Garmin Ltd. (GRMN) Key Metrics
GRMN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $54.92B
- Enterprise value
- $52.41B
- P/E (TTM)
- 29.4 10-yr median 19.3
- Forward P/E
- 24.8
- PEG ratio
- 3.03
- Price / sales
- 7.2 10-yr median 4.8
- Price / book
- 6.1 10-yr median 3.7
- EV / EBITDA
- 22.7 10-yr median 16.5
- Dividend yield
- 1.47% $4.20 a year
- Beta
- 0.83
GRMN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsGRMN valuation Price multiples at each fiscal year-end price.
GRMN returns How much profit the business earns on the capital it uses.
GRMN per-share figures Results divided by the shares outstanding at year-end.
GRMN financial health Debt, liquidity and how easily interest is covered.
GRMN efficiency & capital use Working capital cycle and where the cash goes.
GRMN valuation history
GRMN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
GRMN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
GRMN cash returned to shareholders
GRMN price vs earnings per share
GRMN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $39.28B | $39.90B | $24.69B | $17.82B | $26.29B | $22.96B | $18.62B | $12.01B | $11.24B | $9.18B |
| Enterprise value | $36.73B | $37.57B | $22.83B | $16.48B | $24.51B | $21.19B | $17.27B | $10.63B | $10.19B | $8.07B |
| P/E ratio | 23.6 | 28.3 | 19.1 | 18.3 | 24.3 | 23.1 | 19.6 | 17.3 | 16.2 | 18.0 |
| Price / sales | 5.4 | 6.3 | 4.7 | 3.7 | 5.3 | 5.5 | 5.0 | 3.6 | 3.6 | 3.0 |
| Price / book | 4.4 | 5.1 | 3.5 | 2.9 | 4.3 | 4.2 | 3.9 | 2.9 | 3.0 | 2.7 |
| Price / free cash flow | 28.8 | 32.2 | 20.9 | 32.9 | 37.4 | 24.2 | 32.2 | 15.8 | 22.1 | 15.1 |
| Price / operating cash flow | 24.0 | 27.9 | 17.9 | 22.6 | 26.0 | 20.2 | 26.7 | 13.1 | 17.0 | 13.0 |
| EV / sales | 5.1 | 6.0 | 4.4 | 3.4 | 4.9 | 5.1 | 4.6 | 3.2 | 3.3 | 2.7 |
| EV / EBITDA | 16.7 | 20.0 | 18.0 | 13.4 | 18.0 | 17.9 | 16.4 | 12.2 | 13.2 | 11.2 |
| EV / free cash flow | 27.0 | 30.3 | 19.3 | 30.4 | 34.9 | 22.4 | 29.9 | 14.0 | 20.0 | 13.2 |
| Earnings yield | 4.2% | 3.5% | 5.2% | 5.5% | 4.1% | 4.3% | 5.1% | 5.8% | 6.2% | 5.6% |
| Free cash flow yield | 3.5% | 3.1% | 4.8% | 3.0% | 2.7% | 4.1% | 3.1% | 6.3% | 4.5% | 6.6% |
| Dividend yield | 1.7% | 1.4% | 2.3% | 3.8% | 1.9% | 2.0% | 2.2% | 2.5% | 3.4% | 5.2% |
| Shareholder yield (dividends + buybacks) | 2.3% | 1.6% | 2.7% | 4.9% | 2.0% | 2.1% | 2.4% | 2.6% | 4.2% | 6.3% |
| Share price at fiscal year-end | $202.85 | $206.26 | $128.54 | $92.29 | $136.17 | $119.66 | $97.56 | $63.32 | $59.57 | $48.49 |
| Per share | ||||||||||
| Revenue per share | $37.42 | $32.55 | $27.22 | $25.18 | $25.81 | $21.82 | $19.68 | $17.64 | $16.36 | $15.94 |
| Earnings per share | $8.59 | $7.30 | $6.71 | $5.04 | $5.61 | $5.17 | $4.99 | $3.66 | $3.68 | $2.70 |
| Operating cash flow per share | $8.44 | $7.40 | $7.17 | $4.08 | $5.24 | $5.92 | $3.66 | $4.85 | $3.50 | $3.73 |
| Free cash flow per share | $7.04 | $6.40 | $6.15 | $2.81 | $3.64 | $4.94 | $3.03 | $4.00 | $2.70 | $3.22 |
| Cash per share | $14.14 | $12.93 | $10.25 | $7.52 | $9.56 | $9.62 | $7.35 | $7.30 | $5.58 | $5.88 |
| Book value per share | $46.34 | $40.57 | $36.51 | $32.14 | $31.67 | $28.75 | $25.11 | $21.94 | $20.15 | $18.05 |
| Tangible book value per share | $41.39 | $36.65 | $32.37 | $28.27 | $27.57 | $24.43 | $21.65 | $19.74 | $17.98 | $16.44 |
| Dividends per share | $3.43 | $2.96 | $2.91 | $3.52 | $2.55 | $2.35 | $2.19 | $1.56 | $2.03 | $2.54 |
| Capex per share | $1.40 | $1.00 | $1.02 | $1.28 | $1.60 | $0.98 | $0.63 | $0.85 | $0.80 | $0.51 |
| Debt per share | $1.01 | $0.84 | $0.59 | $0.59 | $0.36 | $0.40 | $0.26 | — | $0.00 | $0.00 |
