olivLaw · US equity research
Garmin Ltd. GRMN
Search, Detection, Navigation, Guidance, Aeronautical Sys · SIC 3812 · Vertical: Search, Detection, Navigation, Guidance, Aeronautical Sys (SIC 3812)
Garmin designs and sells GPS-based navigation and electronic products for fitness, outdoor, aviation, marine and auto OEM markets. In the first half of 2026 the company reported record revenue, and its full-year 2026 revenue outlook was raised to about 8.05 billion USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Garmin Ltd. (GRMN) stock was 289.15 USD (+6.52% on the day), with market capitalisation 55.7 bn USD, P/E 27.8 on diluted EPS of 10.42 USD over the last 12 months, dividend yield 0.93%, beta 1.11, 52-week range 187.10–313.16 USD. Latest reported quarter (Q3 2026): revenue of 2.0 bn USD (+12.2% YoY), net income of 541.7 m USD (+34.9% YoY), diluted EPS 2.80 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.2
- strong (55–70)
- Bollinger (20, 2)
- 262.92 – 299.96
- in the upper half of the band · %B 0.71 · band width 13.2%
- SMA 50 / 200
- 281.76 / 254.88
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.80 / -0.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.3% | −1.1% | +2.4 pp | — |
| 3 months | −4.4% | −0.5% | −4.0 pp | — |
| 6 months | +19.1% | +4.4% | +14.7 pp | — |
| Year to date | +42.5% | +12.3% | +30.2 pp | — |
| 1 year | +40.7% | +13.5% | +27.2 pp | −2.2% |
| 3 years | +150.1% | +76.4% | +73.7 pp | +54.2% |
| 5 years | +103.4% | +63.7% | +39.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 1.5 bn | 1.8 bn | 1.8 bn | 2.1 bn | 1.8 bn | 2.0 bn | 2.0 bn |
| Cost of revenue | 742.6 m | 650.6 m | 747.6 m | 724.4 m | 866.7 m | 711.2 m | 760.1 m | 728.3 m |
| Gross profit | 1.1 bn | 884.5 m | 1.1 bn | 1.0 bn | 1.3 bn | 1.0 bn | 1.3 bn | 1.3 bn |
| Research & development | 258.8 m | 268.1 m | 276.7 m | 286.5 m | 295.0 m | 295.8 m | 303.9 m | 312.9 m |
| SG&A | 305.1 m | 283.6 m | 318.1 m | 303.2 m | 349.1 m | 314.8 m | 342.6 m | 333.2 m |
| Operating income | 516.1 m | 332.8 m | 472.3 m | 456.8 m | 614.2 m | 431.7 m | 615.5 m | 611.6 m |
| Pre-tax income | 516.1 m | 389.1 m | 480.3 m | 509.8 m | 635.4 m | 472.5 m | 651.1 m | 661.1 m |
| Income tax | 80.4 m | 56.3 m | 79.4 m | 108.2 m | 106.7 m | 67.5 m | 109.1 m | 119.5 m |
| Net income | 435.7 m | 332.8 m | 400.8 m | 401.6 m | 528.7 m | 405.1 m | 541.9 m | 541.7 m |
| Diluted EPS | 2.24 ≈ | 1.72 | 2.07 | 2.08 | 2.73 ≈ | 2.09 | 2.80 | 2.80 |
| Operating cash flow | 483.9 m | 420.8 m | 173.2 m ≈ | 485.6 m ≈ | 553.8 m | 536.0 m | 403.6 m ≈ | 393.9 m ≈ |
| Capex | 84.7 m | 40.1 m | 45.7 m ≈ | 60.5 m ≈ | 124.2 m | 66.6 m | 127.8 m ≈ | 100.6 m ≈ |
| Dividends paid | 144.0 m | 144.6 m | 173.2 m ≈ | 173.2 m ≈ | 173.0 m | 173.6 m | 202.4 m ≈ | 202.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 88 percentile of its own 40-quarter history (min 14.3, median 20.2, max 29.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.3 bn | 3.8 bn | 4.2 bn | 5.0 bn | 4.9 bn | 5.2 bn | 6.3 bn | 7.2 bn |
| Revenue YoY | +7.2% | +12.2% | +11.4% | +19.0% | −2.5% | +7.6% | +20.4% | +15.1% |
| Net income | 694.1 m | 952.5 m | 992.3 m | 1.1 bn | 973.6 m | 1.3 bn | 1.4 bn | 1.7 bn |
| Net income YoY | −2.1% | +37.2% | +4.2% | +9.1% | −10.0% | +32.5% | +9.4% | +17.9% |
| Diluted EPS | 3.66 | 4.99 | 5.17 | 5.61 | 5.04 | 6.71 | 7.30 | 8.59 |
| Diluted EPS YoY | −2.7% | +36.3% | +3.6% | +8.5% | −10.2% | +33.1% | +8.8% | +17.7% |
| net % | 20.7% | 25.3% | 23.7% | 21.7% | 20.0% | 24.7% | 22.4% | 23.0% |
| Free cash flow | 763.8 m | 580.5 m | 949.9 m | 704.8 m | 544.0 m | 1.2 bn | 1.2 bn | 1.4 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 2.3 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 9.0 bn USD
- Total assets
- 11.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 3.63x
- ROE
- 19.8%
- ROA
- 16.1%
- FCF margin
