Cash flow Garmin Ltd.

Equities

GRMN

CH0114405324

Communications & Networking

Market Closed - Nyse Other stock markets 20:00:02 10/03/2026 GMT			5-day change	1st Jan Change
241.34 ^USD	-0.53%		-3.73%	+18.97%

03-10	Garmin Ltd. Announces Launch of 360-Degree Sonar with Spy Pole	CI
02-20	S&P 500 Posts Weekly Gain Led by Communication Services	MT

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Published financial data: GARMIN LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	4.98B	4.86B	5.23B	6.3B	7.25B
Total Revenues	4.98B	4.86B	5.23B	6.3B	7.25B
Cost of Goods Sold, Total	2.09B	2.05B	2.22B	2.6B	2.99B
Gross Profit	2.89B	2.81B	3B	3.7B	4.26B
Selling General & Admin Expenses, Total	832M	944M	1.01B	1.11B	1.25B
R&D Expenses	840M	835M	905M	994M	1.13B
Other Operating Expenses, Total	1.67B	1.78B	1.91B	2.1B	2.38B
Operating Income	1.22B	1.03B	1.09B	1.59B	1.88B
Interest And Investment Income	28.57M	40.83M	77.3M	114M	129M
Net Interest Expenses	28.57M	40.83M	77.3M	114M	129M
Currency Exchange Gains (Loss)	-45.26M	-11.27M	26.43M	-20.6M	7.85M
Other Non Operating Income (Expenses)	4.24M	8.56M	4.52M	8.49M	2.64M
EBT, Excl. Unusual Items	1.21B	1.07B	1.2B	1.7B	2.02B
Gain (Loss) On Sale Of Investments	622K	-986K	-62K	-8K	-899K
Gain (Loss) On Sale Of Assets	-	-	-	-	-
EBT, Incl. Unusual Items	1.21B	1.06B	1.2B	1.7B	2.01B
Income Tax Expense	125M	91.39M	-89.28M	284M	351M
Earnings From Continuing Operations	1.08B	974M	1.29B	1.41B	1.66B
Net Income to Company	1.08B	974M	1.29B	1.41B	1.66B
Net Income - (IS)	1.08B	974M	1.29B	1.41B	1.66B
Net Income to Common Incl Extra Items	1.08B	974M	1.29B	1.41B	1.66B
Net Income to Common Excl. Extra Items	1.08B	974M	1.29B	1.41B	1.66B
Per Share Items
Net EPS - Basic	5.63	5.06	6.74	7.35	8.65
Basic EPS - Continuing Operations	5.63	5.06	6.74	7.35	8.65
Basic Weighted Average Shares Outstanding	192M	193M	191M	192M	192M
Net EPS - Diluted	5.61	5.04	6.71	7.3	8.59
Diluted EPS - Continuing Operations	5.61	5.04	6.71	7.3	8.59
Diluted Weighted Average Shares Outstanding	193M	193M	192M	193M	194M
Normalized Basic EPS	3.92	3.46	3.92	5.52	6.54
Normalized Diluted EPS	3.91	3.45	3.91	5.48	6.51
Dividend Per Share	2.68	2.92	2.92	3	3.6
Payout Ratio	45.41	69.75	43.33	40.55	39.9
Supplemental Items
EBITDA	1.37B	1.19B	1.27B	1.77B	2.06B
EBITA	1.27B	1.07B	1.14B	1.63B	1.91B
EBIT	1.22B	1.03B	1.09B	1.59B	1.88B
EBITDAR	1.41B	1.23B	1.32B	1.83B	2.13B
Effective Tax Rate - (Ratio)	10.32	8.58	-7.44	16.75	17.41
Total Current Taxes	130M	234M	250M	374M	268M
Total Deferred Taxes	-5.44M	-142M	-340M	-89.64M	82.55M
Normalized Net Income	754M	666M	750M	1.06B	1.26B
Supplemental Operating Expense Items
Advertising Expense	172M	168M	173M	192M	229M
Selling and Marketing Expenses	172M	168M	173M	192M	229M
Research And Development Expense From Footnotes	840M	835M	905M	994M	1.13B
Net Rental Expense, Total	35.11M	40.68M	47.33M	54.53M	63.93M
Stock-Based Comp., Other (Total)	92.52M	76.8M	101M	137M	166M
Total Stock-Based Compensation	92.52M	76.8M	101M	137M	166M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.5B	1.28B	1.69B	2.08B	2.28B
