Latest Ratios: P/E Ratio 28.5x · EV/EBITDA 21.9x · ROE 19.8%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $47.3B | $39.8B | $40.5B | $24.7B | $17.8B | $26.3B | $23.0B | $18.6B | $12.0B | $11.2B | $9.2B |
| Enterprise Value | $45.2B | $37.7B | $38.6B | $23.1B | $16.7B | $24.9B | $21.6B | $17.6B | $10.8B | $10.4B | $8.3B |
| P/E Ratio → | 28.55 | 23.92 | 28.68 | 19.16 | 18.31 | 24.27 | 23.15 | 19.55 | 17.30 | 16.19 | 17.96 |
| P/S Ratio | 6.53 | 5.49 | 6.43 | 4.72 | 3.67 | 5.28 | 5.48 | 4.96 | 3.59 | 3.64 | 3.04 |
| P/B Ratio | 5.29 | 4.43 | 5.16 | 3.52 | 2.87 | 4.30 | 4.16 | 3.89 | 2.89 | 2.96 | 2.69 |
| P/FCF | 34.70 | 29.19 | 32.69 | 20.90 | 32.87 | 37.40 | 24.23 | 32.21 | 15.83 | 22.09 | 15.08 |
| P/OCF | 28.95 | 24.36 | 28.28 | 17.94 | 22.60 | 25.96 | 20.23 | 26.66 | 13.07 | 17.01 | 13.01 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.20 | 6.13 | 4.42 | 3.43 | 4.99 | 5.15 | 4.70 | 3.23 | 3.35 | 2.76 |
| EV / EBITDA | 21.88 | 18.25 | 21.75 | 18.20 | 13.97 | 18.10 | 18.27 | 16.78 | 12.36 | 13.71 | 11.73 |
| EV / EBIT | 24.08 | 20.08 | 24.21 | 21.16 | 16.20 | 20.40 | 20.47 | 18.66 | 13.89 | 15.14 | 13.17 |
| EV / FCF | — | 27.64 | 31.15 | 19.56 | 30.72 | 35.37 | 22.77 | 30.52 | 14.24 | 20.34 | 13.69 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.7% | 58.7% | 58.7% | 57.5% | 57.7% | 58.0% | 59.3% | 59.5% | 59.1% | 57.8% | 55.6% |
| Operating Margin | 25.9% | 25.9% | 25.3% | 20.9% | 21.1% | 24.5% | 25.2% | 25.2% | 23.3% | 21.7% | 20.7% |
| Net Profit Margin | 23.0% | 23.0% | 22.4% | 24.7% | 20.0% | 21.7% | 23.7% | 25.3% | 20.7% | 22.5% | 16.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.8% | 19.8% | 19.0% | 19.5% | 15.8% | 18.6% | 19.3% | 21.3% | 17.4% | 19.2% | 15.1% |
| ROA | 16.1% | 16.1% | 15.5% | 15.8% | 12.5% | 14.5% | 15.0% | 16.5% | 13.4% | 14.6% | 11.3% |
| ROIC | 22.0% | 22.0% | 21.0% | 15.6% | 15.9% | 20.7% | 19.9% | 20.9% | 19.9% | 18.3% | 18.4% |
| ROCE | 21.6% | 21.6% | 20.7% | 15.8% | 15.9% | 19.9% | 19.2% | 19.7% | 18.0% | 16.9% | 16.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | 0.05 | 0.06 | 0.05 | — | — | — |
| Net Debt / Equity | — | -0.24 | -0.24 | -0.23 | -0.19 | -0.23 | -0.25 | -0.20 | -0.29 | -0.23 | -0.25 |
| Net Debt / EBITDA | -1.02 | -1.02 | -1.08 | -1.24 | -0.98 | -1.04 | -1.17 | -0.93 | -1.37 | -1.18 | -1.19 |
| Debt / FCF | — | -1.55 | -1.55 | -1.34 | -2.15 | -2.03 | -1.46 | -1.69 | -1.58 | -1.75 | -1.39 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($2.3B) exceeds total debt ($165M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.63 | 3.63 | 3.54 | 3.41 | 3.26 | 2.94 | 3.15 | 2.95 | 2.89 | 2.85 | 2.89 |
| Quick Ratio | 2.60 | 2.60 | 2.56 | 2.38 | 2.01 | 2.10 | 2.50 | 2.22 | 2.28 | 2.23 | 2.27 |
| Cash Ratio | 1.59 | 1.59 | 1.66 | 1.50 | 1.20 | 1.27 | 1.59 | 1.36 | 1.50 | 1.27 | 1.42 |
| Asset Turnover | — | 0.66 | 0.65 | 0.61 | 0.63 | 0.63 | 0.60 | 0.61 | 0.62 | 0.62 | 0.67 |
| Inventory Turnover | 1.69 | 1.69 | 1.76 | 1.65 | 1.36 | 1.70 | 2.24 | 2.02 | 2.43 | 2.52 | 2.76 |
| Days Sales Outstanding | — | 63.12 | 57.00 | 56.91 | 49.33 | 61.78 | 74.06 | 68.65 | 62.13 | 69.86 | 63.73 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.4% | 1.7% | 1.4% | 2.3% | 3.8% | 1.9% | 2.0% | 2.2% | 2.5% | 3.4% | 5.2% |
| Payout Ratio | 39.9% | 39.9% | 40.6% | 43.3% | 69.8% | 45.4% | 45.4% | 43.8% | 42.7% | 55.1% | 94.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 4.2% | 3.5% | 5.2% | 5.5% | 4.1% | 4.3% | 5.1% | 5.8% | 6.2% | 5.6% |
| FCF Yield | 2.9% | 3.4% | 3.1% | 4.8% | 3.0% | 2.7% | 4.1% | 3.1% | 6.3% | 4.5% | 6.6% |
| Buyback Yield | 0.5% | 0.6% | 0.2% | 0.4% | 1.3% | 0.1% | 0.1% | 0.1% | 0.1% | 0.8% | 1.1% |
| Total Shareholder Yield | 1.9% | 2.3% | 1.6% | 2.7% | 5.1% | 2.0% | 2.1% | 2.4% | 2.6% | 4.2% | 6.3% |
| Shares Outstanding | — | $194M | $193M | $192M | $193M | $193M | $192M | $191M | $190M | $189M | $189M |
Consumer discretionary spending sensitivity