| Shares outstanding | 193.6M | 193.5M | 192.1M | 193.0M | 193.0M | 191.9M | 190.9M | 189.7M | 188.7M | 189.3M |
| Change in shares outstanding | +0.1% | +0.7% | −0.5% | −0.0% | +0.6% | +0.5% | +0.6% | +0.5% | −0.3% | −0.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 19.8% | 19.0% | 19.5% | 15.8% | 18.6% | 19.3% | 21.3% | 17.4% | 19.2% | 15.1% |
| Return on invested capital (ROIC) | 26.0% | 24.9% | 21.8% | 20.4% | 27.0% | 26.4% | 29.3% | 23.7% | 26.5% | 22.0% |
| Return on assets (ROA) | 16.1% | 15.5% | 15.8% | 12.5% | 14.5% | 15.0% | 16.5% | 13.4% | 14.6% | 11.3% |
| Return on tangible assets | 16.6% | 15.9% | 16.5% | 13.9% | 15.3% | 16.0% | 17.3% | 14.0% | 15.1% | 12.1% |
| Free cash flow margin | 18.8% | 19.7% | 22.6% | 11.2% | 14.1% | 22.6% | 15.4% | 22.7% | 16.5% | 20.2% |
| Income quality (OCF / net income) | 0.98 | 1.01 | 1.07 | 0.81 | 0.94 | 1.14 | 0.73 | 1.32 | 0.95 | 1.38 |
| Financial health | ||||||||||
| Total debt | $196.0M | $162.8M | $113.0M | $114.5M | $70.0M | $76.0M | $49.2M | — | $0 | $0 |
| Cash & short-term investments | $2.74B | $2.50B | $1.97B | $1.45B | $1.85B | $1.85B | $1.40B | $1.38B | $1.05B | $1.11B |
| Net debt | −$2.54B | −$2.34B | −$1.86B | −$1.34B | −$1.78B | −$1.77B | −$1.35B | −$1.38B | −$1.05B | −$1.11B |
| Debt / equity | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | — | 0.00 | 0.00 |
| Debt / assets | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | 0.00 | 0.00 |
| Net debt / EBITDA | −1.15 | −1.25 | −1.46 | −1.09 | −1.30 | −1.50 | −1.29 | −1.58 | −1.37 | −1.55 |
| Current ratio | 3.63 | 3.54 | 3.41 | 3.26 | 2.94 | 3.15 | 2.95 | 2.89 | 2.85 | 2.89 |
| Quick ratio | 2.60 | 2.56 | 2.38 | 2.01 | 2.10 | 2.50 | 2.22 | 2.28 | 2.23 | 2.27 |
| Interest coverage | — | — | — | 25.2 | 21.3 | 20.3 | 38.1 | 16.5 | 18.1 | 18.7 |
| Working capital | $4.53B | $3.83B | $3.15B | $2.74B | $2.81B | $2.51B | $2.02B | $1.74B | $1.54B | $1.48B |
| Invested capital | $6.43B | $5.51B | $5.16B | $4.87B | $4.34B | $3.75B | $3.44B | $2.78B | $2.75B | $2.30B |
| Tangible asset value | $8.01B | $7.09B | $6.22B | $5.46B | $5.32B | $4.69B | $4.13B | $3.75B | $3.39B | $3.11B |
| Net current asset value | $4.23B | $3.55B | $2.87B | $2.43B | $2.52B | $2.15B | $1.68B | $1.45B | $1.16B | $1.16B |
| Graham number | $94.66 | $81.60 | $74.27 | $60.39 | $63.21 | $57.83 | $53.09 | $42.50 | $40.86 | $33.10 |
| Graham net-net per share | $13.13 | $11.34 | $8.65 | $6.09 | $7.00 | $7.03 | $4.91 | $4.60 | $2.90 | $3.40 |
| Capital allocation | ||||||||||
| Dividends paid | $663.9M | $572.4M | $558.8M | $679.1M | $491.5M | $450.6M | $417.3M | $296.1M | $383.0M | $481.5M |
| Share buybacks (net) | $238.2M | $62.3M | $99.0M | $201.0M | $31.0M | $26.3M | $25.9M | $16.7M | $87.3M | $100.6M |
| Dividend payout ratio | 39.9% | 40.6% | 43.3% | 69.8% | 45.4% | 45.4% | 43.8% | 42.7% | 55.1% | 94.3% |
| Dividends + buybacks / free cash flow | 66.2% | 51.2% | 55.7% | 162.4% | 74.3% | 50.3% | 76.7% | 41.2% | 92.4% | 95.6% |
| Capex / revenue | 3.7% | 3.1% | 3.7% | 5.1% | 6.2% | 4.5% | 3.2% | 4.8% | 4.9% | 3.2% |
| Capex / operating cash flow | 16.6% | 13.5% | 14.2% | 31.2% | 30.6% | 16.5% | 17.2% | 17.4% | 23.0% | 13.7% |
| Capex / depreciation | 1.43 | 1.08 | 1.10 | 1.50 | 2.00 | 1.48 | 1.13 | 1.67 | 1.76 | 1.12 |
| Stock-based compensation / revenue | 2.3% | 2.2% | 1.9% | 1.6% | 1.9% | 1.9% | 1.7% | 1.7% | 1.4% | 1.4% |
| R&D / revenue | 15.5% | 15.8% | 17.3% | 17.2% | 16.9% | 16.9% | 16.1% | 17.0% | 16.6% | 15.5% |
