Question 1

What is Garmin's P/FCF ratio?

Accepted Answer

Garmin (GRMN) P/FCF ratio is 32.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Garmin?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Garmin specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is Garmin's P/FCF ratio high or low?

Accepted Answer

Garmin's P/FCF ratio of 32.1× is above its own 5-year average of 32.0× and above the sector median of 21.8×. That places the current reading at the 57th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Garmin (GRMN) P/FCF ratio has ranged from a low of 4.4× in 2009 to a high of 81.8× in 2005. The 5-year average is 32.0× and the 5-year median is 31.2×.

Question 7

What was Garmin's P/FCF ratio in 2025?

Accepted Answer

Garmin (GRMN) P/FCF ratio at the end of 2025 was 29.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Garmin's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$1.36B	29.0×	-3.0×	Dec 27, 2025
2024	$39.6B	$1.24B	32.0×	+11.2×	Dec 31, 2024
2023	$24.6B	$1.18B	20.8×	-11.8×	Dec 31, 2023
2022	$17.7B	$542M	32.6×	-4.6×	Dec 31, 2022
2021	$26.2B	$703M	37.3×	+13.1×	Dec 31, 2021
2020	$22.9B	$948M	24.1×	-7.9×	Dec 31, 2020
2019	$18.6B	$578M	32.1×	+16.3×	Dec 31, 2019
2018	$12B	$759M	15.8×	-6.2×	Dec 31, 2018
2017	$11.2B	$509M	22.0×	+7.0×	Dec 31, 2017
2016	$9.13B	$609M	15.0×	-20.9×	Dec 31, 2016
2015	$7.04B	$196M	35.9×	+13.2×	Dec 31, 2015
2014	$10.1B	$445M	22.7×	+7.0×	Dec 31, 2014
2013	$9.02B	$573M	15.7×	+3.3×	Dec 31, 2013
2012	$7.95B	$640M	12.4×	+2.5×	Dec 31, 2012
2011	$7.74B	$781M	9.9×	+1.7×	Dec 31, 2011
2010	$6.03B	$735M	8.2×	+2.3×	Dec 31, 2010
2009	$6.15B	$1.04B	5.9×	+0.7×	Dec 31, 2009
2008	$3.82B	$736M	5.2×	-35.1×	Dec 31, 2008
2007	$21B	$522M	40.2×	-4.7×	Dec 31, 2007
2006	$11.9B	$266M	44.9×	+12.3×	Dec 31, 2006
2005	$7.17B	$220M	32.6×	-17.9×	Dec 31, 2005
2004	$6.61B	$131M	50.5×	+8.8×	Dec 31, 2004
2003	$5.94B	$142M	41.7×	+22.3×	Dec 31, 2003
2002	$3.17B	$163M	19.5×	—	Dec 31, 2002


Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for Garmin (GRMN) 2002-2026

P/FCF Ratio daily chart for Garmin (GRMN)

Historical P/FCF Ratio for Garmin (GRMN) from 2002 to 2025

About P/FCF Ratio at Garmin (GRMN)

Garmin P/FCF Ratio by Year

Garmin P/FCF Ratio 2025: 29.0×

Garmin P/FCF Ratio 2024: 32.0×

Garmin P/FCF Ratio 2023: 20.8×

Garmin P/FCF Ratio 2022: 32.6×

Garmin P/FCF Ratio 2021: 37.3×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Garmin (GRMN) Key Financials