Garmin Ltd (GRMN)

Financial leverage ratio

		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
Total assets	US$ in thousands	9,630,530	9,347,730	8,883,320	8,633,880	8,603,570	7,965,020	7,871,800	7,726,030	7,731,170	7,627,610	7,813,700	7,703,250	7,854,430	7,571,490	7,402,720	6,999,730	7,031,370	6,550,670	6,220,040	6,053,990
Total stockholders’ equity	US$ in thousands	7,848,400	7,506,550	7,004,980	7,246,100	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
Financial leverage ratio		1.23	1.25	1.27	1.19	1.23	1.25	1.29	1.21	1.25	1.30	1.33	1.23	1.28	1.29	1.33	1.22	1.27	1.28	1.31	1.23

December 31, 2024 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $9,630,530K ÷ $7,848,400K
= 1.23

The financial leverage ratio of Garmin Ltd has fluctuated over the period from March 31, 2020, to December 31, 2024. The ratio indicates the company's level of debt relative to its equity.

The financial leverage ratio started at 1.23 on March 31, 2020, and peaked at 1.33 on June 30, 2021. This increase suggests the company may have taken on more debt relative to its equity during this period. However, the ratio decreased to 1.19 by March 31, 2024, indicating a potential decrease in debt relative to equity at that point in time.

Overall, the fluctuations in the financial leverage ratio suggest that Garmin Ltd's capital structure has varied over the years, possibly due to changes in borrowing levels or equity composition. Investors and creditors may monitor this ratio to assess the company's leverage and financial risk.