Garmin (GRMN) Financials

$187.34 -2.81 (-1.48%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$189.90 +2.56 (+1.37%)

As of 08:02 AM Eastern

Annual Income Statements for Garmin

This table shows Garmin's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024
Net Income / (Loss) Attributable to Common Shareholders	456	518	709	694	952	992	1,082	974	1,290	1,411
Consolidated Net Income / (Loss)	456	518	709	694	952	992	1,082	974	1,290	1,411
Net Income / (Loss) Continuing Operations	456	518	709	694	952	992	1,082	974	1,290	1,411
Total Pre-Tax Income	567	639	697	823	987	1,103	1,207	1,065	1,200	1,695
Total Operating Income	550	633	684	778	946	1,054	1,219	1,028	1,092	1,594
Total Gross Profit	1,539	1,689	1,798	1,980	2,234	2,481	2,890	2,807	3,005	3,697
Total Revenue	2,820	3,046	3,122	3,347	3,758	4,187	4,983	4,860	5,228	6,297
Operating Revenue	2,820	3,046	3,122	3,347	3,758	4,187	4,983	4,860	5,228	6,297
Total Cost of Revenue	1,282	1,357	1,324	1,368	1,524	1,705	2,092	2,054	2,223	2,600
Operating Cost of Revenue	1,282	1,357	1,324	1,368	1,524	1,705	2,092	2,054	2,223	2,600
Total Operating Expenses	989	1,056	1,114	1,201	1,288	1,427	1,672	1,779	1,913	2,103
Selling, General & Admin Expense	395	411	438	478	519	624	721	944	1,008	1,109
Research & Development Expense	427	468	512	568	605	652	779	835	905	994
Total Other Income / (Expense), net	18	5.76	13	45	42	49	-12	37	108	101
Interest & Investment Income	30	33	37	47	53	37	29	41	77	114
Other Income / (Expense), net	-12	-28	-23	-2.24	-11	12	-40	-3.70	31	-12
Income Tax Expense	111	121	-12	129	35	111	125	91	-89	284
Basic Earnings per Share	$2.39	$2.74	$3.77	$3.68	$5.01	$5.19	$5.63	$5.06	$6.74	$7.35
Weighted Average Basic Shares Outstanding	190.90M	188.50M	188.10M	188.60M	190.69M	191.57M	192.79M	191.36M	191.78M	192.40M
Diluted Earnings per Share	$2.39	$2.73	$3.76	$3.66	$4.99	$5.17	$5.61	$5.04	$6.71	$7.30
Weighted Average Diluted Shares Outstanding	190.90M	188.50M	188.10M	188.60M	190.69M	191.57M	192.79M	191.36M	191.78M	192.40M
Weighted Average Basic & Diluted Shares Outstanding	190.90M	188.50M	188.10M	188.60M	190.69M	191.57M	192.79M	191.36M	191.78M	192.40M

This table shows Garmin's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/24/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025
Net Income / (Loss) Attributable to Common Shareholders	211	293	202	288	257	542	276	301	399	436	333
Consolidated Net Income / (Loss)	211	293	202	288	257	542	276	301	399	436	333
Net Income / (Loss) Continuing Operations	211	293	202	288	257	542	276	301	399	436	333
Total Pre-Tax Income	220	330	222	316	280	383	327	366	486	516	389
Total Operating Income	239	267	197	284	270	340	298	342	437	516	333
Total Gross Profit	670	745	653	759	729	864	802	863	952	1,080	885
Total Revenue	1,140	1,306	1,147	1,321	1,278	1,483	1,382	1,507	1,586	1,823	1,535
Operating Revenue	1,140	1,306	1,147	1,321	1,278	1,483	1,382	1,507	1,586	1,823	1,535
Total Cost of Revenue	470	561	495	561	549	618	580	644	634	743	651
Operating Cost of Revenue	470	561	495	561	549	618	580	644	634	743	651
Total Operating Expenses	431	478	456	475	458	524	504	521	514	564	552
Selling, General & Admin Expense	190	372	234	251	237	286	261	278	265	305	284
Research & Development Expense	209	216	221	224	222	237	243	243	249	259	268
Total Other Income / (Expense), net	-19	63	25	32	9.20	43	29	24	49	0.06	56
Interest & Investment Income	10	14	16	19	20	23	25	29	29	30	31
Other Income / (Expense), net	-30	48	8.89	13	-11	20	3.60	-5.34	20	-30	26
Income Tax Expense	9.42	37	19	28	22	-159	51	65	87	80	56
Basic Earnings per Share	$1.09	$1.53	$1.06	$1.51	$1.34	$2.83	$1.44	$1.57	$2.08	$2.26	$1.73
Weighted Average Basic Shares Outstanding	192.67M	191.36M	191.50M	191.29M	191.44M	191.78M	191.89M	192.07M	192.20M	192.40M	192.54M
Diluted Earnings per Share	$1.09	$1.53	$1.05	$1.50	$1.34	$2.82	$1.43	$1.56	$2.07	$2.24	$1.72
Weighted Average Diluted Shares Outstanding	193.11M	191.36M	191.89M	191.60M	191.87M	191.78M	192.70M	192.90M	193.17M	192.40M	193.72M
Weighted Average Basic & Diluted Shares Outstanding	191.66M	191.36M	191.29M	191.45M	191.33M	191.78M	192.08M	192.21M	192.02M	192.40M	192.54M

