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Side-by-side financial comparison of Leonardo DRS, Inc. (DRS) 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 $1.1B, roughly 2.0× Leonardo DRS, Inc.). Garmin runs the higher net margin — 24.9% vs 9.6%, a 15.3% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (16.6% vs 8.1%). Garmin produced more free cash flow last quarter ($429.6M vs $376.0M). Over the past eight quarters, Leonardo DRS, Inc.'s revenue compounded faster (24.1% CAGR vs 24.0%).
Leonardo DRS, Inc. is a United States–based defense contractor. Originally founded as DRS Technologies, Inc. and traded on the NYSE, it was acquired by Leonardo’s predecessor Finmeccanica in 2008. Leonardo DRS provides advanced defense technologies and systems primarily to the U.S. military.
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.
DRS vs GRMN — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $2.1B |
| Net Profit | $102.0M | $528.7M |
| Gross Margin | 25.4% | 59.2% |
| Operating Margin | 11.9% | 28.9% |
| Net Margin | 9.6% | 24.9% |
| Revenue YoY | 8.1% | 16.6% |
| Net Profit YoY | 14.6% | 21.3% |
| EPS (diluted) | $0.38 | $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 | $1.1B | $2.1B | ||
| Q3 25 | $960.0M | $1.8B | ||
| Q2 25 | $829.0M | $1.8B | ||
| Q1 25 | $799.0M | $1.5B | ||
| Q4 24 | $981.0M | $1.8B | ||
| Q3 24 | $812.0M | $1.6B | ||
| Q2 24 | $753.0M | $1.5B | ||
| Q1 24 | $688.0M | $1.4B |
| Q4 25 | $102.0M | $528.7M | ||
| Q3 25 | $72.0M | $401.6M | ||
| Q2 25 | $54.0M | $400.8M | ||
| Q1 25 | $50.0M | $332.8M | ||
| Q4 24 | $89.0M | $435.7M | ||
| Q3 24 | $57.0M | $399.1M | ||
| Q2 24 | $38.0M | $300.6M | ||
| Q1 24 | $29.0M | $276.0M |
| Q4 25 | 25.4% | 59.2% | ||
| Q3 25 | 23.1% | 59.1% | ||
| Q2 25 | 23.8% | 58.8% | ||
| Q1 25 | 22.7% | 57.6% | ||
| Q4 24 | 24.0% | 59.3% | ||
| Q3 24 | 22.0% | 60.0% | ||
| Q2 24 | 22.4% | 57.3% | ||
| Q1 24 | 22.2% | 58.1% |
| Q4 25 | 11.9% | 28.9% | ||
| Q3 25 | 9.7% | 25.8% | ||
| Q2 25 | 8.4% | 26.0% | ||
| Q1 25 | 7.4% | 21.7% | ||
| Q4 24 | 12.2% | 28.3% | ||
| Q3 24 | 9.2% | 27.6% | ||
| Q2 24 | 7.3% | 22.7% | ||
| Q1 24 | 6.3% | 21.6% |
| Q4 25 | 9.6% | 24.9% | ||
| Q3 25 | 7.5% | 22.7% | ||
| Q2 25 | 6.5% | 22.1% | ||
| Q1 25 | 6.3% | 21.7% | ||
| Q4 24 | 9.1% | 23.9% | ||
| Q3 24 | 7.0% | 25.2% | ||
| Q2 24 | 5.0% | 20.0% | ||
| Q1 24 | 4.2% | 20.0% |
| Q4 25 | $0.38 | $2.72 | ||
| Q3 25 | $0.26 | $2.08 | ||
| Q2 25 | $0.20 | $2.07 | ||
| Q1 25 | $0.19 | $1.72 | ||
| Q4 24 | $0.34 | $2.24 | ||
| Q3 24 | $0.21 | $2.07 | ||
| Q2 24 | $0.14 | $1.56 | ||
| Q1 24 | $0.11 | $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 | $647.0M | $2.3B |
| Total DebtLower is stronger | $321.0M | — |
| Stockholders' EquityBook value | $2.7B | $9.0B |
| Total Assets | $4.5B | $11.0B |
