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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%
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 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 29.26
Fwd P/E 25.00
P/S ratio 7.17
P/B ratio 6.09 (above 6: high)
Past 5Y EPS Growth 10.69%
This Y EPS Growth 19.07% (at or above 15%: strong)
Next Y EPS Growth 10.70%
Next Y revenue growth 11.79% (at or above 10%: strong)
Next 5Y EPS Growth 14.34%

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.8×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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 →

GRMN metrics, ten years each

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.

Source: company filings (standardised) and stockrow calculations.

Garmin Ltd. (GRMN) Latest News

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stockrow.com/GRMN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com