This table details how cash moves in and out of Garmin's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024
Net Change in Cash & Equivalents	-363	14	45	310	-174	431	40	-219	414	386
Net Cash From Operating Activities	280	706	661	920	699	1,135	1,012	788	1,376	1,432
Net Cash From Continuing Operating Activities	280	706	661	920	699	1,135	1,012	788	1,376	1,432
Net Income / (Loss) Continuing Operations	456	518	709	694	952	992	1,082	974	1,290	1,411
Consolidated Net Income / (Loss)	456	518	709	694	952	992	1,082	974	1,290	1,411
Depreciation Expense	51	56	60	65	72	78	103	119	132	140
Amortization Expense	27	31	26	31	34	49	51	45	45	39
Non-Cash Adjustments To Reconcile Net Income	85	84	67	71	81	68	129	70	76	159
Changes in Operating Assets and Liabilities, net	-339	18	-202	59	-441	-52	-353	-419	-167	-318
Net Cash From Investing Activities	-112	-122	-194	-308	-451	-261	-475	-145	-333	-393
Net Cash From Continuing Investing Activities	-112	-122	-194	-308	-451	-261	-475	-145	-333	-393
Purchase of Property, Plant & Equipment	-81	-91	-140	-156	-118	-185	-308	-244	-194	-194
Acquisitions	-43	-84	-103	-34	-303	-151	-22	-13	-151	-16
Purchase of Investments	-916	-905	-588	-403	-789	-1,053	-1,509	-1,052	-171	-508
Sale and/or Maturity of Investments	919	957	635	284	759	1,126	1,363	1,164	183	309
Other Investing Activities, net	0.05	-	-	-	-	-	-	0.50	-1.29	15
Net Cash From Financing Activities	-500	-562	-448	-286	-416	-462	-487	-841	-637	-627
Net Cash From Continuing Financing Activities	-500	-562	-448	-286	-416	-462	-487	-841	-637	-627
Repurchase of Common Equity	-131	-101	-75	-	-	0.00	-	-	-	-62
Payment of Dividends	-378	-481	-383	-296	-417	-451	-491	-679	-559	-572
Issuance of Common Equity	17	19	22	27	27	15	36	62	44	50
Other Financing Activities, net	-7.64	1.69	-13	-17	-26	-26	-31	-23	-23	-42
Effect of Exchange Rate Changes	-32	-8.66	27	-16	-5.94	18	-10	-21	7.46	-26
Cash Income Taxes Paid	253	116	106	68	160	133	131	185	302	334

This table details how cash moves in and out of Garmin's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/24/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025
Net Change in Cash & Equivalents	-5.08	197	82	64	-2.68	271	228	16	72	70	96
Net Cash From Operating Activities	154	369	279	274	357	466	435	255	258	484	421
Net Cash From Continuing Operating Activities	154	369	279	274	357	466	435	255	258	484	421
Net Income / (Loss) Continuing Operations	211	293	202	288	257	542	276	301	399	436	333
Consolidated Net Income / (Loss)	211	293	202	288	257	542	276	301	399	436	333
Depreciation Expense	29	31	32	33	34	34	34	34	34	38	37
Amortization Expense	10	11	11	11	11	11	11	10	9.80	8.39	8.84
Non-Cash Adjustments To Reconcile Net Income	43	-33	20	11	46	0.01	34	36	6.23	84	-1.13
Changes in Operating Assets and Liabilities, net	-139	67	14	-69	9.67	-122	81	-125	-192	-82	43
Net Cash From Investing Activities	78	174	-7.90	-62	-198	-65	-37	-106	-48	-203	-133
Net Cash From Continuing Investing Activities	78	174	-7.90	-62	-198	-65	-37	-106	-48	-203	-133
Purchase of Property, Plant & Equipment	-50	-59	-47	-53	-46	-49	-33	-37	-39	-85	-40
Acquisitions	-3.15	1.41	0.00	-	-151	-	5.01	-	-	-21	-2.10
Purchase of Investments	-172	-7.05	-19	-50	-47	-55	-86	-196	-82	-144	-180
Sale and/or Maturity of Investments	303	240	58	41	46	38	77	127	74	32	89
Other Investing Activities, net	-	-	-0.19	-0.51	-0.32	-0.27	-0.22	-0.10	-0.14	15	0.60
Net Cash From Financing Activities	-221	-363	-192	-145	-149	-150	-156	-129	-164	-177	-205
Net Cash From Continuing Financing Activities	-221	-363	-192	-145	-149	-150	-156	-129	-164	-177	-205
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-	-	-27
Payment of Dividends	-141	-280	-140	-140	-140	-140	-140	-144	-144	-144	-145
Issuance of Common Equity	0.00	21	-	-	-	22	-	-	-	25	0.00
Other Financing Activities, net	-0.03	-7.98	-9.17	-0.23	-	-13	-16	-0.28	-0.05	-26	-33
Effect of Exchange Rate Changes	-16	17	3.39	-2.79	-13	20	-14	-3.85	25	-34	13

This table presents Garmin's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024
Total Assets	4,499	4,525	4,948	5,383	6,167	7,031	7,854	7,731	8,604	9,631
Total Current Assets	2,211	2,263	2,346	2,665	3,058	3,669	4,262	3,955	4,464	5,336
Cash & Equivalents	833	847	891	1,202	1,028	1,458	1,498	1,279	1,693	2,079
Short-Term Investments	215	267	162	183	376	388	348	173	275	421
Accounts Receivable	531	527	591	570	707	849	843	657	815	983
Inventories, net	501	485	518	562	753	762	1,228	1,515	1,346	1,474
Prepaid Expenses	82	90	154	121	169	192	329	316	319	354
Other Current Assets	49	47	31	28	25	20	16	15	16	24
Plant, Property, & Equipment, net	446	483	596	664	729	856	1,067	1,147	1,224	1,237
Total Noncurrent Assets	1,842	1,779	2,006	2,054	2,380	2,506	2,525	2,629	2,915	3,057
Long-Term Investments	1,343	1,213	1,260	1,330	1,205	1,131	1,269	1,208	1,125	1,198
Goodwill	246	305	410	417	660	829	575	568	608	604
Intangible Assets	-	-	-	-	-	-	216	178	181	154
Noncurrent Deferred & Refundable Income Taxes	117	110	196	177	269	245	260	441	755	823
Other Noncurrent Operating Assets	136	151	140	130	246	301	205	233	246	279
Total Liabilities & Shareholders' Equity	4,499	4,525	4,948	5,383	6,167	7,031	7,854	7,731	8,604	9,631
Total Liabilities	1,154	1,107	1,096	1,220	1,373	1,515	1,740	1,527	1,592	1,782
Total Current Liabilities	866	783	792	921	1,036	1,164	1,448	1,212	1,311	1,508
Accounts Payable	179	172	170	205	241	259	370	212	254	359
Accrued Expenses	237	263	287	255	298	334	393	346	400	388
Dividends Payable	193	96	96	200	217	234	258	140	140	144
Current Deferred Revenue	165	147	103	96	95	87	88	91	101	111
Current Deferred & Payable Income Tax Liabilities	22	16	34	52	57	69	128	246	225	295
Current Employee Benefit Liabilities	71	89	103	113	128	182	211	176	190	211
Total Noncurrent Liabilities	288	324	304	299	337	351	292	315	281	274
Noncurrent Deferred Revenue	230	262	225	204	173	143	104	70	53	35
Noncurrent Deferred & Payable Income Tax Liabilities	56	61	77	93	115	117	118	130	115	103
Other Noncurrent Operating Liabilities	1.64	1.59	1.79	1.85	50	91	70	115	113	136
Total Equity & Noncontrolling Interests	3,345	3,418	3,852	4,163	4,793	5,516	6,114	6,204	7,012	7,848
Total Preferred & Common Equity	3,345	3,418	3,852	4,163	4,793	5,516	6,114	6,204	7,012	7,848
Total Common Equity	3,345	3,418	3,852	4,163	4,793	5,516	6,114	6,204	7,012	7,848
Common Stock	1,860	1,854	1,846	1,842	1,854	1,898	1,979	2,060	2,145	2,267
Retained Earnings	1,931	2,057	2,418	2,711	3,229	3,754	4,321	4,734	5,264	5,999
Treasury Stock	-415	-456	-469	-398	-345	-320	-303	-475	-331	-271
Accumulated Other Comprehensive Income / (Loss)	-30	-37	56	8.43	56	183	118	-115	-66	-147

