GARMIN LTD GRMN
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.25B | $6.30B | $5.23B | $4.86B | $4.98B | $4.19B | $3.76B | $3.35B | $3.12B | $3.05B |
| Cost of revenue | $2.99B | $2.60B | $2.22B | $2.05B | $2.09B | $1.71B | $1.52B | $1.37B | $1.32B | $1.36B |
| Gross profit | $4.26B | $3.70B | $3.00B | $2.81B | $2.89B | $2.48B | $2.23B | $1.98B | $1.80B | $1.69B |
| R&D | $1.13B | $993.6M | $904.7M | $834.9M | $778.8M | $652.3M | $605.4M | $567.8M | $511.6M | $468.0M |
| SG&A | $1.25B | $1.11B | $1.01B | $944.0M | $721.3M | $623.6M | $518.6M | $478.2M | $438.0M | $410.6M |
| Total operating expenses | $2.38B | $2.10B | $1.91B | $1.78B | $1.67B | $1.43B | $1.29B | $1.20B | $1.11B | $1.06B |
| Operating income | $1.88B | $1.59B | $1.09B | $1.03B | $1.22B | $1.05B | $945.6M | $778.3M | $683.6M | $632.9M |
| Pre-tax income | $2.01B | $1.70B | $1.20B | $1.06B | $1.21B | $1.10B | $987.2M | $823.2M | $697.1M | $638.6M |
| Income tax | $350.6M | $284.0M | $89.3M | $91.4M | $124.6M | $111.1M | $34.7M | $129.2M | $11.9M | $120.9M |
| Net income | $1.66B | $1.41B | $1.29B | $973.6M | $1.08B | $992.3M | $952.5M | $694.1M | $709.0M | $517.7M |
| EPS, basic | 8.65 | 7.35 | 6.74 | 5.06 | 5.63 | 5.19 | 5.01 | 3.68 | 3.77 | 2.74 |
| EPS, diluted | 8.59 | 7.30 | 6.71 | 5.04 | 5.61 | 5.17 | 4.99 | 3.66 | 3.76 | 2.73 |
| Shares, diluted (wtd. avg.) | $193.6M | $193.3M | $192.1M | $193.0M | $193.0K | $191.9K | $190.9M | $189.7M | $188.7M | $189.3K |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.28B | $2.08B | $1.69B | $1.28B | $1.50B | $1.46B | $1.03B | $1.20B | $891.8M | $847.0M |
| Short-term investments | $459.2M | $421.3M | $274.6M | $173.3M | $348.0M | $387.6M | $376.5M | $183.0M | — | — |
| Receivables | $1.25B | $983.4M | $815.2M | $656.8M | $843.4M | $849.5M | $706.8M | $569.8M | $590.9M | $527.1M |
| Inventory | $1.77B | $1.47B | $1.35B | $1.52B | $1.23B | $762.1M | $752.9M | $561.8M | $517.6M | $484.8M |
| Total current assets | $6.25B | $5.34B | $4.46B | $3.96B | $4.26B | $3.67B | $3.06B | $2.67B | $2.35B | $2.26B |
| Property, plant and equipment | $1.38B | $1.24B | $1.22B | $1.15B | $1.07B | $855.5M | $728.9M | $663.5M | $595.7M | $482.9M |
| Goodwill | $760.2M | $603.9M | $608.5M | $568.0M | $575.1M | $584.2M | $467.1M | $301.0M | $287.0M | $224.6M |
| Total assets | $10.99B | $9.63B | $8.60B | $7.73B | $7.85B | $7.03B | $6.17B | $5.38B | $4.95B | $4.53B |
| Accounts payable | $347.5M | $359.4M | $253.8M | $212.4M | $370.0M | $258.9M | $240.8M | $205.0M | $169.6M | $172.4M |
| Total current liabilities | $1.72B | $1.51B | $1.31B | $1.21B | $1.45B | $1.16B | $1.04B | $921.3M | $792.1M | $782.7M |
| Retained earnings | $6.97B | $6.00B | $5.26B | $4.73B | $4.32B | $3.75B | $3.23B | $2.71B | $2.42B | $2.06B |
| Total equity | $8.97B | $7.85B | $7.01B | $6.20B | $6.11B | $5.52B | $4.79B | $4.16B | $3.85B | $3.45B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.63B | $1.43B | $1.38B | $788.3M | $1.01B | $1.14B | $698.5M | $919.5M | $660.8M | $705.7M |
| Depreciation and amortisation | $152.6M | $140.5M | $132.3M | $118.7M | $103.5M | $78.1M | $71.9M | $64.8M | $59.9M | $55.8M |
| Stock-based compensation | $166.0M | $137.2M | $101.4M | $76.8M | $92.5M | $80.9M | $63.4M | $56.4M | $44.7M | $41.2M |
| Capital expenditure | $270.4M | $193.6M | $193.5M | $244.3M | $307.6M | $185.4M | $118.0M | $155.8M | $139.7M | $91.0M |
| Investing cash flow | -$645.2M | -$393.3M | -$333.0M | -$145.1M | -$475.4M | -$260.5M | -$450.7M | -$307.5M | -$194.4M | -$121.7M |
| Financing cash flow | -$844.1M | -$626.9M | -$636.5M | -$840.6M | -$486.7M | -$461.8M | -$416.0M | -$286.2M | -$448.4M | -$561.7M |
| Dividends paid | $663.9M | $572.4M | $558.8M | $679.1M | $491.5M | $450.6M | $417.3M | $296.1M | $383.0M | $481.5M |
| Buybacks | $57.2M | $42.1M | $22.8M | $22.7M | $31.0M | $26.3M | $25.9M | $16.7M | $74.5M | $93.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000318.
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| NN | NEXTNAV INC. | $2.56B | — | -19.3% |
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| MIND | MIND TECHNOLOGY, INC | $41.5M | — | -12.6% |