices that use satellite positioning (GPS) and related sensors, plus the software and subscriptions that go with them. Its products include running and smartwatch devices, cycling computers, handheld outdoor devices, cockpit equipment for aircraft, marine chartplotters and systems that automakers install in vehicles. It says it has delivered over 300 million products since it started.

Garmin reports five segments: fitness, outdoor, aviation, marine and auto OEM (products built for car makers). Fitness was the largest part of its revenue in 2025, at 33%. Customers are consumers, who buy through retailers, Garmin's own website and retail stores, and manufacturers that put Garmin products into their own equipment. It also earns money from subscriptions, including the Garmin Connect+ plan, and from services that use third-party satellite networks.

Garmin says its markets are highly competitive. As of December 27, 2025, it had approximately 23,000 full and part-time employees worldwide. Its main manufacturing sites for consumer products are in Taiwan.

Legal name
GARMIN LTD
Fiscal year ends
December 27, 2025
Latest annual report
10-K · Feb 18, 2026
Accession · CIK
0001193125-26-056028
0001121788

Revenue and margins

Garmin had $7.2B of revenue in fiscal 2025, up 15.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 13.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.4B in fiscal 2025, 18.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Garmin returned $664M to shareholders in fiscal 2025, 49% of free cash flow. The diluted share count rose 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Garmin yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $2.7B and divides by 193.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 32.8x · peers 22.7x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Garmin can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.8B$1.5B$2.0B$2.5B$2.7B
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −1.4x−1.2x−1.6x−1.4x−1.3x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 2.9x3.3x3.4x3.5x3.6x
Quick ratio 2.1x2.0x2.4x2.6x2.6x
Total assets $7.9B$7.7B$8.6B$9.6B$11.0B
Total liabilities $1.7B$1.5B$1.6B$1.8B$2.0B
Shareholders' equity $6.1B$6.2B$7.0B$7.8B$9.0B
Net debt (− = net cash) −$1.8B−$1.5B−$2.0B−$2.5B−$2.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$15.0M

11 insiders

Of sales under plans

56%

$8.4M

DateInsiderTradeSharesPriceValueFiling
Aug 18, 2026 Cheng-Wei WangGeneral Manager - Garmin Corp. Sold 9,941 $299.36 $3.0M Form 4
Jul 31, 2026 Joshua H MaxfieldVP, General Counsel Sold 1,152 $291.13 $0.3M Form 4
Jul 31, 2026 Sean BiddlecombeManaging Director, Emea Sold 986 $292.88 $0.3M Form 4
Jul 29, 2026 Clifton A PemblePresident and CEO, Director Sold plan 4,029 $300.00 $1.2M Form 4
Jun 9, 2026 Joseph J HartnettDirector Sold 643 $263.57 $0.2M Form 4
Jun 5, 2026 Douglas G. BoessenCFO and Treasurer Sold plan 2,000 $237.90 $0.5M Form 4
May 8, 2026 Laurie A MinardVP, Human Resources Sold 1,084 $242.04 $0.3M Form 4
Mar 10, 2026 Edward J. LinkVP, Information Technology Sold 1,275 $243.64 $0.3M Form 4
Feb 26, 2026 Clifton A PemblePresident and CEO, Director Sold plan 19,914 $251.58 $5.0M Form 4
Feb 26, 2026 Matthew MunnEVP, Man. Director - Auto OEM Sold 5,275 $250.97 $1.3M Form 4
Feb 26, 2026 Patrick Desboisco-COO Sold plan 6,694 $251.65 $1.7M Form 4
Feb 26, 2026 Susan LymanVP, Consumer Sales & Marketing Sold 3,805 $251.31 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✕ ✕
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 96 / 96 / 9
Accruals ratio −1.1%−0.2%0.3%
Altman Z'' 9.8810.3710.58