This table presents Garmin's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/24/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025
Total Assets	7,628	7,731	7,726	7,872	7,965	8,604	8,634	8,883	9,348	9,631	9,788
Total Current Assets	3,968	3,955	3,964	4,111	4,157	4,464	4,517	4,697	5,210	5,336	5,445
Cash & Equivalents	1,082	1,279	1,362	1,426	1,423	1,693	1,922	1,937	2,009	2,079	2,176
Short-Term Investments	379	173	189	254	273	275	275	289	415	421	499
Accounts Receivable	641	657	611	717	721	815	695	808	922	983	787
Inventories, net	1,533	1,515	1,479	1,402	1,440	1,346	1,302	1,320	1,506	1,474	1,582
Prepaid Expenses	318	316	309	298	285	319	306	322	334	354	381
Other Current Assets	14	15	15	15	15	16	18	21	23	24	21
Plant, Property, & Equipment, net	1,100	1,147	1,165	1,181	1,187	1,224	1,206	1,206	1,220	1,237	1,233
Total Noncurrent Assets	2,559	2,629	2,597	2,580	2,621	2,915	2,910	2,980	2,918	3,057	3,109
Long-Term Investments	1,236	1,208	1,164	1,100	1,082	1,125	1,134	1,192	1,107	1,198	1,226
Goodwill	541	568	572	573	594	608	602	600	612	604	617
Intangible Assets	180	178	173	166	186	181	177	168	168	154	150
Noncurrent Deferred & Refundable Income Taxes	390	441	455	494	515	755	763	777	788	823	832
Other Noncurrent Operating Assets	212	233	234	247	244	246	235	243	244	279	284
Total Liabilities & Shareholders' Equity	7,628	7,731	7,726	7,872	7,965	8,604	8,634	8,883	9,348	9,631	9,788
Total Liabilities	1,749	1,527	1,321	1,748	1,616	1,592	1,388	1,878	1,841	1,782	1,608
Total Current Liabilities	1,443	1,212	1,008	1,450	1,328	1,311	1,117	1,624	1,579	1,508	1,330
Accounts Payable	269	212	209	254	268	254	243	332	374	359	345
Accrued Expenses	310	346	289	325	334	400	324	345	357	388	342
Dividends Payable	421	140	0.00	419	279	140	0.00	433	288	144	0.00
Current Deferred Revenue	89	91	91	96	98	101	101	106	113	111	106
Current Deferred & Payable Income Tax Liabilities	170	246	255	199	152	225	256	237	228	295	332
Current Employee Benefit Liabilities	185	176	165	158	197	190	193	172	219	211	205
Total Noncurrent Liabilities	306	315	313	298	288	281	270	254	263	274	278
Noncurrent Deferred Revenue	88	70	69	71	60	53	50	48	47	35	32
Noncurrent Deferred & Payable Income Tax Liabilities	118	130	132	117	116	115	114	103	105	103	105
Other Noncurrent Operating Liabilities	101	115	112	111	111	113	106	103	110	136	141
Total Equity & Noncontrolling Interests	5,878	6,204	6,405	6,124	6,349	7,012	7,246	7,005	7,507	7,848	8,179
Total Preferred & Common Equity	5,878	6,204	6,405	6,124	6,349	7,012	7,246	7,005	7,507	7,848	8,179
Total Common Equity	5,878	6,204	6,405	6,124	6,349	7,012	7,246	7,005	7,507	7,848	8,179
Common Stock	2,045	2,060	2,066	2,097	2,120	2,145	2,155	2,203	2,238	2,267	2,275
Retained Earnings	4,439	4,734	4,936	4,465	4,722	5,264	5,440	5,164	5,564	5,999	6,332
Treasury Stock	-399	-475	-510	-323	-331	-331	-227	-224	-244	-271	-302
Accumulated Other Comprehensive Income / (Loss)	-207	-115	-87	-115	-161	-66	-122	-138	-51	-147	-126

