Garmin Ltd.
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
38.1134.02
Price/Sales ratio
7.206.52
Earnings per Share (EPS)
$6.22$6.97

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
28.5315.4517.9216.1017.0719.6423.1423.8818.2519.0726.5117.07
Price/Sales ratio
3.612.493.033.623.544.975.485.183.654.706.743.54
Price/Book Value ratio
3.052.102.672.942.843.904.164.222.863.505.362.84
Price/Cash Flow ratio
19.8725.1312.9716.9312.8826.7820.2325.5222.5417.8728.4412.88
Price/Free Cash Flow ratio
23.3635.9615.0321.9815.6032.3624.2336.7732.7820.8231.9915.60
Price/Earnings Growth ratio
-0.720.581.330.44-31.580.546.442.81-1.800.5733.27-31.58
Dividend Yield
3.46%5.36%5.25%3.42%2.49%2.22%1.96%1.90%3.82%2.27%1.42%2.22%
Profitability Indicator Ratios
Gross Profit Margin
55.88%54.55%55.63%57.76%59.14%59.45%59.26%58.00%57.74%57.47%58.43%59.45%
Operating Profit Margin
24.05%19.48%20.66%21.66%23.25%25.16%25.18%24.45%21.14%20.88%23.81%23.25%
Pretax Profit Margin
25.21%20.11%20.85%22.10%24.59%26.27%26.35%24.21%21.91%22.95%26.22%24.59%
Net Profit Margin
12.68%16.17%16.92%22.51%20.73%25.34%23.70%21.71%20.03%24.66%25.48%20.73%
Effective Tax Rate
49.67%19.56%18.87%-1.85%15.68%3.51%10.06%10.32%8.58%-7.43%2.84%3.51%
Return on Assets
7.76%10.13%11.28%13.87%12.89%15.44%14.11%13.77%12.59%14.98%16.23%12.89%
Return On Equity
10.70%13.63%14.94%18.27%16.67%19.87%17.98%17.69%15.69%18.39%21.10%16.67%
Return on Capital Employed
18.86%15.12%16.67%15.99%17.44%18.42%17.96%19.02%15.76%14.97%18.25%17.44%
Liquidity Ratios
Current Ratio
2.432.552.892.962.892.953.15N/AN/AN/A3.292.89
Quick Ratio
2.021.972.272.222.282.222.492.092.012.372.342.28
Cash ratio
1.150.961.081.071.300.991.251.031.051.291.271.27
Days of Sales Outstanding
72.4968.7863.7269.8662.1368.6574.0561.7849.3256.9156.4968.65
Days of Inventory outstanding
121.20142.56132.14144.91149.93180.37163.12214.15269.29220.96221.93149.93
Operating Cycle
193.70211.34195.87214.77212.06249.03237.18275.93318.61277.88278.42212.06
Days of Payables Outstanding
42.9750.9546.9947.4854.7057.6955.4164.5537.7541.6655.1354.70
Cash Conversion Cycle
150.72160.39148.88167.28157.36191.33181.76211.38280.86236.21223.29157.36
Debt Ratios
Debt Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Debt Equity Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Long-term Debt to Capitalization
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Total Debt to Capitalization
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Flow to Debt Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Company Equity Multiplier
1.371.341.321.311.291.281.271.281.241.221.241.28
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.180.090.230.210.270.180.270.200.160.260.230.23
Free Cash Flow / Operating Cash Flow Ratio
0.850.690.860.770.820.820.830.690.680.850.880.82
Cash Flow Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Dividend Payout Ratio
98.86%82.87%94.25%55.10%42.66%43.80%45.41%45.41%69.75%43.32%37.42%43.80%