Garmin (GRMN) FY2021 results: revenue $5.0 billion, up 19.0% on the year
Garmin Ltd. (GRMN) reported revenue of $5.0 billion for fiscal 2021, the year ended 25 December 2021, up 19.0% on the year before. Net income was $1.1 billion, up 9.1%, and diluted earnings per share $5.61. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2022.
Revenue
$5.0 billion
+19.0% on the year
FY2014FY2021
Operating margin
24.5%
25.2% a year earlier
FY2014FY2021
Net income
$1.1 billion
+9.1% on the year
FY2014FY2021
Diluted EPS
$5.61
+8.5% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,012
1,135
699
-10.8%
Capital expenditure
308
185
118
+65.9%
Free cash flow
705
950
581
-25.8%
Free cash flow margin
14.1%
22.7%
15.4%
Cash from investing
-475
-261
-451
Cash from financing
-487
-462
-416
Depreciation and amortisation
139
113
98.1
+23.1%
Share-based compensation
92.5
80.9
63.4
+14.4%
Dividends paid
491
451
417
+9.1%
Dividend per share
$1.34
$2.44
$2.28
-45.1%
Diluted shares, weighted
193m
192m
191m
+0.6%
Shares outstanding at period end
193m
192m
191m
+0.5%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
6,114
5,516
4,793
+10.8%
Debt
0.0
0.0
0.0
Operating lease liabilities
70.0
76.0
49.2
-7.8%
Other liabilities
1,670
1,439
1,324
+16.0%
Total liabilities and equity
7,854
7,031
6,167
+11.7%
Fixed assets
1,067
856
729
+24.8%
Goodwill
575
584
467
-1.6%
Investments
1,617
1,519
1,582
+6.4%
Cash and equivalents
1,498
1,458
1,028
+2.7%
Receivables
843
849
707
-0.7%
Inventory
1,228
762
753
+61.1%
Other assets
1,026
1,003
902
+2.3%
Total assets
7,854
7,031
6,167
+11.7%
10-K for the year ended 25 December 2021, filed 16 February 2022: the filing.