This table displays calculated financial ratios and metrics derived from Garmin's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.76%	8.00%	2.49%	7.24%	12.25%	11.42%	19.02%	-2.46%	7.57%	20.44%
EBITDA Growth	-19.51%	12.29%	7.93%	16.87%	19.29%	14.66%	11.73%	-10.88%	9.48%	35.44%
EBIT Growth	-21.89%	12.59%	9.08%	17.56%	20.40%	14.13%	10.49%	-13.08%	9.66%	40.86%
NOPAT Growth	27.20%	16.06%	35.53%	-5.63%	39.03%	3.92%	15.26%	-14.02%	24.88%	13.09%
Net Income Growth	25.26%	13.48%	36.95%	-2.11%	37.23%	4.18%	9.06%	-10.04%	32.46%	9.44%
EPS Growth	27.13%	14.23%	37.73%	-2.66%	36.34%	3.61%	8.51%	-10.16%	33.13%	8.79%
Operating Cash Flow Growth	-46.34%	151.61%	-6.35%	39.14%	-24.03%	62.52%	-10.82%	-22.14%	74.60%	4.08%
Free Cash Flow Firm Growth	-78.94%	319.46%	-47.63%	159.78%	-75.15%	261.23%	5.39%	-15.46%	55.26%	36.89%
Invested Capital Growth	40.34%	3.55%	37.74%	0.83%	45.66%	15.46%	17.49%	13.07%	10.20%	5.79%
Revenue Q/Q Growth	-0.77%	3.62%	0.30%	1.05%	4.74%	6.33%	0.81%	-1.72%	3.49%	5.71%
EBITDA Q/Q Growth	-7.42%	4.04%	0.67%	5.41%	6.24%	11.02%	-5.56%	1.21%	3.87%	7.75%
EBIT Q/Q Growth	-8.18%	3.96%	0.96%	5.80%	6.53%	11.55%	-6.57%	1.36%	4.14%	8.62%
NOPAT Q/Q Growth	-12.27%	1.91%	1.02%	6.56%	21.91%	-3.15%	-2.15%	-5.65%	26.94%	-3.70%
Net Income Q/Q Growth	-14.58%	2.20%	-0.14%	7.36%	21.83%	-2.67%	-4.20%	0.74%	23.91%	-7.01%
EPS Q/Q Growth	-14.64%	2.63%	0.00%	7.33%	21.41%	-2.82%	-4.27%	0.80%	23.80%	-7.36%
Operating Cash Flow Q/Q Growth	4.99%	8.45%	-2.23%	2.16%	2.44%	21.57%	-20.86%	33.93%	7.61%	1.27%
Free Cash Flow Firm Q/Q Growth	-24.39%	16.94%	-41.36%	36.78%	-17.71%	39.85%	-28.95%	29.24%	18.19%	13.18%
Invested Capital Q/Q Growth	3.31%	-1.83%	10.80%	1.67%	10.36%	1.10%	8.46%	2.26%	5.39%	0.69%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.56%	55.44%	57.60%	59.14%	59.45%	59.27%	58.01%	57.75%	57.48%	58.70%
EBITDA Margin	21.84%	22.71%	23.91%	26.06%	27.69%	28.50%	26.75%	24.44%	24.88%	27.98%
Operating Margin	19.49%	20.78%	21.90%	23.25%	25.17%	25.18%	24.46%	21.15%	20.89%	25.31%
EBIT Margin	19.06%	19.87%	21.15%	23.18%	24.87%	25.47%	23.65%	21.07%	21.48%	25.12%
Profit (Net Income) Margin	16.18%	17.00%	22.71%	20.73%	25.35%	23.70%	21.72%	20.03%	24.67%	22.41%
Tax Burden Percent	80.44%	81.07%	101.71%	84.31%	96.48%	89.93%	89.68%	91.42%	107.44%	83.25%
Interest Burden Percent	105.52%	105.52%	105.59%	106.07%	105.65%	103.47%	102.43%	103.99%	106.88%	107.18%
Effective Tax Rate	19.56%	18.93%	-1.71%	15.69%	3.52%	10.07%	10.32%	8.58%	-7.44%	16.75%
Return on Invested Capital (ROIC)	45.04%	43.98%	49.28%	39.97%	45.06%	36.65%	36.25%	27.08%	30.31%	31.78%
ROIC Less NNEP Spread (ROIC-NNEP)	44.45%	43.77%	48.67%	38.37%	43.42%	34.93%	36.62%	25.81%	26.07%	29.18%
Return on Net Nonoperating Assets (RNNOA)	-31.52%	-28.67%	-29.78%	-22.65%	-23.79%	-17.40%	-17.64%	-11.27%	-10.80%	-12.78%
Return on Equity (ROE)	13.52%	15.31%	19.50%	17.32%	21.27%	19.25%	18.61%	15.81%	19.52%	19.00%
Cash Return on Invested Capital (CROIC)	11.47%	40.49%	17.53%	39.14%	7.89%	22.30%	20.16%	14.81%	20.61%	26.15%
Operating Return on Assets (OROA)	11.69%	13.41%	13.94%	15.02%	16.18%	16.16%	15.83%	13.14%	13.75%	17.35%
Return on Assets (ROA)	9.93%	11.47%	14.97%	13.44%	16.49%	15.04%	14.54%	12.49%	15.79%	15.48%
Return on Common Equity (ROCE)	13.52%	15.31%	19.50%	17.32%	21.27%	19.25%	18.61%	15.81%	19.52%	19.00%
Return on Equity Simple (ROE_SIMPLE)	13.64%	15.15%	18.40%	16.67%	19.87%	17.99%	17.70%	15.69%	18.39%	17.98%
Net Operating Profit after Tax (NOPAT)	442	513	695	656	912	948	1,093	940	1,173	1,327
NOPAT Margin	15.67%	16.84%	22.28%	19.60%	24.28%	22.65%	21.93%	19.33%	22.44%	21.07%
Net Nonoperating Expense Percent (NNEP)	0.59%	0.21%	0.61%	1.60%	1.64%	1.72%	-0.38%	1.26%	4.25%	2.59%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	15.14%	16.73%	16.91%
Cost of Revenue to Revenue	45.44%	44.56%	42.40%	40.86%	40.55%	40.73%	41.99%	42.25%	42.52%	41.30%
SG&A Expenses to Revenue	14.00%	13.48%	14.03%	14.28%	13.80%	14.90%	14.48%	19.42%	19.28%	17.61%
R&D to Revenue	15.14%	15.36%	16.39%	16.96%	16.11%	15.58%	15.63%	17.18%	17.30%	15.78%
Operating Expenses to Revenue	35.07%	34.66%	35.70%	35.89%	34.29%	34.09%	33.55%	36.60%	36.59%	33.39%
Earnings before Interest and Taxes (EBIT)	538	605	660	776	934	1,066	1,178	1,024	1,123	1,582
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	616	692	746	872	1,041	1,193	1,333	1,188	1,301	1,762
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.79	2,295.69	2.60	2,620.83	3.66	3.85	3.96	2.73	3.45	5.12
Price to Tangible Book Value (P/TBV)	1.94	2,520.61	2.91	2,912.64	4.25	4.53	4.55	3.10	3.88	5.67
Price to Revenue (P/Rev)	2.13	2,576.23	3.21	3,259.33	4.67	5.07	4.86	3.48	4.62	6.38
Price to Earnings (P/E)	13.16	15,156.09	14.12	15,719.28	18.44	21.39	22.37	17.38	18.74	28.48
Dividend Yield	6.97%	5.15%	4.04%	3.81%	2.53%	2.16%	2.03%	3.24%	2.31%	1.42%
Earnings Yield	7.60%	0.01%	7.08%	0.01%	5.42%	4.67%	4.47%	5.75%	5.33%	3.51%
Enterprise Value to Invested Capital (EV/IC)	3.15	6,608.89	4.71	6,616.60	6.23	6.58	6.47	3.87	5.19	8.50
