Garmin Ltd. (GRMN) Financial Ratios
27 years of historical data (1999–2025) · Technology · Hardware, Equipment & Parts
EV/EBITDA
↑
20.85
+15% vs avg
5yr avg: 18.05
30Y Low3.6·High22.9
P/FCF
↓
33.14
+8% vs avg
5yr avg: 30.61
30Y Low5.5·High50.6
P/B Ratio
↑
5.05
↑+25% vs avg
5yr avg: 4.06
30Y Low1.8·High9.1
ROE
↑
19.8%
↓+7% vs avg
5yr avg: 18.5%
30Y Low10%·High44%
Debt/EBITDA
↑
0.08
↓-2% vs avg
5yr avg: 0.08
30Y Low0.0·High0.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
GRMN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Garmin Ltd. trades at 27.3x earnings, 19% above its 5-year average of 22.9x, sitting at the 85th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a discount of 6%. On a free-cash-flow basis, the stock trades at 33.1x P/FCF, 8% above the 5-year average of 30.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $45.2B | $39.8B | $40.5B | $24.7B | $17.8B | $26.3B | $23.0B | $18.6B | $12.0B | $11.2B | $9.2B |
| Enterprise Value | $43.1B | $37.7B | $38.6B | $23.1B | $16.7B | $24.9B | $21.6B | $17.6B | $10.8B | $10.4B | $8.3B |
| P/E Ratio → | 27.26 | 23.92 | 28.68 | 19.16 | 18.31 | 24.27 | 23.15 | 19.55 | 17.30 | 16.19 | 17.96 |
| P/S Ratio | 6.23 | 5.49 | 6.43 | 4.72 | 3.67 | 5.28 | 5.48 | 4.96 | 3.59 | 3.64 | 3.04 |
| P/B Ratio | 5.05 | 4.43 | 5.16 | 3.52 | 2.87 | 4.30 | 4.16 | 3.89 | 2.89 | 2.96 | 2.69 |
| P/FCF | 33.14 | 29.19 | 32.69 | 20.90 | 32.87 | 37.40 | 24.23 | 32.21 | 15.83 | 22.09 | 15.08 |
| P/OCF | 27.65 | 24.36 | 28.28 | 17.94 | 22.60 | 25.96 | 20.23 | 26.66 | 13.07 | 17.01 | 13.01 |
P/E links to full P/E history page with 30-year chart
GRMN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Garmin Ltd.'s enterprise value stands at 20.9x EBITDA, 15% above its 5-year average of 18.1x. The Technology sector median is 16.7x, placing the stock at a 25% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.20 | 6.13 | 4.42 | 3.43 | 4.99 | 5.15 | 4.70 | 3.23 | 3.35 | 2.76 |
| EV / EBITDA | 20.85 | 18.25 | 21.75 | 18.20 | 13.97 | 18.10 | 18.27 | 16.78 | 12.36 | 13.71 | 11.73 |
| EV / EBIT | 22.95 | 20.08 | 24.21 | 21.16 | 16.20 | 20.40 | 20.47 | 18.66 | 13.89 | 15.14 | 13.17 |
| EV / FCF | — | 27.64 | 31.15 | 19.56 | 30.72 | 35.37 | 22.77 | 30.52 | 14.24 | 20.34 | 13.69 |
GRMN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Garmin Ltd. earns an operating margin of 25.9%. Operating margins have expanded from 20.9% to 25.9% over the past 3 years, signaling improving operational efficiency. ROE of 19.8% indicates solid capital efficiency. ROIC of 22.0% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.7% | 58.7% | 58.7% | 57.5% | 57.7% | 58.0% | 59.3% | 59.5% | 59.1% | 57.8% | 55.6% |
| Operating Margin | 25.9% | 25.9% | 25.3% | 20.9% | 21.1% | 24.5% | 25.2% | 25.2% | 23.3% | 21.7% | 20.7% |
| Net Profit Margin | 23.0% | 23.0% | 22.4% | 24.7% | 20.0% | 21.7% | 23.7% | 25.3% | 20.7% | 22.5% | 16.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.8% | 19.8% | 19.0% | 19.5% | 15.8% | 18.6% | 19.3% | 21.3% | 17.4% | 19.2% | 15.1% |
| ROA | 16.1% | 16.1% | 15.5% | 15.8% | 12.5% | 14.5% | 15.0% | 16.5% | 13.4% | 14.6% | 11.3% |
| ROIC | 22.0% | 22.0% | 21.0% | 15.6% | 15.9% | 20.7% | 19.9% | 20.9% | 19.9% | 18.3% | 18.4% |
| ROCE | 21.6% | 21.6% | 20.7% | 15.8% | 15.9% | 19.9% | 19.2% | 19.7% | 18.0% | 16.9% | 16.9% |
GRMN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Garmin Ltd. carries a Debt/EBITDA ratio of 0.1x, which is very conservative (97% below the sector average of 2.9x). The company holds a net cash position — cash of $2.3B exceeds total debt of $165M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | 0.05 | 0.06 | 0.05 | — | — | — |
| Net Debt / Equity | — | -0.24 | -0.24 | -0.23 | -0.19 | -0.23 | -0.25 | -0.20 | -0.29 | -0.23 | -0.25 |
| Net Debt / EBITDA | -1.02 | -1.02 | -1.08 | -1.24 | -0.98 | -1.04 | -1.17 | -0.93 | -1.37 | -1.18 | -1.19 |
