Financials Garmin Ltd.

Equities

GRMN

CH0114405324

Communications & Networking

Market Closed - Nyse Other stock markets 16:00:02 2025-07-11 EDT			5-day change	1st Jan Change
215.92 ^USD	-0.86%		+0.54%	+4.68%

07-08	Garmin International Ltd. Launches the Force Current Kayak Tapping Motor with Unrivaled Disrupted Disrupted Dispositionability	CI
06-25	Garmin International Ltd. Brings Faa Data Comm to Market Through GTN 750Xi Series Certification	CI

Projected Income Statement: Garmin Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,187	4,983	4,860	5,228	6,297	6,859	7,384	8,039
Change	-	19.02%	-2.46%	7.57%	20.44%	8.93%	7.65%	8.86%
EBITDA ¹	1,181	1,373	1,192	1,270	1,774	1,940	2,123	2,278
Change	-	16.3%	-13.23%	6.55%	39.69%	9.36%	9.45%	7.3%
EBIT ¹	1,054	1,219	1,028	1,092	1,594	1,722	1,904	2,043
Change	-	15.59%	-15.66%	6.26%	45.95%	8.01%	10.56%	7.34%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,103	1,207	1,065	1,200	1,695	1,871	2,048	2,196
Change	-	9.37%	-11.75%	12.71%	41.24%	10.36%	9.44%	7.26%
Net income ¹	992.3	1,082	973.6	1,290	1,411	1,565	1,699	1,854
Change	-	9.06%	-10.04%	32.46%	9.44%	10.86%	8.56%	9.11%
Announcement Date	2/17/21	2/16/22	2/22/23	2/21/24	2/19/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	869.9	1,109	1,351	1,072	1,327	1,192	1,392	1,173	1,241	1,140	1,306	1,147	1,321	1,278	1,483	1,382	1,507	1,586	1,823	1,535	1,679	1,697	1,931	1,614	1,763	1,814	2,086
Change	-	27.51%	21.84%	-20.65%	23.74%	-10.17%	16.75%	-15.73%	5.81%	-8.09%	14.55%	-12.17%	15.11%	-3.28%	16.04%	-6.8%	9.05%	5.27%	14.91%	-15.77%	9.36%	1.09%	13.76%	-16.42%	9.25%	2.87%	15.01%
EBITDA ¹	217.7	349.7	407.9	286.5	409	321.7	356.2	269.8	334.4	278.9	308.7	240.4	328.5	315	385.8	343.2	386.1	481.7	562.6	379.1	466.7	498.8	581.6	414	487	510	591.8
Change	-	60.61%	16.64%	-29.75%	42.72%	-21.33%	10.7%	-24.26%	23.95%	-16.6%	10.69%	-22.12%	36.67%	-4.12%	22.47%	-11.03%	12.5%	24.76%	16.79%	-32.62%	23.11%	6.88%	16.6%	-28.82%	17.63%	4.72%	16.04%
EBIT ¹	188.4	317.1	371.3	249.7	371.2	282.7	315.1	228.6	292.7	239.4	267.2	197	284.4	270.4	340.5	298.4	342	437.5	516.1	332.8	398.4	440.6	528	362.5	435.5	458.5	540.3
Change	-	68.32%	17.08%	-32.75%	48.67%	-23.84%	11.48%	-27.47%	28.08%	-18.23%	11.61%	-26.27%	44.36%	-4.92%	25.92%	-12.35%	14.62%	27.91%	17.97%	-35.51%	19.71%	10.59%	19.82%	-31.34%	20.14%	5.28%	17.84%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	197.6	336.7	391.5	250.5	372.1	275.4	308.8	235.9	279	220.3	329.9	221.8	316	279.6	383	327	366	486.2	516.1	389.1	416.5	470.9	561.6	394.5	466.3	488.9	572.1
Change	-	70.41%	16.26%	-36.01%	48.52%	-25.98%	12.15%	-23.63%	18.27%	-21.04%	49.76%	-32.77%	42.48%	-11.52%	37.01%	-14.62%	11.9%	32.87%	6.15%	-24.62%	7.05%	13.07%	19.25%	-29.75%	18.2%	4.85%	17.02%
