GARMIN LTD (GRMN) — payout ratio, three ways
Fiscal year ending 2025-12-27 · sector Industrials · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 39.9% | The figure most screeners publish. |
| Operating cash flow | 40.6% | Worse than the earnings figure, not better: operating cash flow absorbs working capital — inventory, receivables, payables — that earnings do not. |
| Free cash flow | 48.7% | What is left after maintaining the business. |
Spread between highest and lowest: 9 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $3.43 ÷ diluted EPS $8.59
- Operating cash flow — dividends paid $663.9m ÷ operating cash flow $1,633.4m
- Free cash flow — dividends paid $663.9m ÷ (operating cash flow $1,633.4m − capex $270.4m)
Where the figures came from
- 10-K filed 2026-02-18 · accession
0001193125-26-056028
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($3.43); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.