Annual Financials for Garmin Ltd. (GRMN)

20 Years of financial data for all companies
Including key metrics, annual/quarterly financials, and historic PE ratio.



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All numbers in thousands except per share items and ratios.
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Reported Currency: USD TTM 2023-12-30 2022-12-31 2021-12-25 2020-12-26 2019-12-28 2018-12-29 2017-12-30 2016-12-31 2015-12-26 2014-12-27 2013-12-28 2012-12-29 2011-12-31 2010-12-25 2009-12-26 2008-12-27 2007-12-29 2006-12-30 2005-12-31 2004-12-25
Revenue 5,462,476 5,228,252 4,860,286 4,982,795 4,186,573 3,757,505 3,347,444 3,087,004 3,018,665 2,820,270 2,870,658 2,631,851 2,715,675 2,758,569 2,689,911 2,946,440 3,494,077 3,180,319 1,774,000 1,027,773 762,549
Revenue Growth - 7.57% -2.46% 19.02% 11.42% 12.25% 8.44% 2.26% 7.03% -1.76% 9.07% -3.09% -1.55% 2.55% -8.71% -15.67% 9.87% 79.27% 72.61% 34.78%
Cost of Revenue 2,308,177 2,223,297 2,053,511 2,092,336 1,705,237 1,523,529 1,367,725 1,303,840 1,339,095 1,281,566 1,266,246 1,224,551 1,277,195 1,419,977 1,343,537 1,502,329 1,940,562 1,717,064 891,614 492,703 351,310
Gross Profit 3,154,299 3,004,955 2,806,775 2,890,459 2,481,336 2,233,976 1,979,719 1,783,164 1,679,570 1,538,704 1,604,412 1,407,300 1,438,480 1,338,592 1,346,374 1,444,111 1,553,515 1,463,255 882,386 535,070 411,239
Gross Profit Margin 57.72% 57.48% 57.75% 58.01% 59.27% 59.45% 59.14% 57.76% 55.64% 54.56% 55.89% 53.47% 52.97% 48.52% 50.05% 49.01% 44.46% 46.01% 49.74% 52.06% 53.93%
Research and Development 925,746 904,696 834,927 840,024 705,685 605,366 567,805 511,634 467,960 427,043 395,121 364,923 325,773 298,584 277,261 238,378 206,109 159,406 113,314 74,879 78,991
General and Administrative Expenses 1,034,965 1,008,099 944,003 831,815 721,411 683,024 633,571 602,670 587,701 562,080 518,665 468,345 508,547 486,241 432,437 419,723 485,389 396,498 214,513 122,021 61,580
Total Operating Expenses 1,960,711 1,912,795 1,778,930 1,671,839 1,427,096 1,288,390 1,201,376 1,114,304 1,055,661 989,123 913,786 833,268 834,320 784,825 709,698 658,101 691,498 555,904 327,827 196,900 140,571
Operating Income or Loss 1,193,588 1,092,160 1,027,845 1,218,620 1,054,240 945,586 778,343 668,860 623,909 549,581 690,626 574,032 604,160 553,767 636,676 786,010 862,017 907,351 554,559 338,170 270,668
Operating Margin 21.81% 20.89% 21.15% 24.46% 25.18% 25.17% 23.25% 21.67% 20.67% 19.49% 24.06% 21.81% 22.25% 20.07% 23.67% 26.68% 24.67% 28.53% 31.26% 32.90% 35.50%
Interest Expense 0 0 40,826 0 0 0 0 36,925 33,406 29,653 35,584 35,271 35,108 32,812 1,246 23,519 607 -100,056 -44,134 -49,322 40,295
EBITDA 1,353,824 1,243,298 1,202,972 1,418,701 1,178,130 1,068,560 882,153 777,691 741,900 651,406 771,940 617,298 714,649 650,720 756,306 879,755 923,620 942,254 594,895 366,874 330,105
