Garmin Ltd.
- Open
- 243.26
- Day high
- 246.24
- Day low
- 240.88
- Prev close
- 243.53
- Volume
- 441K
- Mkt cap
- $46.9B
- P/E (TTM)
- 27.0
- EPS (TTM)
- $9.07
- P/B
- 5.1
- P/S
- 6.3
- Yield
- 1.54%
- Per share
- $3.75
- ▼Insiders net selling -$890K over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions mixed (13F)
Garmin Ltd. (GRMN) is a Technology company listed on NYSE. The stock is up 12% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4).
Garmin Ltd. (GRMN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GRMN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $1.84 | $2.08 | +13.0% | $1.8B | +1.7% |
| Feb 18, 2026 | $2.40 | $2.79 | +16.3% | $2.1B | +5.3% |
| Oct 29, 2025 | $1.99 | $1.99 | +0.0% | $1.8B | -0.6% |
| Jul 30, 2025 | $1.90 | $2.17 | +14.2% | $1.8B | +6.7% |
| Apr 30, 2025 | $1.67 | $1.61 | -3.6% | $1.5B | +0.7% |
| Feb 19, 2025 | $1.90 | $2.41 | +26.8% | $1.8B | +7.3% |
| Oct 30, 2024 | $1.44 | $1.99 | +38.2% | $1.6B | +9.8% |
| Jul 31, 2024 | $1.44 | $1.58 | +9.7% | $1.5B | +5.8% |
| May 1, 2024 | $1.01 | $1.42 | +40.6% | $1.4B | +10.5% |
| Feb 21, 2024 | $1.40 | $1.72 | +22.9% | $1.5B | +4.8% |
| Nov 1, 2023 | $1.29 | $1.41 | +9.3% | $1.3B | +6.0% |
| Aug 2, 2023 | $1.41 | $1.45 | +2.8% | $1.3B | +5.1% |
GRMN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 9, 2026 | LEWIS CATHERINE A.director | Grant | 753 | — |
| Jun 9, 2026 | Hartnett Joseph Jdirector | Tax | 215 | $236.57 |
| Jun 9, 2026 | Hartnett Joseph Jdirector | Grant | 753 | — |
| Jun 9, 2026 | Hartnett Joseph Jdirector | Sell | 643 | $236.09 |
| Jun 9, 2026 | LEWIS CATHERINE A.director | Tax | 215 | $236.57 |
| Jun 9, 2026 | Ball Susan M.director | Tax | 215 | $236.57 |
| Jun 9, 2026 | Ball Susan M.director | Grant | 753 | — |
| Jun 8, 2026 | BURRELL JONATHANdirector | Tax | 215 | $236.57 |
| Jun 8, 2026 | Boessen Douglas G.officer: CFO and Treasurer | Sell | 355 | $237.31 |
| Jun 8, 2026 | Boessen Douglas G.officer: CFO and Treasurer | Sell | 1,288 | $238.28 |
| Jun 8, 2026 | Boessen Douglas G.officer: CFO and Treasurer | Sell | 272 | $236.59 |
| Jun 8, 2026 | BURRELL JONATHANdirector | Grant | 753 | — |
| Jun 8, 2026 | Boessen Douglas G.officer: CFO and Treasurer | Sell | 85 | $238.91 |
| May 8, 2026 | MINARD LAURIE Aofficer: VP, Human Resources | Sell | 100 | $242.59 |
| May 8, 2026 | MINARD LAURIE Aofficer: VP, Human Resources | Sell | 984 | $241.98 |
Source: GRMN SEC Form 4 filings, latest Jun 9, 2026. For informational purposes only — not investment advice.
See the full GRMN insider & 13F page →Garmin Ltd. company profile
Overview
Garmin Ltd. (NASDAQ:GRMN) is a Swiss-based technology company founded in 1989 that has evolved from a pioneer in GPS navigation devices into a diversified manufacturer of specialized electronic devices across multiple industries. Originally established by Gary Burrell and Min Kao (whose names combine to form "Garmin"), the company went public in 2000 and has since grown into a global leader in GPS technology and wearable devices. Today, Garmin operates across five distinct business segments serving fitness enthusiasts, outdoor adventurers, aviation professionals, marine operators, and automotive manufacturers worldwide.
