Garmin Ltd. GRMN SPX

Technology · Scientific & Technical Instruments · Switzerland

https://www.garmin.com

Garmin Ltd. designs, develops, manufactures, markets, and distributes a diverse range of GPS-enabled products and navigation, communications, sensor-based, and information products and services worldwide. It offers running; cycling products; smartwatch devices; scales and monitors; and sports timing and performance analysis; Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, which enables third parties to create applications that run on Garmin devices. It also provides adventure watches; outdoor handhelds and satellite communicators; golf devices; consumer automotive; dog devices; InReach and Gramin response; and dive devices. In addition, it designs, manufactures, and markets various aircraft avionics solutions, including integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponders, weather information and avoidance solutions, datalink and connectivity solutions, and portable GPS navigators and wearables, as well as service products to the aviation market. Further, it offers chartplotters and multi-function displays, cartography, fishfinders, sonar, autopilot systems, radars, compliant instrument displays and sensors, VHF communication radios, handhelds and wearable devices, sailing, audio, digital switching, trolling motors, and lighting; and domain controllers and infotainment units, as well as software, map database, camera, wearable, and automotive solutions. The company sells its products through independent retailers, dealers, distributors, installation and repair shops, OEM, and online webshop. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.

Market & Price

Market Cap

$45.11B

Current Price

$233.92

High / Low (52W)

$267.52 / $185.59

Beta

0.96

Valuation

Stock P/E

26.11

Industry PE

32.74

Forward P/E

22.66

PEG Ratio

3.24

Book Value

$48.06

Price to Book

4.87

P/S

6.04

EV/EBITDA

19.68

Dividend Yield

1.80%

Profitability & Returns

ROCE

20.23%

ROE

19.90%

ROA

11.90%

Profit Margin

23.26%

Op Margin

24.62%

EPS (Latest Qtr)

$2.09

EPS (TTM)

$8.96

Balance Sheet & Liquidity

Debt/Equity

2.33

Quick Ratio

2.66

Current Ratio

4.36

Debt

$216.11M

Total Assets

$10.99B

Current Assets

$6.25B

Working Capital

$4.53B

Ownership

Promoter Holding

14.86%

Chg in Prom Hold

FII / Inst Holding

58.59%

Chg in FII Hold

0.00%

Financial Snapshot

Enterprise Value

$42.63B

Total Revenue (TTM)

$7.46B

EBITDA

$2.17B

Free Cash Flow

$810.16M

Operating Cash Flow

$1.75B

Shares Outstanding

192.86M

Gross Margin

59.14%

Payout Ratio

40.18%

Growth (CAGR)

Revenue 5Y

14.24%

Profit 5Y

19.56%

Revenue (YoY)

14.20%

Earnings (YoY)

21.50%

PROS

Healthy ROCE of 20.2%.
Excellent profit margin of 23.3%.
Compounding revenue at 14.2% over 5 years.
Profit CAGR of 19.6% over 5 years.
Generates positive free cash flow.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	GRMN Garmin Ltd. SPX	233.92	26.11	$45.11B	1.80%	20.23%	19.90%	14.24%	19.56%
2	NVDA NVIDIA Corporation NDXSPXAI	211.14	32.38	$5.11T	0.47%	81.14%	114.29%	100.05%	201.80%
3	AAPL Apple Inc. NDXSPX	312.06	37.73	$4.58T	0.35%	68.72%	141.47%	1.81%	3.92%
4	MSFT Microsoft Corporation NDXSPXAI	450.24	26.82	$3.34T	0.81%	26.37%	34.01%	12.42%	11.87%
5	TSM Taiwan Semiconductor Manufacturing Company Limited AI	418.45	35.86	$2.17T	0.91%	32.04%	36.21%	18.94%	19.57%
6	MU Micron Technology, Inc. NDXSPXAI	971.00	45.87	$1.10T	0.06%	14.20%	39.82%	6.71%	-0.57%
7	AMD Advanced Micro Devices, Inc. NDXSPXAI	516.10	172.61	$841.55B	-	6.33%	8.06%	13.64%	48.64%
8	ORCL Oracle Corporation SPXAI	225.78	40.46	$649.35B	0.89%	13.07%	57.57%	10.59%	22.81%
9	ASML ASML Holding N.V. NDXAI	1,612.76	53.76	$621.59B	0.54%	43.81%	52.24%	15.55%	19.55%

Quarterly Results

Figures in USD.