Depreciation and Amortization 178,982 177,572 175,127 200,081 123,890 122,974 96,194 86,252 86,340 78,360 77,015 78,804 90,467 94,535 94,651 96,486 78,417 64,037 44,475 43,596 34,599
Income Before Tax 1,305,624 1,200,356 1,064,974 1,206,796 1,103,410 987,222 823,247 682,294 629,670 567,187 723,745 653,558 624,528 584,161 577,272 808,651 914,366 978,273 594,554 372,600 255,211
Income Tax Expense -57,646 -89,280 91,389 124,596 111,086 34,736 129,167 -12,661 118,856 110,960 359,534 41,146 82,125 63,265 -7,331 104,701 181,518 123,262 80,431 61,381 49,511
Net Income 1,363,270 1,289,636 973,585 1,082,200 992,324 952,486 694,080 694,955 510,814 456,227 364,211 612,412 542,403 520,896 584,603 703,950 732,848 855,011 514,123 311,219 205,700
Net Income Margin 24.62% 24.67% 20.03% 21.72% 23.70% 25.35% 20.73% 22.51% 16.92% 16.18% 12.69% 23.27% 19.97% 18.88% 21.73% 23.89% 20.97% 26.88% 28.98% 30.28% 26.98%
EPS 7.12 6.74 5.06 5.63 5.19 5.01 3.68 3.70 2.71 2.39 1.89 3.13 2.78 2.68 2.97 3.51 3.51 3.95 2.38 1.44 0.95
EPS Diluted 7.09 6.71 5.04 5.61 5.17 4.99 3.66 3.68 2.70 2.39 1.88 3.12 2.76 2.67 2.95 3.50 3.48 3.89 2.35 1.43 0.95
Weighted Average Shares Out - 191,397 192,544 192,180 191,085 189,931 188,635 187,828 188,818 190,631 193,106 195,411 194,909 194,105 196,979 200,395 208,993 216,524 216,018 216,124 216,526
Weighted Average Shares Out Diluted - 192,058 193,042 193,043 191,895 190,899 189,734 188,732 189,343 191,107 194,165 196,339 196,213 194,894 198,009 201,161 210,680 219,875 218,776 218,399 217,672

Reported Currency: USD Q1 2023-12-30 2022-12-31 2021-12-25 2020-12-26 2019-12-28 2018-12-29 2017-12-30 2016-12-31 2015-12-26 2014-12-27 2013-12-28 2012-12-29 2011-12-31 2010-12-25 2009-12-26 2008-12-27 2007-12-29 2006-12-30 2005-12-31 2004-12-25
Current Assets
Cash and Cash Equivalents 1,921,782 1,693,452 1,279,194 1,498,058 1,458,442 1,027,567 1,201,732 891,488 846,883 833,070 1,196,268 1,179,149 1,231,180 1,287,160 1,260,936 1,091,581 696,335 707,689 337,321 334,352 249,909
Short Term Investments 274,579 274,618 173,288 347,980 387,642 376,463 182,989 161,687 266,952 215,161 167,989 149,862 153,083 124,639 24,418 19,583 12,886 37,551 73,033 32,050 64,367
Cash + Short Term Investments 2,196,361 1,968,070 1,452,482 1,846,038 1,846,084 1,404,030 1,384,721 1,053,175 1,113,835 1,048,231 1,364,257 1,329,011 1,384,263 1,411,799 1,285,354 1,111,164 709,221 745,240 410,354 366,402 314,276
Net Receivables 694,690 815,243 656,847 843,445 849,469 706,763 569,833 590,882 527,062 531,481 570,191 701,965 603,673 607,450 747,249 874,110 741,321 952,513 403,524 170,997 110,119
Inventory 1,302,230 1,345,955 1,515,045 1,227,609 762,084 752,908 561,840 517,644 484,821 500,554 420,475 382,226 389,931 397,741 387,577 309,938 425,312 505,467 271,008 199,841 154,980
