• Garmin average ebitda margin for 2023 was 23.87%, a 6.32% increase from 2022.
• Garmin average ebitda margin for 2022 was 25.48%, a 11.4% decline from 2021.
• Garmin average ebitda margin for 2021 was 28.76%, a 3.83% decline from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.