- 18.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.2 bn | 5.0 bn | 4.9 bn | 5.2 bn | 6.3 bn | 7.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 1.7 bn | 2.1 bn | 2.1 bn | 2.2 bn | 2.6 bn | 3.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 2.5 bn | 2.9 bn | 2.8 bn | 3.0 bn | 3.7 bn | 4.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Research & development | 652.3 m | 778.8 m | 834.9 m | 904.7 m | 993.6 m | 1.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| SG&A | 623.6 m | 721.3 m | 944.0 m | 1.0 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | 1.1 bn | 1.2 bn | 1.0 bn | 1.1 bn | 1.6 bn | 1.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | 1.1 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.7 bn | 2.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 111.1 m | 124.6 m | 91.4 m | -89.3 m | 284.0 m | 350.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | 992.3 m | 1.1 bn | 973.6 m | 1.3 bn | 1.4 bn | 1.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | 5.17 | 5.61 | 5.04 | 6.71 | 7.30 | 8.59 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 191.9 k | 193.0 k | 193.0 m | 192.1 m | 193.3 m | 193.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 2.44 | 2.68 | — | — | — | — | SEC (XBRL)· 16 Feb 2022verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.5 bn | 1.5 bn | 1.3 bn | 1.7 bn | 2.1 bn | 2.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 849.5 m | 843.4 m | 656.8 m | 815.2 m | 983.4 m | 1.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Inventories | 762.1 m | 1.2 bn | 1.5 bn | 1.3 bn | 1.5 bn | 1.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 3.7 bn | 4.3 bn | 4.0 bn | 4.5 bn | 5.3 bn | 6.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 855.5 m | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 584.2 m | 575.1 m | 568.0 m | 608.5 m | 603.9 m | 760.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 7.0 bn | 7.9 bn | 7.7 bn | 8.6 bn | 9.6 bn | 11.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 258.9 m | 370.0 m | 212.4 m | 253.8 m | 359.4 m | 347.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 1.2 bn | 1.4 bn | 1.2 bn | 1.3 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 5.5 bn † | 6.1 bn † | 6.2 bn † | 7.0 bn † | 7.8 bn † | 9.0 bn † | SEC (XBRL)· 18 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 1.0 bn | 788.3 m | 1.4 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 185.4 m | 307.6 m | 244.3 m | 193.5 m | 193.6 m | 270.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 949.9 m ≈ | 704.8 m ≈ | 544.0 m ≈ | 1.2 bn ≈ | 1.2 bn ≈ | 1.4 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -260.5 m | -475.4 m | -145.1 m | -333.0 m | -393.3 m | -645.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | -461.8 m | -486.7 m | -840.6 m | -636.5 m | -626.9 m | -844.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 450.6 m | 491.5 m | 679.1 m | 558.8 m | 572.4 m | 663.9 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 55.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation26
- Quality81
- Growth100
- Returns51
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 35.22 – 272.17 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E211.84 – 272.17 (Mid 252.24)5 companies used · median multiple 24.2x · quartiles 20.3x – 26.1xCODA, DRS, LHX, NOC, TDY
- Dividend discount (DDM)35.22 – 47.36 (Mid 40.40)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 25.6% | 100 (vs peers) | 10% |
| FCF conversion · Quality | 72.8% | 61 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 14.2% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 19.5% | 100 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 27.8x | 20 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.6% | 33 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.3% | 19 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 51.2% | 98 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality81/100 · 2/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation26/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GARMIN LTD (GRMN). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 7.2 bn USD in 2025; YoY growth 15.1%; net margin 25.6%; ROE 22.4%.
