Garmin

Consumer Discretionary Consumer Electronics Schaffhausen, Switzerland Last filing Feb 18, 2026 · FY2025

                    Revenue
                    FY2025
                
$7.2B
                    3y CAGR +14.2%
                    
                    P84
                    
                    +15.1%
                    
                    Net income
                    FY2025
                
$1.7B
                    Net margin +23.0%
                    
                    P96
                    
                    +17.9%
                    
                    Total assets
                    FY2025
                
$11.0B
                    ROA +15.1%
                    
                    P74
                    
                    +14.2%
                    
                    Operating cash flow
                    FY2025
                
$1.6B
                    FCF margin +18.8%
                    
                    P89
                    
                    +14.0%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 3 years

Total assets $11.0B

Total liabilities $1.7B

Shareholders equity $9.0B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	20.7%	21.6%	19.7%
Short Term Investments	4.2%	—	—
Accounts Receivable	11.4%	—	—
Inventory	16.1%	—	—
Prepaid Expenses	4.3%	—	—
Other Current Assets	4.3%	3.7%	3.7%
Total Current Assets	56.8%	55.4%	51.9%
Property,Plant and Equipment	12.5%	—	—
Operating Lease Assets	1.8%	—	—
Goodwill	6.9%	6.3%	7.1%
Intangible Assets	0.0%	—	—
Deferred Tax Assets	6.5%	8.5%	8.8%
Other Noncurrent Assets	0.9%	1.1%	1.1%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.2%	3.7%	2.9%
Accrued Liabilities	2.3%	2.3%	2.9%
Deferred Revenue	1.0%	—	—
Operating Lease Liabilities	1.5%	—	—
Other Current Liabilities	0.0%	—	—
Total Current Liabilities	15.6%	15.7%	15.2%
Deferred Revenue Noncurrent	0.2%	—	—
Operating Lease Liabilities Noncurrent	1.5%	—	—
Deferred Tax Liabilities	1.0%	1.1%	1.3%
Other Noncurrent Liabilities	0.0%	0.0%	0.0%
Total Liabilities	15.6%	—	—
Equity
Common Stock	0.2%	0.2%	0.2%
Additional Paid In Capital	21.5%	23.3%	24.7%
Retained Earnings	63.4%	62.3%	61.2%
Treasury Stock	3.7%	2.8%	3.8%
Accumulated Other Comprehensive Income	0.2%	—	—
Total Stockholders Equity	81.6%	—	—
Total Liabilitiesand Equity	100.0%	—	—

Income Statement

Revenue, expense, and profitability

18 accounts · 3 years

Revenue $7.2B

Operating income $1.9B

Net income $1.7B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	65.9%	—	—
Expenses Cost of Revenue	27.2%	—	—
Expenses Research and Development	10.2%	—	—
Expenses Selling,General and Administrative	11.4%	—	—
Expenses Depreciation and Amortization	0.3%	—	—
Expenses Share Based Compensation	1.5%	—	—
Expenses Operating Expenses	21.7%	—	—
Other Income Expense Gross Profit	38.7%	—	—
Other Income Expense Operating Income	17.1%	—	—
Other Income Expense Other Income/expense	0.0%	—	—
Other Income Expense Income Before Tax	18.3%	—	—
Income Tax Income Tax Expense	3.2%	—	—
net Income net Income	15.1%	—	—
net Income Comprehensive Income	16.7%	—	—
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.8%	2.0%	2.2%
Earnings Per Share Weighted Average Shares Diluted	1.8%	2.0%	2.2%

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 3 years

Operating cash flow $1.6B

Investing cash flow $-645.2M

Financing cash flow $-844.1M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	15.1%	14.7%	15.0%
Operating Activities Depreciation and Amortization	0.3%	0.4%	0.5%
Operating Activities Stock Based Compensation	1.5%	—	—
Operating Activities Deferred Income Taxes	0.8%	—	—
Operating Activities Changes In Operating Assets and Liabilities	3.6%	—	—
Operating Activities Other Non Cash Items	0.8%	—	—
Operating Activities net Cash From Operating Activities	14.9%	14.9%	16.0%
Investing Activities Capital Expenditures	2.5%	2.0%	2.2%
Investing Activities Purchases of Investments	7.6%	—	—
Investing Activities net Cash From Investing Activities	-5.9%	-4.1%	-3.9%
Financing Activities Dividends Paid	6.0%	5.9%	6.5%
Financing Activities net Cash From Financing Activities	-7.7%	-6.5%	-7.4%
Cash Reconciliation Effect of Exchange Rate On Cash	20.7%	—	—
Cash Reconciliation net Change In Cash	1.8%	4.0%	4.8%
Cash Reconciliation Cash At Beginning of Period	20.7%	—	—
Cash Reconciliation Cash At End of Period	20.7%	—	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+58.7%	+58.7%	+57.5%
Operating margin	+25.9%	+25.3%	+20.9%
Net margin	+23.0%	+22.4%	+24.7%
FCF margin	+18.8%	+19.7%	+22.6%
Growth
Revenue CAGR (3y)	+14.2%	+8.1%	+7.7%
Returns
ROE	+18.5%	+18.0%	+18.4%
ROA	+15.1%	+14.7%	+15.0%
ROIC	—	—	—
Liquidity
Current ratio	3.63x	3.54x	3.41x
Quick ratio	2.05x	—	—
Leverage
D/E	0.19x	0.23x	0.23x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.66x	0.65x	0.61x
Cash conversion cycle	+237d	—	—

Valuation

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FY2025 fundamentals · no price

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Garmin

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