Garmin Ltd (GRMN)
Total asset turnover
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 6,281,210 | 5,254,470 | 4,851,100 | 4,937,230 | 4,191,200 |
| Total assets | US$ in thousands | 9,630,530 | 8,603,570 | 7,731,170 | 7,854,430 | 7,031,370 |
| Total asset turnover | 0.65 | 0.61 | 0.63 | 0.63 | 0.60 |
December 31, 2024 calculation
Total asset turnover = Revenue ÷ Total assets
= $6,281,210K ÷ $9,630,530K
= 0.65
The total asset turnover of Garmin Ltd has shown a steady improvement over the past five years. The ratio increased from 0.60 in December 2020 to 0.65 in December 2024, indicating that the company generated more revenue for each dollar of total assets employed. This suggests that Garmin has become more efficient in utilizing its assets to generate sales over the years. The small fluctuations in the ratio between 2021 and 2023 suggest relative stability in asset management efficiency during this period, with a slight decrease in 2023 before bouncing back in 2024. Overall, the trend indicates a positive trajectory in asset turnover for Garmin Ltd, reflecting increased efficiency in utilizing its resources to drive revenue generation.
Peer comparison
Dec 31, 2024