Garmin Ltd. (GRMN) intrinsic value & 10-year financials
Garmin Ltd. (GRMN) has a Graham intrinsic value of $285.32 per share. At $284.79 on Oct 17, 2026, the stock trades 0% below that value. Over the last 10 fiscal years revenue grew 10.1% a year to $7.2B, with an average return on invested capital of 21.9%.
- Graham intrinsic value
- $285.32
- Share price (Oct 17, 2026)
- $284.79
- Price vs Graham value
- 0% below
- Market cap
- $55.1B
- Revenue (FY2025)
- $7.2B
- Revenue growth (10-yr CAGR)
- 10.1%
- ROIC (10-yr avg)
- 21.9%
- Free cash flow (FY2025)
- $1.4B
GRMN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $7.2B | $1.7B | $8.59 | $1.4B | 25.9% | 24.3% |
| FY2024 | $6.3B | $1.4B | $7.30 | $1.2B | 25.3% | 23.4% |
| FY2023 | $5.2B | $1.3B | $0.01 | $1.2B | 20.9% | 20.9% |
| FY2022 | $4.9B | $973.6M | $0.01 | $544.0M | 21.1% | 19.3% |
| FY2021 | $5.0B | $1.1B | $0.01 | $704.8M | 24.5% | 24.8% |
| FY2020 | $4.2B | $992.3M | $0.01 | $949.9M | 25.2% | 23.9% |
| FY2019 | $3.8B | $952.5M | $0.00 | $580.5M | 25.2% | 26.9% |
| FY2018 | $3.3B | $694.1M | $0.00 | $763.8M | 23.3% | 22.2% |
| FY2017 | $3.1B | $695.0M | $0.00 | $521.1M | 21.4% | 18.5% |
| FY2016 | $3.0B | $510.8M | $0.00 | $614.7M | 20.5% | 14.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Garmin is a consistent compounder, expanding top-line revenue at 10.1% annually over the past decade.
Garmin has earned high returns on invested capital, averaging 23.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Garmin shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Garmin is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $285.32 per share.