GRMNNYSESearch, Detection, Navigation, Guidance, Aeronautical SysFiscal year ends December 26
GARMIN LTD
Financials through Q1 FY2026, quarter ended Mar 28, 2026Last filing: 10-Q on Jul 29, 2026
$286.16+1.37 (+0.48%)
Close on Oct 19, 2026
- Market cap
- $55.39B
- P/E (TTM)
- 31.9
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
58.7%−0.5 pts over 5 years
Operating margin
25.9%+0.7 pts over 5 years
Net margin
23.0%−0.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +15.1% | +14.2% | +11.6% | +9.9% | |
| Gross profit | +15.1% | +14.9% | +11.4% | +10.7% | |
| Operating income | +17.7% | +22.2% | +12.2% | +13.1% | |
| Net income | +17.9% | +19.6% | +10.9% | +13.8% | |
| EPS, diluted | +17.7% | +19.5% | +10.7% | +13.6% | |
| Free cash flow | +10.0% | +35.8% | +7.5% | +21.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 15.2% | 19.3% | 19.8% | |
| Return on assets | 11.5% | 15.0% | 16.1% | |
| Current ratio | 2.89 | 3.15 | 3.63 | |
| Inventory turnover | 2.8× | 2.3× | 1.8× | |
| Capex to revenue | 3.0% | 4.4% | 3.7% | |
| Diluted shares | 0M | 0M | 194M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Garmin generated $6.24B from operations and spent $4.18B on capital expenditure, dividends and share buybacks. 29% of that went back into the business.
Generated
$6.24B
Used
$4.18B
Capital expenditure$1.21B29%Dividends$2.97B71%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin23.0%
×Asset turnover0.70×
×Equity multiplier1.23×
=Return on equity, FY202519.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 23.0% | 0.70× | 1.23× | 19.8% |
| FY2024 | 22.4% | 0.69× | 1.23× | 19.0% |
| FY2023 | 24.7% | 0.64× | 1.24× | 19.5% |
| FY2022 | 20.0% | 0.62× | 1.27× | 15.8% |
| FY2021 | 21.7% | 0.67× | 1.28× | 18.6% |
| FY2020 | 23.7% | 0.63× | 1.28× | 19.3% |
| FY2019 | 25.3% | 0.65× | 1.29× | 21.3% |
| FY2018 | 20.7% | 0.65× | 1.29× | 17.3% |
| FY2017 | 22.7% | 0.66× | 1.30× | 19.4% |
| FY2016 | 17.0% | 0.68× | 1.32× | 15.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.66B
- Cash generatingOperating cash flow above zero$1.63B
- Return on assets improvedROA up on the prior year16.4% → 17.3%
- Earnings backed by cashOperating cash flow above net income$1.63B vs $1.66B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.54 → 3.63
- No dilutionShare count did not rise193M → 194M
- Gross margin improvedGross margin up on the prior year58.70% → 58.74%
- More efficientAsset turnover rose0.73 → 0.75