The company maintains a conservative capital structure with a 0.02 debt-to-equity ratio and a 4.36 current ratio, ensuring substantial liquidity to navigate operational volatility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Total Current Assets | 6B | 6.25B | 5.34B | 4.46B | 3.96B | 4.26B | 3.67B | 3.06B | 2.67B | 2.36B | 2.26B | 2.21B | 2.51B | 2.6B | 2.54B | 2.57B | 2.5B | 2.39B | 1.98B | 2.33B | 1.17B | 801.17M | 636.97M | 539.93M | 465.23M | 352.74M | 388.02M | 197.98M |
| Cash & Short-Term Investments | 2.7B | 2.74B | 2.5B | 1.97B | 1.45B | 1.85B | 1.85B | 1.4B | 1.38B | 1.05B | 1.11B | 1.05B | 1.36B | 1.33B | 1.38B | 1.41B | 1.29B | 1.11B | 709.22M | 745.24M | 410.35M | 366.4M | 314.28M | 327.46M | 330.1M | 233.68M | 251.73M | 104.08M |
| Cash Only | 2.29B | 2.28B | 2.08B | 1.69B | 1.28B | 1.5B | 1.46B | 1.03B | 1.2B | 891.49M | 846.88M | 833.07M | 1.2B | 1.18B | 1.23B | 1.29B | 1.26B | 1.09B | 696.34M | 707.69M | 337.32M | 334.35M | 249.91M | 274.33M | 216.77M | 192.84M | 251.73M | 104.08M |
| Short-Term Investments | 411.03M | 459.2M | 421.27M | 274.62M | 173.29M | 347.98M | 387.64M | 376.46M | 182.99M | 161.69M | 266.95M | 215.16M | 167.99M | 149.86M | 153.08M | 124.64M | 24.42M | 19.58M | 12.89M | 37.55M | 73.03M | 32.05M | 64.37M | 53.13M | 113.34M | 40.84M | 0 | 0 |
| Accounts Receivable | 940.96M | 1.25B | 983.4M | 815.24M | 656.85M | 843.45M | 849.47M | 706.76M | 569.83M | 590.88M | 527.06M | 531.48M | 570.19M | 701.97M | 603.67M | 607.45M | 747.25M | 874.11M | 741.32M | 952.51M | 403.52M | 171M | 110.12M | 82.72M | 58.28M | 48M | 32.72M | 31.35M |
| Days Sales Outstanding | 50.86 | 63.12 | 57 | 56.91 | 49.33 | 61.78 | 74.06 | 68.65 | 62.13 | 69.86 | 63.73 | 68.78 | 72.5 | 97.35 | 81.14 | 80.37 | 101.4 | 108.28 | 77.44 | 109.32 | 83.02 | 60.73 | 52.71 | 52.69 | 45.73 | 47.46 | 34.54 | 49.2 |
| Inventory | 1.85B | 1.77B | 1.47B | 1.35B | 1.52B | 1.23B | 762.08M | 752.91M | 561.84M | 517.64M | 484.82M | 500.55M | 420.48M | 382.23M | 389.93M | 397.74M | 387.58M | 309.94M | 425.31M | 505.47M | 271.01M | 199.84M | 154.98M | 96.79M | 57.51M | 61.13M | 89.86M | 51.25M |
| Days Inventory Outstanding | 218.37 | 216.4 | 206.9 | 220.97 | 269.29 | 214.15 | 163.12 | 180.38 | 149.94 | 144.91 | 132.15 | 142.56 | 121.2 | 113.93 | 111.44 | 102.24 | 105.29 | 75.3 | 80 | 107.45 | 110.94 | 148.04 | 161.02 | 145.72 | 99.91 | 130.52 | 212.35 | 186.9 |
| Other Current Assets | 15.32M | 485.1M | 378.03M | 334.87M | 14.86M | 15.96M | 20.14M | 25.11M | 28.46M | 30.52M | 47.4M | 49.18M | 107.44M | 127.19M | 158.25M | 93.7M | 53.68M | 98.66M | 49.83M | 107.38M | 28.2M | 29.61M | 38.53M | 26.81M | 22.62M | 13.84M | 13.72M | 6.75M |
| Total Non-Current Assets | 4.96B | 4.75B | 4.29B | 4.14B | 3.78B | 3.59B | 3.36B | 3.11B | 2.72B | 2.65B | 2.26B | 2.29B | 2.18B | 2.28B | 2.13B | 1.9B | 1.49B | 1.43B | 940.16M | 958.68M | 727.94M | 561.07M | 480.42M | 317.02M | 232.89M | 179.42M | 75.33M | 56.66M |
| Property, Plant & Equipment | 1.59B | 1.57B | 1.4B | 1.37B | 1.29B | 1.16B | 950.16M | 792.51M | 663.53M | 595.68M | 482.88M | 446.09M | 430.89M | 414.85M | 409.75M | 417.11M | 427.81M | 441.34M | 445.25M | 374.15M | 250.99M | 179.17M | 171.63M | 104.78M | 74.44M | 70.09M | 64.7M | 55.85M |
