Garmin vs Sonos
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The short version
- Garmin is the larger business, with $7.2B of revenue in fiscal 2025 against $1.4B for Sonos, about 5.0 times as much.
- Garmin grew revenue faster (15.1%, against −4.9%).
- Garmin kept more of each dollar of sales as operating profit (25.9% operating margin, against −3.5%).
- Garmin turned more of its sales into free cash flow (18.8% FCF margin, against 7.5%).
- Garmin earned a higher return on the capital invested in it (26.8%, against −23.8%).
- Investors pay more for each dollar of Sonos’s earnings: a P/E of 39.9x against 32.8x for Garmin.
| Latest fiscal year | GRMN · FY25 | SONO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $56.9B | $2.1B |
| Revenue | $7.2B | $1.4B |
| Free cash flow | $1.4B | $108M |
| Net income | $1.7B | −$61.1M |
| Growth | ||
| Revenue growth | 15.1% | −4.9% |
| 5-year growth | 11.6% | 1.7% |
| Share count change | 0.2% | −2.0% |
| Profitability | ||
| Gross margin | 58.7% | 43.7% |
| Operating margin | 25.9% | −3.5% |
| Net margin | 23.0% | −4.2% |
| FCF margin | 18.8% | 7.5% |
| Return on capital | 26.8% | −23.8% |
| Return on equity | 19.8% | −15.6% |
| Balance sheet | ||
| Net debt | −$2.7B | −$228M |
| Net debt / EBITDA | −1.3x | −19.2x |
| Dividends and buybacks | $664M | $81.0M |
| Valuation & quality | ||
| P/E | 32.8x | 39.9x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
GRMN $3.0B
SONO $901M
FY17
GRMN $3.1B
SONO $993M
FY18
GRMN $3.3B
SONO $1.1B
FY19
GRMN $3.8B
SONO $1.3B
FY20
GRMN $4.2B
SONO $1.3B
FY21
GRMN $5.0B
SONO $1.7B
FY22
GRMN $4.9B
SONO $1.8B
FY23
GRMN $5.2B
SONO $1.7B
FY24
GRMN $6.3B
SONO $1.5B
FY25
GRMN $7.2B
SONO $1.4B
GRMN
SONO
Operating margin
FY16
GRMN 20.8%
SONO −3.4%
FY17
GRMN 21.9%
SONO −1.6%
FY18
GRMN 23.3%
SONO −0.8%
FY19
GRMN 25.2%
SONO 0.5%
FY20
GRMN 25.2%
SONO −2.1%
FY21
GRMN 24.5%
SONO 9.0%
FY22
GRMN 21.2%
SONO 5.1%
FY23
GRMN 20.9%
SONO −1.2%
FY24
GRMN 25.3%
SONO −3.2%
FY25
GRMN 25.9%
SONO −3.5%
GRMN
SONO
Free cash flow
FY16
GRMN $615M
SONO −$9.2M
FY17
GRMN $521M
SONO $30.4M
FY18
GRMN $764M
SONO −$5.2M
FY19
GRMN $581M
SONO $97.4M
FY20
GRMN $950M
SONO $129M
FY21
GRMN $705M
SONO $208M
FY22
GRMN $544M
SONO −$74.5M
FY23
GRMN $1.2B
SONO $50.1M
FY24
GRMN $1.2B
SONO $135M
FY25
GRMN $1.4B
SONO $108M
GRMN
SONO
Return on capital
FY16
GRMN —
SONO —
FY17
GRMN 24.6%
SONO —
FY18
GRMN 22.9%
SONO —
FY19
GRMN 29.6%
SONO —
FY20
GRMN 26.9%
SONO —
FY21
GRMN 27.5%
SONO —
FY22
GRMN 20.8%
SONO —
FY23
GRMN 22.3%
SONO −3.5%
FY24
GRMN 25.5%
SONO −15.0%
FY25
GRMN 26.8%
SONO −23.8%
GRMN
SONO
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.