Garmin

GRMN · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

GRMN · Last close · October 26, 2026

$292.92

Garmin's revenue rose 15.1% to $7.2 billion in fiscal 2025. Its operating margin was 25.9%, up from 25.3% a year earlier. Free cash flow was $1.4 billion, up 10.0%. It paid out $664 million in dividends and buybacks, 49% of free cash flow. The diluted share count rose 0.2%.

GARMIN LTD Latest fiscal year ended December 27, 2025 10-K filed February 18, 2026 · 0001193125-26-056028 Updated October 9, 2026

Revenue

$7.2B

15.1%

Operating margin

25.9%

0.6 pts

Net income

$1.7B

17.9%

Free cash flow

$1.4B

10.0%

Return on capital

26.8%

1.2 pts

Market cap

$56.7B

Oct 26 close

P/E

32.7x

On $8.96 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Garmin reports no borrowings, so debt is counted as zero.

What Garmin does

Garmin designs, makes and sells devices that use satellite positioning (GPS) and related sensors, plus the software and subscriptions that go with them. Its products include running and smartwatch devices, cycling computers, handheld outdoor devices, cockpit equipment for aircraft, marine chartplotters and systems that automakers install in vehicles. It says it has delivered over 300 million products since it started.

Garmin reports five segments: fitness, outdoor, aviation, marine and auto OEM (products built for car makers). Fitness was the largest part of its revenue in 2025, at 33%. Customers are consumers, who buy through retailers, Garmin's own website and retail stores, and manufacturers that put Garmin products into their own equipment. It also earns money from subscriptions, including the Garmin Connect+ plan, and from services that use third-party satellite networks.

Garmin says its markets are highly competitive. As of December 27, 2025, it had approximately 23,000 full and part-time employees worldwide. Its main manufacturing sites for consumer products are in Taiwan.

Its biggest risks, as it describes them

Failing to develop and ship new products on time, since much of its revenue comes from newly introduced products.
Strong competition that could force lower prices and cost it customers and market share.
Disruption at its main consumer-product factories in Taiwan, given political tension between China and Taiwan.
Some manufacturer customers that may build in-house the equipment they now buy from it.
Supply chain problems and delays in making and shipping its products.

From Garmin's annual report on Form 10-K, filed February 18, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 13.6% a year and net income 13.9% a year, as new shares raised the share count by 2% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Garmin yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Garmin's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Garmin's fiscal 2025 free cash flow of $1.4B, net cash of $2.7B at December 27, 2025 and 194 million diluted shares, from its filings. The scenarios are fitted to Garmin: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 14.2% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Consumer Electronics); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 27, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Garmin's own revenue growth, as above. Cautious: growth of 7% then 4.5% a year, 2% after year 10, a 10% discount rate. Base: growth of 14% then 8% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 21.5% then 12% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $292.92
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Garmin's earnings per share of $8.96 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 22.8×, the middle of Garmin's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to March 28, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Sonos, Bath & Body Works.

Earnings growth in the years ahead (% a year) Starts at Garmin's revenue growth over the last 3 years, 14.2% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $292.92
Value at this multiple, against the last close: —
Garmin's P/E at the last close: 32.7×

Company	Last close	Earnings per share	P/E today
SonosSONO	$17.59	$0.44	40.0×
GarminGRMN	$292.92	$8.96	32.7×
Bath & Body WorksBBWI	$21.38	$3.79	5.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,846	1,452	1,968	2,501	2,738
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−1,846	−1,452	−1,968	−2,501	−2,738
Net debt to EBITDA	−1.4x	−1.2x	−1.6x	−1.4x	−1.3x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	—	—	—	—	—
Current ratio	2.9x	3.3x	3.4x	3.5x	3.6x
Quick ratio	2.1x	2.0x	2.4x	2.6x	2.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Garmin shares on the open market, and 11 insiders sold $19.9 million, $12.8 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 18, 2026	Cheng-Wei WangGeneral Manager - Garmin Corp.	Sold	9,941	$299.36	$3.0 million	Form 4
Jul 31, 2026	Joshua H MaxfieldVP, General Counsel	Sold	1,152	$291.13	$335,386	Form 4
Jul 31, 2026	Sean BiddlecombeManaging Director, Emea	Sold	986	$292.88	$288,780	Form 4
Jul 29, 2026	Clifton A PemblePresident and CEO, Director	Sold plan	4,029	$300.00	$1.2 million	Form 4
Jun 9, 2026	Joseph J HartnettDirector	Sold	643	$263.57	$169,476	Form 4
Jun 5, 2026	Douglas G. BoessenCFO and Treasurer	Sold plan	2,000	$237.90	$475,810	Form 4
May 8, 2026	Laurie A MinardVP, Human Resources	Sold	1,084	$242.04	$262,367	Form 4
Mar 10, 2026	Edward J. LinkVP, Information Technology	Sold	1,275	$243.64	$310,641	Form 4
Feb 26, 2026	Clifton A PemblePresident and CEO, Director	Sold plan	19,914	$251.58	$5.0 million	Form 4
Feb 26, 2026	Patrick Desboisco-COO	Sold plan	6,694	$251.65	$1.7 million	Form 4
Feb 26, 2026	Matthew MunnEVP, Man. Director - Auto OEM	Sold	5,275	$250.97	$1.3 million	Form 4
Feb 26, 2026	Susan LymanVP, Consumer Sales & Marketing	Sold	3,805	$251.31	$956,248	Form 4

