Inside the research

Garmin Ltd.

GRMN Research profile · latest available data

Price overview

$294.14

▼ -0.90 (-0.3%)

52w hi$311.95
52w lo$184.06
Vol549.30K
As of25 Sep 2026

The Verdict

Hold

Our score +0.48

Short+0.06
Medium+0.76
Long+0.74

computed 2026-09-27

Key fundamentals

Garmin Ltd.

Technology · Scientific & Technical Instruments

Market cap$56.73B
Enterprise value$54.29B
Trailing P/E30.39x
Forward P/E26.42x
EV / EBITDA23.49x
P / S (ttm)7.39x
Profit margin24.5%
Return on equity21.9%
Revenue growth+11.4%
Earnings growth+35.3%
Debt / equity2.51

Layer Breakdown

LayerRawContribution
Fundamental+0.28
Sector+0.19
Technical+0.16
Earnings+0.00
Sentiment+0.00

macro × 1.00 · 2026-09-27

Business overview

Garmin Ltd. designs, develops, manufactures, markets, and distributes a diverse range of GPS-enabled products and navigation, communications, sensor-based, and information products and services worldwide. It offers running; cycling products; smartwatch devices; scales and monitors; and sports timing and performance analysis; Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, which enables third parties to create applications that run on Garmin devices. It also provides adventure watches; outdoor handhelds and satellite communicators; golf devices; consumer automotive; dog devices; InReach and Gramin response; and dive devices. In addition, it designs, manufactures, and markets various aircraft avionics solutions, including integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponders, weather information and avoidance solutions, datalink and connectivity solutions, and portable GPS navigators and wearables, as well as service products to the aviation market. Further, it offers chartplotters and multi-function displays, cartography, fishfinders, sonar, autopilot systems, radars, compliant instrument displays and sensors, VHF communication radios, handhelds and wearable devices, sailing, audio, digital switching, trolling motors, and lighting; and domain controllers and infotainment units, as well as software, map database, camera, wearable, and automotive solutions. The company sells its products through independent retailers, dealers, distributors, installation and repair shops, OEM, and online webshop. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.

Switzerland · www.garmin.com

Risk Metrics

Beta vs SPX1.12
Corr SPX0.48
Annual vol37.6%
Annual ret+34.0%
Sharpe0.90
Max DD-28.2%

Window: 504 trading days (504 obs)

Analyst Coverage

Mean PT$261.71
High / Low$320.00 / $220.00
Median$249.00
Analysts7
Strong Buy0
Buy2
Hold5
Sell0
Strong Sell1

Recent rating actions

2026-04-30Barclays→ Equal-Weight
2026-04-16JP Morgan→ Neutral
2026-02-20Tigress Financial→ Strong Buy
2026-02-19Morgan Stanley→ Equal-Weight
2026-02-19JP Morgan→ Neutral
2026-01-16Barclays→ Equal-Weight

Material Events

DateEvent8-K
2026-07-29Earnings Release, Exhibitsread
2026-06-08Shareholder Vote, Other Material Eventread
2026-04-29Earnings Release, Exhibitsread
2026-02-18Earnings Release, Exhibitsread
2025-10-29Earnings Release, Exhibitsread
2025-07-30Earnings Release, Exhibitsread
2025-06-12Shareholder Vote, Other Material Event…read
2025-04-30Acquisition / Disposition, Exhibitsread
2025-02-19Earnings Release, Exhibitsread
2024-10-30Earnings Release, Exhibitsread
2024-07-31Earnings Release, Exhibitsread
2024-06-24Officer / Director Change, Reg FD Disclosure…read

Flow & Concentration

Insider 180d net$0
Insider buys / sells0 / 0
Insider biasNeutral
13F holders9
Top-5 share97.4%
HHI3,960 (concentrated)

Top Holders

HolderValueShares
State Street Corp$1.68B7.06M
Fidelity / FMR LLC$805.92M3.39M
AQR Capital Management$213.40M914.64K
Capital Research / Capital World$122.23M514.59K
Citadel Advisors$90.22M379.82K
Renaissance Technologies$33.81M142.34K
Millennium Management$29.58M124.54K
Ark Invest$14.65M61.68K
T. Rowe Price Group$59.10K248.78K

As of 2026-06-30

Connections

Subsidiarys: garmin.com

Dividends

Yield (TTM)0.61%
$ / share (TTM)$1.80
5y CAGR+7.5%

Annual dividend per share

2021$2.62
2022$2.86
2023$2.92
2024$2.98
2025$3.45
2026$0.90

Federal Contracts

AmountAgencyDescription
$233.79KDepartment of Transportation6973GH-21-D-00040 OVER AND ABOVE SUPPORT
$200.00KDepartment of DefenseGARMIN SOFTWARE DEVELOPMENT KIT (SDK) SOFTWARE LICENSES AND SUPPORT.
$197.50KNational Aeronautics and Space AdministrationGARMIN CUSTOM DATABASE PACKAGE
$188.00KDepartment of TransportationFUNDING NEW FY25 TASK ORDER AGAINST 6973GH-21-D-00040 AERONAVDATA INC FOR ILS-1
$78.44KDepartment of JusticeGARMIN AVIATION DATABASE SERVICES
$78.43KDepartment of JusticeGARMIN DATABASE SVCS
$62.73KDepartment of TransportationCONTRACT 6973GH-21-D-00040 GARMIN INCREMENTAL FUNDING OPTION IV SEPTEMBER 1, 202
$61.20KDepartment of TransportationINCREMENTAL FUNDING CONTRACT 6973GH-21-D-00040

SEC Filings

DateFormDoc
2026-08-114view
2026-08-054view
2026-08-044view
2026-08-044view
2026-07-314view
2026-07-314view
2026-07-314view
2026-07-298-Kview
2026-07-2910-Qview
2026-06-2511-Kview
2026-06-124view
2026-06-124view
2026-06-094view
2026-06-094view
2026-06-094view

The Long Run

FY 2009–2025 · 17 years

LineLatestCAGRTrend
Revenue$7.25B+6.2%
Gross profit$3.00B+4.6%
Operating income$1.09B+2.1%
Net income$1.66B+13.6%
Cash from ops$1.63B+5.5%

Indices

S&P 500

Recent Sessions

DateOpenHighLowCloseVol
Sep 25$296.51$297.19$291.89$294.14549.30K
Sep 24$286.30$295.53$284.57$295.04786.90K
Sep 23$283.77$288.22$283.09$287.58593.50K
Sep 22$282.03$285.00$273.23$284.671.17M
Sep 21$276.24$280.57$272.71$280.31566.90K

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