Stock GRMN GARMIN LTD.
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Financials Garmin Ltd.

Equities

GRMN

CH0114405324

Communications & Networking

Market Closed - Nyse
Other stock markets
 21:00:02 03/05/2024 BST 		5-day change 1st Jan Change
166 USD +0.39% Intraday chart for Garmin Ltd. +15.70% +29.12%
05-03 S&P 500 Posts Weekly Gain as Weaker-Than-Expected April Jobs Report Boosts Hopes for FOMC Rate Cut MT
05-02 Garmin Outperforming Peers Despite Offering Products at a Premium, Morgan Stanley Says MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,621 22,857 26,292 17,689 24,594 31,879 - -
Enterprise Value (EV) 1 17,217 21,011 24,446 16,236 22,626 29,699 29,501 28,977
P/E ratio 19.6 x 23.1 x 24.4 x 18.3 x 19.2 x 29.6 x 26.7 x 23.8 x
Yield 2.33% 2.04% 1.96% 3.16% 2.27% 1.82% 1.89% 2.03%
Capitalization / Revenue 4.96 x 5.46 x 5.28 x 3.64 x 4.7 x 5.49 x 5.04 x 4.56 x
EV / Revenue 4.58 x 5.02 x 4.91 x 3.34 x 4.33 x 5.12 x 4.67 x 4.14 x
EV / EBITDA 16.4 x 17.8 x 17.8 x 13.6 x 17.8 x 21.9 x 19.6 x 16.2 x
EV / FCF 29.7 x 22.1 x 34.7 x 29.8 x 19.1 x 29.7 x 22.3 x 25.5 x
FCF Yield 3.37% 4.52% 2.88% 3.35% 5.23% 3.37% 4.48% 3.92%
Price to Book 3.9 x 4.15 x 4.31 x 2.85 x 3.51 x 4.16 x 3.84 x 3.46 x
Nbr of stocks (in thousands) 190,103 191,237 192,322 191,664 191,331 192,078 - -
Reference price 2 97.95 119.5 136.7 92.29 128.5 166.0 166.0 166.0
Announcement Date 19/02/20 17/02/21 16/02/22 22/02/23 21/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,758 4,187 4,983 4,860 5,228 5,804 6,322 6,993
EBITDA 1 1,052 1,181 1,373 1,192 1,270 1,358 1,504 1,791
EBIT 1 945.6 1,054 1,219 1,028 1,092 1,193 1,295 1,545
Operating Margin 25.17% 25.18% 24.46% 21.15% 20.89% 20.56% 20.48% 22.1%
Earnings before Tax (EBT) 1 987.2 1,103 1,207 1,065 1,200 1,293 1,408 1,631
Net income 1 952.5 992.3 1,082 973.6 1,290 1,072 1,189 1,338
Net margin 25.35% 23.7% 21.72% 20.03% 24.67% 18.47% 18.81% 19.13%
EPS 2 4.990 5.170 5.610 5.040 6.710 5.616 6.226 6.975
Free Cash Flow 1 580.5 949.9 704.8 544 1,183 1,001 1,321 1,135
FCF margin 15.45% 22.69% 14.14% 11.19% 22.62% 17.24% 20.9% 16.23%
FCF Conversion (EBITDA) 55.19% 80.43% 51.32% 45.65% 93.15% 73.68% 87.88% 63.36%
FCF Conversion (Net income) 60.95% 95.72% 65.12% 55.87% 91.71% 93.35% 111.15% 84.84%
Dividend per Share 2 2.280 2.440 2.680 2.920 2.920 3.020 3.138 3.370
Announcement Date 19/02/20 17/02/21 16/02/22 22/02/23 21/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 1,392 1,173 1,241 1,140 1,306 1,147 1,321 1,278 1,483 1,382 1,425 1,405 1,589
EBITDA 1 356.2 269.8 334.4 278.9 308.7 240.4 328.5 315 385.8 343.2 327 326.8 365.8
EBIT 1 315.1 228.6 292.7 239.4 267.2 197 284.4 270.4 340.5 298.4 288.2 281.6 327.5
Operating Margin 22.64% 19.49% 23.59% 20.99% 20.45% 17.17% 21.53% 21.16% 22.96% 21.6% 20.22% 20.05% 20.6%
Earnings before Tax (EBT) 1 308.8 235.9 279 220.3 329.9 221.8 316 279.6 383 327 311.3 303.4 351.1
Net income 1 286.1 211.6 257.9 210.8 293.3 202.3 287.9 257.2 542.1 276 255.8 253.7 283.2
Net margin 20.56% 18.04% 20.78% 18.49% 22.45% 17.63% 21.8% 20.14% 36.57% 19.97% 17.95% 18.06% 17.82%
EPS 2 1.480 1.090 1.330 1.090 1.530 1.050 1.500 1.340 2.820 1.430 1.346 1.355 1.488
Dividend per Share 2 0.6700 0.6700 0.7300 0.7300 0.7900 0.7300 0.7300 0.7300 0.7300 - 0.7500 0.7500 0.7500
Announcement Date 16/02/22 27/04/22 27/07/22 26/10/22 22/02/23 03/05/23 02/08/23 01/11/23 21/02/24 01/05/24 - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 1,404 1,846 1,846 1,452 1,968 2,180 2,378 2,902
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 581 950 705 544 1,183 1,001 1,321 1,135
ROE (net income / shareholders' equity) 19% 19.3% 18.6% 15.8% 19.5% 14.7% 14.9% 15.1%
ROA (Net income/ Total Assets) 14.7% 15% 14.5% 12.5% 15.8% 12.1% 12.3% 12.1%
Assets 1 6,479 6,599 7,443 7,793 8,167 8,848 9,660 11,054
Book Value Per Share 2 25.10 28.80 31.70 32.40 36.60 39.90 43.20 48.00
Cash Flow per Share 2 3.660 5.920 5.240 4.080 7.170 6.490 7.550 -
Capex 1 118 185 308 244 194 291 276 199
Capex / Sales 3.14% 4.43% 6.17% 5.03% 3.7% 5.02% 4.36% 2.85%
Announcement Date 19/02/20 17/02/21 16/02/22 22/02/23 21/02/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Garmin Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
10
Last Close Price
166 USD
Average target price
151.6 USD
Spread / Average Target
-8.69%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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