Garmin vs Polaris
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The short version
- Garmin is the larger business, with $7.2B of revenue in fiscal 2025 against $7.2B for Polaris.
- Garmin grew revenue faster (15.1%, against −0.3%).
- Garmin kept more of each dollar of sales as operating profit (25.9% operating margin, against −4.9%).
- Garmin turned more of its sales into free cash flow (18.8% FCF margin, against 7.8%).
- Garmin earned a higher return on the capital invested in it (26.8%, against −10.5%).
| Latest fiscal year | GRMN · FY25 | PII · FY25 |
|---|---|---|
| Size | ||
| Market cap | $56.9B | $3.1B |
| Revenue | $7.2B | $7.2B |
| Free cash flow | $1.4B | $558M |
| Net income | $1.7B | −$466M |
| Growth | ||
| Revenue growth | 15.1% | −0.3% |
| 5-year growth | 11.6% | 2.6% |
| Share count change | 0.2% | 0.2% |
| Profitability | ||
| Gross margin | 58.7% | 19.1% |
| Operating margin | 25.9% | −4.9% |
| Net margin | 23.0% | −6.5% |
| FCF margin | 18.8% | 7.8% |
| Return on capital | 26.8% | −10.5% |
| Return on equity | 19.8% | −44.0% |
| Balance sheet | ||
| Net debt | −$2.7B | $1.4B |
| Net debt / EBITDA | −1.3x | — |
| Dividends and buybacks | $664M | $153M |
| Valuation & quality | ||
| P/E | 32.8x | — |
| Piotroski F-score | 6 | 3 |
Revenue
FY16
GRMN $3.0B
PII $4.5B
FY17
GRMN $3.1B
PII $5.4B
FY18
GRMN $3.3B
PII $6.1B
FY19
GRMN $3.8B
PII $6.8B
FY20
GRMN $4.2B
PII $6.3B
FY21
GRMN $5.0B
PII $7.4B
FY22
GRMN $4.9B
PII $8.6B
FY23
GRMN $5.2B
PII $8.9B
FY24
GRMN $6.3B
PII $7.2B
FY25
GRMN $7.2B
PII $7.2B
GRMN
PII
Operating margin
FY16
GRMN 20.8%
PII 7.8%
FY17
GRMN 21.9%
PII 6.6%
FY18
GRMN 23.3%
PII 8.0%
FY19
GRMN 25.2%
PII 7.1%
FY20
GRMN 25.2%
PII 8.3%
FY21
GRMN 24.5%
PII 9.6%
FY22
GRMN 21.2%
PII 9.4%
FY23
GRMN 20.9%
PII 7.8%
FY24
GRMN 25.3%
PII 4.1%
FY25
GRMN 25.9%
PII −4.9%
GRMN
PII
Free cash flow
FY16
GRMN $615M
PII $380M
FY17
GRMN $521M
PII $401M
FY18
GRMN $764M
PII $252M
FY19
GRMN $581M
PII $404M
FY20
GRMN $950M
PII $814M
FY21
GRMN $705M
PII $10.9M
FY22
GRMN $544M
PII $202M
FY23
GRMN $1.2B
PII $513M
FY24
GRMN $1.2B
PII $6.5M
FY25
GRMN $1.4B
PII $558M
GRMN
PII
Return on capital
FY16
GRMN —
PII 15.3%
FY17
GRMN 24.6%
PII 11.0%
FY18
GRMN 22.9%
PII 17.9%
FY19
GRMN 29.6%
PII 15.0%
FY20
GRMN 26.9%
PII 18.7%
FY21
GRMN 27.5%
PII 25.8%
FY22
GRMN 20.8%
PII 24.3%
FY23
GRMN 22.3%
PII 19.9%
FY24
GRMN 25.5%
PII 7.7%
FY25
GRMN 26.8%
PII −10.5%
GRMN
PII
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.