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Side-by-side financial comparison of Garmin (GRMN) and KeyCorp (KEY). Click either name above to swap in a different company.
Garmin is the larger business by last-quarter revenue ($2.1B vs $2.0B, roughly 1.1× KeyCorp). KeyCorp runs the higher net margin — 25.4% vs 24.9%, a 0.6% gap on every dollar of revenue. On growth, KeyCorp posted the faster year-over-year revenue change (131.8% vs 16.6%). KeyCorp produced more free cash flow last quarter ($2.1B vs $429.6M). Over the past eight quarters, Garmin's revenue compounded faster (24.0% CAGR vs 14.4%).
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.
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
GRMN vs KEY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.0B |
| Net Profit | $528.7M | $510.0M |
| Gross Margin | 59.2% | — |
| Operating Margin | 28.9% | 32.3% |
| Net Margin | 24.9% | 25.4% |
| Revenue YoY | 16.6% | 131.8% |
| Net Profit YoY | 21.3% | 309.0% |
| EPS (diluted) | $2.72 | $0.43 |
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 | $2.0B | ||
| Q3 25 | $1.8B | $1.9B | ||
| Q2 25 | $1.8B | $1.8B | ||
| Q1 25 | $1.5B | $1.8B | ||
| Q4 24 | $1.8B | $865.0M | ||
| Q3 24 | $1.6B | $695.0M | ||
| Q2 24 | $1.5B | $1.5B | ||
| Q1 24 | $1.4B | $1.5B |
| Q4 25 | $528.7M | $510.0M | ||
| Q3 25 | $401.6M | $489.0M | ||
| Q2 25 | $400.8M | $425.0M | ||
| Q1 25 | $332.8M | $405.0M | ||
| Q4 24 | $435.7M | $-244.0M | ||
| Q3 24 | $399.1M | $-410.0M | ||
| Q2 24 | $300.6M | $274.0M | ||
| Q1 24 | $276.0M | $219.0M |
| Q4 25 | 59.2% | — | ||
| Q3 25 | 59.1% | — | ||
| Q2 25 | 58.8% | — | ||
| Q1 25 | 57.6% | — | ||
| Q4 24 | 59.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 57.3% | — | ||
| Q1 24 | 58.1% | — |
| Q4 25 | 28.9% | 32.3% | ||
| Q3 25 | 25.8% | 31.8% | ||
| Q2 25 | 26.0% | 29.3% | ||
| Q1 25 | 21.7% | 29.0% | ||
| Q4 24 | 28.3% | -92.6% | ||
| Q3 24 | 27.6% | -72.8% | ||
| Q2 24 | 22.7% | 22.0% | ||
| Q1 24 | 21.6% | 18.1% |
| Q4 25 | 24.9% | 25.4% | ||
| Q3 25 | 22.7% | 25.8% | ||
| Q2 25 | 22.1% | 23.1% | ||
| Q1 25 | 21.7% | 22.8% | ||
| Q4 24 | 23.9% | -54.7% | ||
| Q3 24 | 25.2% | -59.0% | ||
| Q2 24 | 20.0% | 18.0% | ||
| Q1 24 | 20.0% | 14.3% |
| Q4 25 | $2.72 | $0.43 | ||
| Q3 25 | $2.08 | $0.41 | ||
| Q2 25 | $2.07 | $0.35 | ||
| Q1 25 | $1.72 | $0.33 | ||
| Q4 24 | $2.24 | $-0.30 | ||
| Q3 24 | $2.07 | $-0.47 | ||
| Q2 24 | $1.56 | $0.25 | ||
| Q1 24 | $1.43 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.3B | $10.2B |
| Total DebtLower is stronger | — | $9.9B |
| Stockholders' EquityBook value | $9.0B | $20.4B |
| Total Assets | $11.0B | $184.4B |