| Fixed Asset Turnover | 4.88x | 4.61x | 4.49x | 3.82x | 3.78x | 4.31x | 4.41x | 4.74x | 5.04x | 5.18x | 6.25x | 6.32x | 6.66x | 6.34x | 6.63x | 6.61x | 6.29x | 6.68x | 7.85x | 8.50x | 7.07x | 5.74x | 4.44x | 5.47x | 6.25x | 5.27x | 5.34x | 4.16x |
| Goodwill | 750.63M | 760.24M | 603.95M | 608.47M | 567.99M | 575.08M | 584.21M | 467.11M | 301.02M | 286.98M | 224.55M | 187.79M | 178.64M | 179.29M | 176.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 186.87M | 198.36M | 154.16M | 186.6M | 178.46M | 215.99M | 244.36M | 192.52M | 116.06M | 122.82M | 80.45M | 57.76M | 39.45M | 40.2M | 56.54M | 252.16M | 185.15M | 221.66M | 230.95M | 196.03M | 67.58M | 35.87M | 49.48M | 42.31M | 24.48M | 16.98M | 4.77M | 0 |
| Long-Term Investments | 4.28B | 0 | 1.2B | 1.13B | 1.21B | 1.27B | 1.13B | 1.21B | 1.33B | 1.26B | 1.21B | 1.34B | 1.41B | 1.5B | 1.49B | 1.08B | 777.4M | 748.51M | 262.01M | -107.38M | -56M | -29.61M | -38.53M | 0 | 0 | 90.7M | 0 | 0 |
| Other Non-Current Assets | 96.39M | 1.5B | 113.87M | 96.71M | 95.09M | 115.74M | 206.66M | 182.82M | 129.8M | 181.47M | 150.66M | 136.76M | 58.3M | 59.2M | -2.13B | 41.59M | 25.96M | 0 | -47.88M | 388.51M | 409.37M | 346.03M | 259.31M | 169.92M | 133.97M | 549K | 5.85M | 812K |
| Total Assets | 10.95B | 10.99B | 9.63B | 8.6B | 7.73B | 7.85B | 7.03B | 6.17B | 5.38B | 5.01B | 4.53B | 4.5B | 4.69B | 4.88B | 4.82B | 4.47B | 3.99B | 3.83B | 2.92B | 3.29B | 1.9B | 1.36B | 1.12B | 856.95M | 698.12M | 532.15M | 463.35M | 254.65M |
| Asset Turnover | 0.70x | 0.66x | 0.65x | 0.61x | 0.63x | 0.63x | 0.60x | 0.61x | 0.62x | 0.62x | 0.67x | 0.63x | 0.61x | 0.54x | 0.56x | 0.62x | 0.67x | 0.77x | 1.19x | 0.97x | 0.94x | 0.75x | 0.68x | 0.67x | 0.67x | 0.69x | 0.75x | 0.91x |
| Asset Growth % | 54.85% | 14.15% | 11.94% | 11.28% | -1.57% | 11.71% | 14.02% | 14.56% | 7.44% | 10.72% | 0.57% | -4.13% | -3.82% | 1.26% | 7.78% | 12.1% | 4.26% | 30.82% | -11.15% | 73.51% | 39.26% | 21.91% | 30.39% | 22.75% | 31.19% | 14.85% | 81.96% | - |
| Total Current Liabilities | 1.38B | 1.72B | 1.51B | 1.31B | 1.21B | 1.45B | 1.16B | 1.04B | 921.31M | 828.66M | 782.74M | 866M | 1.03B | 905.3M | 909.03M | 858.28M | 669.04M | 683.67M | 479.18M | 801.88M | 337.68M | 195.49M | 176.27M | 104.43M | 73.41M | 49.03M | 42.04M | 32.24M |
| Accounts Payable | 344.72M | 347.49M | 359.37M | 253.79M | 212.42M | 370.05M | 258.88M | 240.83M | 204.99M | 169.64M | 172.4M | 178.91M | 149.09M | 146.58M | 131.26M | 164.01M | 132.35M | 203.39M | 160.09M | 341.05M | 88.38M | 76.52M | 53.67M | 40.67M | 32.45M | 18.84M | 22.5M | 15.4M |
| Days Payables Outstanding | 43.91 | 42.43 | 50.44 | 41.66 | 37.76 | 64.55 | 55.41 | 57.7 | 54.7 | 47.49 | 46.99 | 50.95 | 42.98 | 43.69 | 37.51 | 42.16 | 35.96 | 49.41 | 30.11 | 72.5 | 36.18 | 56.68 | 55.76 | 61.23 | 56.37 | 40.22 | 53.16 | 56.17 |
| Short-Term Debt | 0 | 0 | 27.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.18M | 587K | 5K |
