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Garmin Ltd.

GRMN Technology Scientific & Technical Instruments

Garmin Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $7.2 billion, up 15.1% from fiscal 2024.

Revenue
+12.2%
EPS
+34.4%
Free cash flow
−31.0%

Quarter to September 2026, against a year earlier

285.57 0.83 −0.29%
Market cap
$55.2B
P/E
27.2×
Fwd P/E
26.5×
Dividend yield
1.37%
F-score
7/9
Altman Z
14.19
Beneish M
−2.24
Dividend safety
96/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Fitness Segment
  • Outdoor Segment
  • Marine Segment
  • Aviation Segment
  • Auto OEM Segment

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 19.87
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 1 8 1 — 1 2 3 1 — — —
Insider Ownership 14.62%

Capital & Financial Ratios $m

Size
Market Cap 55,190.00
Revenue ttm 7,886.61
Net income ttm 2,017.34
Free cash flow ttm 1,468.03
Net debt Q (2,339.47)
Valuation
P/E 27.24
Forward P/E 26.50
Price / sales 6.97
Forward P/S Powerpack
Price / FCF 37.55
Price / book 5.76
Financial health
Current ratio Q 3.05 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (15.17)
Growth
Revenue growth Q +12.15% (above 0%: growing)
Operating income growth Q +33.90% (above 0%: growing)
EPS, this year +25.50% (at or above 15%: strong)
EPS, next year A +6.98%
Revenue, next year A +12.46% (at or above 10%: strong)
EPS, past 5 yrs +10.69%
EPS, next 5 yrs A +15.12% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.7×, against a ten-year median of 4.1×; over the ten years it ranged from 2.0× in 2016 to 7.0× in 2026.
P/E against its own 10 years 90.29%
10-year low 10-year high
P/S against its own 10 years 97.69%
10-year low 10-year high
P/B against its own 10 years 96.74%
10-year low 10-year high
EV/Sales against its own 10 years 98.02%
10-year low 10-year high
EV/FCF against its own 10 years 91.64%
10-year low 10-year high

Dividends raised every year since 2018

Yield
1.37%
Annual rate
3.90
Payout ratio
37.4%
Growth, 2018–26
+8.56%/yr
  1. 2.10 ’18
  2. 2.24 ’19 +7
  3. 2.40 ’20 +7
  4. 2.62 ’21 +9
  5. 2.86 ’22 +9
  6. 2.92 ’23 +2
  7. 2.98 ’24 +2
  8. 3.45 ’25 +16
  9. 4.05 ’26 +17
  10. 4.43 ’27e +9
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,968 2,501 2,738 2,339
Receivables 815 983 1,253 1,137
Inventory 1,346 1,474 1,772 2,252
Other — — — —
4,464 5,336 6,248 6,484
2023 2024 2025 Q'26
Payables 254 359 347 501
ST’ Debt — — — —
Other — — — —
1,311 1,508 1,720 2,128

Compound Annual Growth %

10y 5y 3y
Sales 9.89% 11.59% 14.24%
Cash Flow 19.27% 7.55% 27.49%
Earnings 13.81% 10.89% 19.56%
Book Value 10.37% 10.22% 13.09%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.38 Actual 2.76

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.39 2.79 Beat by 0.40
Q1 FY26 1.84 2.08 Beat by 0.24
Q2 FY26 2.27 2.81 Beat by 0.54
Q3 FY26 2.38 2.76 Beat by 0.38
Q4 FY26 3.02 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.09 2.80 2.80 — —
’25 1.72 2.07 2.08 2.73 8.59
’24 1.43 1.56 2.07 2.25 7.30
’23 1.05 1.50 1.34 2.82 6.71
’22 1.09 1.33 1.09 1.53 5.04
’21 1.14 1.64 1.34 1.48 5.61
’20 0.84 0.96 1.63 1.73 5.17
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,753 2,022 1,986 — —
’25 1,535 1,815 1,771 2,125 7,246
’24 1,382 1,507 1,586 1,823 6,297
’23 1,147 1,321 1,278 1,483 5,228
’22 1,173 1,241 1,140 1,306 4,860
’21 1,072 1,327 1,192 1,392 4,983
’20 856 870 1,109 1,351 4,187
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 536 404 394 — —
’25 421 173 486 554 1,633
’24 435 255 258 484 1,432
’23 279 274 357 466 1,376
’22 186 80 154 369 788
’21 368 230 245 169 1,012
’20 226 199 274 436 1,135
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 469 276 293 — —
’25 381 127 425 430 1,363
’24 402 218 219 399 1,239
’23 232 220 311 416 1,181
’22 127 5 103 307 542
’21 331 120 204 49 703
’20 185 142 235 387 950
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 15.1% a year for ten years. It grew 13.3% a year over the last ten.

