Saturday 17 October 2026 Export GRMN’s income statement to Excel — free account

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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Market cap: $55.0B
P/E: 29.3×
Fwd P/E: 25.0×
Dividend yield: 2.10%
F-score: 7/9
Altman Z: 14.19
Beneish M: −2.24
Dividend safety: 96/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 19.87

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	2	1	8	1	—	1	2	3	1	—	—

Insider Ownership 14.28%

Capital & Financial Ratios $m

Market Cap 55,010.00

Revenue 7,671.44

Net Income 1,877.30

Free Cash Flow 1,599.84

Net Debt (2,666.19)

Current Ratio 3.03

Debt/Equity 0.00

P/E ratio 29.26

Fwd P/E 25.00

P/S ratio 7.17

P/B ratio 6.09

Past 5Y EPS Growth 10.69%

This Y EPS Growth 19.07%

Next Y EPS Growth 10.70%

Next Y revenue growth 11.79%

Next 5Y EPS Growth 14.34%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 96.46%

10-year low 10-year high

P/S against its own 10 years 98.86%

10-year low 10-year high

P/B against its own 10 years 98.89%

10-year low 10-year high

EV/Sales against its own 10 years 98.86%

10-year low 10-year high

EV/FCF against its own 10 years 86.88%

10-year low 10-year high

Dividends

Payout Ratio 0.62

Annual Dividend Rate 6.00

Annual Dividend Yield 2.10%

	total	individual payouts
2028	Powerpack
2027	4.47	1.05
2026	4.05	0.90 1.05 1.05 1.05
2025	3.45	0.75 0.90 0.90 0.90
2024	2.98	0.73 0.75 0.75 0.75
2023	2.92	0.73 0.73 0.73 0.73
2022	2.86	0.67 0.73 0.73 0.73
2021	2.62	0.61 0.67 0.67 0.67
2020	2.40	0.57 0.61 0.61 0.61
2019	2.24	0.53 0.57 0.57 0.57
2018	2.10	0.51 0.53 0.53 0.53
2017	2.04	0.51 0.51 0.51 0.51
2016	2.04	0.51 0.51 0.51 0.51

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,968	2,501	2,738	2,666
Receivables	815	983	1,253	1,153
Inventory	1,346	1,474	1,772	1,966
Other	—	—	—	—
	4,464	5,336	6,248	6,309

	2023	2024	2025	Q'26
Payables	254	359	347	401
ST’ Debt	—	—	—	—
Other	—	—	—	—
	1,311	1,508	1,720	2,083

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,753	2,022	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	2.09	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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	30.93	47.03	57.01	61.18	61.04	113.59	76.37	92.50	119.15	169.26	Analyst estimates 2026–2028 Powerpack
	High	56.19	63.15	70.77	99.26	123.55	178.81	138.25	129.32	222.97	261.69
People
People	Employees	11,600	12,300	13,000	15,000	16,000	18,700	19,700	19,900	21,800	23,000
	Revenue/emp, $m	0.26	0.25	0.26	0.25	0.26	0.27	0.25	0.26	0.29	0.32
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
	Gross margin, %	55.44	57.60	59.14	59.45	59.27	58.01	57.75	57.48	58.70	58.74
	EBT	639	697	823	987	1,103	1,207	1,065	1,200	1,695	2,015
	EBT margin, %	20.97	22.33	24.59	26.27	26.36	24.22	21.91	22.96	26.92	27.80
	Net income	518	709	694	952	992	1,082	974	1,290	1,411	1,664
	Depreciation	86	86	96	106	127	155	164	178	180	189
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
	Earnings	2.71	3.70	3.68	5.01	5.19	5.63	5.06	6.74	7.35	8.65
	Cash flow	3.74	3.52	4.87	3.68	5.94	5.27	4.09	7.19	7.46	8.49
	Capex	(0.51)	(0.81)	(0.84)	(0.63)	(0.97)	(1.61)	(1.28)	(1.02)	(1.01)	(1.41)
	Free cash flow	3.23	2.71	4.03	3.05	4.97	3.66	2.82	6.17	6.45	7.08
	Book value	18.10	20.51	22.07	25.24	28.87	31.81	32.22	36.64	40.86	46.62
	Shares, m	189	188	189	190	191	192	193	191	192	192
Valuation, ×
Valuation, ×	P/E	18.22	16.09	17.16	19.43	23.10	24.14	18.49	18.78	28.02	23.45
	P/S	3.05	3.58	3.57	4.93	5.46	5.25	3.71	4.63	6.29	5.39
	P/B	2.72	2.90	2.87	3.87	4.15	4.28	2.90	3.45	5.05	4.35
	EV/Sales	2.68	3.25	3.15	4.56	5.02	4.88	3.41	4.26	5.89	5.01
	EV/FCF	13.41	19.89	13.88	29.59	22.13	34.61	30.56	18.88	30.05	26.71
Cash, $m
Cash, $m	Operating cash flow	706	661	920	699	1,135	1,012	788	1,376	1,432	1,633
	Capex	(96)	(152)	(159)	(120)	(185)	(310)	(246)	(195)	(194)	(270)
	Free cash flow	610	509	761	579	950	703	542	1,181	1,239	1,363
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
	Total debt	—	—	—	64	95	91	140	—	—	—
	Net debt	(1,114)	(1,053)	(1,385)	(1,404)	(1,846)	(1,846)	(1,452)	(1,968)	(2,501)	(2,738)
	Shareholders’ equity	3,418	3,852	4,163	4,793	5,516	6,114	6,204	7,012	7,848	8,973
Returns, %
Returns, %	ROA	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
	ROE	15.31	19.50	17.32	21.27	19.25	18.61	15.81	19.52	19.00	19.78