| Deferred Revenue (Current) | 419.92M | 105.65M | 111M | 101.19M | 91.09M | 87.65M | 86.86M | 94.56M | 96.37M | 139.68M | 146.56M | 164.98M | 203.6M | 256.91M | 0 | 188.99M | 89.71M | 27.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.26M | 0 | 0 |
| Other Current Liabilities | 402.89M | 1.27B | 504.13M | 330.01M | 732.01M | 779.08M | 636.53M | 572.11M | 506.87M | 416.53M | 358.79M | 429.84M | 417.87M | 402.99M | 777.76M | 375.75M | 336.86M | 339.05M | 264.77M | 352.24M | 138.37M | 42.81M | 93.63M | 43.74M | 40.96M | 15.75M | 18.96M | 16.83M |
| Current Ratio | 4.36x | 3.63x | 3.54x | 3.41x | 3.26x | 2.94x | 3.15x | 2.95x | 2.89x | 2.85x | 2.89x | 2.55x | 2.43x | 2.87x | 2.79x | 2.99x | 3.73x | 3.50x | 4.14x | 2.91x | 3.46x | 4.10x | 3.61x | 5.17x | 6.34x | 7.19x | 9.23x | 6.14x |
| Quick Ratio | 3.02x | 2.60x | 2.56x | 2.38x | 2.01x | 2.10x | 2.50x | 2.22x | 2.28x | 2.23x | 2.27x | 1.98x | 2.02x | 2.44x | 2.36x | 2.53x | 3.16x | 3.05x | 3.25x | 2.28x | 2.66x | 3.08x | 2.73x | 4.24x | 5.55x | 5.95x | 7.09x | 4.55x |
| Cash Conversion Cycle | 225.32 | 237.09 | 213.46 | 236.22 | 280.86 | 211.38 | 181.77 | 191.34 | 157.37 | 167.29 | 148.89 | 160.39 | 150.73 | 167.59 | 155.06 | 140.45 | 170.73 | 134.17 | 127.33 | 144.27 | 157.79 | 152.09 | 157.96 | 137.18 | 89.27 | 137.76 | 193.73 | 179.93 |
| Total Non-Current Liabilities | 305.6M | 301.03M | 274.27M | 280.82M | 315.19M | 292.12M | 351.04M | 337.37M | 298.57M | 379.14M | 324.39M | 288.27M | 256.68M | 314.59M | 0 | 356.48M | 270.09M | 305.76M | 219.55M | 138.96M | 1.44M | 9.49M | 5.27M | 2.82M | 22.21M | 29.16M | 56.07M | 27.8M |
| Long-Term Debt | 0 | 164.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 248K | 0 | 0 | 0 | 20M | 28.01M | 46.36M | 27.71M |
| Capital Lease Obligations | 316.22M | 0 | 134.89M | 113.03M | 114.54M | 70.04M | 75.96M | 49.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 419.68M | 109.7M | 103.27M | 114.68M | 129.97M | 117.59M | 116.84M | 114.75M | 92.94M | 75.22M | 61.22M | 56.21M | 39.5M | 1.76M | 0 | 4.95M | 6.99M | 265.92M | 218.44M | 11.94M | 1.19M | 9.49M | 5.27M | 2.82M | 2.21M | 1.15M | 9.62M | 0 |
| Other Non-Current Liabilities | 3.71M | 26.5M | 7.79M | 16.96M | 34.99M | 62.86M | 108.3M | 106.05M | 129.06M | 379.14M | 122.77M | 103.33M | 82.05M | 141.82M | 0 | 163.4M | 155.03M | 246.69M | 215.48M | 127.03M | 0 | 0 | 0 | 0 | 0 | 0 | 92K | 90K |
| Total Liabilities | 1.68B | 2.02B | 1.78B | 1.59B | 1.53B | 1.74B | 1.52B | 1.37B | 1.22B | 1.21B | 1.11B | 1.15B | 1.29B | 1.22B | 1.29B | 1.21B | 939.13M | 989.43M | 698.73M | 940.85M | 339.12M | 204.97M | 181.53M | 107.25M | 95.62M | 78.19M | 98.11M | 60.05M |
| Total Debt | 167.62M | 164.84M | 162.79M | 113.03M | 114.54M | 70.04M | 75.96M | 49.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 248K | 0 | 0 | 0 | 20M | 32.19M | 46.95M | 27.72M |
| Net Debt | -2.12B | -2.11B | -1.92B | -1.58B | -1.16B | -1.43B | -1.38B | -978.33M | -1.2B | -891.49M | -846.88M | -833.07M | -1.2B | -1.18B | 0 | -1.29B | -1.26B | -1.09B | -696.34M | -707.69M | -337.07M | -334.35M | -249.91M | -274.33M | -196.77M | -160.65M | -204.78M | -76.36M |