Implied
15.1%
10 years, reported
13.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,046 3,122 3,347 3,758 4,187 4,983 4,860 5,228 6,297 7,246 7,887 +10.1% 8,148 9,137 10,190 +12.0%
Gross margin, % 55.44 57.60 59.14 59.45 59.27 58.01 57.75 57.48 58.70 58.74 61.12 +3.3 pt
EBT 639 697 823 987 1,103 1,207 1,065 1,200 1,695 2,015 2,420 +13.6%
EBT margin, % 20.97 22.33 24.59 26.27 26.36 24.22 21.91 22.96 26.92 27.80 30.69 +6.8 pt
Net income 518 709 694 952 992 1,082 974 1,290 1,411 1,664 2,017 +13.9%
Per share, $
Per share, $ Revenue 16.13 16.62 17.75 19.78 21.91 25.93 25.24 27.32 32.79 37.65 40.90 +9.9%
Earnings 2.71 3.70 3.68 5.01 5.19 5.63 5.06 6.74 7.35 8.65 10.47 +13.8%
Cash flow 3.74 3.52 4.87 3.68 5.94 5.27 4.09 7.19 7.46 8.49 9.79 +9.5%
Capex (0.51) (0.81) (0.84) (0.63) (0.97) (1.61) (1.28) (1.02) (1.01) (1.41) (2.17) +12.0%
Free cash flow 3.23 2.71 4.03 3.05 4.97 3.66 2.82 6.17 6.45 7.08 7.61 +9.1%
Book value 18.10 20.51 22.07 25.24 28.87 31.81 32.22 36.64 40.86 46.62 49.52 +11.1%
Shares, m 189 188 189 190 191 192 193 191 192 192 193 +0.2%
Valuation, ×
Valuation, × P/E 18.22 16.09 17.16 19.43 23.10 24.14 18.49 18.78 28.02 23.45 27.24 20.7
P/S 3.05 3.58 3.57 4.93 5.46 5.25 3.71 4.63 6.29 5.39 6.97 4.6
P/B 2.72 2.90 2.87 3.87 4.15 4.28 2.90 3.45 5.05 4.35 5.76 3.7
EV/Sales 2.68 3.25 3.15 4.56 5.02 4.88 3.41 4.26 5.89 5.01 6.68 4.2
EV/FCF 13.41 19.89 13.88 29.59 22.13 34.61 30.56 18.88 30.05 26.71 35.95 24.0
Cash, $m
Cash, $m Operating cash flow 706 661 920 699 1,135 1,012 788 1,376 1,432 1,633 1,887 +9.8%
Capex (96) (152) (159) (120) (185) (310) (246) (195) (194) (270) (419) +12.2%
Free cash flow 610 509 761 579 950 703 542 1,181 1,239 1,363 1,468 +9.3%
Balance, $m
Balance, $m Working capital 1,480 1,554 1,744 2,022 2,505 2,814 2,744 3,153 3,828 4,528 4,355 +13.2%
Net debt (1,114) (1,053) (1,385) (1,404) (1,846) (1,846) (1,452) (1,968) (2,501) (2,738) (2,339) +10.5%
Shareholders’ equity 3,418 3,852 4,163 4,793 5,516 6,114 6,204 7,012 7,848 8,973 9,550 +11.3%
Returns, %
Returns, % ROA 11.47 14.97 13.44 16.49 15.04 14.54 12.49 15.79 15.48 16.14 17.92 +4.7 pt
ROIC 17.17 15.26 17.51 17.44 17.95 17.84 13.52 13.53 18.63 18.81 19.70 +1.6 pt
ROE 15.31 19.50 17.32 21.27 19.25 18.61 15.81 19.52 19.00 19.78 22.38 +4.5 pt
People
People Employees 11,600 12,300 13,000 15,000 16,000 18,700 19,700 19,900 21,800 23,000 — +7.9%
Revenue/emp, $m 0.26 0.25 0.26 0.25 0.26 0.27 0.25 0.26 0.29 0.32 — +2.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Garmin is headquartered in Schaffhausen and is led by President and Chief Executive Officer Clifton A. Pemble. It designs, develops, manufactures, markets and distributes GPS-enabled navigation, communications, sensor-based and information products, software and services for five markets: fitness, outdoor, aviation, marine and auto OEM.

