Garmin Ltd (GRMN)

Return on assets (ROA)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	US$ in thousands	1,289,640	973,585	1,082,200	992,324	952,486
Total assets	US$ in thousands	8,603,570	7,731,170	7,854,430	7,031,370	6,166,800
ROA		14.99%	12.59%	13.78%	14.11%	15.45%

December 31, 2023 calculation

ROA = Net income ÷ Total assets
= $1,289,640K ÷ $8,603,570K
= 14.99%

Garmin Ltd's return on assets (ROA) has fluctuated over the past five years, ranging from 12.59% to 15.45%. In 2023, the ROA increased to 14.99% from 12.59% in 2022. Despite this improvement, the ROA in 2023 is still lower than the 2019 level of 15.45%. This suggests that the company may be experiencing some challenges in generating profits relative to its total assets compared to the previous years. Overall, Garmin Ltd's ROA performance indicates the company's efficiency in utilizing its assets to generate profits, with room for potential improvement in the future.