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Side-by-side financial comparison of Garmin (GRMN) and Zoetis (ZTS). Click either name above to swap in a different company.
Zoetis is the larger business by last-quarter revenue ($2.4B vs $2.1B, roughly 1.1× Garmin). Zoetis runs the higher net margin — 25.3% vs 24.9%, a 0.4% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (16.6% vs 3.0%). Zoetis produced more free cash flow last quarter ($732.0M vs $429.6M). Over the past eight quarters, Garmin's revenue compounded faster (24.0% CAGR vs 4.4%).
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.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
GRMN vs ZTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.4B |
| Net Profit | $528.7M | $603.0M |
| Gross Margin | 59.2% | 70.2% |
| Operating Margin | 28.9% | 31.9% |
| Net Margin | 24.9% | 25.3% |
| Revenue YoY | 16.6% | 3.0% |
| Net Profit YoY | 21.3% | 3.8% |
| EPS (diluted) | $2.72 | $1.37 |
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 | $2.4B | ||
| Q3 25 | $1.8B | $2.4B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $1.5B | $2.2B | ||
| Q4 24 | $1.8B | $2.3B | ||
| Q3 24 | $1.6B | $2.4B | ||
| Q2 24 | $1.5B | $2.4B | ||
| Q1 24 | $1.4B | $2.2B |
| Q4 25 | $528.7M | $603.0M | ||
| Q3 25 | $401.6M | $721.0M | ||
| Q2 25 | $400.8M | $718.0M | ||
| Q1 25 | $332.8M | $631.0M | ||
| Q4 24 | $435.7M | $581.0M | ||
| Q3 24 | $399.1M | $682.0M | ||
| Q2 24 | $300.6M | $624.0M | ||
| Q1 24 | $276.0M | $599.0M |
| Q4 25 | 59.2% | 70.2% | ||
| Q3 25 | 59.1% | 71.5% | ||
| Q2 25 | 58.8% | 73.6% | ||
| Q1 25 | 57.6% | 72.0% | ||
| Q4 24 | 59.3% | 69.5% | ||
| Q3 24 | 60.0% | 70.6% | ||
| Q2 24 | 57.3% | 71.7% | ||
| Q1 24 | 58.1% | 70.6% |
| Q4 25 | 28.9% | 31.9% | ||
| Q3 25 | 25.8% | 37.0% | ||
| Q2 25 | 26.0% | 36.7% | ||
| Q1 25 | 21.7% | 36.5% | ||
| Q4 24 | 28.3% | 31.6% | ||
| Q3 24 | 27.6% | 36.6% | ||
| Q2 24 | 22.7% | 33.0% | ||
| Q1 24 | 21.6% | 34.1% |
| Q4 25 | 24.9% | 25.3% | ||
| Q3 25 | 22.7% | 30.0% | ||
| Q2 25 | 22.1% | 29.2% | ||
| Q1 25 | 21.7% | 28.4% | ||
| Q4 24 | 23.9% | 25.1% | ||
| Q3 24 | 25.2% | 28.6% | ||
| Q2 24 | 20.0% | 26.4% | ||
| Q1 24 | 20.0% | 27.4% |
| Q4 25 | $2.72 | $1.37 | ||
| Q3 25 | $2.08 | $1.63 | ||
| Q2 25 | $2.07 | $1.61 | ||
| Q1 25 | $1.72 | $1.41 | ||
| Q4 24 | $2.24 | $1.29 | ||
| Q3 24 | $2.07 | $1.50 | ||
| Q2 24 | $1.56 | $1.37 | ||
| Q1 24 | $1.43 | $1.31 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.0B | $3.3B |
| Total Assets | $11.0B | $15.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.1B | $2.1B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $2.2B | $1.7B | ||
| Q4 24 | $2.1B | $2.0B | ||
| Q3 24 | $2.0B | $1.7B | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | $1.9B | $2.0B |
| Q4 25 | $9.0B | $3.3B | ||
| Q3 25 | $8.5B | $5.4B | ||
| Q2 25 | $8.1B | $5.0B | ||
| Q1 25 | $8.2B | $4.7B | ||
| Q4 24 | $7.8B | $4.8B | ||
| Q3 24 | $7.5B | $5.2B | ||
| Q2 24 | $7.0B | $5.0B | ||
| Q1 24 | $7.2B | $5.1B |
| Q4 25 | $11.0B | $15.5B | ||
| Q3 25 | $10.5B | $15.2B | ||
| Q2 25 | $10.3B | $14.5B | ||
| Q1 25 | $9.8B | $14.1B | ||
| Q4 24 | $9.6B | $14.2B | ||
| Q3 24 | $9.3B | $14.4B | ||
| Q2 24 | $8.9B | $14.2B | ||
| Q1 24 | $8.6B | $14.3B |
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 | $893.0M |
| Free Cash FlowOCF − Capex | $429.6M | $732.0M |
| FCF MarginFCF / Revenue | 20.2% | 30.7% |
| Capex IntensityCapex / Revenue | 5.8% | 6.7% |
| Cash ConversionOCF / Net Profit | 1.05× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $1.4B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $553.8M | $893.0M | ||
| Q3 25 | $485.6M | $938.0M | ||
| Q2 25 | $173.2M | $486.0M | ||
| Q1 25 | $420.8M | $587.0M | ||
| Q4 24 | $483.9M | $905.0M | ||
| Q3 24 | $258.0M | $951.0M | ||
| Q2 24 | $255.3M | $502.0M | ||
| Q1 24 | $435.3M | $595.0M |
| Q4 25 | $429.6M | $732.0M | ||
| Q3 25 | $425.1M | $805.0M | ||
| Q2 25 | $127.5M | $308.0M | ||
| Q1 25 | $380.7M | $438.0M | ||
| Q4 24 | $399.2M | $689.0M | ||
| Q3 24 | $219.4M | $784.0M | ||
| Q2 24 | $218.2M | $370.0M | ||
| Q1 24 | $402.1M | $455.0M |
| Q4 25 | 20.2% | 30.7% | ||
| Q3 25 | 24.0% | 33.5% | ||
| Q2 25 | 7.0% | 12.5% | ||
| Q1 25 | 24.8% | 19.7% | ||
| Q4 24 | 21.9% | 29.7% | ||
| Q3 24 | 13.8% | 32.8% | ||
| Q2 24 | 14.5% | 15.7% | ||
| Q1 24 | 29.1% | 20.8% |
| Q4 25 | 5.8% | 6.7% | ||
| Q3 25 | 3.4% | 5.5% | ||
| Q2 25 | 2.5% | 7.2% | ||
| Q1 25 | 2.6% | 6.7% | ||
| Q4 24 | 4.6% | 9.3% | ||
| Q3 24 | 2.4% | 7.0% | ||
| Q2 24 | 2.5% | 5.6% | ||
| Q1 24 | 2.4% | 6.4% |
| Q4 25 | 1.05× | 1.48× | ||
| Q3 25 | 1.21× | 1.30× | ||
| Q2 25 | 0.43× | 0.68× | ||
| Q1 25 | 1.26× | 0.93× | ||
| Q4 24 | 1.11× | 1.56× | ||
| Q3 24 | 0.65× | 1.39× | ||
| Q2 24 | 0.85× | 0.80× | ||
| Q1 24 | 1.58× | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