The estimated value range is 123.53–159.76 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 146.32 USD, the price of 289.15 USD leaves a potential of -49.4% (value / price − 1) and a margin of safety of -97.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 25.6%
- Revenue CAGR 3Y: 14.2%
- EPS CAGR 3Y: 19.5%
- Current ratio: 3.0x
- Payout ratio (FCF): 51.2%
What contradicts it
- P/E (TTM): 27.8x
- Shareholder yield (distributions): 1.3%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Search, Detection, Navigation, Guidance, Aeronautical Sys (SIC 3812) · same industry (4-digit SIC) · compared with 8 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NOCNorthrop Grumman Corp | 74.6 bn | 16.6 | 26.1% | 10.4% | +2.2% | −8% / +11% |
| GRMNGarmin Ltd | 55.7 bn | 27.8 | 22.4% | 25.6% | +15.1% | +41% / +150% |
| LHXL3harris Technologies, Inc. | 48.4 bn | 24.2 | 10.3% | 5.2% | unavailable | −7% / +36% |
| TDYTeledyne Technologies Inc | 29.1 bn | 28.9 | 9.5% | 15.8% | +7.9% | +27% / +57% |
| DRSLeonardo DRS, Inc. | 9.5 bn | 26.1 | 13.2% | 9.4% | +12.8% | +4% / +93% |
| NNNextNav Inc. | 1.5 bn | — | -77.9% | -2,812.5% | −19.3% | −38% / +121% |
| LUNRIntuitive Machines, Inc. | 835.8 m | — | — | -26.6% | −7.9% | +5% / +248% |
| CODACoda Octopus Group, Inc. | 101.4 m | 20.3 | 8.4% | 17.6% | +30.7% | +2% / +52% |
| MINDMind Technology, Inc | 33.6 m | — | -6.8% | -6.8% | −12.6% | −61% / −29% |
1- and 3-year price returns: for GRMN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 188.56 Total return -35% · Per year -35% | 331.94 Total return 15% · Per year 15% | 498.05 Total return 72% · Per year 72% |
| 3 years | 220.57 Total return -24% · Per year -9% | 433.17 Total return 50% · Per year 14% | 708.08 Total return 145% · Per year 35% |
| 5 years | 258.00 Total return -11% · Per year -2% | 565.28 Total return 95% · Per year 14% | 1,006.69 Total return 248% · Per year 28% |
- Exit P/E± 108.29
- Net margin± 75.81
- Annual revenue growth± 56.92
- Annual dilution± 6.37
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Garmin designs and sells GPS-based navigation and electronic products for fitness, outdoor, aviation, marine and auto OEM markets. In the first half of 2026 the company reported record revenue, and its full-year 2026 revenue outlook was raised to about 8.05 billion USD 3.
SWOT
Strengths
- Garmin has diversification across five segments and a vertically integrated model that gives it flexibility in a dynamic economic environment 2.
- The company has delivered more than three hundred million products since inception and reported record gross and operating margins in the second quarter of 2026 13.
- In-house design and manufacturing lets Garmin source from different suppliers and redesign products around lower-cost components 1.
Weaknesses
- The auto OEM segment has generated operating losses because its revenue and gross profit have not covered the costs of its investments 1.
- Principal consumer product factories are located in Taiwan, concentrating operational risk in one region 1.
- The company depends on third-party suppliers, some of them sole source, for semiconductors, displays and batteries 1.
Opportunities
- Recent launches such as the AXIS flight displays and the CIRQA screenless band could extend demand in existing segments 3.
- The acquisition of TrainingPeaks and TrainHeroic could strengthen Garmin's position in training platforms for athletes and coaches 3.
- Commercial, military and eVTOL aviation markets offer growth potential for products with demanding reliability requirements 1.
Threats
- Competitors with larger budgets and OEM customers that could make components in-house could erode prices and market share 1.
- Geopolitical tension around Taiwan could disrupt factories and suppliers in the region with material impact on operations 1.
- Changes in trade policy and currency fluctuations could affect margins and forecasts 2.
Risks
- New product executionhigh
If Garmin fails to launch competitive products on time or adapt to emerging technologies, demand for existing products could decline 1.
- Taiwan manufacturing concentrationhigh
Factories and suppliers in Taiwan could be affected by tensions between the PRC and Taiwan, potentially disrupting production 1.
- Auto OEM lossesmedium
If investments in the auto OEM segment are not recovered through new contracts, this segment could continue to weigh on total company profit 1.
- Supplier dependencemedium
Shortages or cost increases for semiconductors and memory chips could affect production and margins 12.
- Cybersecuritymedium
Cyberattacks or IT system disruptions could affect orders, distribution and confidential user data 1.
Investment thesis
What would need to be true (bull case)
- Revenue and margin growth in the first half of 2026 suggests the diversified business model can support profitability 3.
- The fitness segment, driven by wearables, shows strong momentum, and recent acquisitions could expand the services offering 3.
- Presence in aviation, marine and auto OEM provides several revenue sources, which may reduce reliance on a single consumer cycle.
