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 55,972 - -
Change - -32.72% 39.95% 63.3% -1.68% 41.6% - -
Enterprise Value (EV) 1 24,298 16,138 22,650 37,702 36,789 53,126 52,719 51,890
Change - -33.58% 40.35% 66.45% -2.42% 44.41% -0.77% -1.57%
P/E 24.2x 18.2x 19.2x 28.7x 23.9x 29x 26.6x 24.9x
PBR 4.28x 2.83x 3.51x 5.16x 4.41x 5.83x 5.16x 4.57x
PEG - -1.8x 0.6x 3.26x 1.4x 1.7x 2.97x 3.77x
Capitalization / Revenue 5.25x 3.62x 4.71x 6.38x 5.46x 6.91x 6.19x 5.63x
EV / Revenue 4.88x 3.32x 4.33x 5.99x 5.08x 6.56x 5.83x 5.22x
EV / EBITDA 17.7x 13.5x 17.8x 21.3x 17.8x 21.9x 19.6x 17.1x
EV / EBIT 19.9x 15.7x 20.7x 23.7x 19.6x 24x 21.5x 19x
EV / FCF 34.5x 29.7x 19.2x 30.4x 27x 35x 34.2x 24.3x
FCF Yield 2.9% 3.37% 5.22% 3.29% 3.7% 2.85% 2.92% 4.12%
Dividend per Share 2 2.68 2.92 2.92 3 3.6 4.142 4.47 4.88
Rate of return 1.97% 3.18% 2.27% 1.43% 1.75% 1.43% 1.54% 1.68%
EPS 2 5.61 5.04 6.71 7.3 8.59 10.02 10.91 11.64
Distribution rate 47.8% 57.9% 43.5% 41.1% 41.9% 41.4% 41% 41.9%
Net sales 1 4,983 4,860 5,228 6,297 7,246 8,100 9,039 9,946
EBITDA 1 1,373 1,192 1,270 1,774 2,065 2,427 2,695 3,029
EBIT 1 1,219 1,028 1,092 1,594 1,876 2,213 2,454 2,725
Net income 1 1,082 973.6 1,290 1,411 1,664 1,962 2,170 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 91.78 128.67 209.36 205.51 290.23 290.23 290.23
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
28.98x6.56x21.89x1.43% 55.97B
26.07x5.84x15.13x1.59% 422B
53.2x18.98x38.1x-.--% 256B
19.3x0.78x14.1x2.35% 173B
26.3x8.33x20.12x0.47% 142B
45.92x13.52x30.13x-.--% 87.32B
32.28x6.31x18.27x1.08% 73.83B
42.72x2.32x14.97x1.66% 58.12B
61.19x7.92x35.02x-.--% 50.33B
16.43x2.53x10.88x4.34% 43.85B
Average 35.24x 7.31x 21.86x 1.29% 136.21B
Weighted average by Cap. 33.76x 8.29x 21.84x 1.17%

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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