Garmin Ltd.

GRMNNYSETechnology● Active

$236.57

$-5.39(-2.23%)

Market Cap$45.6B

P/E Ratio—

52W High$273.32

52W Low$186.67

Avg Volume785K

Open$239.46

Beta0.92

Free Cash Flow Financials Revenue

Garmin Ltd. (GRMN) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

GRMN · free cash flow · updated Jun 8, 2026

Core FCF metrics

GRMN · FCF · TTM · margin & CAGR

Free cash flow was $1.36B for FY2025 (fiscal year ending 2025-12-27), up 10.0% year-over-year The FCF margin was 18.8%. Five-year CAGR stands at +7.5%.

FY2025 Free Cash Flow$1.36B▲ +10.0% YoY

Trailing 12M (TTM)$1.45Btrailing 4 quarters sum

FCF Margin18.8%$1.36B ÷ revenue

3-Year CAGR+36.0%FY2022 → FY2025

5-Year CAGR+7.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

GRMN · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$1.63B(270M)$1.36B▲ +10.0%18.8%

FY2024$1.43B(194M)$1.24B▲ +4.9%19.7%

FY2023$1.38B(195M)$1.18B▲ +117.9%22.6%

FY2022$788.3M(246M)$542.1M▼ 22.9%11.2%

FY2021$1.01B(310M)$702.8M▼ 25.8%14.1%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

GRMN · P/FCF · FCF yield · FCF per share

Garmin Ltd. (GRMN) trades at a FCF yield of 3.18% and a price-to-free-cash-flow ratio of 31.4x. FCF per share stands at $7.54, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

3.18%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$7.54

TTM FCF ÷ Shares Outstanding

Price / FCF

x31.4

Share Price ÷ FCF per Share

EV / FCF (TTM)

x30.0

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-27

Cash flow statement summary

GRMN · cash flow statement · operating / investing / financing

For FY2025, Garmin Ltd. generated $1.63B in operating cash flow and spent 270M in capital expenditures, yielding $1.36B in free cash flow.

Operating Activities

+$1.63B

Cash from core business operations

2025-12-27

Investing Activities

−$645.2M

CapEx, acquisitions & investments

2025-12-27

Financing Activities

−$844.1M

Buybacks, dividends & debt

2025-12-27

FCF FormulaOperating CF ($1.63B) − |CapEx| (270M) = FCF ($1.36B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

GRMN vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Garmin Ltd.YOU

GRMN

$1.36B+10.0%18.8%

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Garmin Ltd. (GRMN) reported free cash flow of $1.36B for FY2025 (fiscal year ending 2025-12-27), up 10.0% year-over-year. The FCF margin was 18.8%.

Based on available data, Garmin Ltd. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $1.36B in FY2025. The 5-year CAGR stands at +7.5%.

Garmin Ltd.'s FCF yield is 3.18% and price-to-FCF ratio is 31.4x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

GRMN free cash flow · 8 questions

Garmin Ltd. free cash flow was $1.36B for FY2025, up 10.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.45B.

GRMN free cash flowGRMN FCFGRMN FCF 2025GRMN free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Garmin Ltd. · Garmin Ltd. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026