Company Valuation: Garmin Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,144 17,591 24,619 40,202 39,527 52,491 - -
Change - -32.72% 39.95% 63.3% -1.68% 32.8% - -
Enterprise Value (EV) 1 24,298 16,138 22,650 37,702 36,789 49,645 49,238 48,409
Change - -33.58% 40.35% 66.45% -2.42% 34.94% -0.82% -1.68%
P/E 24.2x 18.2x 19.2x 28.7x 23.9x 27.2x 25.4x 23.4x
PBR 4.28x 2.83x 3.51x 5.16x 4.41x 5.47x 4.84x 4.29x
PEG - -1.8x 0.6x 3.26x 1.4x 1.6x 3.66x 2.71x
Capitalization / Revenue 5.25x 3.62x 4.71x 6.38x 5.46x 6.48x 5.85x 5.28x
EV / Revenue 4.88x 3.32x 4.33x 5.99x 5.08x 6.13x 5.49x 4.87x
EV / EBITDA 17.7x 13.5x 17.8x 21.3x 17.8x 20.5x 18.4x 16x
EV / EBIT 19.9x 15.7x 20.7x 23.7x 19.6x 22.4x 20.3x 17.8x
EV / FCF 34.5x 29.7x 19.2x 30.4x 27x 32.7x 32x 22.6x
FCF Yield 2.9% 3.37% 5.22% 3.29% 3.7% 3.05% 3.13% 4.42%
Dividend per Share 2 2.68 2.92 2.92 3 - 4.127 4.433 4.88
Rate of return 1.97% 3.18% 2.27% 1.43% - 1.52% 1.63% 1.79%
EPS 2 5.61 5.04 6.71 7.3 8.59 10.02 10.71 11.64
Distribution rate 47.8% 57.9% 43.5% 41.1% - 41.2% 41.4% 41.9%
Net sales 1 4,983 4,860 5,228 6,297 7,246 8,100 8,967 9,946
EBITDA 1 1,373 1,192 1,270 1,774 2,065 2,427 2,669 3,029
EBIT 1 1,219 1,028 1,092 1,594 1,876 2,213 2,431 2,725
Net income 1 1,082 973.6 1,290 1,411 1,664 1,962 2,129 2,441
Net Debt 1 -1,846 -1,452 -1,968 -2,501 -2,738 -2,846 -3,253 -4,082
Reference price 2 135.94 91.78 128.67 209.36 205.51 272.18 272.18 272.18
Nbr of stocks (in thousands) 192,322 191,664 191,331 192,025 192,335 192,853 - -
Announcement Date 2/16/22 2/22/23 2/21/24 2/19/25 2/18/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.18x6.13x20.45x1.52% 52.49B
26.88x5.97x15.47x1.56% 431B
50.88x17.99x36.11x-.--% 243B
21.99x0.88x15.78x2.11% 193B
29.4x9.31x22.47x0.44% 159B
46.65x13.85x31.4x-.--% 88.71B
33.37x6.48x18.52x1.01% 76.11B
44.86x2.38x15.48x1.61% 61.05B
58.68x7.56x33.43x-.--% 47.93B
17.18x2.66x11.43x4.28% 46.1B
Average 35.71x 7.32x 22.06x 1.25% 139.93B
Weighted average by Cap. 33.84x 8.06x 21.75x 1.14%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Garmin Ltd.
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