Garmin LtdGarmin Ltd
Garmin Ltd

Garmin Ltd

GRMN
Information Technology·Electronic Equipment, Instruments & Components

Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation. The Marine segment manufactures and offers recreational marine electronics such as cartography, Sounders, Radar, Autopilot Systems and Sailing. The Outdoor segment offers products designed for use in outdoor activities such as Outdoor Handhelds, Adventure Watches, Golf Devices, Dog Tracking & Training Device, Garmin Connect & Garmin Connect Mobile, and Connect IQ. The Fitness segment refers to the products designed for use in fitness and activity tracking such as Running & Multi-Sport Watches, Cycling Computers, Power Meters, Safety & Awareness, and Activity Tracking Devices. The Auto OEM and Consumer Auto segments offer products designed for use in the auto market such as Personal Navigation Devices, Original Equipment Manufacturer (OEM) Solutions, and Cameras. The Aviation segment provides solutions to aircraft manufacturers, existing aircraft owners and operators, as well as government/defense customers. The company was founded in 1989 and is headquartered in Schaffhausen, Switzerland.

Switzerland
Market cap
No dataNo data
Revenue
$7.2B+15.1% YoY
Net income
$1.7B+17.9% YoY
Free cash flow
$1.4B+10.0% YoY

Market

Listed stock
GRMNPriceNYSE
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Financial performance

Revenue
$7.2B+15.1% YoY
Operating income
$1.9B+17.7% YoY
Net income
$1.7B+17.9% YoY
Free cash flow
$1.4B+10.0% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $5B, 2022 $4.9B, 2023 $5.2B, 2024 $6.3B, 2025 $7.2B. Operating income: 2021 $1.2B, 2022 $1B, 2023 $1.1B, 2024 $1.6B, 2025 $1.9B. Net income: 2021 $1.1B, 2022 $973.6M, 2023 $1.3B, 2024 $1.4B, 2025 $1.7B. Free cash flow: 2021 $704.8M, 2022 $544M, 2023 $1.2B, 2024 $1.2B, 2025 $1.4B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
15.1%−538 bps YoY
Gross margin
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Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-25 $1.2B, 2022-12-31 $1B, 2023-12-30 $1.1B, 2024-12-28 $1.6B, 2025-12-27 $1.9B. Net income: 2021-12-25 $1.1B, 2022-12-31 $973.6M, 2023-12-30 $1.3B, 2024-12-28 $1.4B, 2025-12-27 $1.7B. Free cash flow: 2021-12-25 $704.8M, 2022-12-31 $544M, 2023-12-30 $1.2B, 2024-12-28 $1.2B, 2025-12-27 $1.4B

Growth heatmap

2022202320242025CAGR
Revenue
-2.5%
+7.6%
+20.4%
+15.1%
+9.8%
Gross profit
-2.9%
+7.1%
+23.0%
+15.1%
+10.1%
Operating income
-15.7%
+6.3%
+45.9%
+17.7%
+11.4%
Free cash flow
-22.8%
+117.4%
+4.7%
+10.0%
+17.9%

Earnings quality

Operating cash flow
$1.6B+14.0% YoY
Net income
$1.7B+17.9% YoY
Free cash flow
$1.4B+10.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-27 98%, 2024-12-28 101%, 2023-12-30 107%, 2022-12-31 81%, 2021-12-25 94%. Free cash flow: 2025-12-27 82%, 2024-12-28 88%, 2023-12-30 92%, 2022-12-31 56%, 2021-12-25 65%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
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Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

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Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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