According to recent market data, Garmin trades at a P/E of 27.07, a valuation that appears to command a premium over traditional consumer hardware peers, likely reflecting the market's growing recognition of its stable, high-margin aviation and marine segments rather than just its consumer-facing wearable business.
The current forward P/E of 24.12 suggests that investors are pricing in sustained growth, potentially driven by the company's successful pivot toward integrated automotive and aviation systems. While this multiple is elevated compared to pure-play consumer electronics, it appears justified by the company's lack of debt and consistent ability to generate high-quality earnings.
Based on reported financial figures, Garmin's ROIC has fluctuated between 4.1% and 6.9% over the last ten quarters, demonstrating a consistent ability to generate returns on invested capital that appear to be driven by operational efficiency and a disciplined approach to internal manufacturing investments.
The stability of these returns suggests that management is effectively allocating capital toward high-value segments like aviation and outdoor recreation. Investors should monitor whether the shift toward lower-margin automotive OEM contracts begins to dilute these returns, as maintaining high ROIC is critical to justifying the company's current valuation.
As reported in recent quarterly filings, Garmin's cash conversion cycle has remained elevated, reaching 244 days in 2026Q1, which appears to be primarily driven by high inventory levels necessary to support the company's complex, vertically integrated manufacturing model across diverse product categories.
The high days inventory outstanding (DIO) of 232 days suggests a significant commitment to maintaining product availability, which is a strategic necessity in the aviation and marine markets. However, this reliance on inventory carries inherent risks of obsolescence, and investors should watch for any sustained increase in the CCC that might signal inefficient capital deployment.
According to the latest balance sheet data, Garmin maintains a current ratio of 4.36 as of 2026Q1, a figure that indicates a substantial liquidity buffer capable of absorbing significant operational volatility or sudden shifts in the consumer discretionary landscape without requiring external financing.
This liquidity position is further bolstered by a negligible debt-to-equity ratio of 0.02, which effectively eliminates refinancing risk. Such a conservative capital structure provides the company with the flexibility to navigate economic downturns while continuing to fund R&D and dividend payments, distinguishing it from more leveraged hardware competitors.
The most commonly misapplied metric for Garmin is the P/E ratio relative to consumer electronics peers, which obscures the company's structural reliance on high-barrier, industrial-grade segments like aviation and marine instrumentation that operate on fundamentally different, longer-cycle replacement patterns than standard consumer wearables.
By grouping Garmin with mass-market consumer hardware firms, analysts often overlook the stability provided by its specialized segments, leading to an over-emphasis on short-term consumer spending trends. A more appropriate approach would involve a sum-of-the-parts valuation that accounts for the distinct risk-reward profiles of its industrial versus consumer-facing business units.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying GRMN stock.
Garmin Ltd.'s current P/E ratio is 28.5x. The historical average is 20.0x. This places it at the 88th percentile of its historical range.
Garmin Ltd.'s current EV/EBITDA is 21.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
Garmin Ltd.'s return on equity (ROE) is 19.8%. The historical average is 23.2%.
Based on historical data, Garmin Ltd. is trading at a P/E of 28.5x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Garmin Ltd.'s current dividend yield is 1.40% with a payout ratio of 39.9%.
Garmin Ltd. has 58.7% gross margin and 25.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Garmin Ltd.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.