Enterprise Value to Revenue (EV/Rev)	1.28	2,575.47	2.47	3,258.52	3.98	4.36	4.23	2.93	4.03	5.80
Enterprise Value to EBITDA (EV/EBITDA)	5.86	11,342.99	10.32	12,504.64	14.37	15.30	15.82	12.00	16.21	20.72
Enterprise Value to EBIT (EV/EBIT)	6.72	12,961.17	11.66	14,054.54	16.00	17.11	17.90	13.92	18.77	23.08
Enterprise Value to NOPAT (EV/NOPAT)	8.17	15,289.53	11.07	16,622.02	16.39	19.25	19.30	15.18	17.97	27.51
Enterprise Value to Operating Cash Flow (EV/OCF)	12.88	11,115.98	11.65	11,862.41	21.40	16.08	20.83	18.09	15.32	25.48
Enterprise Value to Free Cash Flow (EV/FCFF)	32.07	16,606.87	31.12	16,974.46	93.64	31.64	34.69	27.75	26.42	33.42
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.71	-0.66	-0.61	-0.59	-0.55	-0.50	-0.48	-0.44	-0.41	-0.44
Leverage Ratio	1.36	1.33	1.30	1.29	1.29	1.28	1.28	1.27	1.24	1.23
Compound Leverage Factor	1.44	1.41	1.38	1.37	1.36	1.32	1.31	1.32	1.32	1.32
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	5.10	4,254.58	7.61	5,368.49	9.91	10.68	10.67	9.00	11.45	16.08
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.55	2.89	2.96	2.89	2.95	3.15	2.94	3.26	3.41	3.54
Quick Ratio	1.82	2.10	2.08	2.12	2.04	2.32	1.86	1.74	2.12	2.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	113	472	247	643	160	577	608	514	798	1,092
Operating Cash Flow to CapEx	385.94%	781.62%	474.28%	596.49%	594.50%	618.93%	329.13%	322.68%	711.16%	740.02%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.68	0.66	0.65	0.65	0.63	0.67	0.62	0.64	0.69
Accounts Receivable Turnover	5.12	5.75	5.58	5.77	5.89	5.38	5.89	6.48	7.10	7.00
Inventory Turnover	2.78	2.75	2.64	2.53	2.32	2.25	2.10	1.50	1.55	1.84
Fixed Asset Turnover	6.43	6.56	5.79	5.32	5.40	5.28	5.18	4.39	4.41	5.12
Accounts Payable Turnover	7.81	7.73	7.74	7.30	6.83	6.82	6.65	7.05	9.54	8.48
Days Sales Outstanding (DSO)	71.29	63.43	65.36	63.28	62.00	67.84	62.00	56.33	51.39	52.13
Days Inventory Outstanding (DIO)	131.16	132.49	138.22	144.04	157.49	162.14	173.55	243.75	234.85	197.91
Days Payable Outstanding (DPO)	46.71	47.24	47.16	49.99	53.40	53.48	54.86	51.76	38.27	43.03
Cash Conversion Cycle (CCC)	155.74	148.68	156.42	157.33	166.09	176.50	180.69	248.32	247.96	207.01
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,146	1,187	1,635	1,649	2,401	2,773	3,257	3,683	4,059	4,294
Invested Capital Turnover	2.87	2.61	2.21	2.04	1.86	1.62	1.65	1.40	1.35	1.51
Increase / (Decrease) in Invested Capital	329	41	448	14	753	371	485	426	376	235
Enterprise Value (EV)	3,612	7,844,347	7,699	10,907,726	14,952	18,251	21,089	14,259	21,080	36,503
Market Capitalization	6,003	7,846,674	10,012	10,910,441	17,561	21,228	24,204	16,920	24,173	40,202
Book Value per Share	$16.08	$0.02	$19.45	$0.02	$24.20	$28.84	$31.79	$32.37	$36.65	$40.79
Tangible Book Value per Share	$14.90	$0.02	$17.38	$0.02	$20.87	$24.51	$27.68	$28.48	$32.52	$36.85
Total Capital	3,345	3,418	3,852	4,163	4,793	5,516	6,114	6,204	7,012	7,848
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-2,392	-2,327	-2,313	-2,715	-2,610	-2,977	-3,115	-2,661	-3,093	-3,699
Capital Expenditures (CapEx)	73	90	139	154	118	183	308	244	194	194
Debt-free, Cash-free Net Working Capital (DFCFNWC)	297	366	501	359	618	659	968	1,291	1,185	1,328
Debt-free Net Working Capital (DFNWC)	1,345	1,480	1,554	1,744	2,022	2,505	2,814	2,744	3,153	3,828
Net Working Capital (NWC)	1,345	1,480	1,554	1,744	2,022	2,505	2,814	2,744	3,153	3,828
Net Nonoperating Expense (NNE)	-14	-4.67	-14	-38	-40	-44	11	-34	-116	-84
Net Nonoperating Obligations (NNO)	-2,199	-2,231	-2,218	-2,514	-2,392	-2,744	-2,857	-2,521	-2,953	-3,555
Total Depreciation and Amortization (D&A)	78	86	86	96	106	127	155	164	178	180
Debt-free, Cash-free Net Working Capital to Revenue	10.53%	12.03%	16.04%	10.73%	16.44%	15.74%	19.42%	26.56%	22.67%	21.08%
Debt-free Net Working Capital to Revenue	47.69%	48.60%	49.78%	52.10%	53.81%	59.84%	56.47%	56.45%	60.32%	60.80%
Net Working Capital to Revenue	47.69%	48.60%	49.78%	52.10%	53.81%	59.84%	56.47%	56.45%	60.32%	60.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.39	$2.71	$3.70	$3.68	$5.01	$5.19	$5.63	$5.06	$6.74	$7.35
Adjusted Weighted Average Basic Shares Outstanding	208.08M	198.08M	198.08M	198.08M	190.69M	191.57M	192.79M	191.36M	191.78M	192.40M
Adjusted Diluted Earnings per Share	$2.39	$2.70	$3.68	$3.66	$4.99	$5.17	$5.61	$5.04	$6.71	$7.30
Adjusted Weighted Average Diluted Shares Outstanding	208.08M	198.08M	198.08M	198.08M	190.69M	191.57M	192.79M	191.36M	191.78M	192.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	208.08M	198.08M	198.08M	198.08M	190.69M	191.57M	192.79M	191.36M	191.78M	192.40M
Normalized Net Operating Profit after Tax (NOPAT)	442	513	479	656	912	948	1,093	940	765	1,327
Normalized NOPAT Margin	15.67%	16.84%	15.33%	19.60%	24.28%	22.65%	21.93%	19.33%	14.62%	21.07%
Pre Tax Income Margin	20.11%	20.97%	22.33%	24.59%	26.27%	26.36%	24.22%	21.91%	22.96%	26.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	82.88%	92.99%	54.02%	42.67%	43.81%	45.41%	45.41%	69.75%	43.33%	40.55%
Augmented Payout Ratio	111.68%	112.42%	64.53%	42.67%	43.81%	45.41%	45.41%	69.75%	43.33%	44.97%

