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.
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Garmin Ltd. (GRMN) Altman Z-score
Garmin Ltd.'s Altman Z-score for fiscal 2025 is 14.19, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 14.19 | (1.69) |
| FY2024 | 15.89 | 4.29 |
| FY2023 | 11.60 | 2.26 |
| FY2022 | 9.33 | (2.04) |
| FY2021 | 11.37 | 0.05 |
| FY2020 | 11.32 | 0.98 |
| FY2019 | 10.34 | 2.27 |
| FY2018 | 8.07 | (0.21) |
| FY2017 | 8.27 | 1.15 |
| FY2016 | 7.13 | 1.45 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.41 | — | 0.49 | |
| Retained earnings / total assets | 0.63 | — | 0.89 | |
| EBIT / total assets | 0.17 | — | 0.56 | |
| Market value of equity / total liabilities | 19.32 | — | 11.59 | |
| Sales / total assets | 0.66 | — | 0.66 | |
| Altman Z-score | Safe zone | 14.19 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 10.58 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GRMN Garmin Ltd. | 14.2× |
| CGNX Cognex Corporation compare | 8.3× |
| COHR Coherent Corp. compare | 6.9× |
| KEYS Keysight Technologies Inc. compare | 5.4× |
| ESE ESCO Technologies Inc. compare | 5.3× |
| TDY Teledyne Technologies Incorporated compare | 4.4× |
| TRMB Trimble Inc. compare | 4.4× |
| FTV Fortive Corporation compare | 3.2× |
| MKSI MKS Inc. compare | 2.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on GRMN
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement