Garmin
GRMN NYSE· Consumer Electronics
Last close · Oct 26, 2026
$292.92
KIRA · Stoqly’s AI analyst, in plain words
- Garmin had $7.2B of revenue in fiscal 2025, up 15.1% on the year before. Over five years, revenue changed +11.6% a year on average.
- Its operating margin was 25.9%, up 0.6 pts: of every 100 in sales, about 26 is left after running the business.
- Garmin made $1.7B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 13.6% a year.
- Free cash flow was $1.4B in fiscal 2025, 18.8% of revenue.
- Garmin returned $664M to shareholders in fiscal 2025, 49% of free cash flow. The diluted share count rose 0.2%.
- Garmin has $2.7B more cash than debt.
Market cap
$56.7B
P/E
32.7x
Revenue
$7.2B
Net income
$1.7B
Free cash flow
$1.4B
Operating margin
25.9%
Garmin in 30 seconds · fiscal 2025
Are sales growing?
+15.1%
Yes. Sales grew 15.1% last year.
Does it make a profit?
23.0%
Yes. It keeps 23.0% of every sale as profit.
Does profit turn into cash?
18.8%
Yes. 18.8% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
32.7x
One share costs 32.7 times its yearly profit per share. Typical for its sector: 17.7x.
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.
Biggest risks, in its own words
- Failing to develop and ship new products on time, since much of its revenue comes from newly introduced products.
- Strong competition that could force lower prices and cost it customers and market share.
- Disruption at its main consumer-product factories in Taiwan, given political tension between China and Taiwan.
- Some manufacturer customers that may build in-house the equipment they now buy from it.
- Fiscal year ends
- December 27, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Legal name
- GARMIN LTD
- CIK
- 0001121788
Garmin · GRMN
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $5.0B | $4.9B | $5.2B | $6.3B | $7.2B |
| Revenue growth | 19.0% | −2.5% | 7.6% | 20.4% | 15.1% |
| Gross margin | 58.0% | 57.8% | 57.5% | 58.7% | 58.7% |
| Operating margin | 24.5% | 21.2% | 20.9% | 25.3% | 25.9% |
| Net income | $1.1B | $974M | $1.3B | $1.4B | $1.7B |
| Net margin | 21.7% | 20.0% | 24.7% | 22.4% | 23.0% |
| Diluted EPS | $5.61 | $5.04 | $6.71 | $7.30 | $8.59 |
| Cash | |||||
| Cash from operations | $1.0B | $788M | $1.4B | $1.4B | $1.6B |
| Capital expenditure | $308M | $244M | $194M | $194M | $270M |
| Free cash flow | $705M | $544M | $1.2B | $1.2B | $1.4B |
| FCF margin | 14.1% | 11.2% | 22.6% | 19.7% | 18.8% |
| Dividends paid | $492M | $679M | $559M | $572M | $664M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | 0.6% | 0.0% | −0.5% | 0.6% | 0.2% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $6.1B | $6.2B | $7.0B | $7.8B | $9.0B |
| Net debt / EBITDA | −1.4x | −1.2x | −1.6x | −1.4x | −1.3x |
| Current ratio | 2.9x | 3.3x | 3.4x | 3.5x | 3.6x |
| Returns and quality | |||||
| Return on capital | 27.5% | 20.8% | 22.3% | 25.5% | 26.8% |
| Return on equity | 18.6% | 15.8% | 19.5% | 19.0% | 19.8% |
| Piotroski F-score | 3 | 4 | 7 | 6 | 6 |
| Altman Z'' | 8.9 | 9.5 | 9.9 | 10.4 | 10.6 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$19.9M
11 insiders
Of sales under plans
64%
$12.8M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Garmin · GRMN
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Garmin GRMN | $56.7B | 15.1% | 25.9% | 18.8% | 26.8% | 32.7x | 6 |
| Sonos SONO | $2.1B | −4.9% | −3.5% | 7.5% | −23.8% | 40.0x | 4 |
| Newell Brands NWL | $2.3B | −5.0% | 0.5% | 0.2% | 0.5% | — | 4 |
| Bath & Body Works BBWI | $4.3B | −0.2% | 15.4% | 11.9% | 47.5% | 5.6x | 5 |
| Polaris PII | $3.2B | −0.3% | −4.9% | 7.8% | −10.5% | — | 3 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $292.92 a share, the company is worth $56.7B: 32.7 times its earnings of the last four quarters.
Garmin grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 1 of 2.
Source: SEC EDGAR XBRL filings (CIK 0001121788). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.