Garmin Ltd (GRMN)

Return on equity (ROE)

		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
Net income (ttm)	US$ in thousands	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	952,487	781,845	738,193	704,879
Total stockholders’ equity	US$ in thousands	7,012,060	6,349,280	6,123,820	6,405,000	6,204,340	5,878,190	5,865,930	6,248,840	6,114,160	5,854,740	5,584,250	5,715,830	5,516,120	5,104,340	4,740,860	4,934,400	4,793,500	4,380,890	4,150,970	4,315,290
ROE		18.39%	16.39%	16.24%	15.06%	15.69%	16.44%	17.30%	17.18%	17.70%	19.29%	21.20%	18.39%	17.99%	19.97%	19.70%	19.73%	19.87%	17.85%	17.78%	16.33%

December 31, 2023 calculation

ROE = Net income (ttm) ÷ Total stockholders’ equity
= $1,289,636K ÷ $7,012,060K
= 18.39%

Over the past 20 quarters, Garmin Ltd has maintained a relatively stable trend in its return on equity (ROE) performance, ranging from 15.06% to 21.20%. The ROE measures the company's ability to generate profits from shareholders' equity, indicating how efficiently the company is utilizing its capital to generate earnings.

During the latest quarter, the ROE stood at 18.39%, showing a solid performance in generating returns for shareholders. The consistency in ROE above 15% reflects favorable profitability levels, indicating that Garmin Ltd has been effectively utilizing its equity base to generate profits.

Overall, Garmin Ltd's ROE performance highlights the company's strong financial health and efficient management of shareholder funds, providing investors with a favorable indicator of the company's profitability and efficiency in generating returns.