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Side-by-side financial comparison of TopBuild Corp (BLD) and Garmin (GRMN). Click either name above to swap in a different company.
Garmin is the larger business by last-quarter revenue ($2.1B vs $1.5B, roughly 1.4× TopBuild Corp). Garmin runs the higher net margin — 24.9% vs 7.0%, a 17.8% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (16.6% vs 13.2%). Garmin produced more free cash flow last quarter ($429.6M vs $159.4M). Over the past eight quarters, Garmin's revenue compounded faster (24.0% CAGR vs 7.8%).
HashiCorp, Inc. is an American software company with a freemium business model based in San Francisco, California. HashiCorp provides tools and products that enable developers, operators and security professionals to provision, secure, run and connect cloud-computing infrastructure. It was founded in 2012 by Mitchell Hashimoto and Armon Dadgar. The company name HashiCorp is a portmanteau of co-founder last name Hashimoto and Corporation.
Garmin Ltd. is an American multinational technology company based in Olathe, Kansas. The company designs, develops, manufactures, markets, and distributes GPS-enabled products and other navigation, communication, sensor-based, and information products to the automotive, aviation, marine, outdoors, and sport markets.
BLD vs GRMN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $2.1B |
| Net Profit | $104.5M | $528.7M |
| Gross Margin | 27.2% | 59.2% |
| Operating Margin | 12.1% | 28.9% |
| Net Margin | 7.0% | 24.9% |
| Revenue YoY | 13.2% | 16.6% |
| Net Profit YoY | -30.6% | 21.3% |
| EPS (diluted) | $3.69 | $2.72 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $1.3B | $1.8B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.3B | $1.4B |
| Q4 25 | $104.5M | $528.7M | ||
| Q3 25 | $142.2M | $401.6M | ||
| Q2 25 | $151.6M | $400.8M | ||
| Q1 25 | $123.4M | $332.8M | ||
| Q4 24 | $150.5M | $435.7M | ||
| Q3 24 | $169.0M | $399.1M | ||
| Q2 24 | $150.7M | $300.6M | ||
| Q1 24 | $152.4M | $276.0M |
| Q4 25 | 27.2% | 59.2% | ||
| Q3 25 | 30.1% | 59.1% | ||
| Q2 25 | 30.4% | 58.8% | ||
| Q1 25 | 28.5% | 57.6% | ||
| Q4 24 | 29.9% | 59.3% | ||
| Q3 24 | 30.7% | 60.0% | ||
| Q2 24 | 31.0% | 57.3% | ||
| Q1 24 | 30.3% | 58.1% |
| Q4 25 | 12.1% | 28.9% | ||
| Q3 25 | 15.4% | 25.8% | ||
| Q2 25 | 16.9% | 26.0% | ||
| Q1 25 | 14.4% | 21.7% | ||
| Q4 24 | 16.6% | 28.3% | ||
| Q3 24 | 17.8% | 27.6% | ||
| Q2 24 | 15.4% | 22.7% | ||
| Q1 24 | 16.8% | 21.6% |
| Q4 25 | 7.0% | 24.9% | ||
| Q3 25 | 10.2% | 22.7% | ||
| Q2 25 | 11.7% | 22.1% | ||
| Q1 25 | 10.0% | 21.7% | ||
| Q4 24 | 11.5% | 23.9% | ||
| Q3 24 | 12.3% | 25.2% | ||
| Q2 24 | 11.0% | 20.0% | ||
| Q1 24 | 11.9% | 20.0% |
| Q4 25 | $3.69 | $2.72 | ||
| Q3 25 | $5.04 | $2.08 | ||
| Q2 25 | $5.32 | $2.07 | ||
| Q1 25 | $4.23 | $1.72 | ||
| Q4 24 | $5.07 | $2.24 | ||
| Q3 24 | $5.65 | $2.07 | ||
| Q2 24 | $4.78 | $1.56 | ||
| Q1 24 | $4.79 | $1.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $184.7M | $2.3B |