Business
Garmin designs, develops, manufactures, and markets specialized wireless devices and electronic systems that leverage GPS technology and advanced sensors. The company operates through five primary business segments: Fitness Segment (approximately 28% of total revenue): This division produces running and multi-sport watches, cycling computers, activity tracking devices, and smartwatches. Key products include the popular Fenix adventure watch series, Forerunner running watches, Edge cycling computers, and Venu smartwatches. The segment also operates digital platforms including Garmin Connect (a web and mobile platform for activity tracking) and Connect IQ (an application development platform that allows third-party developers to create apps for Garmin devices). Outdoor Segment (approximately 31% of total revenue): This segment focuses on adventure and outdoor recreation products including handheld GPS devices, golf rangefinders and GPS watches, dog tracking and training devices, and specialized outdoor watches. Popular products include the GPSMAP handheld series, Approach golf devices, and Alpha dog tracking systems. These devices are designed for hunters, hikers, golfers, and other outdoor enthusiasts who need reliable navigation and tracking capabilities. Aviation Segment (approximately 14% of total revenue): Garmin manufactures sophisticated aircraft avionics systems including integrated flight decks, electronic flight displays, navigation and communication equipment, autopilot systems, weather radar, traffic collision avoidance systems, and portable aviation GPS units. The G1000 and G3000 integrated flight deck systems are widely used in both commercial and general aviation aircraft. This segment serves pilots, aircraft manufacturers, and aviation service providers. Marine Segment (approximately 17% of total revenue): This division produces marine electronics including chartplotters (electronic navigation displays), fish finders, sonar systems, autopilot systems, marine radars, VHF radios, and trolling motors. Products like the GPSMAP chartplotter series and Panoptix sonar systems are popular among recreational boaters and commercial marine operators. The segment also includes marine entertainment systems and digital switching products. Auto OEM Segment (approximately 10% of total revenue): This business-to-business segment develops embedded computing systems and infotainment solutions for automotive manufacturers. Garmin creates domain controllers (centralized computing units that manage multiple vehicle systems), navigation systems, and driver assistance technologies. The segment primarily serves premium automotive brands, with BMW being a significant customer.
Revenue model
Garmin generates revenue primarily through direct product sales across its five business segments. The company sells its devices through multiple channels including independent retailers, online marketplaces, specialized dealers, installation shops, original equipment manufacturers, and its own e-commerce website at garmin.com. The business model centers on selling premium-priced, feature-rich devices that command higher margins than basic consumer electronics. Garmin's products typically range from mid-tier to high-end pricing, reflecting their specialized functionality and build quality. For example, fitness watches can range from $200 to over $1,000, while aviation systems can cost tens of thousands of dollars. Key revenue drivers include new product launches (Garmin targets approximately 100 new product releases annually), market share expansion in existing categories, and geographic expansion. The company benefits from recurring revenue streams through map updates, software subscriptions, and replacement cycles as customers upgrade to newer models. Factors that positively impact margins include Garmin's vertical integration strategy (the company manufactures many components in-house), premium product positioning, strong brand loyalty, and continuous innovation that allows for premium pricing. The company's gross margins typically range from 55-60%, with some segments like Aviation achieving margins above 70%. Margin pressures come from component cost inflation, foreign exchange fluctuations (about 40% of revenue is generated in non-U.S. dollar currencies), competitive pricing pressure in consumer segments, and trade tariffs. The company faces particular challenges from potential tariffs on products manufactured outside the U.S., which management estimates could add approximately $100 million in costs annually. Additionally, the Auto OEM segment operates at significantly lower margins (around 18-20% gross margin) due to the competitive nature of automotive supply contracts.
