Garmin

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

                    Revenue
                    FY2025
                
$7.2B
                    3y CAGR +14.2%
                    
                    P87
                    
                    +15.1%
                    
                    Net income
                    FY2025
                
$1.7B
                    Net margin +23.0%
                    
                    P98
                    
                    +17.9%
                    
                    Total assets
                    FY2025
                
$11.0B
                    ROA +15.1%
                    
                    P80
                    
                    +14.2%
                    
                    Operating cash flow
                    FY2025
                
$1.6B
                    FCF margin +18.8%
                    
                    P91
                    
                    +14.0%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 5 years

Total assets $11.0B

Total liabilities ~$2.0B

Shareholders equity $9.0B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	31.4%	33.0%	32.4%	26.3%	30.1%
Short Term Investments	6.3%	6.7%	5.3%	3.6%	7.0%
Accounts Receivable	17.3%	15.6%	15.6%	13.5%	16.9%
Inventory	24.5%	23.4%	25.7%	31.2%	24.6%
Prepaid Expenses	6.5%	5.6%	6.1%	6.5%	6.6%
Other Current Assets	0.2%	0.4%	0.3%	0.3%	0.3%
Total Current Assets	86.2%	84.7%	85.4%	81.4%	85.5%
Property,Plant and Equipment	19.0%	19.6%	23.4%	23.6%	21.4%
Operating Lease Assets	2.7%	2.6%	2.7%	2.8%	1.8%
Goodwill	10.5%	9.6%	11.6%	11.7%	11.5%
Intangible Assets	2.7%	2.4%	3.5%	3.7%	4.3%
Long Term Investments	19.3%	19.0%	21.5%	24.9%	25.5%
Deferred Tax Assets	9.9%	13.1%	14.4%	9.1%	5.2%
Other Noncurrent Assets	1.4%	1.8%	2.0%	2.0%	2.3%
Total Assets	151.7%	152.9%	164.6%	159.1%	157.6%
Liabilities
Accounts Payable	4.8%	5.7%	4.9%	4.4%	7.4%
Accrued Liabilities	15.1%	14.2%	15.6%	15.8%	14.7%
Deferred Revenue	1.5%	1.8%	1.9%	1.9%	1.8%
Other Current Liabilities	2.4%	2.3%	2.7%	2.9%	5.2%
Total Current Liabilities	23.7%	23.9%	25.1%	24.9%	29.1%
Deferred Revenue Noncurrent	0.3%	0.4%	0.7%	0.7%	0.8%
Operating Lease Liabilities Noncurrent	2.3%	2.1%	2.2%	2.4%	1.4%
Deferred Tax Liabilities	1.5%	1.6%	2.2%	2.7%	2.4%
Other Noncurrent Liabilities	0.1%	0.1%	0.3%	0.7%	1.3%
Equity
Common Stock	0.3%	0.3%	0.4%	0.4%	0.4%
Additional Paid In Capital	32.7%	35.7%	40.7%	42.0%	39.3%
Retained Earnings	96.2%	95.3%	100.7%	97.4%	86.7%
Treasury Stock	5.6%	4.3%	6.3%	9.8%	6.1%
Accumulated Other Comprehensive Income	0.3%	-2.3%	-1.3%	-2.4%	2.4%
Total Stockholders Equity	123.8%	124.6%	134.1%	127.7%	122.7%
Total Liabilitiesand Equity	151.7%	152.9%	164.6%	159.1%	157.6%

