Stock GRMN GARMIN LTD.
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Financials Garmin Ltd.

Equities

GRMN

CH0114405324

Communications & Networking

Market Closed - Nyse
Other stock markets
 04:00:02 2024-04-26 pm EDT 		5-day change 1st Jan Change
143.4 USD +0.29% Intraday chart for Garmin Ltd. +2.82% +11.60%
Apr. 15 Garmin Expands Avionics Database Coverage to Europe MT
Apr. 15 Garmin Expands Avionics Database Solutions for Europe CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,621 22,857 26,292 17,689 24,594 27,554 - -
Enterprise Value (EV) 1 17,217 21,011 24,446 16,236 22,626 25,667 25,433 24,925
P/E ratio 19.6 x 23.1 x 24.4 x 18.3 x 19.2 x 26.3 x 23.4 x 20.7 x
Yield 2.33% 2.04% 1.96% 3.16% 2.27% 2.09% 2.18% 2.35%
Capitalization / Revenue 4.96 x 5.46 x 5.28 x 3.64 x 4.7 x 4.8 x 4.41 x 4 x
EV / Revenue 4.58 x 5.02 x 4.91 x 3.34 x 4.33 x 4.47 x 4.07 x 3.62 x
EV / EBITDA 16.4 x 17.8 x 17.8 x 13.6 x 17.8 x 19.1 x 17 x 14.5 x
EV / FCF 29.7 x 22.1 x 34.7 x 29.8 x 19.1 x 30.1 x 24 x 21.4 x
FCF Yield 3.37% 4.52% 2.88% 3.35% 5.23% 3.32% 4.16% 4.66%
Price to Book 3.9 x 4.15 x 4.31 x 2.85 x 3.51 x 3.69 x 3.44 x 3.11 x
Nbr of stocks (in thousands) 190,103 191,237 192,322 191,664 191,331 192,079 - -
Reference price 2 97.95 119.5 136.7 92.29 128.5 143.4 143.4 143.4
Announcement Date 2/19/20 2/17/21 2/16/22 2/22/23 2/21/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,758 4,187 4,983 4,860 5,228 5,736 6,250 6,886
EBITDA 1 1,052 1,181 1,373 1,192 1,270 1,347 1,500 1,721
EBIT 1 945.6 1,054 1,219 1,028 1,092 1,154 1,285 1,480
Operating Margin 25.17% 25.18% 24.46% 21.15% 20.89% 20.11% 20.56% 21.49%
Earnings before Tax (EBT) 1 987.2 1,103 1,207 1,065 1,200 1,235 1,395 1,621
Net income 1 952.5 992.3 1,082 973.6 1,290 1,049 1,182 1,330
Net margin 25.35% 23.7% 21.72% 20.03% 24.67% 18.28% 18.92% 19.31%
EPS 2 4.990 5.170 5.610 5.040 6.710 5.449 6.120 6.930
Free Cash Flow 1 580.5 949.9 704.8 544 1,183 852.5 1,059 1,162
FCF margin 15.45% 22.69% 14.14% 11.19% 22.62% 14.86% 16.94% 16.88%
FCF Conversion (EBITDA) 55.19% 80.43% 51.32% 45.65% 93.15% 63.28% 70.57% 67.54%
FCF Conversion (Net income) 60.95% 95.72% 65.12% 55.87% 91.71% 81.3% 89.55% 87.43%
Dividend per Share 2 2.280 2.440 2.680 2.920 2.920 3.004 3.122 3.370
Announcement Date 2/19/20 2/17/21 2/16/22 2/22/23 2/21/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 1,192 1,392 1,173 1,241 1,140 1,306 1,147 1,321 1,278 1,483 1,254 1,445 1,419 1,635
EBITDA 1 321.7 356.2 269.8 334.4 278.9 308.7 240.4 328.5 315 385.8 267.1 358.8 374.1 414.2
EBIT 1 282.7 315.1 228.6 292.7 239.4 267.2 197 284.4 270.4 340.5 205 291.8 300.4 351.6
Operating Margin 23.71% 22.64% 19.49% 23.59% 20.99% 20.45% 17.17% 21.53% 21.16% 22.96% 16.35% 20.19% 21.17% 21.5%
Earnings before Tax (EBT) 1 275.4 308.8 235.9 279 220.3 329.9 221.8 316 279.6 383 229.5 316.9 319.6 382.6
Net income 1 259 286.1 211.6 257.9 210.8 293.3 202.3 287.9 257.2 542.1 185.3 263.5 273.7 316
Net margin 21.73% 20.56% 18.04% 20.78% 18.49% 22.45% 17.63% 21.8% 20.14% 36.57% 14.78% 18.23% 19.29% 19.32%
EPS 2 1.340 1.480 1.090 1.330 1.090 1.530 1.050 1.500 1.340 2.820 0.9732 1.370 1.435 1.613
Dividend per Share 2 0.6700 0.6700 0.6700 0.7300 0.7300 0.7900 0.7300 0.7300 0.7300 0.7300 1.165 1.165 1.165 1.165
Announcement Date 10/27/21 2/16/22 4/27/22 7/27/22 10/26/22 2/22/23 5/3/23 8/2/23 11/1/23 2/21/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 1,404 1,846 1,846 1,452 1,968 1,887 2,120 2,629
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 581 950 705 544 1,183 853 1,059 1,162
ROE (net income / shareholders' equity) 19% 19.3% 18.6% 15.8% 19.5% 14.3% 14.6% 14.8%
ROA (Net income/ Total Assets) 14.7% 15% 14.5% 12.5% 15.8% 11.4% 11.8% 12.1%
Assets 1 6,479 6,599 7,443 7,793 8,167 9,181 10,047 10,988
Book Value Per Share 2 25.10 28.80 31.70 32.40 36.60 38.90 41.70 46.20
Cash Flow per Share 2 3.660 5.920 5.240 4.080 7.170 6.490 7.550 -
Capex 1 118 185 308 244 194 306 274 199
Capex / Sales 3.14% 4.43% 6.17% 5.03% 3.7% 5.33% 4.39% 2.89%
Announcement Date 2/19/20 2/17/21 2/16/22 2/22/23 2/21/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Garmin Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
11
Last Close Price
143.4 USD
Average target price
144.3 USD
Spread / Average Target
+0.57%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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