This table displays calculated financial ratios and metrics derived from Garmin's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/24/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.32%	-6.12%	-2.15%	6.44%	12.02%	13.48%	20.41%	14.07%	24.15%	22.94%	11.11%
EBITDA Growth	-18.95%	4.13%	-7.51%	9.38%	22.10%	13.57%	39.13%	11.54%	64.81%	31.26%	16.73%
EBIT Growth	-21.86%	4.55%	-9.83%	9.89%	23.82%	14.14%	46.70%	13.28%	76.09%	34.86%	18.73%
NOPAT Growth	-13.82%	-18.64%	-12.35%	-4.24%	8.57%	102.86%	40.12%	8.43%	44.34%	-9.58%	13.05%
Net Income Growth	-18.60%	2.49%	-4.38%	11.66%	22.00%	84.85%	36.39%	4.41%	55.15%	-19.63%	20.59%
EPS Growth	-18.66%	2.68%	-3.67%	12.78%	22.94%	84.31%	36.19%	4.00%	54.48%	-20.57%	20.28%
Operating Cash Flow Growth	-37.20%	118.19%	50.41%	242.80%	131.91%	26.39%	55.91%	-6.72%	-27.83%	3.85%	-3.33%
Free Cash Flow Firm Growth	-7,999.83%	2.45%	64.67%	117.41%	99.84%	156.46%	116.21%	-61.62%	-9,181.37%	88.92%	-393.84%
Invested Capital Growth	19.92%	13.07%	10.27%	5.44%	6.92%	10.20%	6.10%	6.80%	10.72%	5.79%	9.26%
Revenue Q/Q Growth	-8.09%	14.55%	-12.17%	15.11%	-3.28%	16.04%	-6.80%	9.05%	5.27%	14.91%	-15.77%
EBITDA Q/Q Growth	-20.13%	43.23%	-30.19%	36.95%	-10.84%	33.23%	-14.47%	9.79%	31.74%	6.11%	-23.94%
EBIT Q/Q Growth	-22.43%	50.42%	-34.76%	44.37%	-12.60%	38.66%	-16.15%	11.48%	35.86%	6.20%	-26.18%
NOPAT Q/Q Growth	-15.32%	3.66%	-24.34%	44.19%	-3.99%	93.69%	-47.74%	11.58%	27.80%	21.34%	-34.66%
Net Income Q/Q Growth	-18.24%	39.09%	-31.01%	42.31%	-10.66%	110.75%	-49.10%	8.94%	32.76%	9.18%	-23.63%
EPS Q/Q Growth	-18.05%	40.37%	-31.37%	42.86%	-10.67%	110.45%	-49.29%	9.09%	32.69%	8.21%	-23.21%
Operating Cash Flow Q/Q Growth	93.03%	139.21%	-24.26%	-1.97%	30.58%	30.37%	-6.58%	-41.35%	1.03%	87.59%	-13.04%
Free Cash Flow Firm Q/Q Growth	0.87%	49.01%	12.96%	139.58%	-100.90%	18,392.08%	-75.00%	-6.32%	-316.68%	472.33%	-138.88%
Invested Capital Q/Q Growth	0.92%	2.26%	0.20%	1.97%	2.34%	5.39%	-3.52%	2.64%	6.09%	0.69%	-0.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.79%	57.03%	56.89%	57.50%	57.03%	58.29%	58.06%	57.27%	60.00%	59.25%	57.62%
EBITDA Margin	21.86%	27.33%	21.73%	25.85%	23.83%	27.35%	25.10%	25.27%	31.63%	29.21%	26.37%
Operating Margin	20.99%	20.45%	17.17%	21.53%	21.16%	22.96%	21.60%	22.70%	27.58%	28.32%	21.68%
EBIT Margin	18.40%	24.16%	17.94%	22.50%	20.33%	24.30%	21.86%	22.35%	28.84%	26.65%	23.36%
Profit (Net Income) Margin	18.49%	22.45%	17.63%	21.80%	20.14%	36.57%	19.97%	19.95%	25.16%	23.91%	21.68%
Tax Burden Percent	95.72%	88.90%	91.23%	91.13%	92.01%	141.53%	84.38%	82.15%	82.08%	84.42%	85.53%
Interest Burden Percent	104.99%	104.53%	107.72%	106.31%	107.62%	106.34%	108.29%	108.70%	106.30%	106.25%	108.51%
Effective Tax Rate	4.28%	11.10%	8.77%	8.87%	7.99%	-41.53%	15.62%	17.85%	17.92%	15.58%	14.47%
Return on Invested Capital (ROIC)	30.09%	25.47%	21.52%	26.30%	26.40%	43.90%	26.18%	27.07%	33.24%	36.04%	29.19%
ROIC Less NNEP Spread (ROIC-NNEP)	30.80%	23.39%	20.72%	25.07%	26.05%	41.70%	25.38%	26.33%	31.84%	36.04%	27.86%
Return on Net Nonoperating Assets (RNNOA)	-13.46%	-10.21%	-9.19%	-9.74%	-10.17%	-17.27%	-11.24%	-10.72%	-13.19%	-15.78%	-13.06%
Return on Equity (ROE)	16.63%	15.25%	12.33%	16.57%	16.23%	26.63%	14.94%	16.35%	20.04%	20.26%	16.13%
Cash Return on Invested Capital (CROIC)	12.04%	14.81%	16.22%	19.33%	18.11%	20.61%	26.85%	26.06%	23.78%	26.15%	24.35%
Operating Return on Assets (OROA)	11.97%	15.07%	11.25%	14.10%	13.18%	15.55%	14.60%	15.07%	19.85%	18.41%	16.36%
Return on Assets (ROA)	12.03%	14.00%	11.05%	13.66%	13.05%	23.41%	13.34%	13.45%	17.32%	16.51%	15.18%
Return on Common Equity (ROCE)	16.63%	15.25%	12.33%	16.57%	16.23%	26.63%	14.94%	16.35%	20.04%	20.26%	16.13%
Return on Equity Simple (ROE_SIMPLE)	16.44%	0.00%	15.06%	16.24%	16.39%	0.00%	18.81%	19.64%	20.22%	0.00%	17.95%
Net Operating Profit after Tax (NOPAT)	229	238	180	259	249	482	252	281	359	436	285
NOPAT Margin	20.09%	18.18%	15.66%	19.62%	19.47%	32.50%	18.22%	18.65%	22.64%	23.91%	18.54%
Net Nonoperating Expense Percent (NNEP)	-0.71%	2.07%	0.81%	1.24%	0.35%	2.20%	0.80%	0.74%	1.39%	0.00%	1.33%
Return On Investment Capital (ROIC_SIMPLE)	-	3.83%	-	-	-	6.87%	-	-	-	5.55%	3.48%
Cost of Revenue to Revenue	41.21%	42.97%	43.11%	42.50%	42.97%	41.71%	41.94%	42.73%	40.00%	40.75%	42.38%
SG&A Expenses to Revenue	16.62%	28.51%	20.42%	18.98%	18.52%	19.32%	18.90%	18.43%	16.71%	16.74%	18.47%
R&D to Revenue	18.30%	16.51%	19.30%	16.99%	17.34%	16.00%	17.55%	16.14%	15.71%	14.20%	17.47%
Operating Expenses to Revenue	37.80%	36.57%	39.72%	35.97%	35.87%	35.33%	36.46%	34.57%	32.42%	30.94%	35.94%
Earnings before Interest and Taxes (EBIT)	210	316	206	297	260	360	302	337	457	486	359
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	249	357	249	341	304	406	347	381	502	532	405
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.60	2.73	2.93	3.19	3.11	3.45	3.91	4.47	4.46	5.12	5.03
Price to Tangible Book Value (P/TBV)	2.96	3.10	3.31	3.62	3.55	3.88	4.38	5.02	4.97	5.67	5.55
Price to Revenue (P/Rev)	3.09	3.48	3.88	3.97	3.91	4.62	5.19	5.54	5.61	6.38	6.37
Price to Earnings (P/E)	15.80	17.38	19.45	19.62	18.98	18.74	20.80	22.74	22.03	28.48	28.00
Dividend Yield	2.69%	3.24%	2.98%	2.86%	2.83%	2.31%	1.97%	1.80%	1.70%	1.42%	1.40%
Earnings Yield	6.33%	5.75%	5.14%	5.10%	5.27%	5.33%	4.81%	4.40%	4.54%	3.51%	3.57%
Enterprise Value to Invested Capital (EV/IC)	3.49	3.87	4.35	4.45	4.41	5.19	6.39	6.94	7.01	8.50	8.70