Other Current Assets 305,674 318,556 315,915 328,719 191,569 169,044 120,512 153,912 89,903 81,645 48,615 55,243 35,520 152,780 78,575 98,659 108,571 129,555 84,198 63,927 57,596
Total Current Assets 4,498,955 4,464,140 3,955,151 4,261,772 3,669,351 3,057,850 2,665,368 2,363,925 2,263,016 2,211,087 2,510,976 2,595,636 2,536,120 2,569,770 2,498,755 2,393,871 1,984,425 2,332,775 1,169,084 801,167 636,971
Non-Current Assets
Property, Plant and Equipment 1,342,686 1,367,821 1,285,045 1,156,935 950,165 792,510 663,527 595,684 482,878 446,089 430,887 414,848 409,751 417,105 427,805 441,338 445,252 374,147 250,988 179,173 171,630
Goodwill 601,618 608,474 567,994 575,080 584,210 467,108 301,017 286,982 224,553 187,791 178,638 179,290 176,059 0 0 0 0 0 0 0 0
Intangible Assets 176,647 186,601 178,461 215,993 244,356 192,521 116,063 122,819 80,449 57,761 39,445 40,204 56,538 252,163 185,152 221,656 230,954 196,030 67,580 35,866 49,485
Long Term Investments 1,134,650 1,125,191 1,208,360 1,268,698 1,131,175 1,205,475 1,330,123 1,260,033 1,213,285 1,343,387 1,407,344 1,502,106 1,488,312 1,083,516 777,401 748,511 262,009 -107,376 -55,996 -29,615 -38,527
Tax Assets 763,083 754,635 441,071 260,205 245,455 268,518 176,959 199,343 110,293 116,518 67,712 88,324 93,920 107,190 73,613 20,498 49,825 107,376 55,996 29,615 38,527
Other Non-Current Assets 116,241 96,707 95,088 115,744 206,661 182,817 129,801 181,474 150,659 136,758 58,301 59,195 58,424 41,594 25,962 0 -47,884 388,508 409,368 346,029 259,305
Total Non-Current Assets 4,134,925 4,139,429 3,776,019 3,592,655 3,362,022 3,108,949 2,717,490 2,646,335 2,262,117 2,288,304 2,182,327 2,283,967 2,283,004 1,901,568 1,489,933 1,432,003 940,156 958,685 727,936 561,068 480,420
Other Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Assets 8,633,880 8,603,569 7,731,170 7,854,427 7,031,373 6,166,799 5,382,858 5,010,260 4,525,133 4,499,391 4,693,303 4,879,603 4,819,124 4,471,338 3,988,688 3,825,874 2,924,581 3,291,460 1,897,020 1,362,235 1,117,391
Current Liabilities
Accounts Payable 243,087 253,790 212,417 370,048 258,885 240,831 204,985 169,640 172,404 178,905 149,094 146,582 131,263 164,010 132,348 203,388 160,094 341,053 88,375 76,516 53,673
Short Term Debt 256,442 225,475 25,149 20,503 18,874 14,762 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax Payables 256,442 225,475 246,180 128,083 68,585 56,913 51,642 33,638 16,163 21,674 182,260 38,043 32,031 77,784 56,028 22,846 20,075 76,895 94,668 63,154 70,933
Deferred Revenue 100,740 101,189 91,092 87,654 86,865 94,562 96,372 139,681 146,564 164,982 203,598 256,908 252,375 188,987 89,711 27,910 0 0 0 0 0
Other Current Liabilities 517,117 730,233 882,977 969,943 799,593 685,778 619,956 519,335 463,767 522,111 680,569 501,814 525,388 505,282 446,978 452,370 319,082 460,830 249,307 118,969 122,594
