GRMN · Garmin Ltd - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $7.25B | $6.30B | $5.23B | $4.86B | $4.98B | $4.19B |
| Cost of Revenue | $2.99B | $2.60B | $2.22B | $2.05B | $2.09B | $1.71B |
| Gross Profit | $4.26B | $3.70B | $3.00B | $2.81B | $2.89B | $2.48B |
| R&D | $1.13B | $993.60M | $904.70M | $834.93M | $840.02M | $705.68M |
| SG&A | $1.25B | $1.11B | $834.99M | $775.96M | $659.99M | $570.25M |
| Total Operating Expenses | $2.38B | $2.10B | $1.91B | $1.78B | $1.67B | $1.43B |
| D&A | $152.61M | $140.49M | $132.35M | $118.74M | $103.50M | $78.12M |
| Operating Income | $1.88B | $1.59B | $1.09B | $1.03B | $1.22B | $1.05B |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $350.65M | $283.96M | ($89.28M) | $91.39M | $124.60M | $111.09M |
| Net Income | $1.66B | $1.41B | $1.29B | $973.59M | $1.08B | $992.32M |
| EPS - Basic | $8.65 | $7.35 | $6.74 | $5.06 | $5.63 | $5.19 |
| EPS - Diluted | $8.59 | $7.30 | $6.71 | $5.04 | $5.61 | $5.17 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.28B | $2.08B | $1.69B | $1.28B | $1.50B | $1.46B |
| Accounts Receivable | $1.25B | $983.40M | $815.24M | $656.85M | $843.45M | $849.47M |
| Inventory | $1.77B | $1.47B | $1.35B | $1.52B | $1.23B | $762.08M |
| Accounts Payable | $347.49M | $359.37M | $253.79M | $212.42M | $370.05M | $258.88M |
| Current Assets | $6.25B | $5.34B | $4.46B | $3.96B | $4.26B | $3.67B |
| Total Assets | $10.99B | $9.63B | $8.60B | $7.73B | $7.85B | $7.03B |
| Current Liabilities | $1.72B | $1.51B | $1.31B | $1.21B | $1.45B | $1.16B |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $8.97B | $7.85B | $7.01B | $6.20B | $6.11B | $5.52B |
| Retained Earnings | $6.97B | $6.00B | $5.26B | $4.73B | $4.32B | $3.75B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.63B | $1.43B | $1.38B | $788.26M | $1.01B | $1.14B |
| Investing Cash Flow | ($645.24M) | ($393.33M) | ($332.97M) | ($145.12M) | ($475.37M) | ($260.52M) |
| Financing Cash Flow | ($844.08M) | ($626.86M) | ($636.51M) | ($840.62M) | ($486.71M) | ($461.76M) |
| CapEx | $270.45M | $193.57M | $193.52M | $244.29M | $307.64M | $185.40M |
| Free Cash Flow | $1.36B | $1.24B | $1.18B | $543.97M | $704.78M | $949.87M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 58.7% | 58.7% | 57.5% | 57.7% | 58.0% | 59.3% |
| Operating margin | 25.9% | 25.3% | 20.9% | 21.1% | 24.5% | 25.2% |
| EBITDA margin | 28.0% | 27.5% | 23.4% | 23.6% | 26.5% | 27.0% |
| Net margin | 23.0% | 22.4% | 24.7% | 20.0% | 21.7% | 23.7% |
| Free cash flow margin | 18.8% | 19.7% | 22.6% | 11.2% | 14.1% | 22.7% |
| FCF / Net income | 0.82 | 0.88 | 0.92 | 0.56 | 0.65 | 0.96 |
| R&D / Revenue | 15.5% | 15.8% | 17.3% | 17.2% | 16.9% | 16.9% |
| SG&A / Revenue | 17.3% | 17.6% | 16.0% | 16.0% | 13.2% | 13.6% |
| Effective tax rate | 17.4% | 16.7% | -7.4% | 8.6% | 10.3% | 10.1% |
| Return on assets | 15.1% | 14.7% | 15.0% | 12.6% | 13.8% | 14.1% |
| Return on equity | 18.5% | 18.0% | 18.4% | 15.7% | 17.7% | 18.0% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 3.63 | 3.54 | 3.41 | 3.26 | 2.94 | 3.15 |
| Quick ratio | 2.60 | 2.56 | 2.38 | 2.01 | 2.10 | 2.50 |
| Cash ratio | 1.32 | 1.38 | 1.29 | 1.06 | 1.03 | 1.25 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.23 | 1.23 | 1.23 | 1.25 | 1.28 | 1.27 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.66 | 0.65 | 0.61 | 0.63 | 0.63 | 0.60 |
| Inventory turnover | 1.69 | 1.76 | 1.65 | 1.36 | 1.70 | 2.24 |
| Days sales outstanding | 63d | 57d | 57d | 49d | 62d | 74d |
| Days inventory outstanding | 216d | 207d | 221d | 269d | 214d | 163d |
| Days payable outstanding | 42d | 50d | 42d | 38d | 65d | 55d |
| Cash conversion cycle | 237d | 213d | 236d | 281d | 211d | 182d |
| Valuation | ||||||
| P / E | 23.6x | 28.3x | 19.2x | 18.3x | 24.3x | 23.3x |
| P / B | 4.4x | 5.1x | 0.0x | 0.0x | 4.3x | 4.2x |
| P / S | 5.4x | 6.3x | 0.0x | 0.0x | 5.3x | 5.5x |
| EV / EBITDA | 18.2x | 21.8x | -1.4x | -1.1x | 18.7x | 19.1x |
| Growth | ||||||
| Revenue growth (YoY) | 15.1% | 20.4% | 7.6% | -2.5% | 19.0% | 34.1% |
| Revenue CAGR (3y) | 14.2% | 8.1% | 7.7% | 15.9% | - | 10.7% |
| Revenue CAGR (5y) | 11.6% | 15.1% | - | 9.5% | 10.5% | 8.2% |
| Gross profit growth (YoY) | 15.1% | 23.0% | 7.1% | -2.9% | 16.5% | 11.1% |
| Operating income growth (YoY) | 17.7% | 45.9% | 6.3% | -15.7% | 15.6% | 11.5% |
| Net income growth (YoY) | 17.9% | 9.4% | 32.5% | -10.0% | 9.1% | 4.2% |
| EPS growth (YoY) | 17.7% | 8.8% | 33.1% | -10.2% | 8.5% | 3.6% |
| EPS CAGR (3y) | 19.5% | 9.2% | 9.1% | 0.3% | 15.3% | 12.0% |
| EPS CAGR (5y) | 10.7% | 7.9% | 12.9% | 6.5% | 15.7% | 16.7% |
| FCF growth (YoY) | 10.0% | 4.7% | 117.4% | -22.8% | -25.8% | 63.6% |
| FCF CAGR (5y) | 7.5% | 16.4% | 9.1% | -0.8% | 2.8% | 36.6% |
| Book value growth (YoY) | 14.3% | 11.9% | 13.0% | 1.5% | 10.8% | 15.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-27.
Business segments
$7.25B totalFitness Segment$2.36B · 32.5%
Outdoor Segment$2.05B · 28.3%
Marine Segment$1.18B · 16.3%
Aviation Segment$987.16M · 13.6%
Auto Oem Segment$664.68M · 9.2%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✗Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Search, Detection, Navigation, Guidance, Aeronautical Sys
Comparing GARMIN LTD against the 5 most active filers in the same SIC group.
Dividends
$3.60/share trailing 12 months · +20.0% YoY
| Ex-date | Per share |
|---|---|
| Mar 13, 2026 | $0.9000 |
| Dec 12, 2025 | $0.9000 |
| Sep 12, 2025 | $0.9000 |
| Jun 16, 2025 | $0.9000 |
| Mar 14, 2025 | $0.7500 |
| Dec 13, 2024 | $0.7500 |
| Sep 13, 2024 | $0.7500 |
| Jun 17, 2024 | $0.7500 |
| Mar 14, 2024 | $0.7300 |
| Dec 14, 2023 | $0.7300 |
| Sep 14, 2023 | $0.7300 |
| Jun 16, 2023 | $0.7300 |
| Mar 14, 2023 | $0.7300 |
| Dec 14, 2022 | $0.7300 |
| Sep 14, 2022 | $0.7300 |
| Jun 16, 2022 | $0.7300 |
| Mar 14, 2022 | $0.6700 |
| Dec 14, 2021 | $0.6700 |
| Sep 14, 2021 | $0.6700 |
| Jun 14, 2021 | $0.6700 |
| Mar 12, 2021 | $0.6100 |
| Dec 14, 2020 | $0.6100 |
| Sep 14, 2020 | $0.6100 |
| Jun 12, 2020 | $0.6100 |