GRMNGARMIN LTD

Search, Detection, Navigation, Guidance, Aeronautical Sys

Revenue: $7.2B; 15% YoY
Operating margin: 25.9%; 2.3% YoY
EBITDA: $2.0B; 17% YoY
Market cap: $52.6B
Employees: 6,500; $1M revenue each
Net debt / EBITDA: —
AI in 10-K: 0.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
98% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
45% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 87th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 24th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$52.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$20M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.0B	$4.9B	$5.2B	$6.3B	$7.2B	15%
Operating income	$1.2B	$1.0B	$1.1B	$1.6B	$1.9B	18%
Net income	$1.1B	$974M	$1.3B	$1.4B	$1.7B	18%
Operating cash flow	$1.0B	$788M	$1.4B	$1.4B	$1.6B	14%
Capex	$308M	$244M	$194M	$194M	$270M	40%
Stock-based comp	$93M	$77M	$101M	$137M	$166M	21%
Dividends	$491M	$679M	$559M	$572M	$664M	16%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $20M · 43
Net: −$20M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$8M	191	154
FY2024	$7M	$18M	191	145
FY2023	$7M	$11M	115	112
FY2022	$5M	$901K	81	78
FY2021	$4M	$6M	114	124