| Debt / Equity | 0.02x | 0.02x | 0.02x | 0.02x | 0.02x | 0.01x | 0.01x | 0.01x | - | - | - | - | - | - | - | - | - | - | - | - | 0.00x | - | - | - | 0.03x | 0.07x | 0.13x | 0.14x |
| Debt / EBITDA | 0.08x | 0.08x | 0.09x | 0.09x | 0.10x | 0.05x | 0.06x | 0.05x | - | - | - | - | - | - | - | - | - | - | - | - | 0.00x | - | - | - | 0.10x | 0.23x | 0.34x | 0.31x |
| Net Debt / EBITDA | -0.98x | -1.02x | -1.08x | -1.24x | -0.98x | -1.04x | -1.17x | -0.93x | -1.37x | -1.18x | -1.19x | -1.33x | -1.56x | -1.81x | - | -1.99x | -1.72x | -1.24x | -0.74x | -0.73x | -0.56x | -0.88x | -0.82x | -1.11x | -1.02x | -1.13x | -1.50x | -0.87x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 464.30x | - | 1507.37x | 4726.96x | - | - | 6.72x | 25.07x | - | - | - | 151.15x |
| Total Equity | 9.27B | 8.97B | 7.85B | 7.01B | 6.2B | 6.11B | 5.52B | 4.79B | 4.16B | 3.8B | 3.42B | 3.35B | 3.4B | 3.66B | 3.53B | 3.26B | 3.05B | 2.84B | 2.23B | 2.35B | 1.56B | 1.16B | 935.86M | 749.69M | 602.5M | 453.97M | 365.24M | 194.6M |
| Equity Growth % | 56.6% | 14.32% | 11.93% | 13.02% | 1.47% | 10.84% | 15.07% | 15.15% | 9.48% | 11.25% | 2.18% | -1.71% | -7% | 3.62% | 8.45% | 6.79% | 7.51% | 27.43% | -5.31% | 50.88% | 34.62% | 23.66% | 24.83% | 24.43% | 32.72% | 24.29% | 87.69% | - |
| Book Value per Share | 47.90 | 46.34 | 40.57 | 36.51 | 32.14 | 31.67 | 28.75 | 25.11 | 21.94 | 20.15 | 18.05 | 17.50 | 17.53 | 18.64 | 18.00 | 16.71 | 15.40 | 14.10 | 10.57 | 10.69 | 7.12 | 5.30 | 4.30 | 3.44 | 2.78 | 2.09 | 1.81 | 0.97 |
| Total Shareholders' Equity | 9.27B | 8.97B | 7.85B | 7.01B | 6.2B | 6.11B | 5.52B | 4.79B | 4.16B | 3.8B | 3.42B | 3.35B | 3.4B | 3.66B | 3.53B | 3.26B | 3.05B | 2.84B | 2.23B | 2.35B | 1.56B | 1.16B | 935.86M | 749.69M | 602.5M | 453.97M | 365.24M | 194.6M |
| Common Stock | 19.49M | 19.49M | 19.49M | 19.59M | 17.98M | 17.98M | 17.98M | 17.98M | 17.98M | 17.98M | 17.98M | 1.8B | 1.8B | 1.8B | 1.8B | 1.8B | 1.8B | 1M | 1M | 1.09M | 1.08M | 1.08M | 1.08M | 1.08M | 1.08M | 1.08M | 1.08M | 1M |
| Retained Earnings | 7.37B | 6.97B | 6B | 5.26B | 4.73B | 4.32B | 3.75B | 3.23B | 2.71B | 2.37B | 2.06B | 1.93B | 1.86B | 1.87B | 1.6B | 1.41B | 1.26B | 2.82B | 2.26B | 2.17B | 1.48B | 1.07B | 815.21M | 663.6M | 507.88M | 365.09M | 253.14M | 176.43M |
| Treasury Stock | -415.6M | 0 | -270.52M | -330.91M | -475.1M | -303.11M | -320.02M | -345.04M | -397.69M | -468.82M | -455.96M | -414.64M | -330.13M | -120.62M | -81.28M | -103.5M | -106.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -42.96M | 20.64M | -147.24M | -65.61M | -114.53M | 117.83M | 183.43M | 55.87M | 8.43M | 56.05M | -36.76M | -30.43M | 2.57M | 38.04M | 0 | 87.19M | 56M | -13.38M | -37.65M | 46.13M | -5.28M | -12.51M | 10.62M | -20.27M | -35.9M | -39.33M | -22.91M | -12.43M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Consumer discretionary spending sensitivity
As reported in recent financial statements, Garmin's total assets have grown from $8.6 billion in 2023Q4 to $11.0 billion by 2026Q1, signaling a consistent expansion of the company's resource base that appears to support its diversified hardware and aviation-focused business model.
