# Garmin (GRMN) Forecast Calculator

Interactive five-year financial forecast and DCF for Garmin. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/garmin/forecast
- Industry: Consumer
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 3757505000 | 580518000 | 1017507000 | 952486000 |
| 2022 | 4186573000 | 949866000 | 1132361000 | 992324000 |
| 2023 | 4982795000 | 704782000 | 1322118000 | 1082200000 |
| 2024 | 4860286000 | 543973000 | 1146588000 | 973585000 |
| 2025 | 5228252000 | 1182741000 | 1224507000 | 1289636000 |

## Frequently asked questions

### What kind of products does Garmin (GRMN) make?

Garmin designs, develops, manufactures, and markets a diverse portfolio of GPS-enabled products, including hand-held, wearable, portable, and fixed-mount devices. Its business segments span fitness, outdoor, marine, aviation, and auto OEM products.

### What are Garmin's main revenue streams and market segments?

Garmin generates revenue across five key segments: Fitness (33%), Outdoor (28%), Marine (16%), Aviation (14%), and Auto OEM (9%), based on FY 2025 revenue. The company holds strong competitive positions in premium aviation and marine electronics, as well as specialized fitness and outdoor wearables.

### What are the key financial assumptions used in the Garmin financial model forecast?

The financial model for Garmin includes a revenue growth assumption of approximately 8.6% and a COGS as a percentage of revenue around 41.6%. Other key assumptions are R&D and SGA as percentages of revenue, both around 16.3%, and Capex as a percentage of revenue at approximately 4.5%.

### What is the primary purpose of the Garmin financial model and its valuation approach?

The Garmin financial model provides a comprehensive 3-statement forecast and discounted cash flow (DCF) valuation. Its main purpose is to help equity research analysts determine the intrinsic value of Garmin Ltd. (GRMN) and assess the impact of segment-level growth and margin shifts.

### Is there a downloadable Excel financial model available for Garmin (GRMN)?

Yes, a downloadable Excel model for Garmin (GRMN) is available, offering a comprehensive 3-statement forecast. This model covers a forecast horizon from FY2026 to FY2030, allowing users to analyze future financial performance.

### How does Garmin's vertically integrated business model affect its operations and balance sheet?

Garmin's vertically integrated business model, which includes handling its own manufacturing, allows for strict quality control and contributes to high gross margins. This structural feature also results in the company holding massive inventory balances to buffer potential supply chain shocks, impacting its working capital profile.