Question 1

What is Garmin's EV/EBITDA ratio?

Accepted Answer

Garmin (GRMN) EV/EBITDA ratio is 19.2× as of July 22, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Garmin?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Garmin specifically, the relevant sector benchmark is the current sector median of 20.3×.

Question 5

Is Garmin's EV/EBITDA ratio high or low?

Accepted Answer

Garmin's EV/EBITDA ratio of 19.2× is above its own 5-year average of 17.1× and below the sector median of 20.3×. That places the current reading at the 63th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Garmin's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Garmin (GRMN) EV/EBITDA ratio has ranged from a low of 3.3× in 2008 to a high of 38.6× in 2005. The 5-year average is 17.1× and the 5-year median is 17.8×.

Question 7

What was Garmin's EV/EBITDA ratio in 2025?

Accepted Answer

Garmin (GRMN) EV/EBITDA ratio at the end of 2025 was 16.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Garmin's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$39.5B	$2.2B	16.8×	-3.1×	Dec 27, 2025
2024	$39.6B	$1.88B	19.9×	+3.4×	Dec 31, 2024
2023	$24.6B	$1.38B	16.5×	+3.2×	Dec 31, 2023
2022	$17.7B	$1.23B	13.3×	-4.6×	Dec 31, 2022
2021	$26.2B	$1.37B	17.9×	-0.0×	Dec 31, 2021
2020	$22.9B	$1.18B	17.9×	+1.5×	Dec 31, 2020
2019	$18.6B	$1.05B	16.4×	+4.3×	Dec 31, 2019
2018	$12B	$875M	12.1×	-1.1×	Dec 31, 2018
2017	$11.2B	$766M	13.2×	+1.9×	Dec 31, 2017
2016	$9.13B	$710M	11.3×	+1.7×	Dec 31, 2016
2015	$7.04B	$628M	9.5×	-1.9×	Dec 31, 2015
2014	$10.1B	$768M	11.4×	-1.6×	Dec 31, 2014
2013	$9.02B	$592M	13.0×	+3.1×	Dec 31, 2013
2012	$7.95B	$662M	9.9×	-0.3×	Dec 31, 2012
2011	$7.74B	$618M	10.2×	+2.6×	Dec 31, 2011
2010	$6.03B	$622M	7.6×	+1.6×	Dec 31, 2010
2009	$6.15B	$839M	6.0×	+2.7×	Dec 31, 2009
2008	$3.82B	$939M	3.3×	-18.5×	Dec 31, 2008
2007	$21B	$930M	21.8×	+1.4×	Dec 31, 2007
2006	$11.9B	$564M	20.5×	+1.4×	Dec 31, 2006
2005	$7.17B	$357M	19.1×	-3.5×	Dec 31, 2005
2004	$6.61B	$280M	22.5×	-1.2×	Dec 31, 2004
2003	$5.94B	$237M	23.7×	+8.9×	Dec 31, 2003
2002	$3.17B	$194M	14.8×	—	Dec 31, 2002


Super Micro Computer (SMCI)	10.8×
Adobe (ADBE)	10.6×
Dell Technologies (DELL)	10.6×
NetApp (NTAP)	10.5×
PTC (PTC)	10.2×
Qorvo (QRVO)	10.2×
GoDaddy (GDDY)	10.1×
Gartner (IT)	10.1×
QUALCOMM (QCOM)	9.9×
Ondas Holdings (ONDS)	9.9×
EPAM Systems (EPAM)	9.6×
Accenture (ACN)	9.4×
Science Applications International (SAIC)	9.2×
Skyworks Solutions (SWKS)	9.2×
Amkor Technology (AMKR)	8.7×
Gen Digital (GEN)	8.3×
First Solar (FSLR)	8.3×
Corpay (CPAY)	8.3×
Paycom Software (PAYC)	8.1×
Zoom Communications (ZM)	7.5×
Fiserv (FISV)	7.4×
Cognizant (CTSH)	7.1×
HP (HPQ)	6.4×
Fidelity National Information Services (FIS)	4.8×
IBM (IBM)	3.8×

EV/EBITDA for Garmin (GRMN) 2002-2026

EV/EBITDA daily chart for Garmin (GRMN)

Historical EV/EBITDA for Garmin (GRMN) from 2002 to 2025

About EV/EBITDA at Garmin (GRMN)

Garmin EV/EBITDA by Year

Garmin EV/EBITDA 2025: 16.8×

Garmin EV/EBITDA 2024: 19.9×

Garmin EV/EBITDA 2023: 16.5×

Garmin EV/EBITDA 2022: 13.3×

Garmin EV/EBITDA 2021: 17.9×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Garmin (GRMN) Key Financials