A Business at a Glance
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GARMIN LTD
GRMN
$47.1B
Mkt Cap
$243.03
+1.22%
GARMIN LTD (GRMN) has a current P/E ratio of 28.3, compared to its historical median P/E of 17.9. The stock is currently considered Expensive based on its historical valuation range.
GARMIN LTD (GRMN) has a 5-year average return on invested capital (ROIC) of 32.9%. This indicates strong capital allocation and a potential competitive advantage.
GARMIN LTD (GRMN) has a market capitalization of $46.9B. It is classified as a large-cap stock.
Yes, GARMIN LTD (GRMN) pays a dividend with a trailing twelve-month yield of 1.48%.
Based on historical P/E analysis, GARMIN LTD (GRMN) appears expensive. The current P/E of 28.3 is 58% above its historical median of 17.9. The estimated fair value CAGR (P/E method) is 10.8%.
GARMIN LTD (GRMN) operates in the Search, Detection, Navigation, Guidance, Aeronautical Sys industry, within the Technology sector.
GARMIN LTD (GRMN) reported annual revenue of $7.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Garmin Ltd. designs, develops, manufactures, markets, and distributes GPS-enabled products and services across five primary segments: fitness, outdoor, aviation, marine, and auto OEM, serving consumers and original equipment manufacturers globally. The fitness segment offers running watches, cycling computers, smartwatches, health monitors, and sports timing solutions through the MYLAPS brand, with subscription-based premium features via Garmin Connect+. The outdoor segment provides adventure watches, satellite communicators with inReach technology, handheld GPS devices, golf equipment, consumer automotive products, and dive computers, supported by subscription services like Outdoor Maps+ and Garmin Golf membership. The aviation segment supplies integrated flight decks, electronic flight displays, navigation and communication systems, and autopilot solutions to general aviation, business aviation, rotorcraft, military, and emerging electric aircraft markets through both OEM and retrofit channels. The marine segment delivers chartplotters and other navigation systems, while the auto OEM segment provides domain controllers and other components to automotive manufacturers. Garmin's business model combines hardware sales with recurring subscription services and software platforms like Connect IQ, which enables third-party developers to create applications for Garmin devices, generating a diversified revenue stream across consumer and professional markets with a global distribution footprint spanning EMEA, Americas, and APAC regions.
【Strong fitness-led growth ahead】 Management expects 2026 to deliver another year of strong top and bottom line growth, with the fitness segment positioned as the strongest contributor to consolidated growth driven by demand for current products and new introductions. Outdoor revenue is anticipated to accelerate in 2026 compared to 2025 due to a significant number of new product introductions, with stronger performance expected in the back half of the year from product launch timing. Aviation is expected to continue growing in line with historical norms, supported by healthy OEM backlogs and resilient aftermarket consumer behavior, while marine segment growth is expected to be consistent with the prior year based on improving market conditions. The auto OEM segment will experience revenue pressure in 2026 as the BMW program reaches peak volumes and legacy programs approach end of life, though operating losses are expected to narrow; however, management anticipates the Mercedes-Benz program will drive significant growth starting in 2027 and beyond.
| Metric | Target | Period |
|---|---|---|
| Revenue | approximately $7.9 billion | FY2026 |
| Operating Income | exceed $2 billion | FY2026 |
| Operating Margin | approximately 25.5% | FY2026 |
| Gross Margin | approximately 58.5% | FY2026 |
| Pro forma Earnings Per Share | approximately $9.35 | FY2026 |
| Free Cash Flow | approximately $1.4 billion | FY2026 |
| Capital Expenditures | approximately $400 million | FY2026 |
| Pro forma Effective Tax Rate | 16% | FY2026 |
Revenue (FY2026): “We estimate revenue of approximately $7.9 billion, increase of approximately 9% for 2025.”
Operating Income (FY2026): “we expect operating income to exceed $2 billion for the first time”
Operating Margin (FY2026): “We expect an operating margin of approximately 25.5%.”
