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 56,490 - -
Change - -32.72% 39.95% 63.3% -1.68% 42.92% - -
Enterprise Value (EV) 1 24,298 16,138 22,650 37,702 36,789 53,644 53,237 52,409
Change - -33.58% 40.35% 66.45% -2.42% 45.82% -0.76% -1.56%
P/E 24.2x 18.2x 19.2x 28.7x 23.9x 29x 26.3x 23.4x
PBR 4.28x 2.83x 3.51x 5.16x 4.41x 5.88x 5.21x 4.62x
PEG - -1.8x 0.6x 3.26x 1.4x 1.6x 2.5x 1.9x
Capitalization / Revenue 5.25x 3.62x 4.71x 6.38x 5.46x 6.98x 6.25x 5.64x
EV / Revenue 4.88x 3.32x 4.33x 5.99x 5.08x 6.63x 5.89x 5.24x
EV / EBITDA 17.7x 13.5x 17.8x 21.3x 17.8x 21.8x 19.4x 16.8x
EV / EBIT 19.9x 15.7x 20.7x 23.7x 19.6x 24.2x 21.5x 18.8x
EV / FCF 34.5x 29.7x 19.2x 30.4x 27x 36x 31.7x 23.3x
FCF Yield 2.9% 3.37% 5.22% 3.29% 3.7% 2.78% 3.16% 4.29%
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% 1.41% 1.53% 1.67%
EPS 2 5.61 5.04 6.71 7.3 8.59 10.11 11.16 12.5
Distribution rate 47.8% 57.9% 43.5% 41.1% 41.9% 41% 40.1% 39.1%
Net sales 1 4,983 4,860 5,228 6,297 7,246 8,097 9,043 10,008
EBITDA 1 1,373 1,192 1,270 1,774 2,065 2,455 2,746 3,126
EBIT 1 1,219 1,028 1,092 1,594 1,876 2,216 2,475 2,793
Net income 1 1,082 973.6 1,290 1,411 1,664 1,968 2,195 2,517
Net Debt 1 -1,846 -1,452 -1,968 -2,501 -2,738 -2,846 -3,253 -4,082
Reference price 2 135.94 91.78 128.67 209.36 205.51 292.92 292.92 292.92
Nbr of stocks (in thousands) 192,322 191,664 191,331 192,025 192,335 192,853 - -
Announcement Date 2/16/22 A 2/22/23 A 2/21/24 A 2/19/25 A 2/18/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
28.97x6.63x21.85x1.41% 56.49B
26.86x6.02x15.58x1.55% 435B
46.46x16.41x32.9x-.--% 224B
15.39x0.62x11.17x2.94% 139B
19.23x5.98x14.43x0.64% 104B
35.14x6.81x19.73x0.99% 80.37B
37.86x11.33x25.3x-.--% 74.11B
44.14x1.97x12.47x1.95% 49.17B
17.26x2.75x11.5x4.12% 48.06B
57.92x7.5x33.16x-.--% 47.64B
Average 32.92x 6.60x 19.81x 1.36% 125.74B
Weighted average by Cap. 31.20x 7.43x 19.58x 1.27%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Garmin Ltd.

Historical PBR trend

Valuation ratios - PBR - Garmin Ltd.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Garmin Ltd.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Garmin Ltd.


Year-on-year evolution of the Yield

Valuation ratios - Yield - Garmin Ltd.
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