GEY Balance Sheet - Garmin Ltd

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Price: 70.5 EUR

Market Cap: €13.6B

G	Garmin Ltd XMUN:GEY	CH
P	Pakistan Synthetics Ltd KAR:PSYL	PK
	Zimplats Holdings Ltd ASX:ZIM	GG
P	PSP Swiss Property AG DUS:P7S	CH
	Formula One Group OTC:LLYVB	US
A	AES Corp F:AES	US
S	Siemens Energy AG DUS:ENR	DE
	SanBio Co Ltd OTC:SNBOY	JP
D	Diageo PLC DUS:GUI	UK
	ATHA Energy Corp XTSX:SASK	CA
S	Sega Sammy Holdings Inc SWB:RYU	JP
	EMP Metals Corp F:9ST	CA
A	A2A SpA XMUN:EAM	IT
S	Sonova Holding AG SWB:PHBN	CH
	Zespol Elektrocieplowni Wroclawskich Kogeneracja SA F:2ZO	PL

Financial profile · Q2 FY2026

Diversified growth platform with expanding margins and internally funded cash generation

Garmin's multi-year history shows a diversified product portfolio that has expanded revenue while maintaining operating margins in the mid-20% range. It generally converts earnings into operating cash, carries no reported debt, and has funded dividends, repurchases, acquisitions, and rising capital spending from internal liquidity.

What is developing

The latest comparable results reinforce that model while showing a meaningful profitability step-up: second-quarter revenue rose 11% year over year and operating margin reached 30.4%, helped by favorable mix and tariff refunds. Cash generation remained positive, but higher investment spending is becoming more visible in the cash profile.

What matters next

Whether margins and free cash flow remain resilient after the tariff benefit rolls off while Thailand-related capital spending continues.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	846.9m	891.5m	1.2B	1B	1.5B	1.5B	1.3B	1.7B	2.1B	2.3B
Cash Equivalents	846.9m	891.5m	1.2B	1B	1.5B	1.5B	1.3B	1.7B	2.1B	2.3B
Short-Term Investments	267m	161.7m	183m	376.5m	387.6m	348m	173.3m	274.6m	421.3m	459.2m
Total Receivables	527.1m	590.9m	569.8m	706.8m	849.5m	854.4m	667.9m	827m	998.2m	1.3B
Accounts Receivables	527.1m	590.9m	569.8m	706.8m	849.5m	854.4m	667.9m	827m	998.2m	1.3B
Other Receivables	0	0	0	0	0	0	0	0	0	0
Inventory	484.8m	517.6m	561.8m	752.9m	762.1m	1.2B	1.5B	1.3B	1.5B	1.8B
Other Current Assets	137.3m	184.4m	149m	194.1m	211.7m	333.7m	319.7m	323.2m	363.2m	466m
Total Current Assets	2.3B	2.3B	2.7B	3.1B	3.7B	4.3B	4B	4.5B	5.3B	6.2B
PP&E Net	482.9m	595.7m	663.5m	792.5m	950.2m	1.2B	1.3B	1.4B	1.4B	1.6B
PP&E Gross	482.9m	595.7m	663.5m	792.5m	950.2m	1.2B	1.3B	1.4B	1.4B	1.6B
Accumulated Depreciation	(497m)	(566.5m)	(610m)	(677.1m)	(732.3m)	(820.6m)	(904.9m)	(1B)	(1.1B)	(1.3B)
Intangible Assets	80.4m	122.8m	116.1m	192.5m	244.4m	216m	178.5m	186.6m	154.2m	198.4m
Goodwill	224.6m	287m	301m	467.1m	584.2m	575.1m	568m	608.5m	603.9m	760.2m
Long-Term Investments	1.2B	1.3B	1.3B	1.2B	1.1B	1.3B	1.2B	1.1B	1.2B	1.4B
Other Long-Term Assets	261m	336.6m	306.8m	451.3m	452.1m	375.9m	536.2m	851.3m	936.4m	818.4m
Other Assets	224.6m	287m	301m	467.1m	584.2m	575.1m	568m	608.5m	603.9m	760.2m
Total Assets	4.5B	4.9B	5.4B	6.2B	7B	7.9B	7.7B	8.6B	9.6B	11B
Accounts Payable	172.4m	169.6m	205m	240.8m	258.9m	370m	212.4m	253.8m	359.4m	347.5m
Accrued Liabilities	351.4m	389.7m	367.8m	426.4m	516.2m	604.3m	522.2m	590.2m	598.6m	712m
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	258.9m	232.8m	348.5m	368.7m	389.1m	473.8m	477m	466.7m	549.9m	660.5m
Deferred Revenue	146.6m	103.1m	96.4m	94.6m	86.9m	87.7m	91.1m	101.2m	111m	105.6m
Total Current Liabilities	782.7m	792.1m	921.3m	1B	1.2B	1.4B	1.2B	1.3B	1.5B	1.7B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Income Tax	61.2m	76.6m	92.9m	114.8m	116.8m	117.6m	130m	114.7m	103.3m	109.7m
Other Liabilities	263.2m	227.1m	205.6m	222.6m	234.2m	174.5m	185.2m	166.1m	171m	191.3m
Total Liabilities	1.1B	1.1B	1.2B	1.4B	1.5B	1.7B	1.5B	1.6B	1.8B	2B
Common Stock	18m	18m	18m	18m	18m	18m	18m	19.6m	19.5m	19.5m
Retained Earnings	2.1B	2.4B	2.7B	3.2B	3.8B	4.3B	4.7B	5.3B	6B	7B
Additional Paid In Capital	1.8B	1.8B	1.8B	1.8B	1.9B	2B	2B	2.1B	2.2B	2.4B
Unrealized Security Profit/Loss	(27.4m)	(22.9m)	(38.9m)	600k	20.5m	(5.6m)	(88.6m)	(54.1m)	(30.4m)	1.5m
Treasury Stock	(456m)	(468.8m)	(397.7m)	(345m)	(320m)	(303.1m)	(475.1m)	(330.9m)	(270.5m)	(406.4m)
Other Equity	(9.4m)	79.3m	47.3m	55.3m	163m	123.4m	(26m)	(11.5m)	(116.9m)	19.1m
Total Equity	3.4B	3.9B	4.2B	4.8B	5.5B	6.1B	6.2B	7B	7.8B	9B
Total Liabilities & Equity	4.5B	4.9B	5.4B	6.2B	7B	7.9B	7.7B	8.6B	9.6B	11B
Common Shares Outstanding	188.6m	188.2m	189.5m	190.7m	191.6m	192.6m	191.6m	191.8m	192.5m	192.6m