Enterprise Value to Revenue (EV/Rev)	2.54	2.93	3.32	3.40	3.36	4.03	4.58	4.94	5.02	5.80	5.77
Enterprise Value to EBITDA (EV/EBITDA)	10.71	12.00	13.74	13.98	13.56	16.21	17.89	19.39	18.30	20.72	20.45
Enterprise Value to EBIT (EV/EBIT)	12.44	13.92	16.01	16.27	15.74	18.77	20.52	22.15	20.54	23.08	22.71
Enterprise Value to NOPAT (EV/NOPAT)	12.62	15.18	17.55	18.53	18.36	17.97	20.08	21.95	21.71	27.51	27.35
Enterprise Value to Operating Cash Flow (EV/OCF)	21.36	18.09	18.19	15.55	13.27	15.32	16.33	18.41	21.15	25.48	26.24
Enterprise Value to Free Cash Flow (EV/FCFF)	31.62	27.75	28.11	23.61	25.15	26.42	24.50	27.49	31.00	33.42	37.29
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.44	-0.44	-0.44	-0.39	-0.39	-0.41	-0.44	-0.41	-0.41	-0.44	-0.47
Leverage Ratio	1.30	1.27	1.22	1.31	1.28	1.24	1.20	1.28	1.25	1.23	1.19
Compound Leverage Factor	1.36	1.32	1.31	1.39	1.37	1.31	1.30	1.39	1.33	1.30	1.30
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	7.19	8.70	10.59	8.65	9.33	11.16	14.36	11.99	13.00	15.70	17.53
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.75	3.26	3.93	2.84	3.13	3.41	4.04	2.89	3.30	3.54	4.10
Quick Ratio	1.46	1.74	2.14	1.65	1.82	2.12	2.59	1.87	2.12	2.31	2.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-369	-188	-164	65	-0.58	106	27	25	-54	201	-78
Operating Cash Flow to CapEx	307.57%	621.09%	596.42%	521.02%	785.00%	957.78%	1,312.42%	687.14%	669.25%	571.29%	1,050.34%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.62	0.63	0.63	0.65	0.64	0.67	0.67	0.69	0.69	0.70
Accounts Receivable Turnover	7.72	6.48	7.99	6.94	7.42	7.10	8.37	7.41	7.25	7.00	8.71
Inventory Turnover	1.60	1.50	1.45	1.46	1.46	1.55	1.66	1.76	1.68	1.84	1.85
Fixed Asset Turnover	4.77	4.39	4.28	4.28	4.42	4.41	4.61	4.73	4.95	5.12	5.29
Accounts Payable Turnover	7.19	7.05	8.03	7.28	8.07	9.54	10.22	8.16	7.71	8.48	9.09
Days Sales Outstanding (DSO)	47.25	56.33	45.69	52.57	49.21	51.39	43.61	49.28	50.34	52.13	41.93
Days Inventory Outstanding (DIO)	228.75	243.75	252.40	249.81	250.47	234.85	219.90	207.79	217.09	197.91	197.04
Days Payable Outstanding (DPO)	50.76	51.76	45.47	50.15	45.21	38.27	35.73	44.72	47.32	43.03	40.16
Cash Conversion Cycle (CCC)	225.25	248.32	252.61	252.22	254.46	247.96	227.78	212.35	220.11	207.01	198.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,602	3,683	3,691	3,763	3,851	4,059	3,916	4,019	4,264	4,294	4,279
Invested Capital Turnover	1.50	1.40	1.37	1.34	1.36	1.35	1.44	1.45	1.47	1.51	1.57
Increase / (Decrease) in Invested Capital	598	426	344	194	249	376	225	256	413	235	363
Enterprise Value (EV)	12,572	14,259	16,042	16,730	16,974	21,080	25,019	27,875	29,913	36,503	37,208
Market Capitalization	15,269	16,920	18,756	19,510	19,751	24,173	28,350	31,293	33,443	40,202	41,109
Book Value per Share	$30.48	$32.37	$33.47	$32.01	$33.16	$36.65	$37.76	$36.47	$39.05	$40.79	$42.51
Tangible Book Value per Share	$26.74	$28.48	$29.58	$28.15	$29.09	$32.52	$33.71	$32.47	$34.99	$36.85	$38.53
Total Capital	5,878	6,204	6,405	6,124	6,349	7,012	7,246	7,005	7,507	7,848	8,179
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-2,697	-2,661	-2,714	-2,779	-2,778	-3,093	-3,330	-3,418	-3,531	-3,699	-3,901
Capital Expenditures (CapEx)	50	59	47	53	46	49	33	37	39	85	40
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,064	1,291	1,405	982	1,133	1,185	1,204	847	1,207	1,328	1,441
Debt-free Net Working Capital (DFNWC)	2,525	2,744	2,956	2,661	2,829	3,153	3,400	3,073	3,631	3,828	4,115
Net Working Capital (NWC)	2,525	2,744	2,956	2,661	2,829	3,153	3,400	3,073	3,631	3,828	4,115
Net Nonoperating Expense (NNE)	18	-56	-23	-29	-8.47	-60	-24	-20	-40	-0.05	-48
Net Nonoperating Obligations (NNO)	-2,276	-2,521	-2,714	-2,361	-2,498	-2,953	-3,330	-2,986	-3,242	-3,555	-3,901
Total Depreciation and Amortization (D&A)	39	41	43	44	45	45	45	44	44	47	46
Debt-free, Cash-free Net Working Capital to Revenue	21.52%	26.56%	29.07%	19.98%	22.43%	22.67%	22.03%	14.99%	20.26%	21.08%	22.34%
Debt-free Net Working Capital to Revenue	51.06%	56.45%	61.13%	54.15%	56.00%	60.32%	62.24%	54.40%	60.95%	60.80%	63.80%
Net Working Capital to Revenue	51.06%	56.45%	61.13%	54.15%	56.00%	60.32%	62.24%	54.40%	60.95%	60.80%	63.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.09	$1.53	$1.06	$1.51	$1.34	$2.83	$1.44	$1.57	$2.08	$2.26	$1.73
Adjusted Weighted Average Basic Shares Outstanding	192.67M	191.36M	191.50M	191.29M	191.44M	191.78M	191.89M	192.07M	192.20M	192.40M	192.54M
Adjusted Diluted Earnings per Share	$1.09	$1.53	$1.05	$1.50	$1.34	$2.82	$1.43	$1.56	$2.07	$2.24	$1.72
Adjusted Weighted Average Diluted Shares Outstanding	193.11M	191.36M	191.89M	191.60M	191.87M	191.78M	192.70M	192.90M	193.17M	192.40M	193.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	191.66M	191.36M	191.29M	191.45M	191.33M	191.78M	192.08M	192.21M	192.02M	192.40M	192.54M
Normalized Net Operating Profit after Tax (NOPAT)	229	238	180	259	249	238	252	281	359	436	285
Normalized NOPAT Margin	20.09%	18.18%	15.66%	19.62%	19.47%	16.08%	18.22%	18.65%	22.64%	23.91%	18.54%
Pre Tax Income Margin	19.31%	25.25%	19.33%	23.92%	21.88%	25.84%	23.67%	24.29%	30.66%	28.32%	25.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	54.63%	69.75%	71.56%	70.42%	67.18%	43.33%	41.01%	40.96%	37.42%	40.55%	39.28%
Augmented Payout Ratio	54.63%	69.75%	71.56%	70.42%	67.18%	43.33%	41.01%	40.96%	37.42%	44.97%	45.37%

