Garmin Ltd (GRMN)
Consumer Discretionary · Consumer Electronics · US stock · S&P 500 component
$295.40
▲ +4.27 (1.47%)
Fair valueFair
$257 −13.0% to fair value
$128fair band $219–$311$385
Day's range
$287.79 – $297.63
52-week range
$186.67 – $314.28
About Garmin Ltd
Garmin designs and sells navigation and wireless devices. Its products include GPS wearables and smartwatches for fitness and outdoor use, marine and aviation electronics, cycling computers and automotive systems. Revenue comes from selling these devices through retailers, online stores and equipment makers, and its product lines span consumer and professional markets with its own design and software.
The company reported revenue of $7.5 billion for the last twelve months. Across three years, revenue grew 14.2% a year. It posts an operating margin of 26.5%, with return on invested capital of 25%. The dividend yield is 1.3%. Overall, the X-Ray Score comes to 53 out of 100. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
Price chart
52-wk range $186.67 – $314.28Volume 799,202Daily, split-adjusted
Vitals
Market cap$57.2B
52-week range$186.67 – $314.28
Volume (last day)799,202
P/E (TTM)32.9
EBIT / EV yield3.6%
Free-cash-flow yield2.5%
Dividend yield1.3%
Revenue (TTM)$7.5B
Net income (TTM)$1.7B
Operating margin26.5%
Return on capital24.9%
Debt incl. leasesData missing
Cash & securities$2.7B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$257middle half of models $220 – $302
Fair
−13.0% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $295
Undervalued < $219Fair $219 – $311Overvalued > $311
P/E multiple
$282
P/B multiple
$235
P/S multiple
$208
EV/EBITDA multiple
$250
EV/EBIT multiple
$252
EV/revenue multiple
$232
10-year DCF, EBITDA exit
$303
5-year DCF, EBITDA exit
$317
10-year DCF, revenue exit
$302
5-year DCF, revenue exit
$313
10-year DCF, growth exit
$179
5-year DCF, growth exit
$171
Dividend discount, stable
$293
Dividend discount, multi-stage
$336
Earnings power value
$182
Growth the price implies
20.5%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Consumer Discretionary peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
19/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.6%
Free-cash-flow yield2.5%
Fair value vs price0.9×
Growth
Strong
82/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)14.2%
EPS growth (3y)19.5%
Growth consistency100%
Profitability
Weak
50/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital24.9%
Operating margin26.5%
Gross profitability40.3%
Financial health
Strong
84/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score7 / 9
Interest coverNo interest cost
Dividends
Weak
23/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield1.3%
Dividends vs free cash flow52%
Dividend growth-0.8%
Quarterly results: last 6 quarters
+22.9%
Dec '24
+11.1%
Mar '25
+20.4%
Jun '25
+11.7%
Sep '25
+16.6%
Dec '25
+14.2%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.8B, diluted EPS $2.09.
SWOT analysis: Garmin Ltd
Strengthsinside the company
- Return on invested capital is 24.9%, against a median of 24.2% for sector peers.
- Operating margin of 26.5% is well above the 14.8% median of sector peers, a sign of pricing power or lower costs.
- Revenue has grown 14.2% a year over three years (median 6.4% for sector peers).
- Earnings per share have compounded at 19.5% a year over three years.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 32.9x earnings, 59% above the 20.7x median of sector peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare GRMN with peers and sector
Medians of 46 Consumer Discretionary peers and of 46 Consumer Discretionary stocks in our universe.
Largest peers (X-Ray Score): AMZN 42, TSLA 28, HD 40, MCD 53, TJX 55, BKNG 70.
