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GRMNGarmin Ltd.
$284.67$54.9B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
GRMN logo

Garmin Ltd.

GRMN
NYSE · Tech Hardware & Equipment
$284.67
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$54.9B
P/E33.1x
52W High$314.28
Volume1.17M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Margin Expansion and Buybacks Offset Cash Flow Volatility

Garmin's accelerating revenue growth (11.4% YoY in 2026Q2) and record gross margin of 62.4% demonstrate strong pricing power and favorable product mix, driving operating leverage that expanded operating margin to 30.4%. The balance sheet remains fortress-like ...

GrowthAccelerating
ProfitabilityStrong
ValuationExpensive
TechnicalsHealthy
Explore valuation models
MARKET ACTION

GRMN price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

10/12 Beats

EPS beat 10 of last 12 quarters

02

Valuation risk

-27% Peers

P/E is 27% below peer median

03

Market leadership

RS 79 · Avg

Average momentum (RS Rating: 79)

04

Healthy Uptrend

Uptrend

Price > 50DMA > 200DMA

Next CatalystEstimated earnings · Oct 29
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth accelerated to 11.4% YoY in 2026Q2 with gross margin expanding 360bps to 62.4%, driving operating margin to 30.4% and EPS growth of 35.3%.

Analyst Consensus+12.5% target
Hold(28 analysts)
6 Buy20 Hold2 Sell

The Bull Case

Upside Catalysts

Strong earnings growth outlook

Morgan Stanley expects Garmin to compound earnings per share at more than 7% through 2028, with a bull case valuation of $332.

Premium product innovation

Garmin continues to launch advanced products like the GARMIN SIGNAL™ marine radios with AIS and touchscreen displays, showcasing technological leadership.

Diverse product portfolio

Garmin offers a wide range of GPS-enabled devices including smartwatches, fitness trackers, and navigation systems, catering to various active lifestyles.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
GRMN+42.10%
S&P 500 (^GSPC)+13.20%
1-Year Return
GRMN+22.08%
S&P 500 (^GSPC)+15.98%
3-Year Return
GRMN+179.96%
S&P 500 (^GSPC)+82.31%
5-Year Return
GRMN+77.47%
S&P 500 (^GSPC)+76.05%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
33.1x
Forward P/EExpansion
28.0x
EV/EBITDA100th %ile
25.6x
FCF YieldCash Flow
2.5%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
33.1x
23.9x
100th· High
EV/EBITDA
25.6x
18.2x
100th· High
Price/FCF
40.3x
32.7x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$138.35-51.4%
Base (Fair)$222.77-18.7%
Bull$285.81+0.4%
$138.35 Bear$222.77 Base$285.81 Bull
Current Market Price: $284.67
Trades at a 27.8% premium to Base DCF ($222.77)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$7.25B+15.1% YoY
Net income
$1.66B+17.9% YoY
Free cash flow
$1.36B+10.0% YoY
Operating margin
25.9%+0.6 pts YoY
ROIC (TTM)21.9%
Avg ROIC 5Y-
ROE (TTM)19.8%
Piotroski Score6 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate10/12 (83%)
Revenue Beat Rate11/12 (92%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 29, 2026
$2.81+22.2%
vs $2.30
$2.0B+5.0%
vs $1.9B
Q2 2026
Apr 29, 2026
$2.08+13.0%
vs $1.84
$1.8B+1.7%
vs $1.7B
Q1 2026
Feb 18, 2026
$2.79+16.3%
vs $2.40
$2.1B+5.3%
vs $2.0B
Q4 2025
Oct 29, 2025
$1.99+0.0%
vs $1.99
$1.8B-0.6%
vs $1.8B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
MarketBeat·19h ago
Oura's $15.6 Billion IPO Is Betting Investors See More Than a Smart Ring

Oura Inc. NASDAQ: OURA launched its roadshow on Sept. 21, 2026, targeting a Nasdaq debut under the ticker OURA during the week of Sept.

