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Garmin Ltd. (GRMN) vs Trimble Inc. (TRMB)

Garmin Ltd. and Trimble Inc. are both Scientific & Technical Instruments companies. Garmin Ltd. is the larger, with a market value of $55.0B against $14.2B — 3.9× the size. Trimble Inc. has negative trailing earnings, so its P/E is not meaningful; Garmin Ltd. trades at 29.3×. Garmin Ltd. grew revenue faster over the last twelve months: 13.5% against 5.80%. Garmin Ltd. has the higher net margin (24.5% vs −2.77%) and the higher return on invested capital (20.8% vs 6.32%). Across the 21 metrics below, Garmin Ltd. leads on 14 and Trimble Inc. on 7.

Valuation

Metric GRMN TRMB Scientific & Technical Instruments median
P/E 29.26 n/m 33.25
P/S 7.17 3.66 4.50
P/B 6.09 2.71 2.90
Price to free cash flow 34.47 18.12 24.81
EV/EBITDA 22.65 17.88 17.92
EV/Sales 6.82 3.99 4.71
Earnings yield 3.42% (0.79%) 0.60%
Free cash flow yield 2.90% 5.52% 1.27%

Profitability

Metric GRMN TRMB Scientific & Technical Instruments median
Gross margin 60.08% 69.80% 45.75%
Operating margin 27.61% 16.99% 7.34%
Net margin 24.47% (2.77%) 1.56%
Free cash flow margin 20.85% 20.44% 5.84%
Return on equity 21.89% (1.94%) 2.87%
Return on assets 17.26% (1.19%) 0.99%
Return on invested capital 20.81% 6.32% 3.88%

Growth

Metric GRMN TRMB Scientific & Technical Instruments median
Revenue growth (TTM) 13.51% 5.80% 11.15%
EPS growth (last fiscal year) 17.67% (71.10%) 11.47%
Revenue growth, 5-year CAGR 11.59% 2.65% 7.89%
Net income growth, 5-year CAGR 10.89% 1.69% 0.00%

Health

Metric GRMN TRMB Scientific & Technical Instruments median
Debt to equity 0.00 0.29 0.00
Current ratio 3.03 0.95 2.24
Net debt to EBITDA (1.33) 1.44 0.44

Dividend

Metric GRMN TRMB Scientific & Technical Instruments median
Dividend yield 2.10% — 0.58%
Payout ratio 0.62 — 0.36

Size

Metric GRMN TRMB Scientific & Technical Instruments median
Market cap 55.01b 14.22b 444.25m

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