Garmin

Financial resilience is outstanding: no financial debt, about 3.9 billion dollars of cash and marketable securities as of June 28, 2025, and strong profitability. 2024 gross margin was 58.7 percent and operating margin 25.3 percent, with 2025 guidance implying continued high-20s operating leverage.

Cash generation is robust: TTM free cash flow is approximately 1.13 billion dollars, derived from SEC filings as FY24 operating cash flow of 1,432.5 million less 2024 capex of 193.6 million, plus H1 2025 free cash flow of about 508.2 million, minus H1 2024 free cash flow of about 620.3 million.

Liquidity more than covers working capital, R&D, and shareholder returns.