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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 $55.2B against $12.0B — 4.6× the size. MKS Inc. trades at the lower P/E: 21.5× against 27.2×. MKS Inc. grew revenue faster over the last twelve months: 24.6% against 13.6%. Garmin Ltd. has the higher net margin (25.6% vs 12.6%) and the higher return on invested capital (19.7% vs 8.51%). Both pay a dividend; Garmin Ltd. yields more (1.37% vs 0.51%). Across the 23 metrics below, Garmin Ltd. leads on 13 and MKS Inc. on 10.

Valuation

Metric GRMN MKSI Scientific & Technical Instruments median
P/E 27.24 21.51 28.21
P/S 6.97 2.72 4.46
P/B 5.76 3.95 3.10
Price to free cash flow 37.55 23.39 24.15
EV/EBITDA 21.33 15.37 18.28
EV/Sales 6.68 3.37 4.64
Earnings yield 3.67% 4.65% 0.68%
Free cash flow yield 2.66% 4.28% 1.98%

Profitability

Metric GRMN MKSI Scientific & Technical Instruments median
Gross margin 61.12% 47.24% 47.24%
Operating margin 28.82% 18.23% 8.96%
Net margin 25.58% 12.61% 1.92%
Free cash flow margin 18.61% 11.63% 10.59%
Return on equity 22.38% 20.46% 2.66%
Return on assets 17.92% 6.69% 1.12%
Return on invested capital 19.70% 8.51% 4.79%

Growth

Metric GRMN MKSI Scientific & Technical Instruments median
Revenue growth (TTM) 13.59% 24.56% 9.26%
EPS growth (last fiscal year) 17.67% 55.52% 13.24%
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 1.15 0.00
Current ratio 3.05 1.19 2.30
Net debt to EBITDA (1.33) 3.93 0.45

Dividend

Metric GRMN MKSI Scientific & Technical Instruments median
Dividend yield 1.37% 0.51% 0.62%
Payout ratio 0.37 0.12 0.22

Size

Metric GRMN MKSI Scientific & Technical Instruments median
Market cap 55.19b 11.96b 549.07m

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