Metric	Jun 2015	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Apr 2017	Jul 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Apr 2023	Jul 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	710.87M	894.45M	810.01M	932.11M	766.05M	954.84M	934.38M	1.10B	856.11M	869.87M	1.11B	1.35B	1.07B	1.33B	1.19B	1.17B	1.24B	1.14B	1.15B	1.32B	1.28B	1.38B	1.51B	1.59B	1.54B	1.81B	1.77B	2.12B	1.75B
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	650.55M	747.55M	724.41M	866.70M	711.20M
Gross Profit	419.25M	362.19M	413.14M	339.85M	462.96M	405.98M	470.78M	372.81M	484.13M	437.52M	503.48M	426.54M	523.27M	480.75M	549.17M	451.70M	575.37M	567.46M	639.46M	506.94M	515.43M	667.98M	790.98M	641.56M	780.85M	695.95M	662.48M	728.83M	670.50M	652.79M	759.44M	728.57M	802.14M	862.89M	951.60M	884.54M	1.07B	1.05B	1.26B	1.04B
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	551.72M	594.72M	589.68M	644.11M	610.62M
Operating Income	166.66M	125.46M	-	103.80M	200.67M	159.62M	-	117.03M	209.62M	173.65M	-	142.20M	217.51M	195.96M	-	151.38M	256.22M	261.46M	-	177.48M	188.39M	317.10M	-	249.66M	371.17M	282.67M	228.56M	292.74M	239.37M	196.98M	284.36M	270.37M	298.41M	342.03M	437.48M	332.82M	472.30M	456.80M	614.15M	431.67M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	379.12M	519.40M	505.91M	660.41M	480.79M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	389.08M	480.25M	509.82M	635.39M	472.53M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	56.31M	79.43M	108.20M	106.70M	67.45M
Net Income	137.75M	119.30M	132.38M	88.09M	161.06M	125.05M	136.60M	238.40M	176.98M	151.07M	142.55M	129.37M	190.34M	184.21M	190.15M	140.17M	223.66M	227.87M	360.79M	161.18M	184.18M	313.42M	333.55M	220.03M	317.00M	259.04M	211.59M	257.87M	210.85M	202.33M	287.94M	257.24M	275.96M	300.63M	399.11M	332.77M	400.82M	401.62M	528.68M	405.08M
Diluted EPS	0.72	0.63	-	0.46	0.85	0.66	0.72	1.26	0.94	0.80	0.75	0.68	1.00	0.97	1.00	0.74	1.17	1.19	1.89	0.84	0.96	1.63	1.73	1.14	1.64	1.34	1.09	1.33	1.09	1.05	1.50	1.34	1.43	1.56	2.07	1.72	2.07	2.08	2.73	2.09
R&D Expense	109.24M	105.79M	-	108.20M	114.36M	116.45M	-	122.20M	127.25M	129.63M	-	141.96M	141.71M	138.98M	-	145.92M	148.88M	148.56M	-	165.39M	165.74M	174.88M	-	188.85M	186.02M	198.93M	209.01M	201.52M	208.69M	221.49M	224.39M	221.57M	242.53M	243.15M	249.16M	268.12M	276.66M	286.46M	-	295.82M

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	-	-	-	3.12B	3.35B	3.76B	4.19B	-	4.86B	5.23B	6.30B	7.25B
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.05B	2.22B	2.60B	2.99B
Gross Profit	1.46B	1.55B	1.44B	1.35B	1.34B	1.44B	1.41B	1.60B	1.54B	1.69B	1.80B	1.98B	2.23B	2.48B	-	2.81B	3.00B	3.70B	4.26B
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.78B	1.91B	2.10B	2.38B
Operating Income	907.35M	862.02M	786.01M	636.68M	553.77M	604.16M	574.03M	690.63M	549.58M	632.86M	683.64M	778.34M	945.59M	1.05B	-	1.03B	1.09B	1.59B	1.88B
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.19B	1.27B	1.77B	2.06B
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.06B	1.20B	1.70B	2.01B
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	91.39M	-89.28M	283.96M	350.65M
Net Income	-	-	703.95M	584.60M	520.90M	542.40M	612.41M	364.21M	456.23M	517.72M	709.01M	694.08M	952.49M	992.32M	-	973.59M	1.29B	1.41B	1.66B
Diluted EPS	3.89	3.48	3.50	2.95	2.67	2.76	3.12	1.88	2.39	2.73	3.76	3.66	4.99	5.17	-	5.04	6.71	7.30	8.59
R&D Expense	159.41M	206.11M	238.38M	277.26M	298.58M	325.77M	364.92M	395.12M	427.04M	467.96M	511.63M	567.80M	605.37M	652.34M	778.75M	834.93M	904.70M	993.60M	1.13B

