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Side-by-side financial comparison of Garmin (GRMN) and Tapestry, Inc. (TPR). Click either name above to swap in a different company.
Tapestry, Inc. is the larger business by last-quarter revenue ($2.5B vs $2.1B, roughly 1.2× Garmin). Garmin runs the higher net margin — 24.9% vs 22.4%, a 2.4% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (16.6% vs 14.0%). Tapestry, Inc. produced more free cash flow last quarter ($1.0B vs $429.6M). Over the past eight quarters, Tapestry, Inc.'s revenue compounded faster (29.9% CAGR vs 24.0%).
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.
Tapestry, Inc. is a leading American multinational luxury fashion holding company. It owns three iconic lifestyle brands: Coach, Kate Spade New York, and Stuart Weitzman, offering premium handbags, apparel, footwear, accessories, and fragrances to global consumers via physical retail stores and e-commerce platforms.
GRMN vs TPR — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.5B |
| Net Profit | $528.7M | $561.3M |
| Gross Margin | 59.2% | 75.5% |
| Operating Margin | 28.9% | 28.6% |
| Net Margin | 24.9% | 22.4% |
| Revenue YoY | 16.6% | 14.0% |
| Net Profit YoY | 21.3% | 80.8% |
| EPS (diluted) | $2.72 | $2.68 |
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 | $2.5B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $1.8B | $1.7B | ||
| Q1 25 | $1.5B | $1.6B | ||
| Q4 24 | $1.8B | $2.2B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.5B | $1.6B | ||
| Q1 24 | $1.4B | $1.5B |
| Q4 25 | $528.7M | $561.3M | ||
| Q3 25 | $401.6M | $274.8M | ||
| Q2 25 | $400.8M | $-517.1M | ||
| Q1 25 | $332.8M | $203.3M | ||
| Q4 24 | $435.7M | $310.4M | ||
| Q3 24 | $399.1M | $186.6M | ||
| Q2 24 | $300.6M | $159.3M | ||
| Q1 24 | $276.0M | $139.4M |
| Q4 25 | 59.2% | 75.5% | ||
| Q3 25 | 59.1% | 76.3% | ||
| Q2 25 | 58.8% | 76.3% | ||
| Q1 25 | 57.6% | 76.1% | ||
| Q4 24 | 59.3% | 74.4% | ||
| Q3 24 | 60.0% | 75.3% | ||
| Q2 24 | 57.3% | 74.9% | ||
| Q1 24 | 58.1% | 74.7% |
| Q4 25 | 28.9% | 28.6% | ||
| Q3 25 | 25.8% | 19.3% | ||
| Q2 25 | 26.0% | -33.9% | ||
| Q1 25 | 21.7% | 16.0% | ||
| Q4 24 | 28.3% | 22.4% | ||
| Q3 24 | 27.6% | 16.7% | ||
| Q2 24 | 22.7% | 14.8% | ||
| Q1 24 | 21.6% | 13.8% |
| Q4 25 | 24.9% | 22.4% | ||
| Q3 25 | 22.7% | 16.1% | ||
| Q2 25 | 22.1% | -30.0% | ||
| Q1 25 | 21.7% | 12.8% | ||
| Q4 24 | 23.9% | 14.1% | ||
| Q3 24 | 25.2% | 12.4% | ||
| Q2 24 | 20.0% | 10.0% | ||
| Q1 24 | 20.0% | 9.4% |
| Q4 25 | $2.72 | $2.68 | ||
| Q3 25 | $2.08 | $1.28 | ||
| Q2 25 | $2.07 | $-2.30 | ||
| Q1 25 | $1.72 | $0.95 | ||
| Q4 24 | $2.24 | $1.38 | ||
| Q3 24 | $2.07 | $0.79 | ||
| Q2 24 | $1.56 | $0.67 | ||
| Q1 24 | $1.43 | $0.60 |
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 | $1.1B |
