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Garmin Ltd. (GRMN) vs MKS Inc. (MKSI)

Garmin Ltd. and MKS Inc. are both Scientific & Technical Instruments companies. Garmin Ltd. is the larger, with a market value of $55.0B against $15.5B — 3.6× the size. Garmin Ltd. trades at the lower P/E: 29.3× against 32.9×. MKS Inc. grew revenue faster over the last twelve months: 16.3% against 13.5%. Garmin Ltd. has the higher net margin (24.5% vs 10.1%) and the higher return on invested capital (20.8% vs 6.74%). Both pay a dividend; Garmin Ltd. yields more (2.10% vs 0.45%). Across the 23 metrics below, Garmin Ltd. leads on 15 and MKS Inc. on 8.

Valuation

Metric GRMN MKSI Scientific & Technical Instruments median
P/E 29.26 32.90 33.25
P/S 7.17 3.34 4.50
P/B 6.09 4.86 2.90
Price to free cash flow 34.47 31.71 24.81
EV/EBITDA 22.65 17.07 17.92
EV/Sales 6.82 4.11 4.71
Earnings yield 3.42% 3.04% 0.60%
Free cash flow yield 2.90% 3.15% 1.27%

Profitability

Metric GRMN MKSI Scientific & Technical Instruments median
Gross margin 60.08% 46.96% 45.75%
Operating margin 27.61% 15.69% 7.34%
Net margin 24.47% 10.12% 1.56%
Free cash flow margin 20.85% 10.53% 5.84%
Return on equity 21.89% 15.88% 2.87%
Return on assets 17.26% 4.95% 0.99%
Return on invested capital 20.81% 6.74% 3.88%

Growth

Metric GRMN MKSI Scientific & Technical Instruments median
Revenue growth (TTM) 13.51% 16.26% 11.15%
EPS growth (last fiscal year) 17.67% 55.52% 11.47%
Revenue growth, 5-year CAGR 11.59% 11.03% 7.89%
Net income growth, 5-year CAGR 10.89% (3.36%) 0.00%

Health

Metric GRMN MKSI Scientific & Technical Instruments median
Debt to equity 0.00 1.32 0.00
Current ratio 3.03 1.14 2.24
Net debt to EBITDA (1.33) 3.93 0.44

Dividend

Metric GRMN MKSI Scientific & Technical Instruments median
Dividend yield 2.10% 0.45% 0.58%
Payout ratio 0.62 0.15 0.36

Size

Metric GRMN MKSI Scientific & Technical Instruments median
Market cap 55.01b 15.45b 444.25m

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