Garmin Ltd (GRMN)

Net profit margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Net income (ttm)	US$ in thousands	1,411,435	1,517,829	1,375,961	1,363,270	1,289,636	1,040,781	994,386	964,320	973,585	966,449	1,014,640	1,073,764	1,082,201	1,129,612	1,183,990	1,051,173	992,324	1,019,569	934,018	973,494
Revenue (ttm)	US$ in thousands	6,281,160	5,991,650	5,653,490	5,483,240	5,254,540	5,104,140	4,948,720	4,835,520	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
Net profit margin		22.47%	25.33%	24.34%	24.86%	24.54%	20.39%	20.09%	19.94%	20.07%	19.76%	20.47%	21.23%	21.85%	23.00%	24.39%	23.89%	23.75%	25.95%	25.05%	25.46%

December 31, 2024 calculation

Net profit margin = Net income (ttm) ÷ Revenue (ttm)
= $1,411,435K ÷ $6,281,160K
= 22.47%

The net profit margin of Garmin Ltd has shown some fluctuations over the past years. Starting at a high of 25.46% in March 2020, the net profit margin remained relatively stable around the mid-20% range throughout 2020 and early 2021. However, from September 2021 to December 2022, there was a gradual decline in the net profit margin, dropping to as low as 19.76%.

From March 2023 onwards, the net profit margin started to recover, reaching 25.33% by September 2024. However, there was a significant dip to 22.47% by December 2024.

Overall, Garmin Ltd's net profit margin has shown a mix of peaks and troughs over the years, indicating fluctuations in the company's profitability compared to its revenue. It is essential for investors and stakeholders to monitor these fluctuations to assess the company's financial performance accurately.