Balance Sheet Garmin Ltd.

Equities

GRMN

CH0114405324

Communications & Networking

Market Closed - Nyse Other stock markets 21:00:02 13/02/2026 GMT			5-day change	1st Jan Change
214.74 ^USD	+5.67%		+6.13%	+5.86%

02-13	Diary - U.S. earnings week ahead	RE
02-10	Garmin Acquires Aviation Facility at Mesa Gateway Airport	MT

8e09a292.J-0Ls6cmVy8z2ZWCOFQ2ImNq03Ko_5VO4vSQo2SvpsQ.SN1_w99_JmlWteHhSWFpdjAbsQDet8cpsMLD9lWC1K11jjPk8GsQYlee2A

Published financial data: GARMIN LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	4.19B	4.98B	4.86B	5.23B	6.3B
Total Revenues	4.19B	4.98B	4.86B	5.23B	6.3B
Cost of Goods Sold, Total	1.71B	2.09B	2.05B	2.22B	2.6B
Gross Profit	2.48B	2.89B	2.81B	3B	3.7B
Selling General & Admin Expenses, Total	721M	832M	944M	1.01B	1.11B
R&D Expenses	706M	840M	835M	905M	994M
Other Operating Expenses, Total	1.43B	1.67B	1.78B	1.91B	2.1B
Operating Income	1.05B	1.22B	1.03B	1.09B	1.59B
Interest And Investment Income	37M	28.57M	40.83M	77.3M	114M
Net Interest Expenses	37M	28.57M	40.83M	77.3M	114M
Currency Exchange Gains (Loss)	2.82M	-45.26M	-11.27M	26.43M	-20.6M
Other Non Operating Income (Expenses)	6.15M	4.24M	8.56M	4.52M	8.49M
EBT, Excl. Unusual Items	1.1B	1.21B	1.07B	1.2B	1.7B
Gain (Loss) On Sale Of Investments	1.39M	622K	-986K	-62K	-8K
Gain (Loss) On Sale Of Assets	1.8M	-	-	-	-
Legal Settlements	-	-	-	-	-
EBT, Incl. Unusual Items	1.1B	1.21B	1.06B	1.2B	1.7B
Income Tax Expense	111M	125M	91.39M	-89.28M	284M
Earnings From Continuing Operations	992M	1.08B	974M	1.29B	1.41B
Net Income to Company	992M	1.08B	974M	1.29B	1.41B
Net Income - (IS)	992M	1.08B	974M	1.29B	1.41B
Net Income to Common Incl Extra Items	992M	1.08B	974M	1.29B	1.41B
Net Income to Common Excl. Extra Items	992M	1.08B	974M	1.29B	1.41B
Per Share Items
Net EPS - Basic	5.19	5.63	5.06	6.74	7.35
Basic EPS - Continuing Operations	5.19	5.63	5.06	6.74	7.35
Basic Weighted Average Shares Outstanding	191M	192M	193M	191M	192M
Net EPS - Diluted	5.17	5.61	5.04	6.71	7.3
Diluted EPS - Continuing Operations	5.17	5.61	5.04	6.71	7.3
Diluted Weighted Average Shares Outstanding	192M	193M	193M	192M	193M
Normalized Basic EPS	3.6	3.92	3.46	3.92	5.52
Normalized Diluted EPS	3.58	3.91	3.45	3.91	5.48
Dividend Per Share	2.44	2.68	2.92	2.92	3
Payout Ratio	45.41	45.41	69.75	43.33	40.55
Supplemental Items
EBITDA	1.18B	1.37B	1.19B	1.27B	1.77B
EBITA	1.1B	1.27B	1.07B	1.14B	1.63B
EBIT	1.05B	1.22B	1.03B	1.09B	1.59B
EBITDAR	1.21B	1.41B	1.23B	1.32B	1.83B
Effective Tax Rate - (Ratio)	10.07	10.32	8.58	-7.44	16.75
Total Current Taxes	104M	130M	234M	250M	374M
Total Deferred Taxes	6.62M	-5.44M	-142M	-340M	-89.64M
Normalized Net Income	688M	754M	666M	750M	1.06B
Supplemental Operating Expense Items
Advertising Expense	151M	172M	168M	173M	192M
Selling and Marketing Expenses	151M	172M	168M	173M	192M
Research And Development Expense From Footnotes	706M	840M	835M	905M	994M
Net Rental Expense, Total	29.89M	35.11M	40.68M	47.33M	54.53M
Stock-Based Comp., Other (Total)	80.88M	92.52M	76.8M	101M	137M
Total Stock-Based Compensation	80.88M	92.52M	76.8M	101M	137M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.46B	1.5B	1.28B	1.69B	2.08B
Short Term Investments	388M	348M	173M	275M	421M
Total Cash And Short Term Investments	1.85B	1.85B	1.45B	1.97B	2.5B
Accounts Receivable, Total	849M	843M	657M	815M	983M
Other Receivables	10.18M	10.99M	11.09M	11.72M	14.81M
Total Receivables	860M	854M	668M	827M	998M
Inventory	762M	1.23B	1.52B	1.35B	1.47B
Prepaid Expenses	181M	318M	305M	307M	339M
Other Current Assets, Total	20.14M	15.96M	14.86M	16.32M	24.04M
Total Current Assets	3.67B	4.26B	3.96B	4.46B	5.34B
Gross Property Plant And Equipment	1.68B	1.98B	2.19B	2.4B	2.54B
Accumulated Depreciation	-732M	-821M	-905M	-1.03B	-1.14B
Net Property Plant And Equipment	950M	1.16B	1.29B	1.37B	1.4B
Long-term Investments	1.13B	1.27B	1.21B	1.13B	1.2B
Goodwill	584M	575M	568M	608M	604M
Other Intangibles, Total	244M	216M	178M	187M	154M
Deferred Tax Assets Long-Term	245M	260M	441M	755M	823M
Deferred Charges Long-Term	16.51M	12.36M	9.83M	11.06M	6.9M
Other Long-Term Assets, Total	190M	103M	85.26M	85.65M	107M
Total Assets	7.03B	7.85B	7.73B	8.6B	9.63B
Liabilities
Accounts Payable, Total	259M	370M	212M	254M	359M
Accrued Expenses, Total	455M	538M	446M	507M	508M
Current Portion of Leases	18.87M	20.5M	25.15M	27.78M	27.9M
Current Income Taxes Payable	68.58M	128M	246M	225M	295M
Unearned Revenue Current, Total	86.86M	87.65M	91.09M	101M	111M
Other Current Liabilities	276M	303M	191M	196M	207M
Total Current Liabilities	1.16B	1.45B	1.21B	1.31B	1.51B
Long-Term Leases	75.96M	70.04M	115M	113M	135M
Unearned Revenue Non Current	49.93M	41.62M	35.7M	36.15M	28.32M
Deferred Tax Liability Non Current	117M	118M	130M	115M	103M
Other Non Current Liabilities	108M	62.86M	34.99M	16.96M	7.79M
Total Liabilities	1.52B	1.74B	1.53B	1.59B	1.78B
Common Stock, Total	17.98M	17.98M	17.98M	19.59M	19.49M
Additional Paid In Capital	1.88B	1.96B	2.04B	2.13B	2.25B
Retained Earnings	3.75B	4.32B	4.73B	5.26B	6B
Treasury Stock	-320M	-303M	-475M	-331M	-271M
Comprehensive Income and Other	183M	118M	-115M	-65.61M	-147M
Total Common Equity	5.52B	6.11B	6.2B	7.01B	7.85B
Total Equity	5.52B	6.11B	6.2B	7.01B	7.85B
Total Liabilities And Equity	7.03B	7.85B	7.73B	8.6B	9.63B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	192M	193M	191M	192M	192M
ECS Total Common Shares Outstanding	192M	193M	192M	192M	192M
Book Value / Share	28.79	31.74	32.38	36.56	40.78
Tangible Book Value	4.69B	5.32B	5.46B	6.22B	7.09B
Tangible Book Value Per Share	24.47	27.64	28.48	32.42	36.84
Total Debt	94.83M	90.55M	140M	141M	163M
Net Debt	-2.88B	-3.02B	-2.52B	-2.95B	-3.54B
Debt Equivalent Oper. Leases	239M	281M	325M	379M	436M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	282M	509M	601M	493M	522M
Inventories - Work In Process, Total	148M	214M	181M	161M	219M
Inventories - Finished Goods, Total	332M	504M	733M	692M	732M
Land - (BS)	125M	207M	194M	201M	185M
Buildings, Total	663M	764M	857M	935M	982M
Machinery, Total	800M	918M	1B	1.12B	1.21B
Full Time Employees	16K	18.7K	19.7K	19.9K	21.8K