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
KEYS Keysight Technologies Inc.	$58.2B	45.1×	45.6×	+36.54% (above 0%: growing)	+109.91% (above 0%: growing)	+40.21% (above 0%: growing)	65.87%	24.97%	Compare
GRMN Garmin Ltd.	$55.0B	29.3×	25.0×	+11.44% (above 0%: growing)	+35.10% (above 0%: growing)	+116.30% (above 0%: growing)	62.41%	30.44%
COHR Coherent Corp.	$49.4B	53.5×	62.6×	+33.74% (above 0%: growing)	n/m	−45,512.10% (below 0%: shrinking)	38.48%	14.58%	Compare
TDY Teledyne Technologies Incorporated	$28.7B	29.9×	29.7×	+9.83% (above 0%: growing)	+21.22% (above 0%: growing)	+45.03% (above 0%: growing)	44.40%	20.04%	Compare
FTV Fortive Corporation	$17.5B	33.6×	30.8×	+7.91% (above 0%: growing)	+6.12% (above 0%: growing)	−9.82% (below 0%: shrinking)	63.39%	19.14%	Compare
MKSI MKS Inc.	$15.5B	32.9×	37.4×	+28.26% (above 0%: growing)	+181.52% (above 0%: growing)	+38.97% (above 0%: growing)	47.68%	20.11%	Compare
TRMB Trimble Inc.	$14.2B	— (loss-making)	24.1×	+11.00% (above 0%: growing)	n/m	+492.59% (above 0%: growing)	69.43%	13.58%	Compare
CGNX Cognex Corporation	$9.4B	51.5×	42.7×	+16.93% (above 0%: growing)	+79.17% (above 0%: growing)	+67.25% (above 0%: growing)	70.65%	29.36%	Compare
ESE ESCO Technologies Inc.	$7.8B	20.5×	46.9×	+14.40% (above 0%: growing)	+24.75% (above 0%: growing)	−22.12% (below 0%: shrinking)	41.74%	14.80%	Compare
Median of peers	$16.5B	33.6×	40.1×	+15.67%	+51.96%	+39.59%	55.54%	19.59%

All 34 Scientific & Technical Instruments stocks →

Garmin Ltd. (GRMN) key facts

Strength: Garmin Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $7.2 billion, up 15.1% from fiscal 2024.
Strength: Net income was $1.7 billion, or $8.65 per share (basic), a net margin of 23.0%.
Garmin Ltd. (GRMN) is a Scientific & Technical Instruments company in the Technology sector, listed on the New York Stock Exchange.
As of October 16, 2026, GRMN traded at $285.30, a market capitalization of $55.0 billion.
At that price the stock trades at 29.3× trailing-twelve-month earnings and 7.2× sales; its P/E is higher than 96% of its own readings over the past ten years.
Garmin Ltd. pays an annual dividend of $6.00 per share, a yield of 2.10%, with a payout ratio of 61.9%.
Return on equity was 19.8% and debt-to-equity 0.00.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 14.19 (safe zone) for fiscal 2025.