GRMN vs TDY: Garmin and Teledyne Technologies 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 1.9 times Teledyne Technologies.
- Garmin grew revenue faster over the last year (+14.2% vs +9.8%).
- Garmin keeps more of each dollar of revenue as operating profit (26.5% vs 19.4%).
- On earnings, Garmin is the cheaper stock (29.5x vs 29.6x).
- Garmin's price assumes faster free cash flow growth: about 13% a year, against 8% for Teledyne Technologies (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 | TDY |
|---|---|---|
| Market cap | $51.0B | $27.1B |
| Share price | $268.36 | $613.66 |
| Revenue (last fiscal year) | $7.2B | $6.1B |
| Free cash flow (last fiscal year) | $1.4B | $1.1B |
| Revenue growth, last year | +14.2% | +9.8% |
| Revenue growth per year, last 5 fiscal years | +9.8% | +7.3% |
| Operating margin | 26.5% | 19.4% |
| Net margin | 23.3% | 15.3% |
| Return on equity | 18.7% | 8.9% |
| P/E (trailing) | 29.5x | 29.6x |
| Price / free cash flow | 37.4x | 25.2x |
| EV / EBITDA | 22.5x | 18.7x |
| FCF growth the price implies | 13.2% | 8.0% |
| Dividend yield | 1.6% | — |
| Debt / equity | 0.18x | 0.40x |
| Fundamental grade | B | C |
| Superinvestors holding it | 3 | 9 |
| Insider purchases, last 12 months | 6 | 2 |
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% |
Teledyne Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.6B | $723M | 13.5% |
| 2022 | $5.5B | $394M | 17.8% |
| 2023 | $5.6B | $721M | 18.4% |
| 2024 | $5.7B | $1.1B | 17.4% |
| 2025 | $6.1B | $1.1B | 18.8% |
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%
Teledyne Technologies · by segments, 2025
Digital Imaging$3.2B52%
Instrumentation$1.5B24%
Aerospace and Defense Electronics$1.1B17%
Engineered Systems$436M7%
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 Teledyne Technologies?
Garmin (GRMN), at $51.0B against $27.1B.
Is GRMN or TDY cheaper?
By trailing P/E, Garmin (29.5x) is cheaper than Teledyne Technologies (29.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, GRMN or TDY?
Garmin: revenue grew +14.2% over the last year, against +9.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.