Short Term Investments	348M	173M	275M	421M	459M
Total Cash And Short Term Investments	1.85B	1.45B	1.97B	2.5B	2.74B
Accounts Receivable, Total	843M	657M	815M	983M	1.25B
Other Receivables	10.99M	11.09M	11.72M	14.81M	19.14M
Total Receivables	854M	668M	827M	998M	1.27B
Inventory	1.23B	1.52B	1.35B	1.47B	1.77B
Prepaid Expenses	318M	305M	307M	339M	448M
Other Current Assets, Total	15.96M	14.86M	16.32M	24.04M	17.54M
Total Current Assets	4.26B	3.96B	4.46B	5.34B	6.25B
Gross Property Plant And Equipment	1.98B	2.19B	2.4B	2.54B	2.86B
Accumulated Depreciation	-821M	-905M	-1.03B	-1.14B	-1.29B
Net Property Plant And Equipment	1.16B	1.29B	1.37B	1.4B	1.57B
Long-term Investments	1.27B	1.21B	1.13B	1.2B	1.4B
Goodwill	575M	568M	608M	604M	760M
Other Intangibles, Total	216M	178M	187M	154M	198M
Deferred Tax Assets Long-Term	260M	441M	755M	823M	718M
Deferred Charges Long-Term	12.36M	9.83M	11.06M	6.9M	4.37M
Other Long-Term Assets, Total	103M	85.26M	85.65M	107M	95.92M
Total Assets	7.85B	7.73B	8.6B	9.63B	10.99B
Liabilities
Accounts Payable, Total	370M	212M	254M	359M	347M
Accrued Expenses, Total	538M	446M	507M	508M	608M
Current Portion of Leases	20.5M	25.15M	27.78M	27.9M	31.15M
Current Income Taxes Payable	128M	246M	225M	295M	382M
Unearned Revenue Current, Total	87.65M	91.09M	101M	111M	106M
Other Current Liabilities	303M	191M	196M	207M	246M
Total Current Liabilities	1.45B	1.21B	1.31B	1.51B	1.72B
Long-Term Leases	70.04M	115M	113M	135M	165M
Unearned Revenue Non Current	41.62M	35.7M	36.15M	28.32M	22.28M
Deferred Tax Liability Non Current	118M	130M	115M	103M	110M
Other Non Current Liabilities	62.86M	34.99M	16.96M	7.79M	4.22M
Total Liabilities	1.74B	1.53B	1.59B	1.78B	2.02B
Common Stock, Total	17.98M	17.98M	19.59M	19.49M	19.49M
Additional Paid In Capital	1.96B	2.04B	2.13B	2.25B	2.37B
Retained Earnings	4.32B	4.73B	5.26B	6B	6.97B
Treasury Stock	-303M	-475M	-331M	-271M	-406M
Comprehensive Income and Other	118M	-115M	-65.61M	-147M	20.64M
Total Common Equity	6.11B	6.2B	7.01B	7.85B	8.97B
Total Equity	6.11B	6.2B	7.01B	7.85B	8.97B
Total Liabilities And Equity	7.85B	7.73B	8.6B	9.63B	10.99B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	193M	191M	192M	192M	192M
ECS Total Common Shares Outstanding	193M	192M	192M	192M	193M
Book Value / Share	31.74	32.38	36.56	40.78	46.58
Tangible Book Value	5.32B	5.46B	6.22B	7.09B	8.01B
Tangible Book Value Per Share	27.64	28.48	32.42	36.84	41.61
Total Debt	90.55M	140M	141M	163M	196M
Net Debt	-3.02B	-2.52B	-2.95B	-3.54B	-3.94B
Debt Equivalent Oper. Leases	281M	325M	379M	436M	511M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	509M	601M	493M	522M	618M
Inventories - Work In Process, Total	214M	181M	161M	219M	259M
Inventories - Finished Goods, Total	504M	733M	692M	732M	895M
Land - (BS)	207M	194M	201M	185M	192M
Buildings, Total	764M	857M	935M	982M	1.11B
Machinery, Total	918M	1B	1.12B	1.21B	1.37B
Full Time Employees	18.7K	19.7K	19.9K	21.8K	23K
