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Cognex Corporation (CGNX) vs Garmin Ltd. (GRMN)

Cognex Corporation and Garmin Ltd. are both Scientific & Technical Instruments companies. Garmin Ltd. is the larger, with a market value of $55.2B against $8.0B — 6.9× the size. Garmin Ltd. trades at the lower P/E: 27.2× against 32.8×. Cognex Corporation grew revenue faster over the last twelve months: 15.8% against 13.6%. Garmin Ltd. has the higher net margin (25.6% vs 21.5%) and the higher return on invested capital (19.7% vs 17.2%). Both pay a dividend; Garmin Ltd. yields more (1.37% vs 0.72%). Across the 22 metrics below, Garmin Ltd. leads on 13 and Cognex Corporation on 9.

Valuation

Metric CGNX GRMN Scientific & Technical Instruments median
P/E 32.78 27.24 28.21
P/S 7.08 6.97 4.46
P/B 4.63 5.76 3.10
Price to free cash flow 28.22 37.55 24.15
EV/EBITDA 27.26 21.33 18.28
EV/Sales 6.46 6.68 4.64
Earnings yield 3.05% 3.67% 0.68%
Free cash flow yield 3.54% 2.66% 1.98%

Profitability

Metric CGNX GRMN Scientific & Technical Instruments median
Gross margin 69.69% 61.12% 47.24%
Operating margin 25.01% 28.82% 8.96%
Net margin 21.50% 25.58% 1.92%
Free cash flow margin 26.01% 18.61% 10.59%
Return on equity 15.07% 22.38% 2.66%
Return on assets 11.31% 17.92% 1.12%
Return on invested capital 17.15% 19.70% 4.79%

Growth

Metric CGNX GRMN Scientific & Technical Instruments median
Revenue growth (TTM) 15.82% 13.59% 9.26%
EPS growth (last fiscal year) 9.68% 17.67% 13.24%
Revenue growth, 5-year CAGR 4.16% 11.59% 7.89%
Net income growth, 5-year CAGR (8.27%) 10.89% 0.00%

Health

Metric CGNX GRMN Scientific & Technical Instruments median
Debt to equity 0.00 0.00 0.00
Current ratio 5.04 3.05 2.30
Net debt to EBITDA (1.75) (1.33) 0.45

Dividend

Metric CGNX GRMN Scientific & Technical Instruments median
Dividend yield 0.72% 1.37% 0.62%
Payout ratio 0.24 0.37 0.22

Size

Metric CGNX GRMN Scientific & Technical Instruments median
Market cap 7.99b 55.19b 549.07m

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