Total Current Liabilities 1,117,386 1,310,687 1,211,635 1,448,148 1,164,217 1,035,933 921,313 828,656 782,735 865,998 1,033,261 905,304 909,026 858,279 669,037 683,668 479,176 801,883 337,682 195,485 176,267
Non-Current Liabilities
Long Term Debt 105,859 113,035 114,541 70,044 75,958 49,238 131,847 138,295 121,174 101,689 80,611 140,933 181,754 161,904 0 0 0 0 248 0 0
Deferred Revenue 33,928 36,148 35,702 41,618 49,934 67,329 76,566 163,840 140,407 128,731 135,130 171,012 193,047 188,132 108,076 38,574 0 0 0 0 0
Deferred Tax 113,932 114,682 129,965 117,595 116,844 114,754 92,944 75,215 61,220 56,210 39,497 1,758 2,467 4,951 6,986 265,918 218,436 11,935 1,191 9,486 5,267
Other Non-Current Liabilities 16,678 16,957 34,987 62,863 108,304 106,049 -2,786 1,788 1,594 1,637 1,437 890 1,034 1,491 155,027 1,267 1,115 127,028 0 0 0
Total Non-Current Liabilities 270,397 280,822 315,195 292,120 351,040 337,370 298,571 379,138 324,395 288,267 256,675 314,593 378,302 356,478 270,089 305,759 219,551 138,963 1,439 9,486 5,267
Total Liabilities 1,387,783 1,591,509 1,526,830 1,740,268 1,515,257 1,373,303 1,219,884 1,207,794 1,107,130 1,154,265 1,289,936 1,219,897 1,287,328 1,214,757 939,126 989,427 698,727 940,846 339,121 204,971 181,534
Common Stock 19,490 19,588 17,979 17,979 17,979 17,979 17,979 17,979 17,979 1,797,435 1,797,435 1,797,435 1,797,435 1,797,435 1,797,435 1,001 1,002 1,086 1,082 1,081 1,084
Retained Earnings 5,440,200 5,263,528 4,733,517 4,320,737 3,754,372 3,229,061 2,710,619 2,368,874 2,056,702 1,930,517 1,859,972 1,865,587 1,604,625 1,413,582 1,264,613 2,816,607 2,262,503 2,171,134 1,478,655 1,072,454 815,209
Accumulated Other Comprehensive Income/Loss -122,056 -65,614 -114,533 117,835 183,427 55,874 8,430 56,045 -36,761 -30,428 2,571 38,041 138,554 87,193 56,004 -13,382 -37,651 46,130 -5,275 -12,513 10,615
Total Stockholders Equity 7,246,097 7,012,060 6,204,340 6,114,159 5,516,116 4,793,496 4,162,974 3,802,466 3,418,003 3,345,126 3,403,367 3,659,706 3,531,796 3,256,581 3,049,562 2,836,447 2,225,854 2,350,614 1,557,899 1,157,264 935,857
Total Investments 1,409,229 1,399,809 1,381,648 1,616,678 1,518,817 1,581,938 1,513,112 1,421,720 1,480,237 1,558,548 1,575,333 1,651,968 1,641,395 1,208,155 801,819 768,094 274,895 37,551 73,033 32,050 64,367
Total Debt 105,859 113,035 114,541 70,044 75,958 49,238 0 0 0 0 0 0 0 0 0 0 0 0 248 0 0
Net Debt -1,815,923 -1,580,417 -1,164,653 -1,428,014 -1,382,484 -978,329 -1,201,732 -891,488 -846,883 -833,070 -1,196,268 -1,179,149 -1,231,180 -1,287,160 -1,260,936 -1,091,581 -696,335 -707,689 -337,073 -334,352 -249,909

Reported Currency: USD TTM 2023-12-30 2022-12-31 2021-12-25 2020-12-26 2019-12-28 2018-12-29 2017-12-30 2016-12-31 2015-12-26 2014-12-27 2013-12-28 2012-12-29 2011-12-31 2010-12-25 2009-12-26 2008-12-27 2007-12-29 2006-12-30 2005-12-31 2004-12-25
Cash Flows from Operating Activities
