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Garmin Ltd. Balance Sheet 2025-2006 | GRMN
Brief overview of Garmin Ltd.'s assets and capital
This overview follows the five latest available annual observations between 2015 and 2019.
The asset base progressed from $4.5 billion to $6.2 billion, equal to +37.1% overall and about 8.2% per year.
Assets outpaced liabilities, +37.1% versus +19%. Dependence on external funding declined.
Internal capital represents 77.7% of the balance sheet, previously 74.3%. This is a strong capital position.
Negative net debt of -$929.1 million means cash holdings are larger than debt obligations.
The cash reserve occupies 16.7% of the balance sheet, previously 18.5%. It is one marker of short-term resilience.
By the end of the period, accumulated earnings were $3.2 billion; the change from the start was +67.3%.
Overall picture
Garmin Ltd. has a solid balance sheet cushion. Capital and liquidity support development without excessive reliance on debt.
Annual Balance Sheet Garmin Ltd.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-2.11 B | -1.94 B | -1.58 B | -1.16 B | -1.43 B | -1.38 B | -929 M | -1.2 B | -891 M | -847 M | -833 M | -1.2 B | -1.18 B | -1.23 B | -1.29 B | - | - | - | - | - |
Long Term Debt |
165 M | 135 M | 113 M | 115 M | 70 M | 76 M | 49.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 337 M | 299 M | 304 M | 324 M | 288 M | 257 M | 315 M | 378 M | 356 M | - | - | - | - | - |
Total Current Liabilities |
1.72 B | 1.51 B | 1.31 B | 1.21 B | 1.45 B | 1.16 B | 1.04 B | 921 M | 829 M | 783 M | 866 M | 1.03 B | 905 M | 909 M | 858 M | 669 M | 686 M | 479 M | - | - |
Total Liabilities |
- | - | - | - | - | - | 1.37 B | 1.22 B | 1.1 B | 1.11 B | 1.15 B | 1.29 B | 1.22 B | 1.29 B | 1.21 B | - | - | - | - | - |
Deferred Revenue |
106 M | 111 M | 101 M | 91.1 M | 87.7 M | 245 M | 94.6 M | 96.4 M | 140 M | 147 M | 165 M | 204 M | 257 M | 252 M | 189 M | 89.7 M | 27.9 M | 680 K | - | - |
Retained Earnings |
6.97 B | 6 B | 5.26 B | 4.73 B | 4.32 B | 3.75 B | 3.23 B | 2.71 B | 2.42 B | 2.06 B | 1.93 B | 1.86 B | 1.87 B | 1.6 B | 1.41 B | 1.26 B | 2.82 B | 2.26 B | - | - |
Total Assets |
11 B | 9.63 B | 8.6 B | 7.73 B | 7.85 B | 7.03 B | 6.17 B | 5.38 B | 4.95 B | 4.53 B | 4.5 B | 4.69 B | 4.88 B | 4.82 B | 4.47 B | 3.99 B | 3.83 B | 2.93 B | - | - |
Cash and Cash Equivalents |
2.28 B | 2.08 B | 1.69 B | 1.28 B | 1.5 B | 1.46 B | 1.03 B | 1.2 B | 891 M | 847 M | 833 M | 1.2 B | 1.18 B | 1.23 B | 1.29 B | 1.26 B | 1.09 B | 696 M | 708 M | 337 M |
Book Value |
11 B | 9.63 B | 8.6 B | 7.73 B | 7.85 B | 7.03 B | 4.79 B | 4.16 B | 3.85 B | 3.42 B | 3.35 B | 3.4 B | 3.66 B | 3.53 B | 3.26 B | 3.99 B | 3.83 B | 2.93 B | - | - |
Total Shareholders Equity |
8.97 B | 7.85 B | 7.01 B | 6.2 B | 6.11 B | 5.52 B | 4.79 B | 4.16 B | 3.85 B | 3.45 B | 3.35 B | 3.4 B | 3.66 B | 3.53 B | 3.26 B | 3.05 B | 2.84 B | 2.23 B | 2.35 B | 1.56 B |
All numbers in USD currency
Quarterly Balance Sheet Garmin Ltd.
