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Stocks / United States / GRMN · Search, Detection, Navigation, Guidance, Aeronautical Sys · NYSE

Garmin Ltd. (GRMN)

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Garmin Ltd. (GRMN) reported revenue of $1.8 billion for Q1 FY2026, the quarter ended 28 March 2026, up 14.2% on the same quarter a year earlier. Net income was $405 million, up 21.7% on the year, and diluted earnings per share $2.09. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2026.

Revenue$1.8 billionup 14.2%
Net income$405 millionup 21.7%
Diluted EPS$2.09
QuarterQ1 FY2026ended 28 March 2026

Ratios

From the filings

ROE18.7%
ROCE21.3%
Operating margin26.5%
Net margin23.3%
FCF margin19.4%
Interest covern/a
Debt to equityn/a
Cash conversion1.01
Share count, 1 year0.1%
Sales CAGR, 3 years14.2%
Profit CAGR, 3 years19.6%
EPS, TTM$8.96

At the close of 21 September 2026

Price$280.31
Market cap$54.1 billion
Stock P/E31.28
Price to book5.83
EV / EBITDAn/a
Dividend yield0.5%
Market cap / sales7.24
52-week high$313.16
52-week low$187.10
Price, 1 year19.2%
Price CAGR, 3 years38.6%
Price CAGR, 5 years10.6%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on GRMN