Gross Margin (FY2026): “We expect gross margin to be approximately 58.5%, a 20 basis point lower than our 2025 gross margin, due to higher product costs, partially offset by favorable segment mix.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 7.5B | 7.2B | 6.3B | 5.2B | 4.9B | 5.0B |
| Net Income | 1.7B | 1.7B | 1.4B | 1.3B | 974M | 1.1B |
| EPS | $9.01 | $8.59 | $7.30 | $6.71 | $5.04 | $5.61 |
| Free Cash Flow | 1.5B | 1.4B | 1.2B | 1.2B | 544M | 705M |
| ROIC | 33.0% | 34.5% | 32.9% | 28.8% | 28.7% | 39.5% |
| Gross Margin | 59.1% | 58.7% | 58.7% | 57.5% | 57.7% | 58.0% |
| Debt/Equity | 0.00 | 0.23 | 0.23 | 0.02 | 0.25 | 0.28 |
| Dividends/Share | $3.59 | $3.60 | $3.00 | $2.92 | $2.92 | $2.68 |
| Operating Income | 2.0B | 1.9B | 1.6B | 1.1B | 1.0B | 1.2B |
| Operating Margin | 26.5% | 25.9% | 25.3% | 20.9% | 21.1% | 24.5% |
| ROE | 18.7% | 19.8% | 19.0% | 19.5% | 15.8% | 18.6% |
| Shares Outstanding | 193M | 194M | 193M | 192M | 193M | 193M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.9B | 2.8B | 3.0B | 3.1B | 3.3B | 3.8B | 4.2B | 5.0B | 4.9B | 5.2B | 6.3B | 7.2B | 7.5B |
| Gross Margin | 55.9% | 54.6% | 55.9% | 58.2% | 59.1% | 59.5% | 59.3% | 58.0% | 57.7% | 57.5% | 58.7% | 58.7% | 59.1% |
| R&D | 395M | 427M | 468M | 512M | 568M | 605M | 652M | 779M | 835M | 905M | 994M | 1.1B | 1.2B |
| SG&A | 372M | 395M | 411M | 438M | 478M | 519M | 624M | 721M | 944M | 1.0B | 1.1B | 1.3B | 1.3B |
| EBIT | 691M | 550M | 633M | 684M | 778M | 946M | 1.1B | 1.2B | 1.0B | 1.1B | 1.6B | 1.9B | 2.0B |
| Op. Margin | 24.1% | 19.5% | 21.0% | 22.1% | 23.3% | 25.2% | 25.2% | 24.5% | 21.1% | 20.9% | 25.3% | 25.9% | 26.5% |
| Net Income | 364M | 456M | 518M | 709M | 694M | 952M | 992M | 1.1B | 974M | 1.3B | 1.4B | 1.7B | 1.7B |
| Net Margin | 12.7% | 16.2% | 17.2% | 23.0% | 20.7% | 25.3% | 23.7% | 21.7% | 20.0% | 24.7% | 22.4% | 23.0% | 23.3% |
| Non-Recurring | 334M | 23M | 27M | 31M | 25M | 233K | 1.8M | -298K | 2.1M | -215K | 4.9M | -881K | -881K |
| Returns on Capital | |||||||||||||
| ROIC | 19.0% | 19.5% | 22.0% | 26.6% | 30.9% | 36.8% | 40.1% | 39.5% | 28.7% | 28.8% | 32.9% | 34.5% | 33.0% |
| ROE | 10.3% | 13.5% | 15.2% | 19.4% | 17.3% | 21.3% | 19.3% | 18.6% | 15.8% | 19.5% | 19.0% | 19.8% | 18.7% |
| ROA | 7.6% | 9.9% | 11.5% | 15.0% | 13.4% | 16.5% | 15.0% | 14.5% | 12.5% | 15.8% | 15.5% | 16.1% | 15.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 523M | 280M | 706M | 661M | 920M | 699M | 1.1B | 1.0B | 788M | 1.4B | 1.4B | 1.6B | 1.7B |
| Free Cash Flow | 449M | 200M | 615M | 521M | 764M | 581M | 950M | 705M | 544M | 1.2B | 1.2B | 1.4B | 1.5B |
| Owner Earnings | 442M | 196M | 594M | 535M | 777M | 537M | 941M | 781M | 562M | 1.1B | 1.1B | 1.3B | 138M |
| CapEx | 73M | 81M | 91M | 140M | 156M | 118M | 185M | 308M | 244M | 194M | 194M | 270M | 297M |
| Maint. CapEx | 57M | 58M | 70M | 81M | 87M | 98M | 113M | 139M | 149M | 163M | 171M | 185M | 1.4B |
| Growth CapEx | 17M | 22M | 21M | 59M | 69M | 20M | 72M | 169M | 95M | 31M | 22M | 85M | 0 |
| D&A | 57M | 58M | 70M | 81M | 87M | 98M | 113M | 139M | 149M | 163M | 171M | 185M | 1.4B |
| CapEx/OCF | 14.0% | 28.7% | 12.9% | 21.1% | 16.9% | 16.9% | 16.3% | 30.4% | 31.0% | 14.1% | 13.5% | 16.6% | 17.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 360M | 378M | 481M | 383M | 296M | 417M | 451M | 491M | 679M | 559M | 572M | 664M | 693M |
| Dividend Yield | 4.8% | 6251.3% | 7417.4% | 4759.5% | 3.0% | 3.1% | 2.7% | 2.0% | 3.7% | 2.9% | 1.8% | 1.6% | 1.5% |
| Share Buybacks | 242M | 131M | 93M | 75M | 0 | 0 | 0 | 0 | 207M | 0 | 0 | 0 | 0 |
| Buyback Yield | 3.2% | 2471.2% | 1265.4% | 803.5% | N/A | N/A | N/A | N/A | 1.3% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 24M | 26M | 41M | 45M | 56M | 63M | 81M | 93M | 77M | 101M | 137M | 166M | 172M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -3.0B | N/A | N/A | -4.3B |
| Cash & Equiv. | 1.2B | 833M | 847M | 891M | 1.2B | 1.0B | 1.5B | 1.5B | 1.3B | 1.7B | 2.1B | 2.3B | 4.3B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.38 | 0.33 | 0.31 | 0.28 | 0.29 | 0.29 | 0.27 | 0.28 | 0.25 | 0.02 | 0.23 | 0.23 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 3.4B | 3.4B | 3.5B | 3.9B | 4.2B | 4.8B | 5.5B | 6.1B | 6.2B | 7.0B | 7.8B | 9.0B | 9.3B |
| Total Assets | 4.7B | 4.5B | 4.5B | 4.9B | 5.4B | 6.2B | 7.0B | 7.9B | 7.7B | 8.6B | 9.6B | 11.0B | 11.0B |
| Total Liabilities | 1.3B | 1.1B | 1.1B | 1.1B | 1.2B | 1.4B | 1.5B | 1.7B | 1.5B | 1.6B | 1.8B | 2.0B | -90M |
| Intangibles | 218M | 58M | 80M | 123M | 116M | 193M | 244M | 216M | 178M | 181M | 154M | 198M | 187M |
| Retained Earnings | 1.9B | 1.9B | 2.1B | 2.4B | 2.7B | 3.2B | 3.8B | 4.3B | 4.7B | 5.3B | 6.0B | 7.0B | 7.4B |
| Working Capital | 1.5B | 1.3B | 1.5B | 1.6B | 1.7B | 2.0B | 2.5B | 2.8B | 2.7B | 3.2B | 3.8B | 4.5B | 4.6B |
| Current Assets | 2.5B | 2.2B | 2.3B | 2.3B | 2.7B | 3.1B | 3.7B | 4.3B | 4.0B | 4.5B | 5.3B | 6.2B | 6.0B |
| Current Liabilities | 1.0B | 866M | 783M | 792M | 921M | 1.0B | 1.2B | 1.4B | 1.2B | 1.3B | 1.5B | 1.7B | 1.4B |
| Per Share Data | |||||||||||||
| EPS | 1.88 | 2,404.71 | 2,745.60 | 3,767.53 | 3.66 | 4.99 | 5.17 | 5.61 | 5.04 | 6.71 | 7.30 | 8.59 | 9.01 |
| Owner EPS | 2.28 | 1,031.78 | 3,151.79 | 2,844.74 | 4.09 | 2.81 | 4.91 | 4.05 | 2.91 | 5.79 | 5.81 | 6.62 | 0.72 |
| Book Value | 17.57 | 17,782.51 | 18,313.36 | 20,471.01 | 21.95 | 25.11 | 28.74 | 31.70 | 32.12 | 36.48 | 40.59 | 46.32 | 48.06 |
| Cash Flow/Share | 2.70 | 1,478.31 | 3,742.38 | 3,511.59 | 4.85 | 3.66 | 5.91 | 5.25 | 4.08 | 7.16 | 7.41 | 8.43 | 16.46 |
| Dividends/Share | 1.86 | 1,993.01 | 2,553.24 | 2,035.06 | 2.12 | 2.28 | 2.44 | 2.68 | 2.92 | 2.92 | 3.00 | 3.60 | 3.59 |
| Shares Out. | 193.7M | 0.2M | 0.2M | 0.2M | 189.6M | 190.9M | 191.9M | 192.9M | 193.2M | 192.2M | 193.3M | 193.7M | 192.9M |
| Valuation | |||||||||||||
| P/E Ratio | 20.7 | 11.7 | 14.3 | 13.1 | 14.6 | 17.3 | 21.0 | 22.1 | 16.9 | 18.6 | 28.2 | 23.9 | 27.0 |
| P/FCF | 16.7 | 0.0 | 0.0 | 0.0 | 13.3 | 28.3 | 21.9 | 34.0 | 30.2 | 20.2 | 32.2 | 29.2 | 32.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 21.6 |
| Price/Book | N/A | 0.0 | 0.0 | 0.0 | 2.4 | 3.4 | 3.8 | 3.9 | 2.6 | 3.4 | 5.1 | 4.4 | 5.1 |
| Price/Sales | 2.6 | 0.0 | 0.0 | 0.0 | 3.0 | 3.6 | 3.9 | 5.0 | 3.8 | 3.7 | 4.9 | 5.7 | 6.3 |
| FCF Yield | 6.0% | 3758.7% | 8343.1% | 5618.9% | 7.5% | 3.5% | 4.6% | 2.9% | 3.3% | 4.9% | 3.1% | 3.4% | 3.1% |
| Market Cap | 7.5B | 5.3M | 7.4M | 9.3M | 10.2B | 16.4B | 20.8B | 23.9B | 16.4B | 23.9B | 39.8B | 39.8B | 46.9B |
| Avg. Price | 38.36 | 31.88 | 34.42 | 42.76 | 52.58 | 71.19 | 85.45 | 129.28 | 94.79 | 100.10 | 160.47 | 213.87 | 243.03 |