| Metric | GRMN | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 53 | 50 | 50 |
| Valuation | 19 | 49 | 49 |
| Growth | 82 | 50 | 50 |
| Profitability | 50 | 52 | 52 |
| Financial health | 84 | 49 | 49 |
| Dividends | 23 | 52 | 52 |
Sector leaders: highest X-Ray Score in Consumer Discretionary
GRMN ranks #19 of 47 in Consumer Discretionary by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for GRMN
Each factor is rated by where GRMN stands among the 47 Consumer Discretionary stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 11 Good · 2 Average · 9 Bad of 22
Growth: 3 · 0 · 0
Profitability: 3 · 1 · 1
Financial strength: 3 · 0 · 0
Valuation: 0 · 1 · 4
Cash flow: 2 · 0 · 2
Efficiency: 0 · 0 · 2
| Factor | GRMN | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +14.2% | Good beats 79% | +6.5% | – | – |
| Revenue growth, last year | +15.1% | Good beats 92% | +4.9% | +15.1% | ≈ In line |
| EPS growth, 3 years a year | +19.5% | Good beats 79% | +4.0% | – | – |
| Profitability | |||||
| Gross margin | 59.1% | Good beats 79% | 42.5% | 58.0% | ≈ In line |
| Operating margin | 26.5% | Good beats 90% | 14.9% | 24.5% | ≈ In line |
| Net margin | 23.3% | Good beats 92% | 11.4% | 22.4% | ≈ In line |
| Return on invested capital | 24.9% | Average beats 51% | 24.6% | – | – |
| Return on equity | 18.7% | Bad beats 29% | 35.3% | 18.0% | ≈ In line |
| Financial strength | |||||
| Interest cover | 50.0x | Good beats 76% | 25.3x | – | – |
| Current ratio | 4.36 | Good beats 99% | 1.10 | 3.41 | ▲ Better |
| Piotroski F-score | 7 / 9 | Good beats 76% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 32.9x | Bad beats 21% | 21.1x | 23.9x | ▼ Worse |
| Price / book | 6.2x | Average beats 57% | 7.2x | 4.2x | ▼ Worse |
| Price / sales | 7.7x | Bad beats 5% | 2.1x | 5.2x | ▼ Worse |
| EV / EBITDA | 27.6x | Bad beats 17% | 15.0x | – | – |
| Free cash flow yield | 2.5% | Bad beats 17% | 4.3% | 3.1% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 19.4% | Good beats 79% | 10.8% | 18.8% | ≈ In line |
| Cash from operations / net income | 1.01 | Bad beats 17% | 1.37 | 0.98 | ≈ In line |
| Free cash flow growth, 3 years a year | +35.8% | Good beats 81% | +12.1% | – | – |
| Accruals (lower is better) | −0.1% | Bad beats 15% | −5.3% | – | – |
| Efficiency | |||||
| Inventory turnover | 1.6x | Bad beats 7% | 4.2x | 1.7x | ≈ In line |
| Days sales outstanding | 46 days | Bad beats 9% | 14 days | 57 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 9 Good · ● 2 Average · ● 4 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioGood
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalAverage
Operating marginGood
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 56/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $5.0B | $4.9B | $5.2B | $6.3B | $7.2B |
| Operating income | $1.2B | $1.0B | $1.1B | $1.6B | $1.9B |
| Net income | $1.1B | $974M | $1.3B | $1.4B | $1.7B |
| Operating cash flow | $1.0B | $788M | $1.4B | $1.4B | $1.6B |
| Operating margin | 24.5% | 21.1% | 20.9% | 25.3% | 25.9% |
| Free cash flow | $705M | $544M | $1.2B | $1.2B | $1.4B |
| Diluted EPS | $5.61 | $5.04 | $6.71 | $7.30 | $8.59 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 2 neutral · 2 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 282.4 | Bullish |
| EMA 10 | 286.1 | Bullish |
| SMA 20 | 283.1 | Bullish |
| EMA 20 | 283.8 | Bullish |
| SMA 50 | 284.4 | Bullish |
| EMA 50 | 280.5 | Bullish |
| SMA 100 | 268.7 | Bullish |
| EMA 100 | 271.2 | Bullish |
| SMA 200 | 250.1 | Bullish |
| EMA 200 | 255.8 | Bullish |
Oscillators (daily)
| RSI (14) | 63.84 | Neutral |
| MACD (12, 26) | 2.02 | Bullish |
| Momentum (12) | 5.80 | Bullish |
| Stochastic %K (14) | 93.65 | Bearish |
| Williams %R (14) | -6.35 | Bearish |
| CCI (20) | 98.84 | Neutral |
Pivot points (classic, last session)
S3 279.7 | S2 283.8 | S1 289.6 | Pivot 293.6 | R1 299.4 | R2 303.5 | R3 309.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.90 USD
Yield on today's price
1.32%
Frequency
Quarterly
Next ex-dividend date
11 Dec 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 1.0500 |
| (upcoming) | 1.0500 |
| 1.0500 | |
| 1.0500 | |
| 0.9000 | |
| 0.9000 | |
| 0.9000 | |
| 0.9000 | |
| 0.7500 | |
| 0.7500 | |
| 0.7500 | |
| 0.7500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold GRMN
| ETF | Share of the fund |
|---|---|
| ARKX ARK Space Exploration & Innovation | 1.74% |
| XLY Consumer Discretionary Select Sector S... | 0.97% |
| QUAL iShares MSCI USA Quality Factor | 0.91% |
| VOT Vanguard Mid-Cap Growth | 0.86% |
| FDIS Fidelity MSCI Consumer Discretionary I... | 0.78% |
| FMDE Fidelity Enhanced Mid Cap | 0.67% |
| VCR Vanguard Consumer Discretionary | 0.59% |
| IGPT Invesco AI and Next Gen Software | 0.54% |
The eight funds with the largest weight in GRMN among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
GRMN stock splits
GRMN has split its stock once since 2006. The latest was a 2-for-1 split on 16 Aug 2006.
Full GRMN stock split history →GRMN SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results; Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
10-KSEC EDGAR
Annual report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.