GARMIN LTD（GRMN）の決算・業績分析
GARMIN LTDの2025年有価証券報告書をAI分析。売上高$7.2B(+15.1%)。営業利益$1.9B。Health Care。
目次
GARMIN LTDの2025年度 業績サマリー
GARMIN LTD（証券コード: GRMN）の2025年度決算・業績分析。売上高は$7.2B（前年比+15.1%）。営業利益は$1.9B（前年比+17.7%）。純利益は$1.7B（前年比+17.9%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
GARMIN LTDの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue declined 2.5% YoY to $4.9B, with operating income dropping 15.7% YoY to $1.0B (XBRL).
- EBITDA margin rose to 23.6%, but net income fell 10.0% YoY to $974M (XBRL).
- Free cash flow reached $544M, driven by $788M operating cash flow and $244M CapEx (XBRL).
- High liquidity with $1.7B cash and a current ratio of 3.41x (XBRL).
- Dividends paid totaled $679M, representing a 69.8% payout ratio (XBRL).
GARMIN LTDの売上高変化の要因
- •Revenue declined 2.5% YoY to $4.9B, following a peak of $5.0B in FY2023 (XBRL). The 5-year CAGR for revenue is +9.3%, but recent performance shows a slowdown. Segment-specific data is not disclosed (N/A). The auto OEM segment, which requires high R&D and CapEx, may be a growth area, though operating income for this segment fell 15.7% YoY (XBRL).
GARMIN LTDの営業利益変化の要因
- •Gross margin remained stable at 57.8%, but operating margin declined 15.7% YoY to 21.1% (XBRL). Net margin fell 10.0% YoY to 20.0%, reflecting lower operating income. EBITDA margin improved to 23.6%, indicating cost control despite revenue declines. Gross profit held steady at $2.8B, while net income dropped to $974M (XBRL).
GARMIN LTDの事業リスクと対応
Product innovation risks: Failure to develop new/updated products could reduce demand and profitability (10-K).
Competitive pressures: Larger competitors may erode margins and market share through pricing or innovation (10-K).
Taiwan geopolitical risks: PRC actions could disrupt manufacturing in Taiwan, harming operations (10-K).
Auto OEM investment risks: High R&D/CapEx in auto segment may reduce profits if revenue growth fails (10-K).
Technology adaptation risks: Inability to adopt new tech could make products obsolete (10-K).
GARMIN LTDの事業内容
Garmin Ltd (GRMN) designs, develops, and distributes GPS-enabled products for five core markets: fitness, outdoor, aviation, marine, and auto OEM. Revenue is generated through the sale of navigation, communication, and sensor-based devices, including smartwatches, cycling products, and aviation systems (10-K). Competitive advantages include product innovation, integration of GPS with GLONASS, Galileo, and BDS systems, and ease of use (10-K). The company faces risks from product innovation, competitive pressures, and geopolitical disruptions in Taiwan (10-K).
GARMIN LTDのAI業績分析レポート（2024年度）
Highlights
Business Overview
Garmin Ltd (GRMN) designs, develops, and distributes GPS-enabled products for five core markets: fitness, outdoor, aviation, marine, and auto OEM. Revenue is generated through the sale of navigation, communication, and sensor-based devices, including smartwatches, cycling products, and aviation systems (10-K). Competitive advantages include product innovation, integration of GPS with GLONASS, Galileo, and BDS systems, and ease of use (10-K). The company faces risks from product innovation, competitive pressures, and geopolitical disruptions in Taiwan (10-K).
Revenue Analysis
Revenue declined 2.5% YoY to $4.9B, following a peak of $5.0B in FY2023 (XBRL). The 5-year CAGR for revenue is +9.3%, but recent performance shows a slowdown. Segment-specific data is not disclosed (N/A). The auto OEM segment, which requires high R&D and CapEx, may be a growth area, though operating income for this segment fell 15.7% YoY (XBRL).
Profitability Analysis
Gross margin remained stable at 57.8%, but operating margin declined 15.7% YoY to 21.1% (XBRL). Net margin fell 10.0% YoY to 20.0%, reflecting lower operating income. EBITDA margin improved to 23.6%, indicating cost control despite revenue declines. Gross profit held steady at $2.8B, while net income dropped to $974M (XBRL).
Balance Sheet Analysis
Total assets grew to $8.6B, with equity at $6.1B (XBRL). The equity ratio of 71.1% indicates strong leverage (XBRL). Cash reserves of $1.7B and a current ratio of 3.41x highlight robust liquidity (XBRL). No segment or geographic revenue breakdown is available (N/A).
Cash Flow Analysis
Operating cash flow totaled $788M, with free cash flow of $544M after $244M CapEx (XBRL). Financing activities included $679M in dividends paid (XBRL). Capital expenditures were 5.0% of revenue, with a CapEx/D&A ratio of 2.06x (XBRL).
Working Capital Analysis
Cash conversion cycle (CCC) was 255 days, driven by 239 days of inventory and 61 days of receivables (XBRL). Payables days were 45 days, reflecting efficient supplier management (XBRL).
Risks
Outlook
N/A. Management guidance and forward-looking trends are not explicitly mentioned in the 10-K.
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