GRMN vs MKSI: Garmin and MKS Instruments compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Garmin is the larger company, worth $51.0B, about 2.9 times MKS Instruments.
- MKS Instruments grew revenue faster over the last year (+28.3% vs +14.2%).
- Garmin keeps more of each dollar of revenue as operating profit (26.5% vs 15.7%).
- On earnings, Garmin is the cheaper stock (29.5x vs 54.5x).
- Garmin's price assumes faster free cash flow growth: about 13% a year, against 12% for MKS Instruments (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | GRMN | MKSI |
|---|---|---|
| Market cap | $51.0B | $17.6B |
| Share price | $268.36 | $264.50 |
| Revenue (last fiscal year) | $7.2B | $3.9B |
| Free cash flow (last fiscal year) | $1.4B | $497M |
| Revenue growth, last year | +14.2% | +28.3% |
| Revenue growth per year, last 5 fiscal years | +9.8% | +7.4% |
| Operating margin | 26.5% | 15.7% |
| Net margin | 23.3% | 10.1% |
| Return on equity | 18.7% | 14.7% |
| P/E (trailing) | 29.5x | 54.5x |
| Price / free cash flow | 37.4x | 35.5x |
| EV / EBITDA | 22.5x | 21.0x |
| FCF growth the price implies | 13.2% | 12.5% |
| Dividend yield | 1.6% | 0.35% |
| Debt / equity | 0.18x | 1.99x |
| Fundamental grade | B | C |
| Superinvestors holding it | 3 | 5 |
| Insider purchases, last 12 months | 6 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Garmin
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.0B | $705M | 24.5% |
| 2022 | $4.9B | $544M | 21.1% |
| 2023 | $5.2B | $1.2B | 20.9% |
| 2024 | $6.3B | $1.2B | 25.3% |
| 2025 | $7.2B | $1.4B | 25.9% |
MKS Instruments
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.0B | $553M | 23.7% |
| 2022 | $3.5B | $365M | 17.4% |
| 2023 | $3.6B | $232M | -42.9% |
| 2024 | $3.6B | $410M | 13.9% |
| 2025 | $3.9B | $497M | 13.4% |
Where the revenue comes from
Garmin · by segments, 2025
Fitness Segment$2.4B33%
Outdoor Segment$2.1B28%
Marine Segment$1.2B16%
Aviation Segment$987M14%
Auto OEM Segment$665M9%
MKS Instruments · by segments, 2025
VSD$1.6B40%
MSD$1.3B34%
PSD$1.0B26%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open GRMN in InvestinglyQuestions
Which is bigger, Garmin or MKS Instruments?
Garmin (GRMN), at $51.0B against $17.6B.
Is GRMN or MKSI cheaper?
By trailing P/E, Garmin (29.5x) is cheaper than MKS Instruments (54.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, GRMN or MKSI?
MKS Instruments: revenue grew +28.3% over the last year, against +14.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.