The steady increase in total assets suggests that the company is successfully scaling its operations to meet demand across its specialized segments. This trajectory indicates that management is effectively deploying capital to grow the business while maintaining a stable financial foundation.
Based on the latest quarterly data, Garmin maintains a current ratio of 4.36 as of 2026Q1, providing a substantial liquidity buffer that significantly exceeds the requirements for managing seasonal working capital fluctuations and potential supply chain disruptions inherent in the hardware manufacturing sector.
This high current ratio suggests that the company is well-positioned to navigate short-term economic headwinds without relying on external financing. Investors should monitor whether this liquidity remains elevated as the company continues to invest in its automotive OEM and aviation segments.
According to reported balance sheet figures, Garmin maintains a debt-to-equity ratio of 0.02 as of 2026Q1, reflecting a conservative capital structure that effectively eliminates refinancing risk and provides the company with significant strategic optionality in a high-interest rate environment.
The minimal reliance on debt suggests that the company's growth is primarily funded through internal cash generation rather than leverage. This lack of debt burden appears to be a key component of the company's fortress balance sheet, allowing for consistent dividend payments and capital reinvestment.
As evidenced by the provided financial data, equity has expanded from $7.0 billion in 2023Q4 to $9.3 billion in 2026Q1, primarily driven by the consistent accumulation of retained earnings which rose to $7.4 billion over the same period.
The growth in equity highlights the company's ability to generate sustained profitability and reinvest those gains back into the business. This trend suggests a high-quality equity base that is built on operational success rather than external dilution or aggressive financial engineering.
While the balance sheet appears strong, investors should note that goodwill has increased to $750.6 million as of 2026Q1, which warrants monitoring for potential impairment risks should the performance of acquired assets fail to meet long-term growth expectations in competitive hardware markets.
Although the current goodwill levels remain a small fraction of total assets, any future write-downs could negatively impact the company's reported equity. Furthermore, the rapid pace of technological change in wearables suggests that inventory management remains a critical, albeit non-obvious, risk to the balance sheet's quality.
Quick answers to the most common questions about buying GRMN stock.
As of 2025, Garmin Ltd. (GRMN) had total assets of $10.99B including $6.25B in current assets.
Garmin Ltd. (GRMN) carries total debt of $164.8M, offset by $2.74B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Garmin Ltd. (GRMN) has total shareholders' equity (book value) of $8.97B ($46.34 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Garmin Ltd. (GRMN) reported a current ratio of 3.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.