| Debt / FCF | — | -1.55 | -1.55 | -1.34 | -2.15 | -2.03 | -1.46 | -1.69 | -1.58 | -1.75 | -1.39 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($2.3B) exceeds total debt ($165M)
GRMN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Garmin Ltd.'s current ratio of 3.63x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.60x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 3.41x to 3.63x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.63 | 3.63 | 3.54 | 3.41 | 3.26 | 2.94 | 3.15 | 2.95 | 2.89 | 2.85 | 2.89 |
| Quick Ratio | 2.60 | 2.60 | 2.56 | 2.38 | 2.01 | 2.10 | 2.50 | 2.22 | 2.28 | 2.23 | 2.27 |
| Cash Ratio | 1.59 | 1.59 | 1.66 | 1.50 | 1.20 | 1.27 | 1.59 | 1.36 | 1.50 | 1.27 | 1.42 |
| Asset Turnover | — | 0.66 | 0.65 | 0.61 | 0.63 | 0.63 | 0.60 | 0.61 | 0.62 | 0.62 | 0.67 |
| Inventory Turnover | 1.69 | 1.69 | 1.76 | 1.65 | 1.36 | 1.70 | 2.24 | 2.02 | 2.43 | 2.52 | 2.76 |
| Days Sales Outstanding | — | 63.12 | 57.00 | 56.91 | 49.33 | 61.78 | 74.06 | 68.65 | 62.13 | 69.86 | 63.73 |
GRMN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Garmin Ltd. returns 2.0% to shareholders annually — split between a 1.5% dividend yield and 0.5% buyback yield. The payout ratio of 39.9% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 3.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.5% | 1.7% | 1.4% | 2.3% | 3.8% | 1.9% | 2.0% | 2.2% | 2.5% | 3.4% | 5.2% |
| Payout Ratio | 39.9% | 39.9% | 40.6% | 43.3% | 69.8% | 45.4% | 45.4% | 43.8% | 42.7% | 55.1% | 94.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 4.2% | 3.5% | 5.2% | 5.5% | 4.1% | 4.3% | 5.1% | 5.8% | 6.2% | 5.6% |
| FCF Yield | 3.0% | 3.4% | 3.1% | 4.8% | 3.0% | 2.7% | 4.1% | 3.1% | 6.3% | 4.5% | 6.6% |
| Buyback Yield | 0.5% | 0.6% | 0.2% | 0.4% | 1.3% | 0.1% | 0.1% | 0.1% | 0.1% | 0.8% | 1.1% |
| Total Shareholder Yield | 2.0% | 2.3% | 1.6% | 2.7% | 5.1% | 2.0% | 2.1% | 2.4% | 2.6% | 4.2% | 6.3% |
| Shares Outstanding | — | $194M | $193M | $192M | $193M | $193M | $192M | $191M | $190M | $189M | $189M |
Peer Comparison
Compare GRMN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 GRMNYou | $45B | 27.3 | 20.9 | 33.1 | 58.7% | 25.9% | 19.8% | 22.0% | 0.1 |
 FOSL | $254M | -3.0 | 12.2 | — | 56.1% | 2.3% | -70.1% | 5.7% | 7.8 |
 SONO | $2B | -28.8 | 140.0 | 16.4 | 43.7% | -3.5% | -15.6% | -13.4% | 5.0 |
 GPRO | $135M | -1.3 | — | — | 33.6% | -9.2% | -81.9% | -32.1% | — |
 POWI | $5B | 223.4 | 96.9 | 55.7 | 54.5% | 4.8% | 3.1% | 2.4% | — |
 AAPL | $4.4T | 39.9 | 30.8 | 44.3 | 46.9% | 32.0% | 171.4% | 67.4% | 0.8 |
 FITB | $35B | 14.9 | 12.8 | 9.3 | 65.3% | 24.9% | 12.2% | 6.4% | 4.0 |
 QCOM | $238B | 45.1 | 17.7 | 18.6 | 55.4% | 27.9% | 23.3% | 29.1% | 1.2 |
 SWKS | $11B | 23.5 | 11.4 | 9.9 | 41.2% | 12.2% | 7.9% | 6.3% | 1.2 |
 TXN | $294B | 59.2 | 38.2 | 112.9 | 57.0% | 34.1% | 30.1% | 15.8% | 1.9 |
 MCHP | $54B | -9999.0 | 56.3 | 69.9 | 56.1% | 6.7% | -0.0% | 1.8% | 5.4 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 27 years · Updated daily
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GRMN — Frequently Asked Questions
Quick answers to the most common questions about buying GRMN stock.
What is Garmin Ltd.'s P/E ratio?
Garmin Ltd.'s current P/E ratio is 27.3x. The historical average is 20.0x. This places it at the 85th percentile of its historical range.
What is Garmin Ltd.'s EV/EBITDA?
Garmin Ltd.'s current EV/EBITDA is 20.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
What is Garmin Ltd.'s ROE?
Garmin Ltd.'s return on equity (ROE) is 19.8%. The historical average is 23.2%.
Is GRMN stock overvalued?
Based on historical data, Garmin Ltd. is trading at a P/E of 27.3x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Garmin Ltd.'s dividend yield?
Garmin Ltd.'s current dividend yield is 1.46% with a payout ratio of 39.9%.
What are Garmin Ltd.'s profit margins?
Garmin Ltd. has 58.7% gross margin and 25.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Garmin Ltd. have?
Garmin Ltd.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.