{ "ok": true, "cik": "1121788", "ticker": "GRMN", "name": "GARMIN LTD", "filings": [ { "form": "10-Q", "filed": "2026-07-29", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1121788/000119312526322114/0001193125-26-322114-index.htm" }, { "form": "8-K", "filed": "2026-07-29", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1121788/000119312526322113/0001193125-26-322113-index.htm" }, { "form": "8-K", "filed": "2026-06-08", "items": [ "5.07 Submission of Matters to a Vote of Security Holders", "8.01 Other Events" ], "url": "https://www.sec.gov/Archives/edgar/data/1121788/000119312526261987/0001193125-26-261987-index.htm" }, { "form": "10-Q", "filed": "2026-04-29", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1121788/000119312526188908/0001193125-26-188908-index.htm" }, { "form": "8-K", "filed": "2026-04-29", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1121788/000119312526188907/0001193125-26-188907-index.htm" }, { "form": "DEF 14A", "filed": "2026-04-22", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1121788/000130817926000318/0001308179-26-000318-index.htm" } ], "events12m": 5, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001121788.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1121788" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up GARMIN LTD ($GRMN). Last filing: 10-Q, 2026-07-29. 5 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-27", "revenue": 7245519000, "revenueGrowth1y": 0.15064802491002327, "revenueGrowthPerYear": 0.09797777766440108, "yearsOfData": 5, "operatingMargin": 0.25892913951367735, "operatingMarginPrior": 0.2531393607301875, "netMargin": 0.2296435907489857, "operatingCashFlow": 1633359000, "capitalSpending": 270446000, "freeCashFlow": 1362913000, "researchAndDevelopment": 1126231000, "researchShareOfRevenue": 0.15543827847252903, "cash": 2278646000, "longTermDebt": null, "longTermDebtChange": null, "revenueHistory": [ { "fiscalYearEnd": "2021-12-25", "revenue": 4982795000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 4860286000 }, { "fiscalYearEnd": "2023-12-30", "revenue": 5228252000 }, { "fiscalYearEnd": "2024-12-28", "revenue": 6296903000 }, { "fiscalYearEnd": "2025-12-27", "revenue": 7245519000 } ], "totalEquity": 8972564000, "totalAssets": 10993669000, "equityRatio": 0.8161573720293016, "returnOnEquity": 0.18544164187627973, "dividendsPaid": 663885000, "payoutRatio": 0.3989964462730943, "dividendPerShare": 2.68, "dividendYearsRising": 6, "dividendCut": false, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": 8.65, "sharesOutstanding": 193616000, "bookValuePerShare": 46.34205850756136, "revenuePerShare": 37.42210871002396, "range80": { "low": 7133911593.798279, "high": 9234485805.688364, "baseline": 8307012510.016031, "n": 4599, "band": "b1", "bandLabel": "$1B–10B", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.09162139490152703, "classVolatility": 0.07701947805587882, "volatility": 0.08463592618888731 }, "ifPaceHeld": { "low": 7133911593.798279, "high": 9234485805.688364 } }, "edgarette": "🔖 Exposure: revenue $7.2B (FY2025). Experience: revenue up 15.1% on the year, up 9.8% a year over 4 years; operating margin 25.9%, up from 25.3%. Soundness: equity 81.6% of assets, return on equity 18.5%, payout 39.9% of profit, dividend per share up 6 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $7.1B and $9.2B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $6.5B to $10.1B. A statistical range, not company guidance. Against peers (147 filers, $50M+ revenue, its industry group): operating margin 25.9% against a 5.9% median; growth 15.1% against 7.9%.", "peers": { "sic": 3812, "sicDescription": "Search, Detection, Navigation, Guidance, Aeronautical Sys", "calendarYear": 2025, "minRevenue": 50000000, "depth": 2, "group": "38", "growth": [ 0.0793, 151 ], "opMargin": [ 0.0593, 147 ], "equityRatio": [ 0.5291, 149 ], "returnOnEquity": [ 0.0218, 141 ], "payoutRatio": [ 0.2952, 37 ] }, "summary": "Garmin (GRMN) grew revenue 15.1% in FY2025 to $7.2 billion, operating margin 25.9% against a 5.9% median for search, detection, navigation, guidance, aeronautical sys, equity 81.6% of assets, and dividend per share up 6 years running. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
GARMIN LTD against its own record and its peers
Operating marginPeer median 5.9%25.9%Revenue, on the yearPeer median 7.9%15.1%Equity of assetsPeer median 52.9%81.6%Return on equityPeer median 2.2%18.5%Payout of profitPeer median 29.5%39.9%Gold tick: the median of 37–149 peers with $50M+ revenue in search, detection, navigation, guidance, aeronautical sys
", "chartHorizon": "
Handed back now, or kept to compound
Of each dollar of profit39.9% paid out60.1% keptHanded back per share$2.68up 6 years runningGrowth its own profit can fund11.1%retained x return on equityRevenue growth it managed15.1%last year, for comparison

Gold is paid out to shareholders; navy is kept in the business. Retained profit times return on equity is the pace a company can fund from itself. Facts from the filings, not a recommendation.