Accumulated Allowance for Doubtful Accounts (Supple)	11.09M	7.08M	5.1M	7.15M	8.64M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	992M	1.08B	974M	1.29B	1.41B
Depreciation & Amortization - CF	78.12M	103M	119M	132M	140M
Amortization of Goodwill and Intangible Assets - (CF)	48.59M	51.32M	45.11M	45.22M	39.24M
Depreciation & Amortization, Total	127M	155M	164M	178M	180M
(Gain) Loss From Sale Of Asset	-1.8M	298K	-2.08M	215K	-4.9M
(Gain) Loss on Sale of Investments - (CF)	-1.39M	-622K	986K	62K	8K
Stock-Based Compensation (CF)	80.88M	92.52M	76.8M	101M	137M
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	-2.94M	31.02M	-149M	-366M	-61.25M
Change In Accounts Receivable	-109M	-19.11M	167M	-129M	-196M
Change In Inventories	28.73M	-476M	-363M	245M	-179M
Change In Accounts Payable	1.45M	109M	-131M	28.5M	121M
Change in Unearned Revenues	-25.21M	-7.38M	-2.38M	10.41M	2.22M
Change In Income Taxes	-20.67M	5.89M	49.89M	-38.04M	43.69M
Change in Other Net Operating Assets	66.04M	40.29M	4.02M	57.41M	-21.2M
Cash from Operations	1.14B	1.01B	788M	1.38B	1.43B
Capital Expenditure	-185M	-308M	-244M	-194M	-194M
Sale of Property, Plant, and Equipment	1.98M	35K	2.4M	218K	-
Cash Acquisitions	-149M	-20.18M	-13.46M	-151M	-16.44M
Sale (Purchase) of Intangible assets	-2.06M	-1.94M	-1.91M	-1.5M	-
Investment in Marketable and Equity Securities, Total	73.61M	-146M	112M	12.69M	-198M
Other Investing Activities, Total	-	-	-	-	15.03M
Cash from Investing	-261M	-475M	-145M	-333M	-393M
Issuance of Common Stock	15.2M	35.73M	62.22M	44.06M	49.96M
Repurchase of Common Stock	-26.33M	-30.98M	-224M	-122M	-104M
Common Dividends Paid	-451M	-491M	-679M	-559M	-572M
Common & Preferred Stock Dividends Paid	-451M	-491M	-679M	-559M	-572M
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-462M	-487M	-841M	-637M	-627M
Foreign Exchange Rate Adjustments	18.13M	-10.25M	-21.45M	7.46M	-26.28M
Net Change in Cash	431M	40.1M	-219M	414M	386M
Supplemental Items
Cash Income Tax Paid (Refund)	128M	123M	177M	290M	319M
Levered Free Cash Flow	634M	389M	309M	870M	977M
Unlevered Free Cash Flow	634M	389M	309M	870M	977M
Change In Net Working Capital	45.28M	310M	328M	-103M	142M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	9.98	10.23	8.24	8.36	10.93
Return on Total Capital	12.59	12.89	10.24	10.11	13.14
Return On Equity %	19.25	18.61	15.81	19.52	19
Return on Common Equity	19.25	18.61	15.81	19.52	19
Margin Analysis
Gross Profit Margin %	59.27	58.01	57.75	57.48	58.7
SG&A Margin	17.23	16.69	19.42	19.28	17.61
EBITDA Margin %	28.21	27.56	24.52	24.29	28.17
EBITA Margin %	26.34	25.49	22.08	21.75	25.94
EBIT Margin %	25.18	24.46	21.15	20.89	25.31
Income From Continuing Operations Margin %	23.7	21.72	20.03	24.67	22.41
Net Income Margin %	23.7	21.72	20.03	24.67	22.41
Net Avail. For Common Margin %	23.7	21.72	20.03	24.67	22.41
Normalized Net Income Margin	16.42	15.13	13.71	14.35	16.83
Levered Free Cash Flow Margin	15.14	7.81	6.35	16.63	15.52
Unlevered Free Cash Flow Margin	15.14	7.81	6.35	16.63	15.52
Asset Turnover
Asset Turnover	0.63	0.67	0.62	0.64	0.69
