• Garmin average return on tangible equity for 2023 was 19.45, a 1.04% increase from 2022.
• Garmin average return on tangible equity for 2022 was 19.25, a 17.88% increase from 2021.
• Garmin average return on tangible equity for 2021 was 23.44, a 1.39% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.