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $7.2B

Operating income $1.9B

Net income $1.7B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	41.3%	41.3%	42.5%	42.3%	42.0%
Other Income Expense Gross Profit	58.7%	58.7%	57.5%	57.7%	58.0%
Expenses Research and Development	15.5%	15.8%	17.3%	17.2%	15.6%
Expenses Selling,General and Administrative	17.3%	17.6%	19.3%	19.4%	17.9%
Expenses Operating Expenses	32.9%	33.4%	36.6%	36.6%	33.6%
Other Income Expense Operating Income	25.9%	25.3%	20.9%	21.1%	24.5%
Other Income Expense Interest Income	1.8%	1.8%	1.5%	0.8%	0.6%
Other Income Expense Other Income/expense	0.1%	-0.2%	0.6%	-0.1%	-0.8%
Other Income Expense Income Before Tax	27.8%	26.9%	23.0%	21.9%	24.2%
Income Tax Income Tax Expense	4.8%	4.5%	-1.7%	1.9%	2.5%
net Income net Income	23.0%	22.4%	24.7%	20.0%	21.7%
net Income Comprehensive Income	25.3%	21.1%	25.6%	15.3%	20.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $1.6B

Investing cash flow $-645.2M

Financing cash flow $-844.1M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	23.0%	22.4%	24.7%	20.0%	21.7%
Operating Activities Depreciation and Amortization	2.6%	2.9%	3.4%	3.4%	3.1%
Operating Activities Stock Based Compensation	2.3%	2.2%	1.9%	1.6%	1.9%
Operating Activities Deferred Income Taxes	1.1%	-1.4%	-6.5%	-2.9%	-0.1%
Operating Activities Changes In Operating Assets and Liabilities	-6.0%	-3.7%	3.3%	-5.8%	-6.8%
Operating Activities Other Non Cash Items	-0.5%	0.3%	-0.5%	-0.1%	0.7%
Operating Activities net Cash From Operating Activities	22.5%	22.7%	26.3%	16.2%	20.3%
Investing Activities Capital Expenditures	-3.7%	-3.1%	-3.7%	-5.0%	-6.2%
Investing Activities Business Acquisitions	-2.4%	-0.3%	-2.9%	-0.3%	-0.4%
Investing Activities Purchases of Investments	-11.6%	-8.1%	-3.3%	-21.6%	-30.3%
Investing Activities Proceeds From Sale of Investments	8.8%	4.9%	3.5%	24.0%	27.4%
Investing Activities Other Investing Activities	0.0%	0.2%	-0.0%	0.0%	-0.0%
Investing Activities net Cash From Investing Activities	-8.9%	-6.2%	-6.4%	-3.0%	-9.5%
Financing Activities Repurchase of Common Stock	-3.3%	-1.7%	-2.3%	-4.6%	-0.6%
Financing Activities Dividends Paid	-9.2%	-9.1%	-10.7%	-14.0%	-9.9%
Financing Activities Proceeds From Stock Issuance	0.8%	0.8%	0.8%	1.3%	0.7%
Financing Activities net Cash From Financing Activities	-11.6%	-10.0%	-12.2%	-17.3%	-9.8%
Cash Reconciliation Effect of Exchange Rate On Cash	0.8%	-0.4%	0.1%	-0.4%	-0.2%
Cash Reconciliation net Change In Cash	2.7%	6.1%	7.9%	-4.5%	0.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+58.7%	+58.7%	+57.5%	+57.7%	+58.0%
Operating margin	+25.9%	+25.3%	+20.9%	+21.1%	+24.5%
Net margin	+23.0%	+22.4%	+24.7%	+20.0%	+21.7%
FCF margin	+18.8%	+19.7%	+22.6%	+11.2%	+14.1%
Growth
Revenue CAGR (3y)	+14.2%	+8.1%	+7.7%	+9.0%	+14.2%
Returns
ROE	+18.5%	+18.0%	+18.4%	+15.7%	+17.7%
ROA	+15.1%	+14.7%	+15.0%	+12.6%	+13.8%
ROIC	—	—	—	—	—
Liquidity
Current ratio	3.63x	3.54x	3.41x	3.26x	2.94x
Quick ratio	2.05x	2.03x	1.91x	1.60x	1.62x
Leverage
D/E	0.23x	0.23x	0.23x	0.25x	0.28x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.66x	0.65x	0.61x	0.63x	0.63x
Cash conversion cycle	+237d	+213d	+236d	+281d	+211d

Valuation

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FY2025 fundamentals · no price

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Garmin

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