Accumulated Allowance for Doubtful Accounts (Supple)	7.08M	5.1M	7.15M	8.64M	9.19M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.08B	974M	1.29B	1.41B	1.66B
Depreciation & Amortization - CF	103M	119M	132M	140M	153M
Amortization of Goodwill and Intangible Assets - (CF)	51.32M	45.11M	45.22M	39.24M	36.15M
Depreciation & Amortization, Total	155M	164M	178M	180M	189M
(Gain) Loss From Sale Of Asset	298K	-2.08M	215K	-4.9M	881K
(Gain) Loss on Sale of Investments - (CF)	-622K	986K	62K	8K	899K
Stock-Based Compensation (CF)	92.52M	76.8M	101M	137M	166M
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	31.02M	-149M	-366M	-61.25M	46.38M
Change In Accounts Receivable	-19.11M	167M	-129M	-196M	-223M
Change In Inventories	-476M	-363M	245M	-179M	-218M
Change In Accounts Payable	109M	-131M	28.5M	121M	-30.52M
Change in Unearned Revenues	-7.38M	-2.38M	10.41M	2.22M	-11.84M
Change In Income Taxes	5.89M	49.89M	-38.04M	43.69M	-46.43M
Change in Other Net Operating Assets	40.29M	4.02M	57.41M	-21.2M	96.22M
Cash from Operations	1.01B	788M	1.38B	1.43B	1.63B
Capital Expenditure	-308M	-244M	-194M	-194M	-270M
Sale of Property, Plant, and Equipment	35K	2.4M	218K	-	-
Cash Acquisitions	-20.18M	-13.46M	-151M	-16.44M	-176M
Sale (Purchase) of Intangible assets	-1.94M	-1.91M	-1.5M	-	-
Investment in Marketable and Equity Securities, Total	-146M	112M	12.69M	-198M	-199M
Other Investing Activities, Total	-	-	-	15.03M	322K
Cash from Investing	-475M	-145M	-333M	-393M	-645M
Issuance of Common Stock	35.73M	62.22M	44.06M	49.96M	58.01M
Repurchase of Common Stock	-30.98M	-224M	-122M	-104M	-238M
Common Dividends Paid	-491M	-679M	-559M	-572M	-664M
Common & Preferred Stock Dividends Paid	-491M	-679M	-559M	-572M	-664M
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-487M	-841M	-637M	-627M	-844M
Foreign Exchange Rate Adjustments	-10.25M	-21.45M	7.46M	-26.28M	55.16M
Net Change in Cash	40.1M	-219M	414M	386M	199M
Supplemental Items
Cash Income Tax Paid (Refund)	123M	177M	290M	319M	-
Levered Free Cash Flow	389M	309M	870M	977M	791M
Unlevered Free Cash Flow	389M	309M	870M	977M	791M
Change In Net Working Capital	310M	328M	-103M	142M	466M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	10.23	8.24	8.36	10.93	11.37
Return on Total Capital	12.89	10.24	10.11	13.14	13.65
Return On Equity %	18.61	15.81	19.52	19	19.78
Return on Common Equity	18.61	15.81	19.52	19	19.78
Margin Analysis
Gross Profit Margin %	58.01	57.75	57.48	58.7	58.74
SG&A Margin	16.69	19.42	19.28	17.61	17.31
EBITDA Margin %	27.56	24.52	24.29	28.17	28.5
EBITA Margin %	25.49	22.08	21.75	25.94	26.39
EBIT Margin %	24.46	21.15	20.89	25.31	25.89
Income From Continuing Operations Margin %	21.72	20.03	24.67	22.41	22.96
Net Income Margin %	21.72	20.03	24.67	22.41	22.96
Net Avail. For Common Margin %	21.72	20.03	24.67	22.41	22.96
Normalized Net Income Margin	15.13	13.71	14.35	16.83	17.39
Levered Free Cash Flow Margin	7.81	6.35	16.63	15.52	10.92
Unlevered Free Cash Flow Margin	7.81	6.35	16.63	15.52	10.92
Asset Turnover
Asset Turnover	0.67	0.62	0.64	0.69	0.7