Frequently Asked Questions About Garmin's Financials

When does Garmin's financial year end?

According to the most recent income statement we have on file, Garmin's fiscal year ends in December. Their fiscal year 2024 ended on December 28, 2024.

How has Garmin's net income changed over the last 9 years?

Garmin's net income appears to be on an upward trend, with a most recent value of $1.41 billion in 2024, rising from $456.23 million in 2015. The previous period was $1.29 billion in 2023. Check out Garmin's forecast to explore projected trends and price targets.

What is Garmin's operating income?

Garmin's total operating income in 2024 was $1.59 billion, based on the following breakdown:

Total Gross Profit: $3.70 billion
Total Operating Expenses: $2.10 billion

How has Garmin revenue changed over the last 9 years?

Over the last 9 years, Garmin's total revenue changed from $2.82 billion in 2015 to $6.30 billion in 2024, a change of 123.3%.

How much debt does Garmin have?

Garmin's total liabilities were at $1.78 billion at the end of 2024, a 12.0% increase from 2023, and a 54.4% increase since 2015.

How much cash does Garmin have?

In the past 9 years, Garmin's cash and equivalents has ranged from $833.07 million in 2015 to $2.08 billion in 2024, and is currently $2.08 billion as of their latest financial filing in 2024.

How has Garmin's book value per share changed over the last 9 years?

Over the last 9 years, Garmin's book value per share changed from 16.08 in 2015 to 40.79 in 2024, a change of 153.7%.

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This page (NYSE:GRMN) was last updated on 5/7/2025 by MarketBeat.com Staff

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Garmin (GRMN) Financials

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Garmin (GRMN) Financials

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