Competitive moat
Garmin's competitive moat is moderately strong, built on several key advantages. The company benefits from deep technical expertise in GPS technology, sensor integration, and specialized software development accumulated over more than three decades. This technical know-how creates high barriers to entry in specialized markets like aviation avionics, where safety certifications and regulatory approvals can take years to obtain. The company's vertical integration strategy provides cost advantages and quality control, as Garmin manufactures many components in-house rather than relying entirely on third-party suppliers. This integration also enables faster product development cycles and better margin control. Brand loyalty represents another significant moat, particularly in the fitness and outdoor segments where Garmin has cultivated a reputation for durability, accuracy, and feature richness. The Garmin Connect ecosystem creates switching costs, as users accumulate years of fitness and activity data that would be difficult to transfer to competing platforms. However, Garmin faces meaningful competitive threats. In the consumer fitness segment, Apple Watch dominates the smartwatch market, while companies like Fitbit (owned by Google) and newer entrants like Oura compete for health and fitness tracking. In outdoor recreation, companies like Suunto and Polar offer competing products. The marine and aviation segments face less direct competition due to higher technical barriers, but established players like Raymarine in marine electronics and Honeywell in aviation present ongoing competitive pressure. The company's moat is strongest in specialized professional markets (aviation, marine) where technical expertise, regulatory compliance, and customer relationships create higher barriers to entry. The moat is weaker in consumer segments where larger technology companies with greater resources can potentially disrupt Garmin's position through superior software integration or ecosystem effects.
Risks & safety
Garmin demonstrates a strong margin of safety with robust financial fundamentals and conservative capital structure. • Liquidity and Solvency: The company maintains excellent liquidity with $2.2 billion in cash and short-term investments against minimal debt. Current ratio of 4.1x and quick ratio of 2.9x indicate strong ability to meet short-term obligations. Debt-to-equity ratio is extremely low at 1.7%, indicating minimal financial leverage. • Cash Generation: Strong operational cash flow of $421 million in Q1 2025 and free cash flow of $381 million demonstrate the business generates substantial cash. Annual free cash flow exceeded $1.2 billion in 2024, providing significant financial flexibility. • Valuation Metrics: Trading at P/E ratio of approximately 31x and EV/EBITDA of 26x, which appears reasonable for a profitable, growing technology company. Price-to-book ratio of 5.0x reflects market recognition of intangible assets and brand value. • Profitability: Consistent profitability with operating margins around 25% and return on equity of approximately 18% demonstrate efficient capital allocation and strong business fundamentals. • Other Considerations: Diversified revenue streams across five segments reduce concentration risk. However, potential tariff impacts of $100 million annually represent a near-term headwind that management is actively addressing through pricing and sourcing strategies.
Recent development
Over the past few years, Garmin has executed several strategic initiatives to diversify its business and enhance its competitive position. The company has significantly expanded its fitness and outdoor segments through innovative product launches, including the successful Fenix 8 series with AMOLED displays and the introduction of satellite communication capabilities in devices like the inReach Messenger Plus. In the marine segment, Garmin has pursued strategic acquisitions to broaden its product portfolio, including the acquisition of JL Audio to enhance marine entertainment offerings and Lumishore to expand into marine LED lighting solutions. The company has also successfully entered the trolling motor market with its Force series, creating a new product category that has contributed to marine segment growth. The Auto OEM segment has emerged as a significant growth driver, with revenue increasing 44% in 2024 to $611 million. Garmin has secured major contracts with premium automotive manufacturers, including a completed domain controller program with BMW and a new multi-year contract beginning in 2027. The company is positioning itself as a supplier of integrated electronic solutions for next-generation vehicles. Garmin has also begun exploring subscription-based revenue models, launching Garmin Connect+ as a premium service offering AI-powered health insights. While subscription revenue remains small, management has indicated they will report it as a separate line item once it reaches 10% of consolidated revenue. The company continues to invest heavily in research and development, targeting approximately 100 new product releases annually across all segments. Recent innovations include advanced health monitoring features, satellite communication integration, and enhanced user interfaces across product lines.
GRMN company profile · for informational purposes only — not investment advice.
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