PRNewsWire·1d ago
Garmin rolls out new feature updates for select smartwatches and cycling computers

Latest software release includes fall detection, hands-free voice control, new running plans and more OLATHE, Kan., Sept. 22, 2026 /PRNewswire/ -- Garmin (NYSE: GRMN) today announced several new software and feature updates for select smartwatches, including the fēnix® 8 series, Forerunner® 570 and Forerunner 970, Venu® 4 and vívoactive® 6, as well as compatible Edge® cycling computers.

PRNewsWire·1d ago
Bring digital flagging to the race vehicle with Garmin Catalyst 2 via MYLAPS X2 RaceLink Club integration

First-of-its-kind solution adds MYLAPS advanced racing technology into the Garmin motorsports product line, enabling faster awareness on the track OLATHE, Kan., Sept. 22, 2026 /PRNewswire/ -- Garmin (NYSE: GRMN) today announced a real-time high-performance racing solution that allows drivers to quickly view digital flag signals and changing track conditions from the cockpit.

Zacks Investment Research·1d ago
Garmin (GRMN) Outperforms Broader Market: What You Need to Know

Garmin (GRMN) closed at $280.31 in the latest trading session, marking a +2.28% move from the prior day.

Filtered for Garmin Ltd.More Headlines
04

Compare before deciding

Benchmark GRMN against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Garmin Ltd. (GRMN)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
GRMN logoGRMNGarmin Ltd.Current
$284.67$54.9B33.1415.06%22.96%19.78%1.2%
FOSL logoFOSLFossil Group, Inc.
$6.41$378.84M-4.42-12.28%-7.09%-82.2%—
SONO logoSONOSonos, Inc.
$16.85$1.99B-33.04-4.93%-2.54%-9.55%—
GPRO logoGPROGoPro, Inc.
$1.27$217.3M-2.15-18.71%-28.52%-529.55%—
POWI logoPOWIPower Integrations, Inc.
$51.46$2.87B131.955.85%5.58%3.72%—
AAPL logoAAPLApple Inc.
$339.75$4.99T45.546.43%27.62%137.18%—

Compare GRMN vs Peers

Garmin Ltd. (GRMN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs FOSL

Most directly comparable listed peer for GRMN.

Scale Benchmark

vs AAPL

Larger-name benchmark to compare GRMN against a more recognizable public peer.

Peer Set

Compare Top 5

vs FOSL, SONO, GPRO, POWI

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

GRMN SEC Filings & Documents

Garmin Ltd. (GRMN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 29, 2026·SEC

Material company update

Jun 8, 2026·SEC

Material company update

Apr 29, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 18, 2026·SEC

FY 2025

Feb 19, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 29, 2026·SEC

FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 29, 2025·SEC

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GRMN Frequently Asked Questions

Garmin Ltd. (GRMN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Garmin Ltd.'s revenue?

Garmin Ltd. (GRMN) reported $7.67B in revenue for fiscal year 2025. This represents a 3198% increase from $232.6M in 1999.

How fast is Garmin Ltd. growing?

Garmin Ltd. (GRMN) grew revenue by 15.1% over the past year. This is strong growth.

Is GRMN profitable?

Yes, Garmin Ltd. (GRMN) is profitable, generating $1.88B in net income for fiscal year 2025 (23.0% net margin).

Dividend & Returns
Does GRMN pay dividends?

Yes, Garmin Ltd. (GRMN) pays a dividend with a yield of 1.20%. This makes it attractive for income-focused investors.

What is GRMN's return on equity?

Garmin Ltd. (GRMN) has a return on equity (ROE) of 19.8%. This is reasonable for most industries.

What is Garmin Ltd.'s free cash flow?

Garmin Ltd. (GRMN) generated $1.53B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in GRMN back in 1999?

Total return calculator · dividends reinvested · 27+ years of data

See returns →