For consumers, the range includes running and smartwatch devices, cycling computers and indoor trainers, health monitors, adventure watches, satellite communicators, golf equipment, handheld navigators, dive computers and products for motorcycles, trucks, RVs and powersports. Many devices use GPS and other global navigation satellite systems for positioning, navigation and tracking. Some also connect to third-party satellite networks for messaging, weather and mapping.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Fitness Segment 2,357 32.53%
Outdoor Segment 2,054 28.35%
Marine Segment 1,183 16.32%
Aviation Segment 987 13.62%
Auto OEM Segment 665 9.17%
Gross margin 58.74%
Operating margin 25.89%
Pre-tax margin 27.80%

Revenue by segment since 2009

Garmin Ltd. vs peers in Scientific & Technical Instruments (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GRMN Garmin Ltd. $55.2B 27.2× 26.5× +12.15% (above 0%: growing) +34.40% (above 0%: growing) −31.01% (below 0%: shrinking) 63.33% 30.80%
KEYS Keysight Technologies Inc. $44.4B 36.9× 31.2× +36.54% (above 0%: growing) +109.91% (above 0%: growing) +40.21% (above 0%: growing) 65.87% 24.97% Compare
COHR Coherent Corp. $33.4B 38.3× 21.8× +49.89% (above 0%: growing) +56.84% (above 0%: growing) −1,695.49% (below 0%: shrinking) 39.14% 15.94% Compare
TDY Teledyne Technologies Incorporated $27.2B 28.2× 28.3× +9.44% (above 0%: growing) +25.16% (above 0%: growing) +1.78% (above 0%: growing) 43.88% 20.61% Compare
FTV Fortive Corporation $19.5B 30.7× 30.5× +7.83% (above 0%: growing) +237.76% (above 0%: growing) +108.91% (above 0%: growing) 64.16% 21.30% Compare
TRMB Trimble Inc. $12.5B — (loss-making) — (loss-making) +7.28% (above 0%: growing) −45.89% (below 0%: shrinking) +21.61% (above 0%: growing) 68.17% 14.69% Compare
MKSI MKS Inc. $12.0B 21.5× 20.4× +43.02% (above 0%: growing) +216.91% (above 0%: growing) +100.00% (above 0%: growing) 47.70% 23.07% Compare
CGNX Cognex Corporation $8.0B 32.8× 28.9× +13.18% (above 0%: growing) +358.18% (above 0%: growing) +20.62% (above 0%: growing) 70.76% 32.17% Compare
ESE ESCO Technologies Inc. $7.0B 19.0× 39.6× +14.40% (above 0%: growing) +24.75% (above 0%: growing) −22.12% (below 0%: shrinking) 41.74% 14.80% Compare
Median of peers $16.0B 30.7× 28.9× +13.79% +83.38% +21.12% 55.93% 20.96%

All 33 Scientific & Technical Instruments stocks →

From the latest earnings call

Updated

  • CEO Clif Pemble said Garmin was working to fill a backlog for Circa and Fenix products as it entered the holiday quarter.
  • Pemble said higher memory costs would affect margins as Garmin replaces lower-cost inventory, and he expects gross margin to return to its historical range in 2027.

Pay and ownership Proxy statement filed 22 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.74m 7.79m 190.56
2024 7.24m 18.06m 191.05
2023 6.54m 10.68m 115.27
2022 4.59m 900.89k 80.56
2021 4.24m 5.97m 113.95

Ownership

Directors and executive officers, together 14.80%
Min H. Kao, Ph.D. Director and Executive Chairman 9.70%
BlackRock, Inc. Institutional Shareholder 8.00%
Jonathan Burrell Director 5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Garmin Ltd. (GRMN) Latest News

1 Nov

Impact 3 · · Simply Wall St.

31 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · Zacks earnings
Impact 3 · · PR Newswire

28 Oct

Impact 4 · · The Motley Fool earnings
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat earnings
Impact 4 · · Moby
Impact 4 · · Zacks earnings
Impact 4 · · InvestorsHub earnings
Impact 4 · · PR Newswire
Impact 3 · · Simply Wall St.
Impact 3 · · Associated Press earnings
Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks

23 Oct

Impact 3 · · Zacks

22 Oct

Impact 4 · · Trefis

20 Oct

Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Business Wire
Impact 3 · · PR Newswire

15 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

14 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · PR Newswire

13 Oct

Impact 3 · · PR Newswire

GRMN metrics, ten years each

stockrow.com/GRMN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com