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Leonardo DRS vs Garmin: revenue, profit, margins and growth compared

Leonardo DRS brought in $3.6B of revenue in fiscal 2025, Garmin $7.2B in fiscal 2025. Revenue changed by +12.8% at Leonardo DRS and +15.1% at Garmin on the year before, so Garmin grew faster. Leonardo DRS kept 7.6% of its revenue as net profit, Garmin 23.0%. Free cash flow was $227M at Leonardo DRS and $1.4B at Garmin.

Side by side, latest fiscal year

DRSGRMN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 27, 2025)
Revenue$3.6B$7.2B
Revenue growth+12.8%+15.1%
Net income$278M$1.7B
Net margin7.6%23.0%
Free cash flow$227M$1.4B
Free cash flow margin6.2%18.8%
Earnings per share (diluted)$1.03$8.59
Cash$647M$2.3B
Debt$348Mn/a
Price to earnings36.134.2
Market value$9.9B$56.7B
Dividend yield0.97%n/a
Rank by revenue in sector#155 of 451 · Industrials#93 of 451 · Industrials

Over the years

Revenue
DRS FY2019: $2.7BDRS FY2021: $2.8BDRS FY2021: $2.9BDRS FY2022: $2.7BDRS FY2023: $2.8BDRS FY2024: $3.2BDRS FY2025: $3.6BGRMN FY2018: $3.3BGRMN FY2019: $3.8BGRMN FY2020: $4.2BGRMN FY2021: $5BGRMN FY2022: $4.9BGRMN FY2023: $5.2BGRMN FY2024: $6.3BGRMN FY2025: $7.2BFY18FY19FY20FY21FY22FY23FY24FY25
DRS $3.6BGRMN $7.2B
Net income
DRS FY2019: $75MDRS FY2021: $85MDRS FY2021: $154MDRS FY2022: $405MDRS FY2023: $168MDRS FY2024: $213MDRS FY2025: $278MGRMN FY2018: $694.1MGRMN FY2019: $952.5MGRMN FY2020: $992.3MGRMN FY2021: $1.1BGRMN FY2022: $973.6MGRMN FY2023: $1.3BGRMN FY2024: $1.4BGRMN FY2025: $1.7BFY18FY19FY20FY21FY22FY23FY24FY25
DRS $278MGRMN $1.7B
Net margin
DRS FY2019: 2.8%DRS FY2021: 3.1%DRS FY2021: 5.3%DRS FY2022: 15.0%DRS FY2023: 5.9%DRS FY2024: 6.6%DRS FY2025: 7.6%GRMN FY2018: 20.7%GRMN FY2019: 25.3%GRMN FY2020: 23.7%GRMN FY2021: 21.7%GRMN FY2022: 20.0%GRMN FY2023: 24.7%GRMN FY2024: 22.4%GRMN FY2025: 23.0%FY18FY19FY20FY21FY22FY23FY24FY25
DRS 7.6%GRMN 23.0%
Revenue growth
DRS FY2021: +2.4%DRS FY2021: +3.6%DRS FY2022: -6.5%DRS FY2023: +4.9%DRS FY2024: +14.4%DRS FY2025: +12.8%GRMN FY2019: +12.2%GRMN FY2020: +11.4%GRMN FY2021: +19.0%GRMN FY2022: -2.5%GRMN FY2023: +7.6%GRMN FY2024: +20.4%GRMN FY2025: +15.1%FY19FY20FY21FY22FY23FY24FY25
DRS +12.8%GRMN +15.1%
Free cash flow
DRS FY2019: $102MDRS FY2021: $69MDRS FY2021: $118MDRS FY2022: -$32MDRS FY2023: $145MDRS FY2024: $186MDRS FY2025: $227MGRMN FY2018: $763.8MGRMN FY2019: $580.5MGRMN FY2020: $949.9MGRMN FY2021: $704.8MGRMN FY2022: $544MGRMN FY2023: $1.2BGRMN FY2024: $1.2BGRMN FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
DRS $227MGRMN $1.4B

Fiscal years as each company reports them; the two may end in different months.

Questions about Leonardo DRS and Garmin

Which is bigger by revenue, Leonardo DRS or Garmin?

Garmin is bigger by revenue: $7.2B in fiscal 2025, against $3.6B for Leonardo DRS in fiscal 2025.

Which keeps more of its revenue as profit, Leonardo DRS or Garmin?

Leonardo DRS had a net margin of 7.6% in fiscal 2025; Garmin had 23.0% in fiscal 2025.

Which grew revenue faster, Leonardo DRS or Garmin?

In their latest fiscal years revenue changed by +12.8% at Leonardo DRS and +15.1% at Garmin.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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