| 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | 2010-Q1 | 2009-Q3 | 2009-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
168 M | 165 M | 156 M | 149 M | 140 M | 135 M | 110 M | 102 M | 106 M | 113 M | 111 M | 111 M | 111 M | 115 M | 100 M | - | 82.1 M | 70 M | 71.5 M | 74.3 M | 74.7 M | 76 M | 76 M | 76 M | 76 M | 49.2 M | 49.2 M | 49.2 M | 49.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
101 M | 106 M | 105 M | 108 M | 106 M | 111 M | 113 M | 106 M | 101 M | 101 M | 98.3 M | 95.6 M | 90.6 M | 91.1 M | 88.6 M | - | 86.4 M | 87.7 M | 87.8 M | 85.9 M | 83.9 M | 86.9 M | 86.9 M | 86.9 M | 86.9 M | 94.6 M | 94.6 M | 94.6 M | 94.6 M | 96.4 M | 97.6 M | 98.5 M | 98.7 M | 103 M | 139 M | 103 M | 103 M | 147 M | 147 M | 147 M | 147 M | 165 M | 165 M | 165 M | 165 M | 204 M | 204 M | 204 M | 204 M | 257 M | 257 M | 257 M | 257 M | 252 M | 252 M | 252 M | 252 M | 189 M | 189 M | 189 M | 189 M | 61.7 M | 46.6 M | 35.8 M | 48.6 M | - |
Retained Earnings |
7.37 B | 6.97 B | 6.44 B | 6.04 B | 6.33 B | 6 B | 5.56 B | 5.16 B | 5.44 B | 5.26 B | 4.72 B | 4.46 B | 4.94 B | 4.73 B | 4.44 B | - | 4.53 B | 4.32 B | 4.03 B | 3.78 B | 3.97 B | 3.75 B | 3.75 B | 3.75 B | 3.75 B | 3.23 B | 3.23 B | 3.23 B | 3.23 B | 2.71 B | 2.71 B | 2.71 B | 2.71 B | 2.42 B | 2.42 B | 2.42 B | 2.42 B | 2.06 B | 2.06 B | 2.06 B | 2.06 B | 1.93 B | 1.93 B | 1.93 B | 1.93 B | 1.86 B | 1.86 B | 1.86 B | 1.86 B | 1.87 B | 1.87 B | 1.87 B | 1.87 B | 1.6 B | 1.6 B | 1.6 B | 1.6 B | 1.41 B | 1.41 B | 1.41 B | 1.41 B | 1.14 B | 2.65 B | 2.55 B | 2.54 B | 2.47 B |
Total Assets |
11 B | 11 B | 10.5 B | 10.3 B | 9.79 B | 9.63 B | 9.35 B | 8.88 B | 8.63 B | 8.6 B | 7.97 B | 7.87 B | 7.73 B | 7.73 B | 7.63 B | - | 7.7 B | 7.85 B | 7.57 B | 7.4 B | 7 B | 7.03 B | 7.03 B | 7.03 B | 7.03 B | 6.17 B | 6.17 B | 6.17 B | 6.17 B | 5.38 B | 5.38 B | 5.38 B | 5.38 B | 4.95 B | 4.95 B | 4.95 B | 4.95 B | 4.53 B | 4.53 B | 4.53 B | 4.53 B | 4.5 B | 4.5 B | 4.5 B | 4.5 B | 4.69 B | 4.69 B | 4.69 B | 4.69 B | 4.88 B | 4.88 B | 4.88 B | 4.88 B | 4.82 B | 4.82 B | 4.82 B | 4.82 B | 4.47 B | 4.47 B | 4.47 B | 4.47 B | 3.66 B | 3.43 B | 3.55 B | 3.52 B | 3.14 B |
Cash and Cash Equivalents |
2.29 B | 2.28 B | 2.07 B | 2.07 B | 2.18 B | 2.08 B | 2.01 B | 1.94 B | 1.92 B | 1.69 B | 1.42 B | 1.43 B | 1.36 B | 1.28 B | 1.08 B | 1.09 B | 1.42 B | 1.5 B | 1.64 B | 1.64 B | 1.6 B | 1.46 B | 1.46 B | 1.46 B | 1.46 B | 1.03 B | 1.03 B | 1.03 B | 1.03 B | 1.2 B | 1.2 B | 1.2 B | 1.2 B | 891 M | 891 M | 891 M | 891 M | 847 M | 847 M | 847 M | 847 M | 833 M | 833 M | 833 M | 833 M | 1.2 B | 1.2 B | 1.2 B | 1.2 B | 1.18 B | 1.18 B | 1.18 B | 1.18 B | 1.23 B | 1.23 B | 1.23 B | 1.23 B | 1.29 B | 1.29 B | 1.29 B | 1.29 B | 1.24 B | 1.17 B | 1.29 B | 1.01 B | 959 M |
Book Value |
11 B | 11 B | 10.5 B | 10.3 B | 9.79 B | 9.63 B | 9.35 B | 8.88 B | 8.63 B | 8.6 B | 7.97 B | 7.87 B | 7.73 B | 7.73 B | 7.63 B | - | 7.7 B | 7.85 B | 7.57 B | 7.4 B | 7 B | 7.03 B | 7.03 B | 7.03 B | 7.03 B | 6.17 B | 6.17 B | 6.17 B | 6.17 B | 5.38 B | 5.38 B | 5.38 B | 5.38 B | 4.95 B | 4.95 B | 4.95 B | 4.95 B | 4.53 B | 4.53 B | 4.53 B | 4.53 B | 4.5 B | 4.5 B | 4.5 B | 4.5 B | 4.69 B | 4.69 B | 4.69 B | 4.69 B | 4.88 B | 4.88 B | 4.88 B | 4.88 B | 4.82 B | 4.82 B | 4.82 B | 4.82 B | 4.47 B | 4.47 B | 4.47 B | 4.47 B | 3.66 B | 3.43 B | 3.55 B | 3.52 B | 3.14 B |
Total Shareholders Equity |
9.27 B | 8.97 B | 8.48 B | 8.13 B | 8.18 B | 7.85 B | 7.51 B | 7 B | 7.25 B | 7.01 B | 6.35 B | 6.12 B | 6.41 B | 6.2 B | 5.88 B | 5.87 B | 6.25 B | 6.11 B | 5.85 B | 5.58 B | 5.72 B | 5.52 B | 5.52 B | 5.52 B | 5.52 B | 4.79 B | 4.79 B | 4.79 B | 4.79 B | 4.16 B | 4.16 B | 4.16 B | 4.16 B | 3.85 B | 3.85 B | 3.85 B | 3.85 B | 3.45 B | 3.42 B | 3.42 B | 3.42 B | 3.37 B | 3.35 B | 3.35 B | 3.35 B | 3.4 B | 3.4 B | 3.4 B | 3.4 B | 3.66 B | 3.66 B | 3.66 B | 3.66 B | 3.53 B | 3.53 B | 3.53 B | 3.53 B | 3.26 B | 3.26 B | 3.26 B | 3.26 B | 2.85 B | 2.65 B | 2.55 B | 2.56 B | 2.46 B |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Garmin Ltd., providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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