Filings15 in twelve months: 5 current reports (8-K), about 4 results of operations; 1 shareholder vote; 1 other events
Planned insider sales19 Form 144 notices in twelve months, $19.8 million; latest 18 August 2026
Options tapeput/call 0.63 by open interest on 23 September 2026; the straddle prices a 5.5% move to 16 October 2026
Holders9 of the followed funds hold it; largest Geode Capital Management; 9 Schedule 13D or 13G filings in twelve months
Insider trading41 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest3.2 million shares short, 3.32 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026
Revenue1,3211,2781,4831,3821,5071,5861,8231,5351,8151,7712,1251,753
Cost of revenue561549618580644634743651748724867711
Gross profit7597298648028639521,0808851,0671,0461,2581,042
Gross margin57%57%58%58%57%60%59%58%59%59%59%59%
R&D224222237243243249259268277286295296
SG&A204201225261278265305284318303349315
Operating income284270340298342437516333472457614432
Operating margin22%21%23%22%23%28%28%22%26%26%29%25%
Pre-tax income316280383327366486516389480510635473
Tax rate9%8%3%16%18%18%16%14%17%21%17%14%
Net income288257542276301399436333401402529405
Net margin22%20%37%20%20%25%24%22%22%23%25%23%
Diluted EPS$1.50$1.34$2.82$1.43$1.56$2.07$2.24$1.72$2.07$2.08$2.72$2.09
Operating cash flow274357466435255258484421173486554536
Capital expenditure52.545.548.633.237.238.584.740.145.760.512466.6
Free cash flow221312417402218219399381127425430469
Dividends paid140140140140144144144145173173173174
Shares outstanding191m191m192m192m192m192m192m193m193m192m193m193m
Filing10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014FY2015 FY2016 FY2017 FY2018FY2019FY2020 FY2021 FY2022 FY2023 FY2024FY2025TTM
Revenue2,8712,8203,0193,1223,3473,7584,1874,9834,8605,2286,2977,2467,464
Cost of revenue1,2661,2821,3571,3241,3681,5241,7052,0922,0542,2232,6002,9893,050
Gross profit1,6041,5391,6891,7981,9802,2342,4812,8902,8073,0053,6974,2564,414
Gross margin55.9%54.6%55.9%57.6%59.1%59.5%59.3%58.0%57.7%57.5%58.7%58.7%59.1%
Research and development3954274685125686056527798359059941,1261,154
Selling, general and administrative3723954114384785196247219441,0081,1091,2541,285
Operating income6915506336847789461,0541,2191,0281,0921,5941,8761,975
Operating margin24.1%19.5%21.0%21.9%23.3%25.2%25.2%24.5%21.1%20.9%25.3%25.9%26.5%
Pre-tax income7245676396978239871,1031,2071,0651,2001,6952,0152,098
Income tax360111121-11.912934.711112591.4-89.3284351362
Effective tax rate49.7%19.6%18.9%-1.7%15.7%3.5%10.1%10.3%8.6%-7.4%16.7%17.4%17.2%
Net income3644565187096949529921,0829741,2901,4111,6641,736
Net margin12.7%16.2%17.2%22.7%20.7%25.3%23.7%21.7%20.0%24.7%22.4%23.0%23.3%
Diluted EPS$1.88$2.39$2.70$3.68$3.66$4.99$5.17$5.61$5.04$6.71$7.30$8.59$8.96
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014FY2015 FY2016 FY2017 FY2018FY2019FY2020 FY2021 FY2022 FY2023 FY2024FY2025TTM
Operating cash flown/a2807066619206991,1351,0127881,3761,4321,6331,749
Capital expenditure73.380.691.0140156118185308244194194270297
Free cash flown/a2006155217645819507055441,1831,2391,3631,452
Free cash flow marginn/a7.1%20.4%16.7%22.8%15.4%22.7%14.1%11.2%22.6%19.7%18.8%19.4%
Depreciation and amortisation56.858.470.180.886.698.1113139149163171185n/a
Share-based compensation24.326.341.244.756.463.480.992.576.8101137166172
Buybacks24213193.274.5n/an/an/an/an/an/an/an/an/a
Dividends paid360378481383296417451491679559572664693
Dividend per share$0.96n/an/a$1.53$2.12$2.28$2.44$1.34$1.34n/an/an/an/a
Diluted shares, weighted0m0m0m0m0m191m192m193m0m0m193m194m194m
Shares outstanding at period end0m0m0m0m0m191m192m193m192m192m192m193m193m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015 FY2016 FY2017 FY2018FY2019FY2020 FY2021 FY2022 FY2023 FY2024FY2025TTM
Total assets4,6934,4994,5254,9485,3836,1677,0317,8547,7318,6049,63110,99410,952
Cash and equivalents1,1968338478911,2021,0281,4581,4981,2791,6932,0792,2792,290
Receivables5705315275915707078498436578159831,253941
Inventory4205014855185627537621,2281,5151,3461,4741,7721,850
Goodwill179188225287301467584575568608604760751
Operating lease liabilitiesn/an/an/an/a0.049.276.070.0115113135165168
Shareholders' equity3,4033,3743,4533,8524,1634,7935,5166,1146,2047,0127,8488,9739,271
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded9.9%11.6%14.2%15.7%
Profit growth, compounded13.8%10.9%19.6%18.2%
Return on equity, average17.6%17.7%18.3%18.5%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Search, Detection, Navigation, Guidance, Aeronautical Sys

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Northrop Grumman Corp. NOC$74.8 billion16.7625.1%10.7%5.9%0.811.8%
Garmin Ltd. GRMN$54.1 billion31.2818.7%26.5%15.7%n/a0.5%
L3Harris Technologies, Inc. LHX$46.0 billion24.949.4%10.1%7.3%0.461.9%
Teledyne Technologies Inc. TDY$28.2 billion29.458.9%19.4%7.9%0.19n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q27 June 202629 July 2026EDGAR
10-Q28 March 202629 April 2026EDGAR
10-K27 December 202518 February 2026EDGAR
10-Q27 September 202529 October 2025EDGAR
10-Q28 June 202530 July 2025EDGAR
10-Q29 March 202530 April 2025EDGAR
10-K28 December 202419 February 2025EDGAR
10-K/A30 December 202329 November 2024EDGAR
10-Q28 September 202430 October 2024EDGAR
10-Q29 June 202431 July 2024EDGAR

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