Fixed Assets Turnover	4.73	3.98	3.94	4.55	4.87
Receivables Turnover (Average Receivables)	5.89	6.48	7.1	7	6.48
Inventory Turnover (Average Inventory)	2.1	1.5	1.55	1.84	1.84
Short Term Liquidity
Current Ratio	2.94	3.26	3.41	3.54	3.63
Quick Ratio	1.86	1.75	2.13	2.32	2.33
Operating Cash Flow to Current Liabilities	0.7	0.65	1.05	0.95	0.95
Days Sales Outstanding (Average Receivables)	61.83	57.26	51.24	51.99	56.18
Days Outstanding Inventory (Average Inventory)	173.07	247.75	234.2	197.37	197.65
Average Days Payable Outstanding	44.75	46.15	41.31	40.9	39.13
Cash Conversion Cycle (Average Days)	190.16	258.86	244.14	208.45	214.69
Long Term Solvency
Total Debt/Equity	1.48	2.25	2.01	2.07	2.18
Total Debt / Total Capital	1.46	2.2	1.97	2.03	2.14
LT Debt/Equity	1.15	1.85	1.61	1.72	1.84
Long-Term Debt / Total Capital	1.13	1.81	1.58	1.68	1.8
Total Liabilities / Total Assets	22.16	19.75	18.5	18.5	18.38
Total Debt / EBITDA	0.06	0.11	0.11	0.09	0.09
Net Debt / EBITDA	-2.15	-2.05	-2.24	-1.93	-1.85
Total Debt / (EBITDA - Capex)	0.08	0.14	0.13	0.1	0.11
Net Debt / (EBITDA - Capex)	-2.75	-2.55	-2.63	-2.16	-2.12
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	19.02	-2.46	7.57	20.44	15.06
Gross Profit, 1 Yr. Growth %	16.49	-2.9	7.06	23.02	15.14
EBITDA, 1 Yr. Growth %	16.3	-13.23	6.55	39.69	16.41
EBITA, 1 Yr. Growth %	15.15	-15.51	6	43.6	17.08
EBIT, 1 Yr. Growth %	15.59	-15.66	6.26	45.95	17.7
Earnings From Cont. Operations, 1 Yr. Growth %	9.06	-10.04	32.46	9.44	17.89
Net Income, 1 Yr. Growth %	9.06	-10.04	32.46	9.44	17.89
Normalized Net Income, 1 Yr. Growth %	9.45	-11.62	12.61	41.23	18.88
Diluted EPS Before Extra, 1 Yr. Growth %	8.51	-10.16	33.13	8.79	17.67
Accounts Receivable, 1 Yr. Growth %	-0.71	-22.12	24.11	20.63	27.42
Inventory, 1 Yr. Growth %	61.09	23.41	-11.16	9.51	20.24
Net Property, Plant and Equip., 1 Yr. Growth %	21.76	11.07	6.44	2.47	12.13
Total Assets, 1 Yr. Growth %	11.71	-1.57	11.28	11.94	14.15
Tangible Book Value, 1 Yr. Growth %	13.56	2.53	13.91	13.95	13.03
Common Equity, 1 Yr. Growth %	10.84	1.47	13.02	11.93	14.32
Cash From Operations, 1 Yr. Growth %	-10.82	-22.14	74.6	4.08	14.02
Capital Expenditures, 1 Yr. Growth %	65.93	-20.59	-20.78	0.02	39.71
Levered Free Cash Flow, 1 Yr. Growth %	-38.58	-20.67	181.63	12.19	-19.07
Unlevered Free Cash Flow, 1 Yr. Growth %	-38.58	-20.67	181.63	12.19	-19.07
Dividend Per Share, 1 Yr. Growth %	9.84	8.96	0	2.74	20
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	15.16	7.75	2.43	13.82	17.72
Gross Profit, 2 Yr. CAGR %	13.75	6.36	1.96	14.76	19.01
EBITDA, 2 Yr. CAGR %	14.27	0.45	-3.85	22	27.52
EBITA, 2 Yr. CAGR %	13.84	-1.36	-5.36	23.38	29.66
EBIT, 2 Yr. CAGR %	13.52	-1.26	-5.33	24.53	31.06
Earnings From Cont. Operations, 2 Yr. CAGR %	6.59	-0.95	9.16	20.4	13.59
Net Income, 2 Yr. CAGR %	6.59	-0.95	9.16	20.4	13.59
Normalized Net Income, 2 Yr. CAGR %	10.58	-1.65	-0.24	26.12	29.57
Diluted EPS Before Extra, 2 Yr. CAGR %	6.03	-1.27	9.37	20.35	13.14
Accounts Receivable, 2 Yr. CAGR %	9.24	-12.07	-1.69	22.36	23.98
Inventory, 2 Yr. CAGR %	27.69	41	4.71	-1.36	14.75
