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Side-by-side financial comparison of Garmin (GRMN) and LANDSTAR SYSTEM INC (LSTR). Click either name above to swap in a different company.
Garmin is the larger business by last-quarter revenue ($2.1B vs $1.2B, roughly 1.8× LANDSTAR SYSTEM INC). Garmin runs the higher net margin — 24.9% vs 2.0%, a 22.8% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (16.6% vs -2.9%). Garmin produced more free cash flow last quarter ($429.6M vs $70.5M). Over the past eight quarters, Garmin's revenue compounded faster (24.0% CAGR vs 0.1%).
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.
Landstar System, Inc. is an American transportation services company specializing in logistics and, more specifically, third-party logistics. Landstar utilizes an extensive network of over 8,800 independent owner-operators, referred to internally as business capacity owners (BCOs), over 1,000 independent freight agents, and over 70,000 vetted carriers. Landstar provides services principally throughout the United States and to a lesser extent in Canada and between the U.S. and Canada, Mexico, ...
GRMN vs LSTR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.2B |
| Net Profit | $528.7M | $23.9M |
| Gross Margin | 59.2% | — |
| Operating Margin | 28.9% | 2.5% |
| Net Margin | 24.9% | 2.0% |
| Revenue YoY | 16.6% | -2.9% |
| Net Profit YoY | 21.3% | -48.2% |
| EPS (diluted) | $2.72 | $0.70 |
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 | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.5B | $1.2B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.4B | $1.2B |
| Q4 25 | $528.7M | $23.9M | ||
| Q3 25 | $401.6M | $19.4M | ||
| Q2 25 | $400.8M | $41.9M | ||
| Q1 25 | $332.8M | $29.8M | ||
| Q4 24 | $435.7M | $46.2M | ||
| Q3 24 | $399.1M | $50.0M | ||
| Q2 24 | $300.6M | $52.6M | ||
| Q1 24 | $276.0M | $47.1M |
| 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% | 2.5% | ||
| Q3 25 | 25.8% | 2.2% | ||
| Q2 25 | 26.0% | 4.6% | ||
| Q1 25 | 21.7% | 3.4% | ||
| Q4 24 | 28.3% | 4.8% | ||
| Q3 24 | 27.6% | 5.2% | ||
| Q2 24 | 22.7% | 5.6% | ||
| Q1 24 | 21.6% | 5.1% |
| Q4 25 | 24.9% | 2.0% | ||
| Q3 25 | 22.7% | 1.6% | ||
| Q2 25 | 22.1% | 3.5% | ||
| Q1 25 | 21.7% | 2.6% | ||
| Q4 24 | 23.9% | 3.8% | ||
| Q3 24 | 25.2% | 4.1% | ||
| Q2 24 | 20.0% | 4.3% | ||
| Q1 24 | 20.0% | 4.0% |
| Q4 25 | $2.72 | $0.70 | ||
| Q3 25 | $2.08 | $0.56 | ||
| Q2 25 | $2.07 | $1.20 | ||
| Q1 25 | $1.72 | $0.85 | ||
| Q4 24 | $2.24 | $1.30 | ||
| Q3 24 | $2.07 | $1.41 | ||
| Q2 24 | $1.56 | $1.48 | ||
| Q1 24 | $1.43 | $1.32 |
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 | $452.2M |
| Total DebtLower is stronger | — | $0 |
| Stockholders' EquityBook value | $9.0B | $795.7M |
| Total Assets | $11.0B | $1.6B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $452.2M | ||
| Q3 25 | $2.1B | $434.4M | ||
| Q2 25 | $2.1B | $426.2M | ||
| Q1 25 | $2.2B | $473.4M | ||
| Q4 24 | $2.1B | $566.6M | ||
| Q3 24 | $2.0B | $531.3M | ||
| Q2 24 | $1.9B | $504.0M | ||
| Q1 24 | $1.9B | $530.5M |
| Q4 25 | — | $0 | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $0 | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | $0 |
| Q4 25 | $9.0B | $795.7M | ||
| Q3 25 | $8.5B | $888.7M | ||
| Q2 25 | $8.1B | $921.8M | ||
| Q1 25 | $8.2B | $930.8M | ||
| Q4 24 | $7.8B | $972.4M | ||
| Q3 24 | $7.5B | $1.0B | ||
| Q2 24 | $7.0B | $1.0B | ||
| Q1 24 | $7.2B | $1.0B |
| Q4 25 | $11.0B | $1.6B | ||
| Q3 25 | $10.5B | $1.7B | ||
| Q2 25 | $10.3B | $1.7B | ||
| Q1 25 | $9.8B | $1.7B | ||
| Q4 24 | $9.6B | $1.8B | ||
| Q3 24 | $9.3B | $1.8B | ||
| Q2 24 | $8.9B | $1.8B | ||
| Q1 24 | $8.6B | $1.7B |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $72.7M |
| Free Cash FlowOCF − Capex | $429.6M | $70.5M |
| FCF MarginFCF / Revenue | 20.2% | 6.0% |
| Capex IntensityCapex / Revenue | 5.8% | 0.2% |
| Cash ConversionOCF / Net Profit | 1.05× | 3.04× |
| TTM Free Cash FlowTrailing 4 quarters | $1.4B | $215.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $553.8M | $72.7M | ||
| Q3 25 | $485.6M | $89.3M | ||
| Q2 25 | $173.2M | $7.1M | ||
| Q1 25 | $420.8M | $55.7M | ||
| Q4 24 | $483.9M | $61.1M | ||
| Q3 24 | $258.0M | $83.1M | ||
| Q2 24 | $255.3M | $48.1M | ||
| Q1 24 | $435.3M | $94.2M |
| Q4 25 | $429.6M | $70.5M | ||
| Q3 25 | $425.1M | $86.0M | ||
| Q2 25 | $127.5M | $4.7M | ||
| Q1 25 | $380.7M | $53.8M | ||
| Q4 24 | $399.2M | $54.4M | ||
| Q3 24 | $219.4M | $75.6M | ||
| Q2 24 | $218.2M | $40.6M | ||
| Q1 24 | $402.1M | $84.9M |
| Q4 25 | 20.2% | 6.0% | ||
| Q3 25 | 24.0% | 7.1% | ||
| Q2 25 | 7.0% | 0.4% | ||
| Q1 25 | 24.8% | 4.7% | ||
| Q4 24 | 21.9% | 4.5% | ||
| Q3 24 | 13.8% | 6.2% | ||
| Q2 24 | 14.5% | 3.3% | ||
| Q1 24 | 29.1% | 7.3% |
| Q4 25 | 5.8% | 0.2% | ||
| Q3 25 | 3.4% | 0.3% | ||
| Q2 25 | 2.5% | 0.2% | ||
| Q1 25 | 2.6% | 0.2% | ||
| Q4 24 | 4.6% | 0.6% | ||
| Q3 24 | 2.4% | 0.6% | ||
| Q2 24 | 2.5% | 0.6% | ||
| Q1 24 | 2.4% | 0.8% |
| Q4 25 | 1.05× | 3.04× | ||
| Q3 25 | 1.21× | 4.61× | ||
| Q2 25 | 0.43× | 0.17× | ||
| Q1 25 | 1.26× | 1.87× | ||
| Q4 24 | 1.11× | 1.32× | ||
| Q3 24 | 0.65× | 1.66× | ||
| Q2 24 | 0.85× | 0.91× | ||
| Q1 24 | 1.58× | 2.00× |
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% |
LSTR
| Transportation Logistics | $1.2B | 99% |
| Insurance | $14.6M | 1% |