| Total DebtLower is stronger | — | $2.4B |
| Stockholders' EquityBook value | $9.0B | $551.2M |
| Total Assets | $11.0B | $6.5B |
| Debt / EquityLower = less leverage | — | 4.32× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $1.1B | ||
| Q3 25 | $2.1B | $743.2M | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $2.2B | $1.1B | ||
| Q4 24 | $2.1B | $1.0B | ||
| Q3 24 | $2.0B | $7.3B | ||
| Q2 24 | $1.9B | $7.2B | ||
| Q1 24 | $1.9B | $7.4B |
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | — | $7.7B |
| Q4 25 | $9.0B | $551.2M | ||
| Q3 25 | $8.5B | $399.5M | ||
| Q2 25 | $8.1B | $857.8M | ||
| Q1 25 | $8.2B | $1.5B | ||
| Q4 24 | $7.8B | $1.3B | ||
| Q3 24 | $7.5B | $3.0B | ||
| Q2 24 | $7.0B | $2.9B | ||
| Q1 24 | $7.2B | $2.8B |
| Q4 25 | $11.0B | $6.5B | ||
| Q3 25 | $10.5B | $6.4B | ||
| Q2 25 | $10.3B | $6.6B | ||
| Q1 25 | $9.8B | $7.3B | ||
| Q4 24 | $9.6B | $7.3B | ||
| Q3 24 | $9.3B | $13.7B | ||
| Q2 24 | $8.9B | $13.4B | ||
| Q1 24 | $8.6B | $13.7B |
| Q4 25 | — | 4.32× | ||
| Q3 25 | — | 5.95× | ||
| Q2 25 | — | 2.77× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | — | 1.78× | ||
| Q3 24 | — | 2.35× | ||
| Q2 24 | — | 2.39× | ||
| Q1 24 | — | 2.77× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | $429.6M | $1.0B |
| FCF MarginFCF / Revenue | 20.2% | 41.5% |
| Capex IntensityCapex / Revenue | 5.8% | 1.7% |
| Cash ConversionOCF / Net Profit | 1.05× | 1.93× |
| TTM Free Cash FlowTrailing 4 quarters | $1.4B | $1.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $553.8M | $1.1B | ||
| Q3 25 | $485.6M | $112.6M | ||
| Q2 25 | $173.2M | $446.8M | ||
| Q1 25 | $420.8M | $144.3M | ||
| Q4 24 | $483.9M | $506.0M | ||
| Q3 24 | $258.0M | $119.5M | ||
| Q2 24 | $255.3M | $256.0M | ||
| Q1 24 | $435.3M | $97.8M |
| Q4 25 | $429.6M | $1.0B | ||
| Q3 25 | $425.1M | $80.2M | ||
| Q2 25 | $127.5M | $411.5M | ||
| Q1 25 | $380.7M | $113.4M | ||
| Q4 24 | $399.2M | $475.1M | ||
| Q3 24 | $219.4M | $93.9M | ||
| Q2 24 | $218.2M | $209.8M | ||
| Q1 24 | $402.1M | $78.8M |
| Q4 25 | 20.2% | 41.5% | ||
| Q3 25 | 24.0% | 4.7% | ||
| Q2 25 | 7.0% | 23.9% | ||
| Q1 25 | 24.8% | 7.2% | ||
| Q4 24 | 21.9% | 21.6% | ||
| Q3 24 | 13.8% | 6.2% | ||
| Q2 24 | 14.5% | 13.2% | ||
| Q1 24 | 29.1% | 5.3% |
| Q4 25 | 5.8% | 1.7% | ||
| Q3 25 | 3.4% | 1.9% | ||
| Q2 25 | 2.5% | 2.0% | ||
| Q1 25 | 2.6% | 2.0% | ||
| Q4 24 | 4.6% | 1.4% | ||
| Q3 24 | 2.4% | 1.7% | ||
| Q2 24 | 2.5% | 2.9% | ||
| Q1 24 | 2.4% | 1.3% |
| Q4 25 | 1.05× | 1.93× | ||
| Q3 25 | 1.21× | 0.41× | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 1.26× | 0.71× | ||
| Q4 24 | 1.11× | 1.63× | ||
| Q3 24 | 0.65× | 0.64× | ||
| Q2 24 | 0.85× | 1.61× | ||
| Q1 24 | 1.58× | 0.70× |
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% |
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