", "backtest": { "tests": 15, "hits": 12, "rate": 0.8, "method": "v4", "byYear": { "2011": [ 1, 1 ], "2012": [ 1, 1 ], "2013": [ 1, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 0, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 1, 1 ], "2022": [ 0, 1 ], "2023": [ 1, 1 ], "2024": [ 0, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T16:35:48.220Z", "hash": "fc7a0dc0f6386895", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Garmin (GRMN) grew revenue 15.1% in FY2025 to $7.2 billion, operating margin 25.9% against a 5.9% median for search, detection, navigation, guidance, aeronautical sys, equity 81.6% of assets, and dividend per share up 6 years running. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-27", "revenue": 7245519000, "totalDebt": null, "cash": 2278646000 }, "experience": { "revenueGrowth1y": 0.15064802491002327, "revenueGrowthPerYear": 0.09797777766440108, "operatingMargin": 0.25892913951367735, "operatingMarginPrior": 0.2531393607301875, "netMargin": 0.2296435907489857, "freeCashFlow": 1362913000 }, "soundness": { "equityRatio": 0.8161573720293016, "returnOnEquity": 0.18544164187627973, "payoutRatio": 0.3989964462730943, "dividendPerShare": 2.68, "dividendYearsRising": 6, "dividendCut": false, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 3812, "sicDescription": "Search, Detection, Navigation, Guidance, Aeronautical Sys", "calendarYear": 2025, "minRevenue": 50000000, "depth": 2, "group": "38", "growth": [ 0.0793, 151 ], "opMargin": [ 0.0593, 147 ], "equityRatio": [ 0.5291, 149 ], "returnOnEquity": [ 0.0218, 141 ], "payoutRatio": [ 0.2952, 37 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 7133911593.798279, "high": 9234485805.688364, "baseline": 8307012510.016031, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4599, "sizeBand": "$1B–10B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.09162139490152703, "classVolatility": 0.07701947805587882, "pricedVolatility": 0.08463592618888731, "k": 3 }, "stress": { "low": 6492221887.783076, "high": 10148143857.888252, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 15, "hits": 12, "rate": 0.8, "method": "v4", "byYear": { "2011": [ 1, 1 ], "2012": [ 1, 1 ], "2013": [ 1, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 0, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 1, 1 ], "2022": [ 0, 1 ], "2023": [ 1, 1 ], "2024": [ 0, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T16:35:48.220Z", "hash": "fc7a0dc0f6386895", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001121788.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1121788" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.2254, "growth3y": 0.1424, "volatility": 0.0916, "paysDividend": true, "raisedDividend": true, "equityRatio": 0.8162, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "later", "inside": "Turns 22.5% of revenue into operating cash; revenue growing 14.2% a year over three years; pays and raised its dividend.", "outside": "Among $1B-10B companies: 70th percentile for cash, 80th for growth.", "emoji": "🌱", "label": "Cash cow later", "plain": "growing fast, and already turning revenue into cash" }, "band": "$1B-10B", "cashPctInClass": 70, "growthPctInClass": 80, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-27", "operating": 1633359000, "investing": -645235000, "financing": -844081000, "capitalSpending": 270446000, "free": 1362913000, "trend": [ { "fiscalYearEnd": "2021-12-25", "operating": 1012427000, "free": 704782000 }, { "fiscalYearEnd": "2022-12-31", "operating": 788259000, "free": 543973000 }, { "fiscalYearEnd": "2023-12-30", "operating": 1376265000, "free": 1182741000 }, { "fiscalYearEnd": "2024-12-28", "operating": 1432471000, "free": 1238900000 }, { "fiscalYearEnd": "2025-12-27", "operating": 1633359000, "free": 1362913000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-27", "cash": 2278646000, "shortTerm": 459202000, "longTerm": 1396929000, "equityHoldings": null, "totalAssets": 10993669000, "ladder": { "within1y": 459202000, "y1to5": 1349902000, "y5to10": 43067000, "y10plus": 3960000, "noSingleDate": null }, "currentRatio": 3.63, "unrealizedGain": 14168000, "unrealizedLoss": 8693000, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.2254, "growth3y": 0.1424, "volatility": 0.0916, "paysDividend": true, "raisedDividend": true, "equityRatio": 0.8162, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "later", "inside": "Turns 22.5% of revenue into operating cash; revenue growing 14.2% a year over three years; pays and raised its dividend.", "outside": "Among $1B-10B companies: 70th percentile for cash, 80th for growth.", "emoji": "🌱", "label": "Cash cow later", "plain": "growing fast, and already turning revenue into cash" }, "band": "$1B-10B", "cashPctInClass": 70, "growthPctInClass": 80, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-27", "operating": 1633359000, "investing": -645235000, "financing": -844081000, "capitalSpending": 270446000, "free": 1362913000, "trend": [ { "fiscalYearEnd": "2021-12-25", "operating": 1012427000, "free": 704782000 }, { "fiscalYearEnd": "2022-12-31", "operating": 788259000, "free": 543973000 }, { "fiscalYearEnd": "2023-12-30", "operating": 1376265000, "free": 1182741000 }, { "fiscalYearEnd": "2024-12-28", "operating": 1432471000, "free": 1238900000 }, { "fiscalYearEnd": "2025-12-27", "operating": 1633359000, "free": 1362913000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-27", "cash": 2278646000, "shortTerm": 459202000, "longTerm": 1396929000, "equityHoldings": null, "totalAssets": 10993669000, "ladder": { "within1y": 459202000, "y1to5": 1349902000, "y5to10": 43067000, "y10plus": 3960000, "noSingleDate": null }, "currentRatio": 3.63, "unrealizedGain": 14168000, "unrealizedLoss": 8693000, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }