Saturday 17 October 2026
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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. In the quarter to June 2026, revenue grew 11.4%, EPS grew 35.1% and free cash flow grew 116.3%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for three, operating cash flow growth for three.
285.30
0.08
+0.03%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
18.22 | 16.09 | 17.16 | 19.43 | 23.10 | 24.14 | 18.49 | 18.78 | 28.02 | 23.45 |
Piotroski F-Score |
9 | 7 | 5 | 7 | 5 | 4 | 4 | 8 | 7 | 7 |
Altman Z-Score |
7.13 | 8.27 | 8.07 | 10.34 | 11.32 | 11.37 | 9.33 | 11.60 | 15.89 | 14.19 |
P/S ratio |
3.05 | 3.58 | 3.57 | 4.93 | 5.46 | 5.25 | 3.71 | 4.63 | 6.29 | 5.39 |
P/FCF ratio |
15.23 | 21.96 | 15.70 | 32.02 | 24.07 | 37.23 | 33.24 | 20.55 | 32.08 | 28.73 |
Altman Z″-Score (non-manufacturers) |
7.81 | 8.27 | 8.32 | 8.55 | 8.91 | 8.87 | 9.48 | 9.88 | 10.37 | 10.58 |
Beneish M-Score |
(2.67) | (2.29) | (2.76) | (2.07) | (2.43) | (2.48) | (2.51) | (2.31) | (2.34) | (2.24) |
P/Operating CF |
43.54 | 56.41 | 54.86 | 79.06 | 52.47 | 154.88 | 48.87 | 51.99 | 81.87 | 70.50 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 96 |
P/B ratio |
2.72 | 2.90 | 2.87 | 3.87 | 4.15 | 4.28 | 2.90 | 3.45 | 5.05 | 4.35 |
Price to Tangible BV |
2.98 | 3.25 | 3.19 | 4.48 | 4.88 | 4.92 | 3.30 | 3.89 | 5.59 | 4.87 |
EV/Sales |
2.68 | 3.25 | 3.15 | 4.56 | 5.02 | 4.88 | 3.41 | 4.26 | 5.89 | 5.01 |
EV/EBITDA |
11.37 | 13.16 | 12.07 | 16.28 | 17.80 | 17.71 | 13.90 | 17.53 | 20.92 | 17.58 |
EV/Operating CF |
11.58 | 15.33 | 11.48 | 24.52 | 18.51 | 24.02 | 21.01 | 16.17 | 25.91 | 22.23 |
EV/FCF |
13.41 | 19.89 | 13.88 | 29.59 | 22.13 | 34.61 | 30.56 | 18.88 | 30.05 | 26.71 |
Quick Ratio |
2.10 | 2.08 | 2.12 | 2.04 | 2.32 | 1.86 | 1.74 | 2.12 | 2.31 | 2.32 |
Current Ratio |
2.89 | 2.96 | 2.89 | 2.95 | 3.15 | 2.94 | 3.26 | 3.41 | 3.54 | 3.63 |
Net Debt/EBITDA |
(1.55) | (1.37) | (1.58) | (1.33) | (1.56) | (1.34) | (1.22) | (1.55) | (1.41) | (1.33) |
Debt/Assets |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.68 | 0.66 | 0.65 | 0.65 | 0.63 | 0.67 | 0.62 | 0.64 | 0.69 | 0.70 |
Operating CF/Net income |
1.36 | 0.93 | 1.32 | 0.73 | 1.14 | 0.94 | 0.81 | 1.07 | 1.01 | 0.98 |
Capex/Depreciation |
(1.11) | (1.76) | (1.65) | (1.13) | (1.46) | (2.00) | (1.50) | (1.10) | (1.08) | (1.43) |
| 15.31% | 19.50% | 17.32% | 21.27% | 19.25% | 18.61% | 15.81% | 19.52% | 19.00% | 19.78% | |
| 11.47% | 14.97% | 13.44% | 16.49% | 15.04% | 14.54% | 12.49% | 15.79% | 15.48% | 16.14% | |
ROIC |
17.17% | 15.26% | 17.51% | 17.44% | 17.95% | 17.84% | 13.52% | 13.53% | 18.63% | 18.81% |
Return on Tangible Assets |
26.37% | 32.98% | 28.83% | 34.63% | 29.53% | 27.88% | 25.02% | 29.46% | 27.87% | 28.18% |
Average Days of Receivables |
63.16 | 69.09 | 62.13 | 68.65 | 74.06 | 61.78 | 49.33 | 56.91 | 57.00 | 63.12 |
Research and Development Expense of Revenue |
15.36% | 16.39% | 16.96% | 16.11% | 15.58% | 15.63% | 17.18% | 17.30% | 15.78% | 15.54% |
Selling, General and Administrative Expense of Revenue |
19.30% | 19.31% | 18.93% | 18.18% | 18.51% | 17.92% | 19.42% | 19.28% | 17.61% | 17.31% |
Intangible Assets out of Total Assets |
0.07 | 0.08 | 0.08 | 0.11 | 0.12 | 0.10 | 0.10 | 0.09 | 0.08 | 0.09 |
Share Based Compensation of Revenue |
1.35% | 1.43% | 1.68% | 1.69% | 1.93% | 1.86% | 1.58% | 1.94% | 2.18% | 2.29% |