| Debt / EquityLower = less leverage | — | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $10.2B | ||
| Q3 25 | $2.1B | $13.3B | ||
| Q2 25 | $2.1B | $11.6B | ||
| Q1 25 | $2.2B | $15.3B | ||
| Q4 24 | $2.1B | $17.5B | ||
| Q3 24 | $2.0B | $22.8B | ||
| Q2 24 | $1.9B | $15.5B | ||
| Q1 24 | $1.9B | $13.2B |
| Q4 25 | — | $9.9B | ||
| Q3 25 | — | $10.9B | ||
| Q2 25 | — | $12.1B | ||
| Q1 25 | — | $12.4B | ||
| Q4 24 | — | $12.1B | ||
| Q3 24 | — | $15.7B | ||
| Q2 24 | — | $16.9B | ||
| Q1 24 | — | $20.8B |
| Q4 25 | $9.0B | $20.4B | ||
| Q3 25 | $8.5B | $20.1B | ||
| Q2 25 | $8.1B | $19.5B | ||
| Q1 25 | $8.2B | $19.0B | ||
| Q4 24 | $7.8B | $18.2B | ||
| Q3 24 | $7.5B | $16.9B | ||
| Q2 24 | $7.0B | $14.8B | ||
| Q1 24 | $7.2B | $14.5B |
| Q4 25 | $11.0B | $184.4B | ||
| Q3 25 | $10.5B | $187.4B | ||
| Q2 25 | $10.3B | $185.5B | ||
| Q1 25 | $9.8B | $188.7B | ||
| Q4 24 | $9.6B | $187.2B | ||
| Q3 24 | $9.3B | $189.8B | ||
| Q2 24 | $8.9B | $187.4B | ||
| Q1 24 | $8.6B | $187.5B |
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | — | 1.43× |
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 | $553.8M | $2.2B |
| Free Cash FlowOCF − Capex | $429.6M | $2.1B |
| FCF MarginFCF / Revenue | 20.2% | 104.8% |
| Capex IntensityCapex / Revenue | 5.8% | 5.3% |
| Cash ConversionOCF / Net Profit | 1.05× | 4.33× |
| TTM Free Cash FlowTrailing 4 quarters | $1.4B | $3.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $553.8M | $2.2B | ||
| Q3 25 | $485.6M | $396.0M | ||
| Q2 25 | $173.2M | $1.2B | ||
| Q1 25 | $420.8M | $-140.0M | ||
| Q4 24 | $483.9M | $664.0M | ||
| Q3 24 | $258.0M | $-1.2B | ||
| Q2 24 | $255.3M | $-217.0M | ||
| Q1 24 | $435.3M | $359.0M |
| Q4 25 | $429.6M | $2.1B | ||
| Q3 25 | $425.1M | $367.0M | ||
| Q2 25 | $127.5M | $1.2B | ||
| Q1 25 | $380.7M | $-150.0M | ||
| Q4 24 | $399.2M | $599.0M | ||
| Q3 24 | $219.4M | $-1.2B | ||
| Q2 24 | $218.2M | $-230.0M | ||
| Q1 24 | $402.1M | $347.0M |
| Q4 25 | 20.2% | 104.8% | ||
| Q3 25 | 24.0% | 19.4% | ||
| Q2 25 | 7.0% | 65.8% | ||
| Q1 25 | 24.8% | -8.5% | ||
| Q4 24 | 21.9% | 69.2% | ||
| Q3 24 | 13.8% | -175.8% | ||
| Q2 24 | 14.5% | -15.1% | ||
| Q1 24 | 29.1% | 22.6% |
| Q4 25 | 5.8% | 5.3% | ||
| Q3 25 | 3.4% | 1.5% | ||
| Q2 25 | 2.5% | 1.3% | ||
| Q1 25 | 2.6% | 0.6% | ||
| Q4 24 | 4.6% | 7.5% | ||
| Q3 24 | 2.4% | 2.4% | ||
| Q2 24 | 2.5% | 0.9% | ||
| Q1 24 | 2.4% | 0.8% |
| Q4 25 | 1.05× | 4.33× | ||
| Q3 25 | 1.21× | 0.81× | ||
| Q2 25 | 0.43× | 2.90× | ||
| Q1 25 | 1.26× | -0.35× | ||
| Q4 24 | 1.11× | — | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.85× | -0.79× | ||
| Q1 24 | 1.58× | 1.64× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
KEY
Segment breakdown not available.
