Garmin (GRMN) FY2020 results: revenue $4.2 billion, up 11.4% on the year
Garmin Ltd. (GRMN) reported revenue of $4.2 billion for fiscal 2020, the year ended 26 December 2020, up 11.4% on the year before. Net income was $992 million, up 4.2%, and diluted earnings per share $5.17. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2021.
Revenue
$4.2 billion
+11.4% on the year
FY2013FY2020
Operating margin
25.2%
25.2% a year earlier
FY2013FY2020
Net income
$992 million
+4.2% on the year
FY2013FY2020
Diluted EPS
$5.17
+3.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
4,187
3,758
3,347
+11.4%
Cost of revenue
1,705
1,524
1,368
+11.9%
Gross profit
2,481
2,234
1,980
+11.1%
Gross margin
59.3%
59.5%
59.1%
Research and development
652
605
568
+7.8%
Selling, general and administrative
624
519
478
+20.3%
Operating income
1,054
946
778
+11.5%
Operating margin
25.2%
25.2%
23.3%
Pre-tax income
1,103
987
823
+11.8%
Income tax
111
34.7
129
+219.8%
Effective tax rate
10.1%
3.5%
15.7%
Net income
992
952
694
+4.2%
Net margin
23.7%
25.3%
20.7%
Diluted EPS
$5.17
$4.99
$3.66
+3.6%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,135
699
920
+62.5%
Capital expenditure
185
118
156
+57.1%
Free cash flow
950
581
764
+63.6%
Free cash flow margin
22.7%
15.4%
22.8%
Cash from investing
-261
-451
-308
Cash from financing
-462
-416
-286
Depreciation and amortisation
113
98.1
86.6
+15.1%
Share-based compensation
80.9
63.4
56.4
+27.6%
Dividends paid
451
417
296
+8.0%
Dividend per share
$2.44
$2.28
$2.12
+7.0%
Diluted shares, weighted
192m
191m
n/a
+0.5%
Shares outstanding at period end
192m
191m
189,461
+0.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
5,516
4,793
4,163
+15.1%
Debt
0.0
0.0
0.0
Operating lease liabilities
76.0
49.2
0.0
+54.3%
Other liabilities
1,439
1,324
1,220
+8.7%
Total liabilities and equity
7,031
6,167
5,383
+14.0%
Fixed assets
856
729
664
+17.4%
Goodwill
584
467
301
+25.1%
Investments
1,519
1,582
1,513
-4.0%
Cash and equivalents
1,458
1,028
1,202
+41.9%
Receivables
849
707
570
+20.2%
Inventory
762
753
562
+1.2%
Other assets
1,003
902
572
+11.2%
Total assets
7,031
6,167
5,383
+14.0%
10-K for the year ended 26 December 2020, filed 17 February 2021: the filing.