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Side-by-side financial comparison of GRAPHIC PACKAGING HOLDING CO (GPK) 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 $2.1B, roughly 1.0× GRAPHIC PACKAGING HOLDING CO). Garmin runs the higher net margin — 24.9% vs 3.4%, a 21.5% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (16.6% vs 0.2%). Over the past eight quarters, Garmin's revenue compounded faster (24.0% CAGR vs -3.5%).
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
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.
GPK vs GRMN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.1B |
| Net Profit | $71.0M | $528.7M |
| Gross Margin | 14.1% | 59.2% |
| Operating Margin | 7.4% | 28.9% |
| Net Margin | 3.4% | 24.9% |
| Revenue YoY | 0.2% | 16.6% |
| Net Profit YoY | -48.6% | 21.3% |
| EPS (diluted) | $0.24 | $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 | $2.1B | $2.1B | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | $2.2B | $1.8B | ||
| Q1 25 | $2.1B | $1.5B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $2.2B | $1.6B | ||
| Q2 24 | $2.2B | $1.5B | ||
| Q1 24 | $2.3B | $1.4B |
| Q4 25 | $71.0M | $528.7M | ||
| Q3 25 | $142.0M | $401.6M | ||
| Q2 25 | $104.0M | $400.8M | ||
| Q1 25 | $127.0M | $332.8M | ||
| Q4 24 | $138.0M | $435.7M | ||
| Q3 24 | $165.0M | $399.1M | ||
| Q2 24 | $190.0M | $300.6M | ||
| Q1 24 | $165.0M | $276.0M |
| Q4 25 | 14.1% | 59.2% | ||
| Q3 25 | 19.6% | 59.1% | ||
| Q2 25 | 18.7% | 58.8% | ||
| Q1 25 | 20.6% | 57.6% | ||
| Q4 24 | 21.4% | 59.3% | ||
| Q3 24 | 22.3% | 60.0% | ||
| Q2 24 | 21.2% | 57.3% | ||
| Q1 24 | 23.0% | 58.1% |
| Q4 25 | 7.4% | 28.9% | ||
| Q3 25 | 10.7% | 25.8% | ||
| Q2 25 | 8.8% | 26.0% | ||
| Q1 25 | 10.5% | 21.7% | ||
| Q4 24 | 11.4% | 28.3% | ||
| Q3 24 | 12.6% | 27.6% | ||
| Q2 24 | 14.5% | 22.7% | ||
| Q1 24 | 12.4% | 21.6% |
| Q4 25 | 3.4% | 24.9% | ||
| Q3 25 | 6.5% | 22.7% | ||
| Q2 25 | 4.7% | 22.1% | ||
| Q1 25 | 6.0% | 21.7% | ||
| Q4 24 | 6.6% | 23.9% | ||
| Q3 24 | 7.5% | 25.2% | ||
| Q2 24 | 8.5% | 20.0% | ||
| Q1 24 | 7.3% | 20.0% |
| Q4 25 | $0.24 | $2.72 | ||
| Q3 25 | $0.48 | $2.08 | ||
| Q2 25 | $0.34 | $2.07 | ||
| Q1 25 | $0.42 | $1.72 | ||
| Q4 24 | $0.46 | $2.24 | ||
| Q3 24 | $0.55 | $2.07 | ||
| Q2 24 | $0.62 | $1.56 | ||
| Q1 24 | $0.53 | $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 | $261.0M | $2.3B |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $3.3B | $9.0B |
| Total Assets | $11.8B | $11.0B |
| Debt / EquityLower = less leverage | 1.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $261.0M | $2.3B | ||
| Q3 25 | $120.0M | $2.1B | ||
| Q2 25 | $120.0M | $2.1B | ||
| Q1 25 | $129.0M | $2.2B | ||
| Q4 24 | $157.0M | $2.1B | ||
| Q3 24 | $126.0M | $2.0B | ||
| Q2 24 | $125.0M | $1.9B | ||
| Q1 24 | $136.0M | $1.9B |
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $5.4B | — | ||
| Q1 25 | $5.7B | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | $5.4B | — | ||
| Q2 24 | $4.9B | — | ||
| Q1 24 | $4.9B | — |
| Q4 25 | $3.3B | $9.0B | ||
| Q3 25 | $3.3B | $8.5B | ||
| Q2 25 | $3.2B | $8.1B | ||
| Q1 25 | $3.2B | $8.2B | ||
| Q4 24 | $3.0B | $7.8B | ||
| Q3 24 | $3.0B | $7.5B | ||
| Q2 24 | $2.8B | $7.0B | ||
| Q1 24 | $2.9B | $7.2B |
| Q4 25 | $11.8B | $11.0B | ||
| Q3 25 | $11.9B | $10.5B | ||
| Q2 25 | $11.8B | $10.3B | ||
| Q1 25 | $11.5B | $9.8B | ||
| Q4 24 | $11.1B | $9.6B | ||
| Q3 24 | $11.2B | $9.3B | ||
| Q2 24 | $10.8B | $8.9B | ||
| Q1 24 | $11.3B | $8.6B |
| Q4 25 | 1.51× | — | ||
| Q3 25 | 1.67× | — | ||
| Q2 25 | 1.68× | — | ||
| Q1 25 | 1.80× | — | ||
| Q4 24 | 1.71× | — | ||
| Q3 24 | 1.79× | — | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | 1.73× | — |
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 | $521.0M | $553.8M |
| Free Cash FlowOCF − Capex | — | $429.6M |
| FCF MarginFCF / Revenue | — | 20.2% |
| Capex IntensityCapex / Revenue | — | 5.8% |
| Cash ConversionOCF / Net Profit | 7.34× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $521.0M | $553.8M | ||
| Q3 25 | $227.0M | $485.6M | ||
| Q2 25 | $267.0M | $173.2M | ||
| Q1 25 | $-174.0M | $420.8M | ||
| Q4 24 | $489.0M | $483.9M | ||
| Q3 24 | $187.0M | $258.0M | ||
| Q2 24 | $161.0M | $255.3M | ||
| Q1 24 | $3.0M | $435.3M |
| Q4 25 | — | $429.6M | ||
| Q3 25 | — | $425.1M | ||
| Q2 25 | — | $127.5M | ||
| Q1 25 | — | $380.7M | ||
| Q4 24 | — | $399.2M | ||
| Q3 24 | — | $219.4M | ||
| Q2 24 | — | $218.2M | ||
| Q1 24 | — | $402.1M |
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | 24.0% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 24.8% | ||
| Q4 24 | — | 21.9% | ||
| Q3 24 | — | 13.8% | ||
| Q2 24 | — | 14.5% | ||
| Q1 24 | — | 29.1% |
| Q4 25 | — | 5.8% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | 7.34× | 1.05× | ||
| Q3 25 | 1.60× | 1.21× | ||
| Q2 25 | 2.57× | 0.43× | ||
| Q1 25 | -1.37× | 1.26× | ||
| Q4 24 | 3.54× | 1.11× | ||
| Q3 24 | 1.13× | 0.65× | ||
| Q2 24 | 0.85× | 0.85× | ||
| Q1 24 | 0.02× | 1.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
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% |
