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Garmin GRMN Return on invested capital

Return on invested capital at other companies

Raytheon Technologies logo
Raytheon TechnologiesRTX
8.1%+2.9pp
Apple logo
AppleAAPL
89.1%+17.8pp
Honeywell International logo
Honeywell InternationalHON
13.3%-2.3pp
Teledyne Technologies logo
Teledyne TechnologiesTDY
7.8%+0.4pp
Nike logo
NikeNKE
11.6%-15.2pp
Alphabet Inc. logo
Alphabet Inc.GOOGL

Other financials

Income statement

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Revenue$1.8B+14.2%
Gross profit$1.0B+17.8%
Operating income$431.7M+29.7%
Net income$405.1M+21.7%
EPS (diluted)$2.09+21.5%

Balance sheet

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Cash & equivalents$2.3B+5.3%
Total debt$167.6M+19.5%
Total equity$9.3B+13.3%
Total assets$11.0B+11.9%

Cash flow

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Operating cash flow$536.0M+27.4%
CapEx$66.6M+66.3%
Free cash flow$469.4M+23.3%

Valuation

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Market cap$45.17B+6.9%
Enterprise value$43.04B+7.0%
P/E26×-2.8×
P/S6.1×-0.5×

Profitability

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Gross margin59.1%+0.6pp
Operating margin26.5%+1.2pp
Net margin23.3%+0.5pp
FCF margin19.4%+0.6pp

Returns & leverage

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Return on equity19.9%+0.9pp
Debt / equity0.0×
Current ratio4.4×+0.3×

Where this comes from

Calculated from Garmin’s reported figures.

Based on trailing twelve months.

The official record: Garmin’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Garmin's return on invested capital?
Garmin (GRMN) reported return on invested capital of 24.6% in Q1 2026.
How has Garmin's return on invested capital changed year-over-year?
Garmin's return on invested capital increased by 4.6% year-over-year, from 23.5% to 24.6%.
What is the long-term trend for Garmin's return on invested capital?
Over 5 years (2020 to 2025), Garmin's return on invested capital has grown at a 0.4% compound annual growth rate (CAGR), from 23.7% to 24.2%.
What does return on invested capital mean?
The after-tax return the business earns on all the capital — debt and equity — invested in it.
How do you interpret return on invested capital?
The cleanest measure of business quality: ROIC sustained above the cost of capital creates value, below it destroys value. Compare against WACC, not against zero.
How does return on invested capital compare across companies?
Highly comparable across companies as a quality screen. Sector-sensitive definitions of invested capital mean banks/insurers are best excluded.