Net Property, Plant and Equip., 2 Yr. CAGR %	20.82	16.29	8.73	4.43	7.19
Total Assets, 2 Yr. CAGR %	12.86	4.86	4.66	11.61	13.04
Tangible Book Value, 2 Yr. CAGR %	13.48	7.9	8.07	13.98	13.49
Common Equity, 2 Yr. CAGR %	12.94	6.06	7.09	12.47	13.12
Cash From Operations, 2 Yr. CAGR %	20.39	-16.67	16.59	34.81	8.94
Capital Expenditures, 2 Yr. CAGR %	61.45	14.79	-20.69	-10.98	18.22
Levered Free Cash Flow, 2 Yr. CAGR %	3.01	-30.2	49.47	77.36	-4.72
Unlevered Free Cash Flow, 2 Yr. CAGR %	3.01	-30.2	49.47	77.36	-4.72
Dividend Per Share, 2 Yr. CAGR %	8.42	9.39	4.38	1.36	11.03
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	14.18	8.96	7.69	8.11	14.24
Gross Profit, 3 Yr. CAGR %	13.45	7.91	6.59	8.55	14.89
EBITDA, 3 Yr. CAGR %	16.24	4.25	2.45	8.9	20.11
EBITA, 3 Yr. CAGR %	16.18	3.07	1.03	8.75	21.24
EBIT, 3 Yr. CAGR %	16.12	2.82	1.18	9.36	22.21
Earnings From Cont. Operations, 3 Yr. CAGR %	15.96	0.73	9.13	9.26	19.56
Net Income, 3 Yr. CAGR %	15.96	0.73	9.13	9.26	19.56
Normalized Net Income, 3 Yr. CAGR %	13.56	2.62	2.89	12.02	23.65
Diluted EPS Before Extra, 3 Yr. CAGR %	15.3	0.33	9.08	9.17	19.45
Accounts Receivable, 3 Yr. CAGR %	13.96	-2.41	-1.36	5.25	24.02
Inventory, 3 Yr. CAGR %	29.76	26.25	20.88	6.29	5.37
Net Property, Plant and Equip., 3 Yr. CAGR %	20.36	17.48	12.91	6.6	6.94
Total Assets, 3 Yr. CAGR %	13.42	7.83	6.96	7.03	12.45
Tangible Book Value, 3 Yr. CAGR %	12.43	9.7	9.87	10.03	13.66
Common Equity, 3 Yr. CAGR %	13.67	8.98	8.33	8.68	13.09
Cash From Operations, 3 Yr. CAGR %	3.26	4.11	6.63	12.26	27.49
Capital Expenditures, 3 Yr. CAGR %	25.47	27.44	1.44	-14.31	3.45
Levered Free Cash Flow, 3 Yr. CAGR %	-14.38	-5.58	11.12	35.92	36.54
Unlevered Free Cash Flow, 3 Yr. CAGR %	-14.38	-5.58	11.12	35.92	36.54
Dividend Per Share, 3 Yr. CAGR %	8.13	8.6	6.17	3.83	7.23
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	10.35	9.26	9.33	10.88	11.59
Gross Profit, 5 Yr. CAGR %	11.35	9.32	8.7	10.6	11.4
EBITDA, 5 Yr. CAGR %	13.81	9.13	7.74	11.02	11.82
EBITA, 5 Yr. CAGR %	13.87	8.61	7.03	10.76	11.64
EBIT, 5 Yr. CAGR %	14	8.5	7.01	11.01	12.22
Earnings From Cont. Operations, 5 Yr. CAGR %	15.89	6.55	13.19	8.18	10.89
Net Income, 5 Yr. CAGR %	15.89	6.55	13.19	8.18	10.89
Normalized Net Income, 5 Yr. CAGR %	13.61	8.84	7.83	11.44	12.83
Diluted EPS Before Extra, 5 Yr. CAGR %	15.49	6.03	12.89	7.91	10.69
Accounts Receivable, 5 Yr. CAGR %	9.86	2.14	7.43	6.83	8.08
Inventory, 5 Yr. CAGR %	20.42	23.96	19.09	14.38	18.39
Net Property, Plant and Equip., 5 Yr. CAGR %	19.1	16.62	15.57	12.08	10.59
Total Assets, 5 Yr. CAGR %	11.66	9.33	9.83	9.32	9.35
Tangible Book Value, 5 Yr. CAGR %	11.33	9.65	10.66	11.39	11.32
Common Equity, 5 Yr. CAGR %	12.33	10	10.99	10.36	10.22
Cash From Operations, 5 Yr. CAGR %	7.49	3.59	8.4	15.45	7.55
Capital Expenditures, 5 Yr. CAGR %	27.6	11.83	4.44	10.4	7.84
Levered Free Cash Flow, 5 Yr. CAGR %	1.75	2.57	6.99	21.65	4.53
Unlevered Free Cash Flow, 5 Yr. CAGR %	1.75	2.57	6.99	21.65	4.53
Dividend Per Share, 5 Yr. CAGR %	5.61	7.44	6.61	5.64	8.09