| Total DebtLower is stronger | $2.8B | — |
| Stockholders' EquityBook value | $2.3B | $9.0B |
| Total Assets | $6.6B | $11.0B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $184.7M | $2.3B | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $842.5M | $2.1B | ||
| Q1 25 | $308.8M | $2.2B | ||
| Q4 24 | $400.3M | $2.1B | ||
| Q3 24 | $257.3M | $2.0B | ||
| Q2 24 | $463.2M | $1.9B | ||
| Q1 24 | $968.8M | $1.9B |
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $2.3B | $9.0B | ||
| Q3 25 | $2.2B | $8.5B | ||
| Q2 25 | $2.1B | $8.1B | ||
| Q1 25 | $2.1B | $8.2B | ||
| Q4 24 | $2.2B | $7.8B | ||
| Q3 24 | $2.1B | $7.5B | ||
| Q2 24 | $2.4B | $7.0B | ||
| Q1 24 | $2.7B | $7.2B |
| Q4 25 | $6.6B | $11.0B | ||
| Q3 25 | $6.4B | $10.5B | ||
| Q2 25 | $5.1B | $10.3B | ||
| Q1 25 | $4.6B | $9.8B | ||
| Q4 24 | $4.7B | $9.6B | ||
| Q3 24 | $4.7B | $9.3B | ||
| Q2 24 | $4.9B | $8.9B | ||
| Q1 24 | $5.3B | $8.6B |
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | 0.88× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.62× | — | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 0.59× | — | ||
| Q1 24 | 0.52× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $176.7M | $553.8M |
| Free Cash FlowOCF − Capex | $159.4M | $429.6M |
| FCF MarginFCF / Revenue | 10.7% | 20.2% |
| Capex IntensityCapex / Revenue | 1.2% | 5.8% |
| Cash ConversionOCF / Net Profit | 1.69× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $696.9M | $1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $176.7M | $553.8M | ||
| Q3 25 | $233.3M | $485.6M | ||
| Q2 25 | $193.7M | $173.2M | ||
| Q1 25 | $152.6M | $420.8M | ||
| Q4 24 | $266.2M | $483.9M | ||
| Q3 24 | $240.7M | $258.0M | ||
| Q2 24 | $90.4M | $255.3M | ||
| Q1 24 | $178.8M | $435.3M |
| Q4 25 | $159.4M | $429.6M | ||
| Q3 25 | $216.2M | $425.1M | ||
| Q2 25 | $182.2M | $127.5M | ||
| Q1 25 | $139.2M | $380.7M | ||
| Q4 24 | $253.7M | $399.2M | ||
| Q3 24 | $219.8M | $219.4M | ||
| Q2 24 | $74.3M | $218.2M | ||
| Q1 24 | $158.9M | $402.1M |
| Q4 25 | 10.7% | 20.2% | ||
| Q3 25 | 15.5% | 24.0% | ||
| Q2 25 | 14.0% | 7.0% | ||
| Q1 25 | 11.3% | 24.8% | ||
| Q4 24 | 19.3% | 21.9% | ||
| Q3 24 | 16.0% | 13.8% | ||
| Q2 24 | 5.4% | 14.5% | ||
| Q1 24 | 12.4% | 29.1% |
| Q4 25 | 1.2% | 5.8% | ||
| Q3 25 | 1.2% | 3.4% | ||
| Q2 25 | 0.9% | 2.5% | ||
| Q1 25 | 1.1% | 2.6% | ||
| Q4 24 | 1.0% | 4.6% | ||
| Q3 24 | 1.5% | 2.4% | ||
| Q2 24 | 1.2% | 2.5% | ||
| Q1 24 | 1.6% | 2.4% |
| Q4 25 | 1.69× | 1.05× | ||
| Q3 25 | 1.64× | 1.21× | ||
| Q2 25 | 1.28× | 0.43× | ||
| Q1 25 | 1.24× | 1.26× | ||
| Q4 24 | 1.77× | 1.11× | ||
| Q3 24 | 1.42× | 0.65× | ||
| Q2 24 | 0.60× | 0.85× | ||
| Q1 24 | 1.17× | 1.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLD
| Distribution Segment | $755.4M | 51% |
| Residential | $557.9M | 38% |
| All Other Products | $91.9M | 6% |
| Glass And Windows | $51.5M | 3% |
| Rain Gutters | $27.1M | 2% |
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
