Garmin Ltd (GEY) - Net Assets
Based on the latest financial reports, Garmin Ltd (GEY) has net assets worth €8.48 Billion EUR (≈ $9.91 Billion USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€10.52 Billion ≈ $12.30 Billion USD) and total liabilities (€2.04 Billion ≈ $2.39 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Garmin Ltd liquidity resilience to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €8.48 Billion |
| % of Total Assets | 80.57% |
| Annual Growth Rate | 7.18% |
| 5-Year Change | 63.73% |
| 10-Year Change | 130.61% |
| Growth Volatility | 9.39 |
Garmin Ltd - Net Assets Trend (2013–2024)
This chart illustrates how Garmin Ltd's net assets have evolved over time, based on quarterly financial data. Also explore Garmin Ltd (GEY) total assets for the complete picture of this company's asset base.
Annual Net Assets for Garmin Ltd (2013–2024)
The table below shows the annual net assets of Garmin Ltd from 2013 to 2024. For live valuation and market cap data, see Garmin Ltd market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | €7.85 Billion ≈ $9.18 Billion |
+11.93% |
| 2023-12-31 | €7.01 Billion ≈ $8.20 Billion |
+13.02% |
| 2022-12-31 | €6.20 Billion ≈ $7.25 Billion |
+1.47% |
| 2021-12-31 | €6.11 Billion ≈ $7.15 Billion |
+27.55% |
| 2019-12-31 | €4.79 Billion ≈ $5.60 Billion |
+15.15% |
| 2018-12-31 | €4.16 Billion ≈ $4.87 Billion |
+9.48% |
| 2017-12-31 | €3.80 Billion ≈ $4.45 Billion |
+11.25% |
| 2016-12-31 | €3.42 Billion ≈ $4.00 Billion |
+2.18% |
| 2015-12-31 | €3.35 Billion ≈ $3.91 Billion |
-1.71% |
| 2014-12-31 | €3.40 Billion ≈ $3.98 Billion |
-7.00% |
| 2013-12-31 | €3.66 Billion ≈ $4.28 Billion |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Garmin Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 221.6% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €6.00 Billion | 76.44% |
| Other Components | €1.85 Billion | 23.56% |
| Total Equity | €7.85 Billion | 100.00% |
Garmin Ltd Competitors by Market Cap
The table below lists competitors of Garmin Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Waste Connections Inc
TO:WCN
|
$40.50 Billion |
|
China Hongqiao Group Ltd
F:H0Q
|
$40.54 Billion |
|
Rocket Lab USA Inc.
NASDAQ:RKLB
|
$40.56 Billion |
|
Ventas Inc
NYSE:VTR
|
$40.60 Billion |
|
MSCI Inc
NYSE:MSCI
|
$40.30 Billion |
|
Legrand SA
PA:LR
|
$40.29 Billion |
|
Mahindra & Mahindra Limited
NSE:M&M
|
$40.21 Billion |
|
Lumentum Holdings Inc
NASDAQ:LITE
|
$40.18 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Garmin Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 7,012,060,000 to 7,848,398,000, a change of 836,338,000 (11.9%).
- Net income of 1,411,436,000 contributed positively to equity growth.
- Dividend payments of 572,355,000 reduced retained earnings.
- Share repurchases of 62,348,000 reduced equity.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €1.41 Billion | +17.98% |
| Dividends Paid | €572.36 Million | -7.29% |
| Share Repurchases | €62.35 Million | -0.79% |
| Other Changes | €59.60 Million | +0.76% |
| Total Change | €- | 11.93% |
Book Value vs Market Value Analysis
This analysis compares Garmin Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 5.20x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 6.68x to 5.20x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2021-12-31 | €31.74 | €212.10 | x |
| 2022-12-31 | €32.38 | €212.10 | x |
| 2023-12-31 | €36.56 | €212.10 | x |
| 2024-12-31 | €40.78 | €212.10 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Garmin Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 17.98%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 22.41%
- • Asset Turnover: 0.65x
- • Equity Multiplier: 1.23x
- Recent ROE (17.98%) is above the historical average (16.42%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2013 | 16.73% | 23.27% | 0.54x | 1.33x | €246.44 Million |
| 2014 | 10.70% | 12.69% | 0.61x | 1.38x | €23.87 Million |
| 2015 | 13.64% | 16.18% | 0.63x | 1.35x | €121.71 Million |
| 2016 | 14.94% | 16.92% | 0.67x | 1.32x | €169.01 Million |
| 2017 | 18.28% | 22.51% | 0.62x | 1.32x | €314.71 Million |
| 2018 | 16.67% | 20.73% | 0.62x | 1.29x | €277.78 Million |
| 2019 | 19.87% | 25.35% | 0.61x | 1.29x | €473.14 Million |
| 2021 | 17.70% | 21.72% | 0.63x | 1.28x | €470.78 Million |
| 2022 | 15.69% | 20.03% | 0.63x | 1.25x | €353.15 Million |
| 2023 | 18.39% | 24.67% | 0.61x | 1.23x | €588.43 Million |
| 2024 | 17.98% | 22.41% | 0.65x | 1.23x | €626.60 Million |
Industry Comparison
This section compares Garmin Ltd's net assets metrics with peer companies in the Scientific & Technical Instruments industry.
Industry Context
- Industry: Scientific & Technical Instruments
- Average net assets among peers: $173,545,190
- Average return on equity (ROE) among peers: 7.56%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Garmin Ltd (GEY) | €8.48 Billion | 16.73% | 0.24x | $40.34 Billion |
| Novanta Inc (1GSN) | $577.59 Million | 12.82% | 1.15x | $4.27 Billion |
| Nynomic AG (M7U) | $50.98 Million | 8.58% | 1.02x | $64.37 Million |
| Plan Optik AG (P4O) | $7.12 Million | 3.52% | 0.42x | $24.36 Million |
| Viscom AG (V6C) | $58.50 Million | 5.30% | 0.52x | $33.32 Million |
About Garmin Ltd
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. The company offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Conne… Read more