Garmin (GRMN)
Consumer Discretionary · $54.5B market cap · SEC CIK 0001121788
fundamentals score out of 100
Next reports on Oct 27, 2026, with analysts expecting $2.45 in earnings per share.
The case for GRMN
- Generated $1.4B of free cash flow in FY2025, 19% of revenue.
- 24% of revenue drops through to net profit.
- Revenue growing 13.5% year over year.
- Has compounded revenue at 11.6% a year over five years.
- Return on equity of 21%.
- Carries essentially no debt.
The case against
- Price/sales of 7.1× is higher than 96% of Consumer Discretionary companies.
- Weakest against its peers: free-cash-flow yield of 2.5% is lower than 80% of Consumer Discretionary companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 33 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 68 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 79 |
| Momentumhow the price has behaved lately | 77 |
| Stabilityhow violently it moves, what it owes and what it pays you | 78 |
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
Key numbers
| Price / earnings | 29.0× |
|---|---|
| Price / book | 4.99× |
| Price / sales | 7.1× |
| Revenue growth (YoY) | +13.5% |
| EPS growth (YoY) | +19.7% |
| Gross margin | 60% |
| Operating margin | 28% |
| Net margin | 24% |
| Return on equity | 21% |
| Debt / equity | 0.00× |
| Current ratio | 3.03 |
| Dividend yield | 2.41% |
| Beta | 0.92 |
| 52-week range | $186.67 – $314.28 |
| Position in that range | 77% of the way up |
| 3-month return | +19.7% |
| 1-year return | +19.2% |
Five years of financials, as filed
Pulled from Garmin's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $7.2B | $6.3B | $5.2B | $4.9B | $5.0B |
| Gross profit | $4.3B | $3.7B | $3.0B | $2.8B | $2.9B |
| Operating income | $1.9B | $1.6B | $1.1B | $1.0B | $1.2B |
| Net income | $1.7B | $1.4B | $1.3B | $974M | $1.1B |
| Operating cash flow | $1.6B | $1.4B | $1.4B | $788M | $1.0B |
| Capital expenditure | $270M | $194M | $194M | $244M | $308M |
| Total assets | $11.0B | $9.6B | $8.6B | $7.7B | $7.9B |
| Shareholder equity | $9.0B | $7.8B | $7.0B | $6.2B | $6.1B |
| Cash | $2.3B | $2.1B | $1.7B | $1.3B | $1.5B |
| Free cash flow | $1.4B | $1.2B | $1.2B | $544M | $705M |
| Gross margin | 58.7% | 58.7% | 57.5% | 57.7% | 58.0% |
| Operating margin | 25.9% | 25.3% | 20.9% | 21.1% | 24.5% |
| Net margin | 23.0% | 22.4% | 24.7% | 20.0% | 21.7% |
| Diluted shares | 194M | 193M | 192M | 193M | 193K |
What Garmin says it does
Company Overview For more than 35 years, Garmin Ltd. and its subsidiaries (collectively, we, our, us, the Company or Garmin) have pioneered new products, many of which feature location technology such as Global Positioning System (GPS), services and applications that are designed for people who live an active lifestyle. Garmin serves five primary markets: fitness, outdoor, aviation, marine, and auto OEM. Garmin designs, develops, manufactures, markets, and distributes a diverse family of GPS-enabled products and other navigation, communications, sensor-based and information products and services for these markets, as well as products installed by original equipment manufacturers (OEMs) and for aftermarket applications. Since the inception of its business, Garmin has delivered over 300 million products, which included more than 20 million products delivered during fiscal 2025. Available Information Garmin’s annual report on Form 10-K,…
Risk factors GRMN lists in its 10-K
- Accounting Terms and Characteristics
- Cost of Goods Sold and Gross Profit
- Selling, General and Administrative Expenses
- Selling, general, and administrative expenses
- Cash, Cash Equivalents, and Marketable Securities
- Opinion on the Financial Statements
- Measurement of Uncertain Tax Positions
- How We Addressed the Matter in Our Audit
- (In thousands, except per share information)
- Consolidated Statements of Comprehensive Income
- Liabilities and Stockholders’ Equity
- Consolidated Statements of Cash Flows