FirmAtlas
Company handbook · GRMN · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
GRMN · CIK 1121788 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026
GARMIN LTD
$284.79
−0.43 (−0.15%)
Close, Oct 16, 2026 · 52-week $187–314
Last fiscal year
GARMIN LTD reported revenue of $7.2B for the year ended Dec 27, 2025 (FY25), up 15.1% from FY24. Net income was $1.7B, operating cash flow $1.6B and free cash flow $1.4B. Source: 10-K filed Feb 18, 2026.
Market cap
$54.9B
P/E
31.6
EV/EBITDA
25.9x
P/B
5.9
Div yield
1.37%
ROIC
24.9%
Revenue 1Y
15.1%/yr
EPS 1Y
17.7%/yr
Shares 1Y
+0.1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOClifton A. Pemble
AuditorErnst & Young LLP
Employees23,000
Year endsDecember
Revenue by segment · FY25
Fitness33%
Outdoor28%
Marine Systems16%
Aviation14%
Auto Oem9%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
19.4%
12.8%
38.2%
15.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.7B deployed
Capex
$464M
27.3%
Dividends
$1.2B
72.7%
Operating cash flow over the period: $3.1B. Total debt changed by $0M. R&D of $2.1B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Dec 27, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
6,297
7,246+15.1%
7,464
YoY
+15.1%
Gross profit
3,697
4,256+15.1%
4,414
Gross margin
58.7%
58.7%+0.0 pp
—
Operating income
1,594
1,876+17.7%
1,975
Operating margin
25.3%
25.9%+0.6 pp
—
EBITDA
1,734
2,029+17.0%
—
EBITDA margin
27.5%
28.0%+0.5 pp
—
Net income
1,411
1,664+17.9%
1,736
YoY
+17.9%
Net margin
22.4%
23.0%+0.5 pp
—
EPS (diluted, $)
7.30
8.59+17.7%
8.98
YoY
+17.7%
Balance sheet
Total assets
9,631
10,994+14.2%
10,952
Cash & short-term investments
2,080
2,279+9.6%
—
Accounts receivable
983
1,253+27.4%
—
Inventory
1,474
1,772+20.2%
—
Net PP&E
1,237
1,375+11.2%
—
Other assets
3,856
4,314+11.9%
—
Total liabilities
1,782
2,021+13.4%
1,681
Accounts payable
359
347−3.3%
—
Other liabilities
1,423
1,674+17.6%
—
Shareholders’ equity
7,848
8,973+14.3%
9,271
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,432
1,633+14.0%
1,749
Net income
1,411
1,664+17.9%
—
Depreciation & amortization
140
153+8.6%
—
Stock-based compensation
137
166+21.0%
—
Working capital & other
(257)
(349)n/m
—
Cash from investing
(393)
(645)n/m
—
Capex
(194)
(270)n/m
—
Investments bought
(508)
(840)n/m
—
Investments sold / matured
309
640+107.1%
—
Other investing
(1)
(175)n/m
—
Cash from financing
(627)
(844)n/m
—
Dividends
(572)
(664)n/m
—
Other financing
(55)
(180)n/m
—
Net change in cash
386
199−48.4%
—
Free cash flow (OCF − capex)
1,239
1,363+10.0%
1,452
Where the cash went
Operating cash flow
1,432
1,633+14.0%
1,749
Reinvested in the business
194
270+39.7%
—
% of operating cash flow
13.5%
16.6%
Capex
194
270+39.7%
297
R&D (memo, already in costs)
994
1,126+13.3%
—
Free cash flow
1,239
1,363+10.0%
1,452
YoY
+10.0%
Returned to shareholders
572
664+16.0%
—
% of free cash flow
46.2%
48.7%
Dividends
572
664+16.0%
—
FCF conversion (FCF ÷ net income)
87.8%
81.9%−5.9 pp
—
Owner earnings
—
966
—
Owner earnings margin
—
13.3%
—
Returns & ratios
ROIC (all capital)
23.0%
24.9%+1.9 pp
—
ROIC (operating)
39.8%
41.9%+2.2 pp
—
Cash conversion cycle (days)
213
237+24 d
—
ROE
18.0%
18.5%+0.6 pp
—
ROA
14.7%
15.1%+0.5 pp
—
ROCE
19.6%
20.2%+0.6 pp
—
NOPAT
1,327
1,550+16.8%
—
Invested capital (operating)
3,335
4,053+21.5%
—
Invested capital (all)
5,768
6,693+16.0%
—
Reinvestment rate
—
46.4%
—
Debtor days
57
63+6 d
—
Inventory days
207
216+10 d
—
Days payable
50
42−8 d
—
Income
Jun '25
Sep '25
Dec '25
Mar '26
Revenue
1,815
1,771
2,125
1,753
vs year-ago quarter
Gross profit
1,067
1,046
1,258
1,042
Gross margin
58.8%
59.1%
59.2%
59.4%
Operating income
472
457
614
432
Net income
401
402
529
405
vs year-ago quarter
Net margin
22.1%
22.7%
24.9%
23.1%
EPS (diluted, $)
2.07
2.08
2.74
2.09
vs year-ago quarter
Balance sheet
Jun '25
Sep '25
Dec '25
Mar '26
Total assets
10,324
10,523
10,994
10,952
Cash & equivalents
2,073
2,074
2,279
2,291
Shareholders’ equity
8,125
8,478
8,973
9,271
Cash flow
Jun '25
Sep '25
Dec '25
Mar '26
Operating cash flow
173
486
554
536
Capex
46
61
124
67
Free cash flow
127
425
430
469
vs year-ago quarter