| Debt / EquityLower = less leverage | 0.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $647.0M | $2.3B | ||
| Q3 25 | $309.0M | $2.1B | ||
| Q2 25 | $278.0M | $2.1B | ||
| Q1 25 | $380.0M | $2.2B | ||
| Q4 24 | $598.0M | $2.1B | ||
| Q3 24 | $198.0M | $2.0B | ||
| Q2 24 | $149.0M | $1.9B | ||
| Q1 24 | $160.0M | $1.9B |
| Q4 25 | $321.0M | — | ||
| Q3 25 | $326.0M | — | ||
| Q2 25 | $331.0M | — | ||
| Q1 25 | $335.0M | — | ||
| Q4 24 | $340.0M | — | ||
| Q3 24 | $345.0M | — | ||
| Q2 24 | $351.0M | — | ||
| Q1 24 | $356.0M | — |
| Q4 25 | $2.7B | $9.0B | ||
| Q3 25 | $2.6B | $8.5B | ||
| Q2 25 | $2.6B | $8.1B | ||
| Q1 25 | $2.6B | $8.2B | ||
| Q4 24 | $2.6B | $7.8B | ||
| Q3 24 | $2.5B | $7.5B | ||
| Q2 24 | $2.4B | $7.0B | ||
| Q1 24 | $2.4B | $7.2B |
| Q4 25 | $4.5B | $11.0B | ||
| Q3 25 | $4.2B | $10.5B | ||
| Q2 25 | $4.1B | $10.3B | ||
| Q1 25 | $4.1B | $9.8B | ||
| Q4 24 | $4.2B | $9.6B | ||
| Q3 24 | $3.9B | $9.3B | ||
| Q2 24 | $3.8B | $8.9B | ||
| Q1 24 | $3.8B | $8.6B |
| Q4 25 | 0.12× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.13× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 0.15× | — |
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 | $425.0M | $553.8M |
| Free Cash FlowOCF − Capex | $376.0M | $429.6M |
| FCF MarginFCF / Revenue | 35.5% | 20.2% |
| Capex IntensityCapex / Revenue | 4.6% | 5.8% |
| Cash ConversionOCF / Net Profit | 4.17× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $227.0M | $1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $425.0M | $553.8M | ||
| Q3 25 | $107.0M | $485.6M | ||
| Q2 25 | $-28.0M | $173.2M | ||
| Q1 25 | $-138.0M | $420.8M | ||
| Q4 24 | $443.0M | $483.9M | ||
| Q3 24 | $59.0M | $258.0M | ||
| Q2 24 | $34.0M | $255.3M | ||
| Q1 24 | $-265.0M | $435.3M |
| Q4 25 | $376.0M | $429.6M | ||
| Q3 25 | $77.0M | $425.1M | ||
| Q2 25 | $-56.0M | $127.5M | ||
| Q1 25 | $-170.0M | $380.7M | ||
| Q4 24 | $414.0M | $399.2M | ||
| Q3 24 | $47.0M | $219.4M | ||
| Q2 24 | $0 | $218.2M | ||
| Q1 24 | $-275.0M | $402.1M |
| Q4 25 | 35.5% | 20.2% | ||
| Q3 25 | 8.0% | 24.0% | ||
| Q2 25 | -6.8% | 7.0% | ||
| Q1 25 | -21.3% | 24.8% | ||
| Q4 24 | 42.2% | 21.9% | ||
| Q3 24 | 5.8% | 13.8% | ||
| Q2 24 | 0.0% | 14.5% | ||
| Q1 24 | -40.0% | 29.1% |
| Q4 25 | 4.6% | 5.8% | ||
| Q3 25 | 3.1% | 3.4% | ||
| Q2 25 | 3.4% | 2.5% | ||
| Q1 25 | 4.0% | 2.6% | ||
| Q4 24 | 3.0% | 4.6% | ||
| Q3 24 | 1.5% | 2.4% | ||
| Q2 24 | 4.5% | 2.5% | ||
| Q1 24 | 1.5% | 2.4% |
| Q4 25 | 4.17× | 1.05× | ||
| Q3 25 | 1.49× | 1.21× | ||
| Q2 25 | -0.52× | 0.43× | ||
| Q1 25 | -2.76× | 1.26× | ||
| Q4 24 | 4.98× | 1.11× | ||
| Q3 24 | 1.04× | 0.65× | ||
| Q2 24 | 0.89× | 0.85× | ||
| Q1 24 | -9.14× | 1.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DRS
Segment breakdown not available.
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% |