Net income ¹	184.2	313.4	333.5	220	317	259	286.1	211.6	257.9	210.8	293.3	202.3	287.9	257.2	542.1	276	300.6	399.1	435.7	332.8	360.8	388.8	459.8	329.4	389.3	408.2	477.7
Change	-	70.17%	6.42%	-34.03%	44.07%	-18.28%	10.46%	-26.05%	21.87%	-18.24%	39.09%	-31.01%	42.31%	-10.66%	110.74%	-49.1%	8.94%	32.76%	9.18%	-23.63%	8.42%	7.77%	18.26%	-28.37%	18.18%	4.85%	17.03%
Announcement Date	7/29/20	10/28/20	2/17/21	4/28/21	7/28/21	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	5/1/24	7/31/24	10/30/24	2/19/25	4/30/25	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Garmin Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-1,846	-1,846	-1,452	-1,968	-2,501	-2,616	-3,130	-4,154
Change	-	0%	21.34%	-35.54%	-27.08%	-4.61%	-19.65%	-32.72%
Announcement Date	2/17/21	2/16/22	2/22/23	2/21/24	2/19/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Garmin Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	185.4	307.6	244.3	193.5	193.6	282	289.9	221.8
Change	-	65.93%	-20.59%	-20.78%	0.02%	45.67%	2.82%	-23.49%
Free Cash Flow (FCF) ¹	949.9	704.8	544	1,183	1,239	1,144	1,260	1,280
Change	-	-25.8%	-22.82%	117.43%	4.75%	-7.67%	10.11%	1.65%
Announcement Date	2/17/21	2/16/22	2/22/23	2/21/24	2/19/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Garmin Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	28.21%	27.56%	24.52%	24.29%	28.17%	28.28%	28.75%	28.34%
EBIT Margin (%)	25.18%	24.46%	21.15%	20.89%	25.31%	25.1%	25.78%	25.42%
EBT Margin (%)	26.36%	24.22%	21.91%	22.96%	26.92%	27.28%	27.73%	27.32%
Net margin (%)	23.7%	21.72%	20.03%	24.67%	22.41%	22.81%	23.01%	23.06%
FCF margin (%)	22.69%	14.14%	11.19%	22.62%	19.67%	16.68%	17.06%	15.93%
FCF / Net Income (%)	95.72%	65.12%	55.87%	91.71%	87.78%	73.11%	74.15%	69.08%
Profitability
ROA	15.04%	14.54%	12.49%	15.79%	15.48%	14.75%	14.67%	14.3%
ROE	19.25%	18.61%	15.81%	19.52%	19%	18.42%	17.5%	16.8%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.43%	6.17%	5.03%	3.7%	3.07%	4.11%	3.93%	2.76%
CAPEX / EBITDA (%)	15.7%	22.4%	20.5%	15.24%	10.91%	14.54%	13.66%	9.74%
CAPEX / FCF (%)	19.52%	43.65%	44.91%	16.36%	15.62%	24.65%	23.02%	17.32%
Items per share
Cash flow per share ¹	5.916	5.245	4.083	7.166	7.411	9.647	-	-
Change	-	-11.35%	-22.14%	75.49%	3.42%	30.17%	-	-
Dividend per Share ¹	2.44	2.68	2.92	2.92	3	3.562	3.522	3.8
Change	-	9.84%	8.96%	0%	2.74%	18.75%	-1.14%	7.89%
Book Value Per Share ¹	28.79	31.74	32.38	36.64	40.61	45.92	50.4	56.11
Change	-	10.24%	2%	13.15%	10.84%	13.07%	9.76%	11.33%
EPS ¹	5.17	5.61	5.04	6.71	7.3	8.045	8.674	9.633
Change	-	8.51%	-10.16%	33.13%	8.79%	10.2%	7.83%	11.05%
Nbr of stocks (in thousands)	191,237	192,322	191,664	191,331	192,025	192,541	192,541	192,541
Announcement Date	2/17/21	2/16/22	2/22/23	2/21/24	2/19/25	-	-	-