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Side-by-side financial comparison of Garmin (GRMN) and Qnity Electronics, Inc. (Q). Click either name above to swap in a different company.
Garmin is the larger business by last-quarter revenue ($1.8B vs $1.3B, roughly 1.4× Qnity Electronics, Inc.). Garmin runs the higher net margin — 23.1% vs 16.5%, a 6.6% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (14.0% vs 11.1%). Qnity Electronics, Inc. produced more free cash flow last quarter ($568.0M vs $469.4M).
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.
GRMN vs Q — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.8B | $1.3B |
| Net Profit | $405.1M | $211.0M |
| Gross Margin | 59.4% | 45.1% |
| Operating Margin | 24.6% | 21.3% |
| Net Margin | 23.1% | 16.5% |
| Revenue YoY | 14.0% | 11.1% |
| Net Profit YoY | 21.7% | 6.0% |
| EPS (diluted) | $2.09 | $1.01 |
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.
| Q1 26 | $1.8B | — | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $1.5B | — |
| Q1 26 | $405.1M | — | ||
| Q4 25 | $528.7M | — | ||
| Q3 25 | $401.6M | $211.0M | ||
| Q2 25 | $400.8M | — | ||
| Q1 25 | $332.8M | — | ||
| Q4 24 | $435.7M | — | ||
| Q3 24 | $399.1M | $199.0M | ||
| Q2 24 | $300.6M | — |
| Q1 26 | 59.4% | — | ||
| Q4 25 | 59.2% | — | ||
| Q3 25 | 59.1% | 45.1% | ||
| Q2 25 | 58.8% | — | ||
| Q1 25 | 57.6% | — | ||
| Q4 24 | 59.3% | — | ||
| Q3 24 | 60.0% | 47.0% | ||
| Q2 24 | 57.3% | — |
| Q1 26 | 24.6% | — | ||
| Q4 25 | 28.9% | — | ||
| Q3 25 | 25.8% | 21.3% | ||
| Q2 25 | 26.0% | — | ||
| Q1 25 | 21.7% | — | ||
| Q4 24 | 28.3% | — | ||
| Q3 24 | 27.6% | 21.8% | ||
| Q2 24 | 22.7% | — |
| Q1 26 | 23.1% | — | ||
| Q4 25 | 24.9% | — | ||
| Q3 25 | 22.7% | 16.5% | ||
| Q2 25 | 22.1% | — | ||
| Q1 25 | 21.7% | — | ||
| Q4 24 | 23.9% | — | ||
| Q3 24 | 25.2% | 17.3% | ||
| Q2 24 | 20.0% | — |
| Q1 26 | $2.09 | — | ||
| Q4 25 | $2.72 | — | ||
| Q3 25 | $2.08 | $1.01 | ||
| Q2 25 | $2.07 | — | ||
| Q1 25 | $1.72 | — | ||
| Q4 24 | $2.24 | — | ||
| Q3 24 | $2.07 | $0.95 | ||
| Q2 24 | $1.56 | — |
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 | $128.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | — | $9.1B |
| Total Assets | $11.0B | $12.5B |
| Debt / EquityLower = less leverage | — | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.1B | $128.0M | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | — | ||
| Q3 25 | $8.5B | $9.1B | ||
| Q2 25 | $8.1B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $7.8B | — | ||
| Q3 24 | $7.5B | $11.1B | ||
| Q2 24 | $7.0B | — |
| Q1 26 | $11.0B | — | ||
| Q4 25 | $11.0B | — | ||
| Q3 25 | $10.5B | $12.5B | ||
| Q2 25 | $10.3B | — | ||
| Q1 25 | $9.8B | — | ||
| Q4 24 | $9.6B | — | ||
| Q3 24 | $9.3B | — | ||
| Q2 24 | $8.9B | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $536.0M | $782.0M |
| Free Cash FlowOCF − Capex | $469.4M | $568.0M |
| FCF MarginFCF / Revenue | 26.8% | 44.5% |
| Capex IntensityCapex / Revenue | — | 16.8% |
| Cash ConversionOCF / Net Profit | 1.32× | 3.71× |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $536.0M | — | ||
| Q4 25 | $553.8M | — | ||
| Q3 25 | $485.6M | $782.0M | ||
| Q2 25 | $173.2M | — | ||
| Q1 25 | $420.8M | — | ||
| Q4 24 | $483.9M | — | ||
| Q3 24 | $258.0M | — | ||
| Q2 24 | $255.3M | — |
| Q1 26 | $469.4M | — | ||
| Q4 25 | $429.6M | — | ||
| Q3 25 | $425.1M | $568.0M | ||
| Q2 25 | $127.5M | — | ||
| Q1 25 | $380.7M | — | ||
| Q4 24 | $399.2M | — | ||
| Q3 24 | $219.4M | — | ||
| Q2 24 | $218.2M | — |
| Q1 26 | 26.8% | — | ||
| Q4 25 | 20.2% | — | ||
| Q3 25 | 24.0% | 44.5% | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | 24.8% | — | ||
| Q4 24 | 21.9% | — | ||
| Q3 24 | 13.8% | — | ||
| Q2 24 | 14.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 5.8% | — | ||
| Q3 25 | 3.4% | 16.8% | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 2.5% | — |
| Q1 26 | 1.32× | — | ||
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.21× | 3.71× | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.11× | — | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.85× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GRMN
Segment breakdown not available.
Q
| Semiconductor Technologies | $693.0M | 54% |
| Interconnect Solutions | $583.0M | 46% |