Fixed Assets Turnover	4.8	4.73	3.98	3.94	4.55
Receivables Turnover (Average Receivables)	5.38	5.89	6.48	7.1	7
Inventory Turnover (Average Inventory)	2.25	2.1	1.5	1.55	1.84
Short Term Liquidity
Current Ratio	3.15	2.94	3.26	3.41	3.54
Quick Ratio	2.32	1.86	1.75	2.13	2.32
Operating Cash Flow to Current Liabilities	0.98	0.7	0.65	1.05	0.95
Days Sales Outstanding (Average Receivables)	67.65	61.83	57.26	51.24	51.99
Days Outstanding Inventory (Average Inventory)	161.69	173.07	247.75	234.2	197.37
Average Days Payable Outstanding	53.05	44.75	46.15	41.31	40.9
Cash Conversion Cycle (Average Days)	176.3	190.16	258.86	244.14	208.45
Long Term Solvency
Total Debt/Equity	1.72	1.48	2.25	2.01	2.07
Total Debt / Total Capital	1.69	1.46	2.2	1.97	2.03
LT Debt/Equity	1.38	1.15	1.85	1.61	1.72
Long-Term Debt / Total Capital	1.35	1.13	1.81	1.58	1.68
Total Liabilities / Total Assets	21.55	22.16	19.75	18.5	18.5
Total Debt / EBITDA	0.08	0.06	0.11	0.11	0.09
Net Debt / EBITDA	-2.38	-2.15	-2.05	-2.24	-1.93
Total Debt / (EBITDA - Capex)	0.09	0.08	0.14	0.13	0.1
Net Debt / (EBITDA - Capex)	-2.81	-2.75	-2.55	-2.63	-2.16
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.42	19.02	-2.46	7.57	20.44
Gross Profit, 1 Yr. Growth %	11.07	16.49	-2.9	7.06	23.02
EBITDA, 1 Yr. Growth %	12.28	16.3	-13.23	6.55	39.69
EBITA, 1 Yr. Growth %	12.55	15.15	-15.51	6	43.6
EBIT, 1 Yr. Growth %	11.49	15.59	-15.66	6.26	45.95
Earnings From Cont. Operations, 1 Yr. Growth %	4.18	9.06	-10.04	32.46	9.44
Net Income, 1 Yr. Growth %	4.18	9.06	-10.04	32.46	9.44
Normalized Net Income, 1 Yr. Growth %	11.56	9.45	-11.62	12.61	41.23
Diluted EPS Before Extra, 1 Yr. Growth %	3.61	8.51	-10.16	33.13	8.79
Accounts Receivable, 1 Yr. Growth %	20.19	-0.71	-22.12	24.11	20.63
Inventory, 1 Yr. Growth %	1.22	61.09	23.41	-11.16	9.51
Net Property, Plant and Equip., 1 Yr. Growth %	19.89	21.76	11.07	6.44	2.47
Total Assets, 1 Yr. Growth %	14.02	11.71	-1.57	11.28	11.94
Tangible Book Value, 1 Yr. Growth %	13.39	13.56	2.53	13.91	13.95
Common Equity, 1 Yr. Growth %	15.08	10.84	1.47	13.02	11.93
Cash From Operations, 1 Yr. Growth %	62.52	-10.82	-22.14	74.6	4.08
Capital Expenditures, 1 Yr. Growth %	57.08	65.93	-20.59	-20.78	0.02
Levered Free Cash Flow, 1 Yr. Growth %	72.76	-38.58	-20.67	181.63	12.19
Unlevered Free Cash Flow, 1 Yr. Growth %	72.76	-38.58	-20.67	181.63	12.19
Dividend Per Share, 1 Yr. Growth %	7.02	9.84	8.96	0	2.74
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	11.83	15.16	7.75	2.43	13.82
Gross Profit, 2 Yr. CAGR %	11.95	13.75	6.36	1.96	14.76
EBITDA, 2 Yr. CAGR %	16.21	14.27	0.45	-3.85	22
EBITA, 2 Yr. CAGR %	16.7	13.84	-1.36	-5.36	23.38
EBIT, 2 Yr. CAGR %	16.38	13.52	-1.26	-5.33	24.53
Earnings From Cont. Operations, 2 Yr. CAGR %	19.57	6.59	-0.95	9.16	20.4
Net Income, 2 Yr. CAGR %	19.57	6.59	-0.95	9.16	20.4
Normalized Net Income, 2 Yr. CAGR %	15.58	10.58	-1.65	-0.24	26.12
Diluted EPS Before Extra, 2 Yr. CAGR %	18.85	6.03	-1.27	9.37	20.35
Accounts Receivable, 2 Yr. CAGR %	22.1	9.24	-12.07	-1.69	22.36