| SG&A / revenue | 17.3% | 17.6% | 19.3% | 19.4% | 16.7% | 17.2% | 18.2% | 18.9% | 19.5% | 19.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 56.3 | 52.1 | 51.4 | 56.3 | 62.0 | 67.8 | 62.0 | 63.3 | 66.1 | 64.0 |
| Days of inventory on hand | 198.2 | 197.9 | 234.8 | 243.7 | 173.5 | 162.1 | 157.5 | 144.0 | 140.3 | 134.3 |
| Days payables outstanding | 43.2 | 43.0 | 38.3 | 51.8 | 54.9 | 53.5 | 53.4 | 50.0 | 47.9 | 47.9 |
| Cash conversion cycle (days) | 211.4 | 207.0 | 248.0 | 248.3 | 180.7 | 176.5 | 166.1 | 157.3 | 158.5 | 150.4 |
| Receivables turnover | 6.48 | 7.00 | 7.10 | 6.48 | 5.89 | 5.38 | 5.89 | 5.77 | 5.52 | 5.70 |
| Payables turnover | 8.46 | 8.48 | 9.54 | 7.05 | 6.65 | 6.82 | 6.83 | 7.30 | 7.62 | 7.62 |
| Inventory turnover | 1.84 | 1.84 | 1.55 | 1.50 | 2.10 | 2.25 | 2.32 | 2.53 | 2.60 | 2.72 |
| Asset turnover | 0.70 | 0.69 | 0.64 | 0.62 | 0.67 | 0.63 | 0.65 | 0.64 | 0.65 | 0.67 |
| Average receivables | $1.12B | $899.3M | $736.0M | $750.1M | $846.5M | $778.1M | $638.3M | $580.4M | $559.0M | $529.3M |
| Average payables | $353.4M | $306.6M | $233.1M | $291.2M | $314.5M | $249.9M | $222.9M | $187.3M | $171.0M | $175.7M |
| Average inventory | $1.62B | $1.41B | $1.43B | $1.37B | $994.8M | $757.5M | $657.4M | $539.7M | $501.2M | $492.7M |
| Intangibles / total assets | 8.7% | 7.9% | 9.2% | 9.7% | 10.1% | 11.8% | 10.7% | 7.7% | 8.2% | 6.7% |
Computed from GRMN's annual financial statements (latest annual report filed February 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
GRMN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Garmin traded at 23.6 times earnings, against a 10-year median of 19.3. Based on the latest twelve months, the trailing P/E is 29.4 and the forward P/E is 24.8. Garmin earned a return on equity of 19.8% and a return on invested capital of 26.0% in fiscal 2025. It ended the year with $196.0 million of debt and $2.7 billion in cash and short-term investments, a net cash position of $2.5 billion. It returned $902.1 million to shareholders: $663.9 million in dividends and $238.2 million in share buybacks, 66% of free cash flow.
See the GRMN income statement, the GRMN chart for price history, or the GRMN stock overview for the latest quote and news.
GRMN key metrics FAQ
What is Garmin's P/E ratio?
Garmin's trailing P/E ratio is 29.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.8. At the end of fiscal 2025 it was 23.6, compared with a 10-year median of 19.3.
What is Garmin's EV/EBITDA?
Garmin's enterprise value was 16.7 times EBITDA at the end of fiscal 2025 (enterprise value $36.7 billion, EBITDA $2.2 billion); the current EV/EBITDA is 22.7.
What is Garmin's return on equity?
Garmin's return on equity (ROE) was 19.8% in fiscal 2025: net income of $1.7 billion on average shareholders' equity of $8.4 billion.
What is Garmin's ROIC?
Garmin's return on invested capital was 26.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Garmin have?
Garmin had total debt of $196.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.02 and more cash than debt.
What is Garmin's dividend yield?
Garmin's forward dividend yield is 1.47%. Garmin paid $663.9 million in dividends in fiscal 2025 ($3.43 per share), a payout ratio of 39.9%.
Does Garmin buy back its shares?
Yes. Garmin spent $238.2 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.1% over the year, to 193.6M..
What is Garmin's free cash flow yield?
Garmin generated $1.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.5% on its market value at year-end ($39.3 billion).
What is Garmin's current ratio?
Garmin's current ratio was 3.63 at the end of fiscal 2025: current assets were 3.63 times current liabilities.