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Garmin GRMN $56.9B 15.1% 25.9% 18.8% 26.8% 32.8x 6
Sonos SONO $2.1B −4.9% −3.5% 7.5% −23.8% 39.9x 4 Compare →
Newell Brands NWL $2.3B −5.0% 0.5% 0.2% 0.5% — 4 Compare →
Bath & Body Works BBWI $4.2B −0.2% 15.4% 11.9% 47.5% 5.5x 5 Compare →
Polaris PII $3.1B −0.3% −4.9% 7.8% −10.5% — 3 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.0B $3.1B $3.3B $3.8B $4.2B $5.0B $4.9B $5.2B $6.3B $7.2B
Gross profit $1.7B $1.8B $2.0B $2.2B $2.5B $2.9B $2.8B $3.0B $3.7B $4.3B
Research and development $468M $512M $568M $605M $652M $779M $835M $905M $994M $1.1B
Operating income $633M $684M $778M $946M $1.1B $1.2B $1.0B $1.1B $1.6B $1.9B
Pretax income $639M $697M $823M $987M $1.1B $1.2B $1.1B $1.2B $1.7B $2.0B
Income tax $121M −$11.9M $129M $34.7M $111M $125M $91.4M −$89.3M $284M $351M
Net income $518M $709M $694M $953M $992M $1.1B $974M $1.3B $1.4B $1.7B
Diluted EPS $2.73 $3.76 $3.66 $4.99 $5.17 $5.61 $5.04 $6.71 $7.30 $8.59
Diluted shares 0.19B 0.19B 0.19B 0.19B 0.19B 0.19B 0.19B 0.19B 0.19B 0.19B
Cash flow
Cash from operations $706M $661M $920M $699M $1.1B $1.0B $788M $1.4B $1.4B $1.6B
Capital expenditure $91.0M $140M $156M $118M $185M $308M $244M $194M $194M $270M
Free cash flow $615M $521M $764M $581M $950M $705M $544M $1.2B $1.2B $1.4B
Depreciation and amortization $70.1M $80.8M $86.6M $98.1M $113M $139M $149M $163M $171M $185M
Stock-based compensation $41.2M $44.7M $56.4M $63.4M $80.9M $92.5M $76.8M $101M $137M $166M
Acquisitions $77.9M $90.5M $29.2M $300M $149M $20.2M $13.5M $151M $0.0M $0.0M
Share buybacks $93.2M $74.5M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $482M $383M $296M $417M $451M $492M $679M $559M $572M $664M
Dividends and buybacks $575M $458M $296M $417M $451M $491M $679M $559M $572M $664M
Balance sheet
Cash and short-term investments $847M $892M $1.4B $1.4B $1.8B $1.8B $1.5B $2.0B $2.5B $2.7B
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.3B $2.3B $2.7B $3.1B $3.7B $4.3B $4.0B $4.5B $5.3B $6.2B
Current liabilities $783M $792M $921M $1.0B $1.2B $1.4B $1.2B $1.3B $1.5B $1.7B
Inventory $485M $518M $562M $753M $762M $1.2B $1.5B $1.3B $1.5B $1.8B
Property and equipment, net $483M $596M $664M $729M $856M $1.1B $1.1B $1.2B $1.2B $1.4B
Total assets $4.5B $4.9B $5.4B $6.2B $7.0B $7.9B $7.7B $8.6B $9.6B $11.0B
Total liabilities $1.1B $1.1B $1.2B $1.4B $1.5B $1.7B $1.5B $1.6B $1.8B $2.0B
Shareholders' equity $3.5B $3.9B $4.2B $4.8B $5.5B $6.1B $6.2B $7.0B $7.8B $9.0B
Margins
Gross margin 55.4% 57.6% 59.1% 59.5% 59.3% 58.0% 57.8% 57.5% 58.7% 58.7%
Operating margin 20.8% 21.9% 23.3% 25.2% 25.2% 24.5% 21.2% 20.9% 25.3% 25.9%
EBITDA margin 23.1% 24.5% 25.8% 27.8% 27.9% 27.3% 24.2% 24.0% 28.0% 28.5%
Net margin 17.0% 22.7% 20.7% 25.4% 23.7% 21.7% 20.0% 24.7% 22.4% 23.0%
FCF margin 20.2% 16.7% 22.8% 15.5% 22.7% 14.1% 11.2% 22.6% 19.7% 18.8%
Returns
Return on capital — 24.6% 22.9% 29.6% 26.9% 27.5% 20.8% 22.3% 25.5% 26.8%
Return on capital employed 17.2% 17.3% 18.1% 19.7% 19.2% 19.9% 15.9% 15.8% 20.7% 21.6%
Return on equity 15.2% 19.4% 17.3% 21.3% 19.3% 18.6% 15.8% 19.5% 19.0% 19.8%
Return on assets 11.5% 15.0% 13.4% 16.5% 15.0% 14.5% 12.5% 15.8% 15.5% 16.1%
Growth
Revenue growth 8.0% 2.5% 7.2% 12.3% 11.4% 19.0% −2.5% 7.6% 20.4% 15.1%
Net income growth 13.5% 37.0% −2.1% 37.2% 4.2% 9.1% −10.0% 32.5% 9.4% 17.9%
EPS growth 14.2% 37.7% −2.7% 36.3% 3.6% 8.5% −10.2% 33.1% 8.8% 17.7%
FCF growth 207.6% −15.2% 46.6% −24.0% 63.6% −25.8% −22.8% 117.4% 4.8% 10.0%
Share count change −0.9% −0.3% 0.5% 0.6% 0.5% 0.6% 0.0% −0.5% 0.6% 0.2%
Financial health
Net debt / EBITDA −1.2x −1.2x −1.6x −1.4x −1.6x −1.4x −1.2x −1.6x −1.4x −1.3x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Current ratio 2.9x 3.0x 2.9x 3.0x 3.2x 2.9x 3.3x 3.4x 3.5x 3.6x
Quick ratio 2.3x 2.3x 2.3x 2.2x 2.5x 2.1x 2.0x 2.4x 2.6x 2.6x
Capital allocation
Capex / revenue 3.0% 4.5% 4.7% 3.1% 4.4% 6.2% 5.0% 3.7% 3.1% 3.7%
Stock comp / revenue 1.4% 1.4% 1.7% 1.7% 1.9% 1.9% 1.6% 1.9% 2.2% 2.3%
Payouts / FCF 93.5% 87.8% 38.8% 71.9% 47.4% 69.7% 124.8% 47.2% 46.2% 48.7%
Quality scores
Piotroski F-score 8.0 7.0 4.0 6.0 4.0 3.0 4.0 7.0 6.0 6.0
Altman Z'' 8.0 8.3 8.3 8.6 8.9 8.9 9.5 9.9 10.4 10.6
Accruals ratio −4.2% 1.0% −4.4% 4.4% −2.2% 0.9% 2.4% −1.1% −0.2% 0.3%

Source: SEC EDGAR XBRL filings (CIK 0001121788). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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