Inventory, 2 Yr. CAGR %	16.46	27.69	41	4.71	-1.36
Net Property, Plant and Equip., 2 Yr. CAGR %	19.67	20.82	16.29	8.73	4.43
Total Assets, 2 Yr. CAGR %	14.29	12.86	4.86	4.66	11.61
Tangible Book Value, 2 Yr. CAGR %	11.87	13.48	7.9	8.07	13.98
Common Equity, 2 Yr. CAGR %	15.11	12.94	6.06	7.09	12.47
Cash From Operations, 2 Yr. CAGR %	11.11	20.39	-16.67	16.59	34.81
Capital Expenditures, 2 Yr. CAGR %	9.1	61.45	14.79	-20.69	-10.98
Levered Free Cash Flow, 2 Yr. CAGR %	1.09	3.01	-30.2	49.47	77.36
Unlevered Free Cash Flow, 2 Yr. CAGR %	1.09	3.01	-30.2	49.47	77.36
Dividend Per Share, 2 Yr. CAGR %	7.28	8.42	9.39	4.38	1.36
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	10.28	14.18	8.96	7.69	8.11
Gross Profit, 3 Yr. CAGR %	11.34	13.45	7.91	6.59	8.55
EBITDA, 3 Yr. CAGR %	15.33	16.24	4.25	2.45	8.9
EBITA, 3 Yr. CAGR %	15.81	16.18	3.07	1.03	8.75
EBIT, 3 Yr. CAGR %	15.53	16.12	2.82	1.18	9.36
Earnings From Cont. Operations, 3 Yr. CAGR %	11.86	15.96	0.73	9.13	9.26
Net Income, 3 Yr. CAGR %	11.86	15.96	0.73	9.13	9.26
Normalized Net Income, 3 Yr. CAGR %	16.39	13.56	2.62	2.89	12.02
Diluted EPS Before Extra, 3 Yr. CAGR %	11.2	15.3	0.33	9.08	9.17
Accounts Receivable, 3 Yr. CAGR %	12.86	13.96	-2.41	-1.36	5.25
Inventory, 3 Yr. CAGR %	13.76	29.76	26.25	20.88	6.29
Net Property, Plant and Equip., 3 Yr. CAGR %	16.84	20.36	17.48	12.91	6.6
Total Assets, 3 Yr. CAGR %	12.42	13.42	7.83	6.96	7.03
Tangible Book Value, 3 Yr. CAGR %	10.84	12.43	9.7	9.87	10.03
Common Equity, 3 Yr. CAGR %	12.71	13.67	8.98	8.33	8.68
Cash From Operations, 3 Yr. CAGR %	19.77	3.26	4.11	6.63	12.26
Capital Expenditures, 3 Yr. CAGR %	9.89	25.47	27.44	1.44	-14.31
Levered Free Cash Flow, 3 Yr. CAGR %	32.58	-14.38	-5.58	11.12	35.92
Unlevered Free Cash Flow, 3 Yr. CAGR %	32.58	-14.38	-5.58	11.12	35.92
Dividend Per Share, 3 Yr. CAGR %	6.15	8.13	8.6	6.17	3.83
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.22	10.35	9.26	9.33	10.88
Gross Profit, 5 Yr. CAGR %	10.03	11.35	9.32	8.7	10.6
EBITDA, 5 Yr. CAGR %	13.47	13.81	9.13	7.74	11.02
EBITA, 5 Yr. CAGR %	13.85	13.87	8.61	7.03	10.76
EBIT, 5 Yr. CAGR %	13.92	14	8.5	7.01	11.01
Earnings From Cont. Operations, 5 Yr. CAGR %	16.81	15.89	6.55	13.19	8.18
Net Income, 5 Yr. CAGR %	16.81	15.89	6.55	13.19	8.18
Normalized Net Income, 5 Yr. CAGR %	14.18	13.61	8.84	7.83	11.44
Diluted EPS Before Extra, 5 Yr. CAGR %	16.69	15.49	6.03	12.89	7.91
Accounts Receivable, 5 Yr. CAGR %	9.83	9.86	2.14	7.43	6.83
Inventory, 5 Yr. CAGR %	8.77	20.42	23.96	19.09	14.38
Net Property, Plant and Equip., 5 Yr. CAGR %	16.33	19.1	16.62	15.57	12.08
Total Assets, 5 Yr. CAGR %	9.34	11.66	9.33	9.83	9.32
Tangible Book Value, 5 Yr. CAGR %	8.62	11.33	9.65	10.66	11.39
Common Equity, 5 Yr. CAGR %	10.52	12.33	10	10.99	10.36
Cash From Operations, 5 Yr. CAGR %	32.26	7.49	3.59	8.4	15.45
Capital Expenditures, 5 Yr. CAGR %	18.13	27.6	11.83	4.44	10.4
Levered Free Cash Flow, 5 Yr. CAGR %	28.59	1.75	2.57	6.99	21.65
Unlevered Free Cash Flow, 5 Yr. CAGR %	28.59	1.75	2.57	6.99	21.65
Dividend Per Share, 5 Yr. CAGR %	3.65	5.61	7.44	6.61	5.64