| Year-End Price | 38.85 | 28.03 | 39.07 | 49.28 | 53.53 | 86.15 | 108.33 | 124.07 | 84.95 | 124.54 | 206.02 | 205.51 | 243.03 |
GARMIN LTD passes 5 of 9 quality checks, suggesting mixed fundamentals.
GARMIN LTD trades at 28.3x trailing earnings, compared to its 15-year median P/E of 17.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 34.3x vs a median of 25.1x. The company's 5-year average ROIC is 32.9% with a gross margin of 58.1%. Total shareholder yield (dividends) is 1.5%. At current prices, the estimated annualized return to fair value is +11.0%.
GARMIN LTD (GRMN) has a net profit margin of 23.0%. This is a strong margin indicating high profitability.
GARMIN LTD (GRMN) generated $1.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GARMIN LTD (GRMN) has a debt-to-equity ratio of 0.23. This indicates a conservatively financed balance sheet.
GARMIN LTD (GRMN) reported earnings per share (EPS) of $8.59 in its most recent fiscal year.
GARMIN LTD (GRMN) has a return on equity (ROE) of 19.8%. This indicates the company generates strong returns for shareholders.
GARMIN LTD (GRMN) has a 5-year average gross margin of 58.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for GARMIN LTD (GRMN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GARMIN LTD (GRMN) has a book value per share of $46.32, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to deliver another year of strong top and bottom line growth, with the fitness segment positioned as the strongest contributor to consolidated growth driven by demand for current products and new introductions. Outdoor revenue is anticipated to accelerate in 2026 compared to 2025 due to a significant number of new product introductions, with stronger performance expected in the back half of the year from product launch timing. Aviation is expected to continue growing in line with historical norms, supported by healthy OEM backlogs and resilient aftermarket consumer behavior, while marine segment growth is expected to be consistent with the prior year based on improving market conditions. The auto OEM segment will experience revenue pressure in 2026 as the BMW program reaches peak volumes and legacy programs approach end of life, though operating losses are expected to narrow; however, management anticipates the Mercedes-Benz program will drive significant growth starting in 2027 and beyond.
Based on recent SEC filings and earnings calls, GARMIN LTD (GRMN) has provided the following forward guidance: Revenue: approximately $7.9 billion (FY2026); Operating Income: exceed $2 billion (FY2026); Operating Margin: approximately 25.5% (FY2026); Gross Margin: approximately 58.5% (FY2026); Pro forma Earnings Per Share: approximately $9.35 (FY2026), plus 3 additional metrics.
Pro forma Earnings Per Share (FY2026): “This results in expected pro forma earnings per share, approximately $9.35, 9% increase over the 2025 pro forma earnings per share.”
Free Cash Flow (FY2026): “For 2026, we expect free cash flow to be approximately $1.4 billion, approximately $400 million in capital expenditures.”
Capital Expenditures (FY2026): “For 2026, we expect free cash flow to be approximately $1.4 billion, approximately $400 million in capital expenditures.”
Pro forma Effective Tax Rate (FY2026): “2026 pro forma effective tax rate is expected to be 16%, on a 40 basis point decrease compared to 2025.”