The latest 12 of 19 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	7 of 9	6 of 9	6 of 9
Accruals ratio	−1.1%	−0.2%	0.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Garmin side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Garmin	FY25	15.1%	25.9%	18.8%	26.8%	−1.3x	6
Sonos	FY25	−4.9%	−3.5%	7.5%	−23.8%	−19.2x	4	Compare
Newell Brands	FY25	−5.0%	0.5%	0.2%	0.5%	12.4x	4	Compare
Bath & Body Works	FY25	−0.2%	15.4%	11.9%	47.5%	2.1x	5	Compare
Polaris	FY25	−0.3%	−4.9%	7.8%	−10.5%	—	3	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,046	3,122	3,347	3,758	4,187	4,983	4,860	5,228	6,297	7,246
Revenue growth	8.0%	2.5%	7.2%	12.2%	11.4%	19.0%	−2.5%	7.6%	20.4%	15.1%
Gross profit	1,688	1,798	1,980	2,234	2,481	2,890	2,807	3,005	3,697	4,256
Research and development	468	512	568	605	652	779	835	905	994	1,126
Operating income	633	684	778	946	1,054	1,219	1,028	1,092	1,594	1,876
Net income	518	709	694	952	992	1,082	974	1,290	1,411	1,664
Diluted EPS (US$)	2.73	3.76	3.66	4.99	5.17	5.61	5.04	6.71	7.30	8.59
Diluted shares (millions)	189	189	190	191	192	193	193	192	193	194
Cash flow
Cash from operations	706	661	920	698	1,135	1,012	788	1,376	1,432	1,633
Capital expenditure	91	140	156	118	185	308	244	194	194	270
Free cash flow	615	521	764	581	950	705	544	1,183	1,239	1,363
Dividends paid	482	383	296	417	451	492	679	559	572	664
Share buybacks	93	74	0	0	0	0	0	0	0	0
Acquisitions	78	90	29	300	149	20	14	151	0	0
Stock-based compensation	41	45	56	63	81	92	77	101	137	166
Balance sheet at fiscal year end
Cash and short-term investments	847	892	1,385	1,404	1,846	1,846	1,452	1,968	2,501	2,738
Debt incl. finance leases	0	0	0	0	0	0	0	0	0	0
Total assets	4,525	4,948	5,383	6,167	7,031	7,854	7,731	8,604	9,630	10,994
Total liabilities	1,072	1,096	1,220	1,373	1,515	1,740	1,527	1,592	1,782	2,021
Shareholders' equity	3,453	3,852	4,163	4,794	5,516	6,114	6,204	7,012	7,848	8,973
Margins and ratios
Gross margin	55.4%	57.6%	59.1%	59.5%	59.3%	58.0%	57.8%	57.5%	58.7%	58.7%
Operating margin	20.8%	21.9%	23.2%	25.2%	25.2%	24.5%	21.1%	20.9%	25.3%	25.9%
Net margin	17.0%	22.7%	20.7%	25.4%	23.7%	21.7%	20.0%	24.7%	22.4%	23.0%
Free cash flow margin	20.2%	16.7%	22.8%	15.4%	22.7%	14.1%	11.2%	22.6%	19.7%	18.8%
Return on capital	—	24.6%	22.9%	29.6%	26.9%	27.5%	20.8%	22.3%	25.5%	26.8%
Return on equity	15.2%	19.4%	17.3%	21.3%	19.2%	18.6%	15.8%	19.5%	19.0%	19.8%
Return on assets	11.5%	15.0%	13.4%	16.5%	15.0%	14.5%	12.5%	15.8%	15.5%	16.1%
Net debt to EBITDA	−1.2x	−1.2x	−1.6x	−1.4x	−1.6x	−1.4x	−1.2x	−1.6x	−1.4x	−1.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Garmin's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Garmin.