What would break the thesis
- The outdoor segment reported lower sales in the second quarter of 2026, which could signal pressure in consumer categories 3.
- Memory chip costs and tariff uncertainty could reduce gross margin in coming quarters 2.
- Geopolitical risks tied to production in Taiwan remain a significant source of uncertainty for operations 1.
What to watch
- Trend in gross margin after memory chip costs and tariffsQ3 2026
- Delivery against 2026 revenue and EPS guidance2026
- Recovery in outdoor segment salesQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Garmin Ltd. and its subsidiaries design, manufacture, market and distribute a broad range of GPS products and navigation, communications, sensor-based and information products, aimed at people who live an active lifestyle 1. The company operates five segments: fitness, outdoor, aviation, marine and auto OEM, which are also its reportable segments 1. Sales run through retail partners, dealers, distributors, OEMs, the garmin.com webshop, connected-service subscriptions and its own stores 1.
Segments
Outdoor
The outdoor segment covers adventure watches, inReach devices, handheld GPS units, golf devices and dog and sportsman products, with net sales of about 2.05 billion USD in fiscal 2025 1. In the second quarter of 2026 revenue declined slightly, mainly due to consumer auto and adventure watches 3.
Market context
Garmin serves consumer fitness and outdoor markets, general and business aviation avionics, recreational marine navigation and sonar, and auto OEM electronics. The company reported net sales of about 7.25 billion USD in fiscal 2025, up 15% 1. Revenue is seasonal, peaking in the fourth quarter for consumer products and in the first two quarters for marine products 1.
Trends
- Demand for wearablestailwind
Strong demand for smartwatches and fitness bands supports growth in the fitness segment, and recent product launches could widen the addressable market.
- Memory chip costsheadwind
Global shortages of memory chips have increased operational complexity and costs, which could unfavorably affect future gross margin 2.
- Trade policy and tariffsmixed
Rapid changes in global trade policy, particularly affecting the United States, add uncertainty, while tariff refunds helped margins in the second quarter of 2026 23.
- Advanced aviation marketstailwind
Expansion into commercial, military and eVTOL aviation could open new opportunities for Garmin avionics 1.
Competitive position
The markets for Garmin products are highly competitive, and the filings indicate that some competitors have far greater financial, technical and marketing resources 1. Some OEM customers could develop in-house equipment they currently buy from Garmin 1.
- Larger-resourced competitors
The filing does not name them but notes competitors with considerably greater resources for development, promotion and sales.
- OEM customers building in-house
Some OEM customers could produce internally the equipment they now purchase from Garmin.
- Rivals replicating features
Existing and new competitors have replicated certain product features or responded faster to emerging technologies.
- Retailers with preferential positioning
Larger competitors could secure better product placement at retailers, which may affect Garmin's market share.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Creating a Garmin "MCP"Hacker News · 14 Oct 2026 · EN
- Ceasul Garmin Approach S72 este conceput special pentru golf. - Vietnam.vnSurge — Google News · 07 Oct 2026 · RO
- Garmin CIRQA are și mai multe probleme. De data aceasta nu salvează antrenamentele pentru utilizatori. - Samsung MagazineSurge — Google News · 23 Sept 2026 · RO
- Garmin’s (GRMN) New Autopilot Signals Where Growth Is HeadedYahoo Finance — News · 19 Sept 2026 · EN
- Apple Watch Rival Garmin Traverses Rocky Road Toward Buy RangeYahoo Finance — News · 16 Sept 2026 · EN
- Garmin Stock: Is GRMN Underperforming the Technology Sector?Yahoo Finance — News · 14 Sept 2026 · EN
- Garmin’s new Fenix 9 adds brighter screens and smoother map panningThe Verge · 25 Aug 2026 · EN
- Garmin lansează seria de ceasuri inteligente fēnix 9. Preț și specificațiiStartupCafe.ro · 25 Aug 2026 · RO
- Garmin Cirqa Review: gadgetul discret pentru oricine vrea să își monitorizeze mai atent somnul, sănătatea și activitatea sportivăLibertatea.ro · 10 Aug 2026 · RO
- Una Watch: Garmin watch competitor but repairable, open ecosystem and USB-CHacker News · 28 Jul 2026 · EN
- Garmin’s new screen-free fitness tracker doesn’t require a subscriptionThe Verge · 21 Jul 2026 · EN
The latest news item in our archive is from 14 Oct 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report08 Jun 2026Shareholder vote · Other events
- Quarterly report29 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement22 Apr 2026
- Annual report18 Feb 2026
- Current report18 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-27 · SEC / Garmin Ltd. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Garmin Ltd. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Garmin Ltd. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.