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G
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Garmin Ltd
XMUN:GEY
|
CH |
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Haypp Group AB (publ)
OTC:HYGRF
|
SE |
|
B
|
Brand Concepts Ltd
NSE:BCONCEPTS
|
IN |
|
Calbee Inc
OTC:CBCFF
|
JP |
|
A
|
Aminologics Co Ltd
KOSDAQ:074430
|
KR |
|
T
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Tulikivi Oyj
SWB:TUZA
|
FI |
|
B
|
Barry Callebaut AG
XMUN:BCLN
|
CH |
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.
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.
Whether margins and free cash flow remain resilient after the tariff benefit rolls off while Thailand-related capital spending continues.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 3B | 3.1B | 3.3B | 3.8B | 4.2B | 5B | 4.9B | 5.2B | 6.3B | 7.2B | |
| (1.4B) | (1.3B) | (1.4B) | (1.5B) | (1.7B) | (2.1B) | (2.1B) | (2.2B) | (2.6B) | (3B) | |
| 1.7B | 1.8B | 2B | 2.2B | 2.5B | 2.9B | 2.8B | 3B | 3.7B | 4.3B | |
| (1.1B) | (1.1B) | (1.2B) | (1.3B) | (1.4B) | (1.7B) | (1.8B) | (1.9B) | (2.1B) | (2.4B) | |
| (587.7m) | (602.7m) | (633.6m) | (683m) | (721.4m) | (831.8m) | (944m) | (1B) | (1.1B) | (1.3B) | |
| (468m) | (511.6m) | (567.8m) | (605.4m) | (705.7m) | (840m) | (834.9m) | (904.7m) | (993.6m) | (1.1B) | |
| 632.9m | 683.6m | 778.3m | 945.6m | 1.1B | 1.2B | 1B | 1.1B | 1.6B | 1.9B | |
| 1.8m | 14.3m | 39.5m | 36m | 39.8m | (16.7m) | 29.6m | 103.7m | 92.9m | 136.7m | |
| 4m | (900k) | 5.4m | 5.6m | 9.3m | 4.9m | 7.6m | 4.5m | 8.5m | 1.7m | |
| 638.6m | 697.1m | 823.2m | 987.2m | 1.1B | 1.2B | 1.1B | 1.2B | 1.7B | 2B | |
| (120.9m) | 11.9m | (129.2m) | (34.7m) | (111.1m) | (124.6m) | (91.4m) | 89.3m | (284m) | (350.6m) | |
| 517.7m | 709m | 694.1m | 952.5m | 992.3m | 1.1B | 973.6m | 1.3B | 1.4B | 1.7B | |
| 517.7m | 709m | 694.1m | 952.5m | 992.3m | 1.1B | 973.6m | 1.3B | 1.4B | 1.7B | |
| 2.73 | 3.76 | 3.66 | 4.99 | 5.17 | 5.61 | 5.04 | 6.71 | 7.30 | 8.59 |
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