Compounded Sales Growth

5 Years:	14.24%
1 Year:	14.20%

Compounded Profit Growth

5 Years:	19.56%
1 Year:	21.50%

Stock Price Performance

1 Year:	+17.15%
6 Months:	+22.23%
3 Months:	-7.12%
1 Month:	-7.57%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2006	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	2.93B	3.83B	3.99B	4.47B	4.82B	4.88B	4.69B	4.50B	4.53B	4.95B	5.38B	6.17B	7.03B	-	7.73B	8.60B	9.63B	10.99B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3.96B	4.46B	5.34B	6.25B
Cash & Equivalents	337.32M	707.69M	696.34M	1.09B	1.26B	1.29B	1.23B	1.18B	1.20B	833.07M	846.88M	891.49M	1.20B	1.03B	1.46B	-	1.28B	1.69B	2.08B	2.28B
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.52B	1.35B	1.47B	1.77B
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	656.85M	815.24M	983.40M	1.25B
Total Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.53B	1.59B	1.78B	2.02B
Current Liabilities	-	-	479.18M	685.88M	669.04M	858.28M	909.03M	905.30M	1.03B	866.00M	782.74M	792.12M	921.31M	1.04B	1.16B	-	1.21B	1.31B	1.51B	1.72B
Long Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	114.54M	113.03M	134.89M	164.84M
Total Equity	-	-	2.23B	2.84B	3.05B	3.26B	3.53B	3.66B	3.40B	3.37B	3.45B	3.85B	4.16B	4.79B	5.52B	-	6.20B	7.01B	7.85B	8.97B
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	198.08M	195.88M	194.90M	194.90M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	682.09M	862.16M	1.09B	770.64M	822.33M	684.75M	-	-	280.47M	705.68M	660.84M	919.52M	698.55M	1.14B	-	788.26M	1.38B	1.43B	1.63B
Investing Cash Flow	-175.69M	-56.35M	-547.87M	-72.87M	-488.20M	-496.23M	-	-	-111.98M	-121.68M	-194.38M	-307.50M	-450.75M	-260.52M	-	-145.12M	-332.97M	-393.33M	-645.24M
Financing Cash Flow	-136.12M	-808.05M	-161.24M	-510.82M	-307.41M	-249.85M	-	-	-500.09M	-561.68M	-448.41M	-286.16M	-416.03M	-461.76M	-	-840.62M	-636.51M	-626.86M	-844.08M
Capital Expenditure	-	-	-49.20M	-32.23M	-38.37M	-38.45M	-56.08M	-73.34M	-80.59M	-90.96M	-139.70M	-155.75M	-118.03M	-185.40M	-	-244.29M	-193.52M	-193.57M	-270.45M
Free Cash Flow	-	-	1.05B	738.40M	783.97M	646.30M	-	-	199.88M	614.72M	521.15M	763.76M	580.52M	949.87M	-	543.97M	1.18B	1.24B	1.36B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-197.48M	406.78M	412.28M	144.04M
Share Buybacks	7.78M	671.85M	20.26M	225.93M	22.30M	18.75M	58.42M	241.58M	131.41M	93.23M	74.52M	-	-	-	-	-	-	-	-
Dividends Paid	162.53M	150.25M	149.85M	298.85M	310.76M	253.39M	351.71M	360.07M	378.12M	481.45M	382.98M	296.15M	417.26M	450.63M	491.46M	679.10M	558.77M	572.36M	663.88M

Ratios (Annual)

Figures in %.

Metric	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	57.6%	59.1%	59.5%	59.3%	-	57.7%	57.5%	58.7%	58.7%
Operating Margin %	-	-	-	-	-	-	-	-	-	-	21.9%	23.3%	25.2%	25.2%	-	21.1%	20.9%	25.3%	25.9%
Net Margin %	-	-	-	-	-	-	-	-	-	-	22.7%	20.7%	25.3%	23.7%	-	20.0%	24.7%	22.4%	23.0%
ROE %	-	-	24.8%	19.2%	16.0%	15.4%	16.7%	10.7%	13.5%	15.0%	18.4%	16.7%	19.9%	18.0%	-	15.7%	18.4%	18.0%	18.5%
ROCE %	-	35.1%	25.0%	19.2%	15.3%	15.5%	14.4%	18.9%	15.1%	16.9%	16.4%	17.4%	18.4%	18.0%	-	15.8%	15.0%	19.6%	20.2%

Shareholding Pattern

Insiders

14.86%

Institutions

58.59%

Public Float

68.81%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	8.07%	15.44M	$3.61B
2	Vanguard Capital Management LLC	5.55%	10.62M	$2.48B
3	Vanguard Portfolio Management LLC	4.11%	7.87M	$1.84B
4	State Street Corporation	3.58%	6.85M	$1.60B
5	Artisan Partners Limited Partnership	2.89%	5.52M	$1.29B
6	Geode Capital Management, LLC	2.30%	4.40M	$1.03B
7	FMR, LLC	1.12%	2.15M	$503.36M
8	Alliancebernstein L.P.	1.01%	1.93M	$452.13M
9	JPMORGAN CHASE & CO	0.99%	1.89M	$442.01M
10	Northern Trust Corporation	0.94%	1.79M	$419.02M

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GRMN · Technology

Garmin Ltd.

About

Key Facts

Sector	Technology
Industry	Scientific & Technical Instruments
Headquarters	Switzerland
Employees	23,000
Website	https://www.garmin.com

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Garmin Ltd. GRMN SPX

Market & Price

Valuation

Profitability & Returns

Balance Sheet & Liquidity

Ownership

Financial Snapshot

Growth (CAGR)

PROS

CONS

Price Chart

Technical Trend

Fundamental Growth

Peer comparison

Quarterly Results

Profit & Loss (Annual)

Compounded Sales Growth

Compounded Profit Growth

Stock Price Performance

Balance Sheet (Annual)

Cash Flows (Annual)

Ratios (Annual)

Shareholding Pattern

Top Institutional Holders

Analyst View

Latest News

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