Graham Net Nets |
0.12 | 0.11 | 0.12 | 0.09 | 0.09 | 0.10 | 0.13 | 0.12 | 0.09 | 0.11 |
Graham Number |
33.16 | 41.32 | 42.81 | 53.39 | 58.00 | 63.54 | 60.57 | 74.54 | 82.26 | 95.25 |
Earnings Yield |
5.49% | 6.21% | 5.83% | 5.15% | 4.33% | 4.14% | 5.41% | 5.33% | 3.57% | 4.26% |
Free Cash Flow Yield |
6.56% | 4.55% | 6.37% | 3.12% | 4.15% | 2.69% | 3.01% | 4.87% | 3.12% | 3.48% |
Revenue per Share |
16.13 | 16.62 | 17.75 | 19.78 | 21.91 | 25.93 | 25.24 | 27.32 | 32.79 | 37.65 |
Operating CF per Share |
3.74 | 3.52 | 4.87 | 3.68 | 5.94 | 5.27 | 4.09 | 7.19 | 7.46 | 8.49 |
Capex per Share |
(0.51) | (0.81) | (0.84) | (0.63) | (0.97) | (1.61) | (1.28) | (1.02) | (1.01) | (1.41) |
Free Cash Flow per Share |
3.23 | 2.71 | 4.03 | 3.05 | 4.97 | 3.66 | 2.82 | 6.17 | 6.45 | 7.08 |
Cash per Share |
5.90 | 5.61 | 7.34 | 7.39 | 9.66 | 9.61 | 7.54 | 10.28 | 13.02 | 14.23 |
Shareholders Equity per Share |
18.10 | 20.51 | 22.07 | 25.24 | 28.87 | 31.81 | 32.22 | 36.64 | 40.86 | 46.62 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
18.10 | 20.51 | 22.07 | 25.24 | 28.87 | 31.81 | 32.22 | 36.64 | 40.86 | 46.62 |
Free Cash Flow |
609.68 | 509.28 | 760.77 | 578.67 | 949.78 | 702.88 | 542.07 | 1,181.24 | 1,238.90 | 1,362.91 |
Working Capital |
1,480.28 | 1,554.02 | 1,744.06 | 2,021.92 | 2,505.13 | 2,813.62 | 2,743.52 | 3,153.45 | 3,828.30 | 4,528.15 |
Capital Expenditures |
(96.00) | (151.57) | (158.75) | (119.88) | (185.49) | (309.55) | (246.19) | (195.03) | (193.57) | (270.45) |
Net Current Asset Value |
1,155.89 | 1,250.27 | 1,445.48 | 1,684.55 | 2,154.09 | 2,521.50 | 2,428.32 | 2,872.63 | 3,554.02 | 4,227.11 |
EV/EBIT |
12.92 | 14.82 | 13.57 | 18.11 | 19.94 | 19.96 | 16.12 | 20.38 | 23.28 | 19.35 |
Capex to Sales |
0.03 | 0.05 | 0.05 | 0.03 | 0.04 | 0.06 | 0.05 | 0.04 | 0.03 | 0.04 |
Price to Operating Income |
14.68 | 16.36 | 15.35 | 19.60 | 21.69 | 21.47 | 17.53 | 22.18 | 24.85 | 20.81 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.18 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.14 | 0.15 | 0.15 | 0.14 |
Cash ROIC |
13.45% | 10.38% | 13.71% | 9.34% | 12.90% | 8.83% | 7.08% | 13.15% | 11.97% | 11.64% |
Accounts Receivable Turnover |
5.75 | 5.58 | 5.77 | 5.89 | 5.38 | 5.89 | 6.48 | 7.10 | 7.00 | 6.48 |
Accounts Payable Turnover |
7.73 | 7.74 | 7.30 | 6.83 | 6.82 | 6.65 | 7.05 | 9.54 | 8.48 | 8.46 |
Inventory Turnover |
2.75 | 2.64 | 2.53 | 2.32 | 2.25 | 2.10 | 1.50 | 1.55 | 1.84 | 1.84 |
Average Days of Payables |
46.36 | 46.78 | 54.70 | 57.70 | 55.41 | 64.55 | 37.76 | 41.66 | 50.44 | 42.43 |
Days of Inventory on Hand |
130.38 | 142.75 | 149.94 | 180.38 | 163.12 | 214.15 | 269.29 | 220.97 | 206.90 | 216.40 |
Average Receivables |
529.27 | 558.97 | 580.36 | 638.30 | 778.12 | 846.46 | 750.15 | 736.05 | 899.32 | 1,118.21 |
Average Payables |
175.65 | 171.02 | 187.31 | 222.91 | 249.86 | 314.47 | 291.23 | 233.10 | 306.58 | 353.43 |
Average Inventory |
492.69 | 501.23 | 539.74 | 657.37 | 757.50 | 994.85 | 1,371.33 | 1,430.50 | 1,409.97 | 1,623.12 |
Average Assets |
4,512.26 | 4,736.71 | 5,165.57 | 5,774.83 | 6,599.09 | 7,442.90 | 7,792.80 | 8,167.37 | 9,117.05 | 10,312.10 |
Average Common Equity |
3,381.56 | 3,635.21 | 4,007.70 | 4,478.24 | 5,154.81 | 5,815.14 | 6,159.25 | 6,608.20 | 7,430.23 | 8,410.48 |
Columns are period end dates