Net Income 1,363,270 1,289,636 973,585 1,082,200 992,324 952,486 694,080 694,955 510,814 456,227 364,211 612,412 542,403 520,896 584,603 703,950 732,848 855,011 514,123 311,219 205,700
Depreciation & Amortization 178,982 177,572 163,853 154,818 126,715 106,175 96,194 86,252 86,340 78,360 77,015 78,804 90,467 94,535 94,651 96,486 78,417 64,037 44,475 43,596 34,599
Deferred Income Tax -334,672 -340,774 -143,286 -5,368 6,931 -88,358 38,978 -90,725 1,699 5,897 89,828 7,931 -32,080 -42,475 -471 -25,096 50,887 -57,843 -35,060 8,833 -7,951
Stock Based Compensation 111,409 101,422 76,801 92,522 80,885 63,400 56,391 44,735 41,250 26,290 24,293 22,592 29,274 40,212 40,332 43,616 38,872 0 0 0 0
Change in Working Capital 234,697 173,673 -275,730 -347,806 -58,524 -352,785 -6,963 -128,264 22,923 -344,721 -58,367 -67,378 2,305 178,733 -14,601 210,784 -60,803 -234,406 -193,667 -118,848 -17,888
Accounts Receivable -67,540 -129,120 167,336 -19,106 -108,859 -123,401 5,167 -40,088 9,000 22,473 -27,398 38,589 9,077 169,543 129,698 -131,978 206,101 -230,111 -230,111 132,871 -27,086
Inventory 217,339 244,506 -363,327 -476,454 28,726 -170,169 -82,316 -38,575 -2,455 -121,718 -76,491 -17,593 3,997 -6,385 -77,122 61,189 83,035 -224,180 -92,708 -61,262 -61,534
Accounts Payable 31,424 28,503 -131,268 108,946 1,447 26,192 40,628 -17,240 -11,496 36,079 8,981 18,043 -38,929 -26,329 -81,354 38,875 -236,287 10,187 10,187 -132,871 10,638
Other Working Capital 53,474 29,784 51,529 38,808 20,162 -85,407 29,558 -32,361 27,874 -281,555 36,541 -106,417 28,160 41,904 14,177 242,698 -113,652 209,698 118,965 -57,586 60,094
Other Non-Cash Items -24,674 -25,264 -6,964 36,061 -13,064 17,631 40,840 53,889 42,656 58,414 25,731 -24,277 52,376 30,433 66,123 64,716 21,943 43,376 36,113 2,205 -5,524
Net Cash Provided by Operating Activities 1,532,360 1,376,265 788,259 1,012,427 1,135,267 698,549 919,520 660,842 705,682 280,467 522,711 630,084 684,745 822,334 770,637 1,094,456 862,164 682,088 361,855 247,005 208,936
Cash Flows from Investing Activities
Investments in Property, Plant, and Equipment -181,050 -195,028 -246,193 -309,587 -187,466 -120,408 -160,355 -151,928 -96,675 -84,481 -78,059 -57,205 -45,228 -41,172 -35,976 -56,772 -126,594 -159,696 -96,021 -27,130 -78,145
Acquisitions Net -144,998 -150,853 -13,455 -20,175 -148,648 -300,289 -29,170 -90,471 -77,945 -38,687 -18,871 -5,680 -7,697 -54,190 -12,120 -7,573 -60,131 -128,751 -36,499 -1,483 0
Purchases of Investments -237,623 -170,681 -1,051,994 -1,508,712 -1,052,640 -789,352 -403,181 -587,656 -905,089 -915,921 -1,006,482 -909,151 -1,429,593 -1,172,555 -694,038 -777,072 -373,580 -1,672,041 -453,085 -59,106 -104,559
Sales/Maturities of Investments 202,714 183,372 1,164,116 1,363,070 1,126,253 758,774 283,603 635,311 957,350 919,141 1,096,676 833,491 985,598 779,213 668,495 285,970 504,324 1,784,816 359,313 98 0
