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 53,943 - -
Change - -32.72% 39.95% 63.3% -1.68% 36.47% - -
Enterprise Value (EV) 1 24,298 16,138 22,650 37,702 36,789 51,931 51,347 50,608
Change - -33.58% 40.35% 66.45% -2.42% 41.16% -1.13% -1.44%
P/E 24.2x 18.2x 19.2x 28.7x 23.9x 27.7x 25.4x 22.4x
PBR 4.28x 2.83x 3.51x 5.16x 4.41x 5.43x 4.8x 4.25x
PEG - -1.8x 0.6x 3.26x 1.4x 1.6x 2.76x 1.7x
Capitalization / Revenue 5.25x 3.62x 4.71x 6.38x 5.46x 6.66x 5.97x 5.35x
EV / Revenue 4.88x 3.32x 4.33x 5.99x 5.08x 6.41x 5.68x 5.02x
EV / EBITDA 17.7x 13.5x 17.8x 21.3x 17.8x 20.8x 18.6x 16.1x
EV / EBIT 19.9x 15.7x 20.7x 23.7x 19.6x 22.8x 20.5x 17.7x
EV / FCF 34.5x 29.7x 19.2x 30.4x 27x 34.8x 30.6x 22.5x
FCF Yield 2.9% 3.37% 5.22% 3.29% 3.7% 2.87% 3.27% 4.45%
Dividend per Share 2 2.68 2.92 2.92 3 3.6 4.125 4.433 4.88
Rate of return 1.97% 3.18% 2.27% 1.43% 1.75% 1.47% 1.58% 1.74%
EPS 2 5.61 5.04 6.71 7.3 8.59 10.11 11.04 12.5
Distribution rate 47.8% 57.9% 43.5% 41.1% 41.9% 40.8% 40.1% 39.1%
Net sales 1 4,983 4,860 5,228 6,297 7,246 8,103 9,039 10,088
EBITDA 1 1,373 1,192 1,270 1,774 2,065 2,492 2,759 3,149
EBIT 1 1,219 1,028 1,092 1,594 1,876 2,279 2,506 2,851
Net income 1 1,082 973.6 1,290 1,411 1,664 1,996 2,189 2,570
Net Debt 1 -1,846 -1,452 -1,968 -2,501 -2,738 -2,012 -2,597 -3,335
Reference price 2 135.94 91.78 128.67 209.36 205.51 279.94 279.94 279.94
Nbr of stocks (in thousands) 192,322 191,664 191,331 192,025 192,335 192,695 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.95x6.17x21.74x1.52% 52.51B
26.87x6.02x15.59x1.54% 435B
48.94x17.35x34.79x-.--% 235B
16.02x0.64x11.64x2.83% 145B
20.59x6.43x15.51x0.6% 112B
34.98x6.78x19.65x1% 80B
42.3x12.69x28.34x-.--% 82.79B
45.19x2.09x13.21x1.84% 51.8B
62.62x8.09x35.83x-.--% 51.51B
16.85x2.68x11.18x4.22% 46.94B
Average 34.13x 6.90x 20.75x 1.35% 129.25B
Weighted average by Cap. 32.42x 7.80x 20.51x 1.24%

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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