Garmin Ltd (GRMN)

Gross profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Gross profit (ttm)	US$ in thousands	3,004,954	2,885,775	2,827,705	2,797,089	2,806,774	2,833,909	2,859,357	2,911,382	2,890,459	2,909,337	2,881,373	2,615,952	2,481,336	2,329,809	2,229,284	2,289,219	2,233,977	2,143,687	2,056,976	2,004,881
Revenue (ttm)	US$ in thousands	5,246,720	5,096,320	4,940,900	4,827,700	4,850,560	4,890,830	4,957,220	5,058,410	4,952,040	4,911,850	4,854,200	4,399,994	4,178,615	3,929,445	3,728,516	3,823,804	3,748,274	3,578,152	3,462,914	3,399,351
Gross profit margin		57.27%	56.62%	57.23%	57.94%	57.86%	57.94%	57.68%	57.56%	58.37%	59.23%	59.36%	59.45%	59.38%	59.29%	59.79%	59.87%	59.60%	59.91%	59.40%	58.98%

December 31, 2023 calculation

Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $3,004,954K ÷ $5,246,720K
= 57.27%

The gross profit margin of Garmin Ltd has exhibited relative stability over the past few quarters, ranging between 56.62% and 59.40%. This indicates that the company has been effectively managing its production costs and pricing strategies to maintain healthy margins on its sales. The slight fluctuations in the gross profit margin may be attributed to varying levels of production efficiency, changes in input costs, or shifts in pricing strategies. Overall, the consistently high gross profit margins suggest that Garmin Ltd is effectively generating revenue from its core operations while controlling the costs associated with producing its goods.