Other Investing Activities -991 218 2,402 35 1,977 529 1,600 208 822 7,969 138,068 -135,897 692 506 770 7,578 -368 -24 -93 -3,560 -1,613
Net Cash Used for Investing Activities -361,948 -332,972 -145,124 -475,369 -260,524 -450,746 -307,503 -194,536 -121,537 -111,979 131,332 -274,442 -496,228 -488,198 -72,869 -547,869 -56,349 -175,696 -226,385 -91,181 -184,317
Cash Flows from Financing Activities
Debt Repayment -27,307 -44,063 0 -35,733 -15,201 -27,122 0 0 -7,331 0 -18,638 -24,063 0 0 0 0 -9,029 -248 -11 0 -6,131
Common Stock Issued 44,063 44,063 62,221 35,733 15,201 27,122 26,642 0 18,648 17,073 20,753 22,770 22,798 22,337 0 7,495 9,029 17,008 16,074 9,690 6,131
Common Stock Repurchased -71,930 -98,988 -201,012 -30,985 -26,330 -25,886 -16,655 -87,296 -93,233 -131,413 -241,578 -58,422 -18,745 -22,300 -225,928 -20,258 -671,847 -7,780 -50,450 -26,653 -3,182
Dividends Paid -559,134 -558,769 -679,096 -491,457 -450,631 -417,264 -296,148 -382,976 -481,452 -378,117 -360,075 -351,707 -253,386 -310,763 -298,853 -149,846 -150,251 -162,530 -107,923 -53,974 -54,095
Other Financing Activities -11,450 21,248 -22,730 35,733 15,201 27,122 -16,655 21,860 1,692 9,438 -84 4,584 -516 3,313 13,960 1,366 14,047 17,434 9,660 0 6,131
Net Cash Used Provided by Financing Activities -600,419 -636,509 -840,617 -486,709 -461,760 -416,028 -286,161 -448,412 -561,676 -500,092 -599,622 -406,838 -249,849 -307,413 -510,821 -161,243 -808,051 -136,116 -132,650 -70,937 -51,146
Effect of Forex Changes on Cash -9,840 7,460 -21,449 -10,254 18,127 -5,942 -15,810 26,711 -8,656 -31,594 -37,302 -835 5,352 -499 -17,592 9,902 -9,118 92 149 -444 2,107
Net Change in Cash 560,165 414,244 -218,931 40,095 431,110 -174,167 310,046 44,605 13,813 -363,198 17,119 -52,031 -55,980 26,224 169,355 395,246 -11,354 370,368 2,969 84,443 -24,420
Cash at End of Period 6,465,693 1,694,156 1,279,912 1,498,843 1,458,748 1,027,638 1,201,805 891,488 846,883 833,070 1,196,268 1,179,149 1,231,180 1,287,160 1,260,936 1,091,581 696,335 707,689 337,321 334,352 249,909
Cash at Start of Period 5,905,528 1,279,912 1,498,843 1,458,748 1,027,638 1,201,805 891,759 846,883 833,070 1,196,268 1,179,149 1,231,180 1,287,160 1,260,936 1,091,581 696,335 707,689 337,321 334,352 249,909 274,329
Free Cash Flow
Operating Cash Flow 1,532,360 1,376,265 788,259 1,012,427 1,135,267 698,549 919,520 660,842 705,682 280,467 522,711 630,084 684,745 822,334 770,637 1,094,456 862,164 682,088 361,855 247,005 208,936
Capital Expenditure -181,050 -195,028 -246,193 -309,587 -187,466 -120,408 -160,355 -151,928 -96,675 -84,481 -78,059 -57,205 -45,228 -41,172 -35,976 -56,772 -126,594 -159,696 -96,021 -27,130 -78,145
Free Cash Flow 1,351,310 1,181,237 542,066 702,840 947,801 578,141 759,165 508,914 609,007 195,986 444,652 572,879 639,517 781,162 734,661 1,037,684 735,570 522,392 265,834 219,875 130,791