Garmin Ltd. (GRMN)

NYSE: GRMN · USD

$273

-16.61 (-5.7%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-02

Our latest published analysis: GRMN rated Sell

Garmin Ltd.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$192 / share

Potential value

$218 / share

Upside to FV

-31.6%

from $273

Moat

7.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$54.2B
Revenue (ttm)	7.9B
Net income (ttm)	2B
EPS (ttm)	$10.4
Shares out	192.9M
P/E (trailing)	26.2x
P/E (forward)	24.8x
Dividend	$4.20 (1.54%)
Volume	1,711,306
Beta	0.83

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 7.9B
Net income (ttm): 2B
EPS (ttm): $10.4
P/E (trailing): 26.2x
P/E (forward): 24.8x
Market cap: $54.2B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-25	2022-12-31	2023-12-30	2024-12-28	2025-12-27	Trend
Revenue	$4.98B	$4.86B	$5.23B	$6.30B	$7.25B	+9.8%
Gross profit	$2.89B	$2.81B	$3.00B	$3.70B	$4.26B	+10.2%
Operating income	$1.22B	$1.03B	$1.09B	$1.59B	$1.88B	+11.4%
Net income	$1.08B	$973.6M	$1.29B	$1.41B	$1.66B	+11.4%
EPS (diluted)	$5.61	$5.04	$6.71	$7.30	$8.59	+11.2%
EBITDA	$1.36B	$1.23B	$1.27B	$1.88B	$2.20B	+12.8%
R&D	$778.8M	$834.9M	$904.7M	$993.6M	$1.13B	+9.7%
SG&A	$721.3M	$944.0M	$1.01B	$1.11B	$1.25B	+14.8%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	売り
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	売り
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	強い買い
AMZN	Amazon.com Inc.	2.7T	20.5x	3.5x	11.9%	+11.8%	+12.2%	売り
APTV	Aptiv PLC	9.1B	42.8x	0.4x	7.8%	+5.5%	-49.2%	買い
AZO	AutoZone Inc.	50.8B	20.7x	2.5x	26.3%	+6.8%	-17.3%	ホールド

Base and Bull scenarios

Base60%

Price target

$192.38

-31.6% from spot

The base case represents the modal expected trajectory, carrying a 60.0% probability and projecting a target price of $192.38, implying a return of -31.6% against $281.08 (as of 2026-10-02). In this scenario, multi-segment diversification delivers steady revenue expansion supported by health smartwatch demand, aviation flight deck retrofits, and disciplined cost control that sustains high operating margins. Free cash flow conversion remains robust, supporting modest share repurchases and regular dividends. The thesis would be challenged if wearable revenue growth decelerates significantly or operating margins fall below target ranges over a full fiscal year.

Multi-segment revenue expands at a steady double-digit pace across the forecast horizon.
Operating margins remain resilient near current levels supported by premium pricing power.
Free cash flow conversion remains high, self-funding ongoing capital returns.
Terminal valuation multiples settle near long-term compounder averages.

Bull20%

Price target

$218.14

-22.4% from spot

In the bull scenario, with an assigned probability of 20.0% and a target price of $218.14 yielding an implied return of -22.4%, accelerated consumer adoption of premium fitness and outdoor wearables combines with robust avionics OEM production. Operating margins expand toward Potential value $218.14 expectations as manufacturing scale generates operating leverage. Cash flow conversion accelerates, driving enhanced share buybacks. Disconfirmation would occur if avionics delivery cadences stall or premium wearable gross margins fail to expand.

Accelerated global adoption of specialized fitness and adventure wearables drives mid-teens revenue growth.
Aviation OEM flight deck installations expand rapidly alongside commercial fleet renewals.
Operating leverage pushes operating margins toward upper historical boundaries.
Valuation multiples remain elevated reflecting premium quality compounder status.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($192.38). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
8.0%	$200	$211	$224	$240	$260
8.5%	$188	$197	$208	$221	$236
9.0%	$178	$185	$192	$205	$217
9.5%	$169	$175	$183	$191	$201
10.0%	$161	$166	$173	$180	$188

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E24.8

P25 10.9P50 15.4P75 22.5

Trailing P/E29.6

P25 12P50 17.7P75 28

ROE22.4

P25 -15.1P50 6P75 18

ROIC27.1

P25 -3.5P50 5.2P75 12.7

Benchmarks · 1M

All GRMN indicators

Market & fundamental data

Available fields

290

Groups with data

Currency

USD

Showing 290 of 290 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001121788
Company name	Garmin Ltd.
Country	Switzerland
Country code	US
CUSIP number	H2906T109
Earnings date	2026-10-28
Earnings time	bmo
Employees	23,000
Employees change	1,200
Employees growth	5.5%
Enterprise value	$48.7B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-26
First seen	2026-05-09
Fiscal year end	December
Founded	1990
In index	SP500
Industry	Scientific & Technical Instruments
IPO date	2000-12-12
Is primary listing	Yes
Is SPAC	No
ISIN number	CH0114405324
Last 10-K release date	2026-02-18
Last earnings date	2026-10-28
Last refreshed	2026-10-28
Last stock split date	2006-08-16
Last stock split type	Forward
Market cap	$52.6B
Market cap category	Large-Cap
Next earnings date	2027-02-17
Options	Yes
Price	$272.72
Price currency	USD
Sector	Technology
SIC code	3812
Stock price date	2026-10-28
Symbol	GRMN
Website	https://www.garmin.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	26.12x
Average P/E ratio (10Y)	21.04x
Average P/E ratio (3Y)	24.8x
Average P/E ratio (5Y)	22.78x
Earnings yield	3.82%
EV/Earnings	24.19x
EV/EBIT	21.47x
EV/EBITDA	19.77x
EV/FCF	33.24x
EV/Sales	6.19x
FCF / EV yield	3.01%
FCF yield	2.79%
Forward EV/Sales	5.54x
Forward P/E	25.63x
Forward P/S	5.98x
Graham number	107.71833
Graham upside	-60.57%
Industry forward P/E	21.64x
Industry P/E	40.5x
Lynch fair value	$128.01
Lynch upside	-53.14%
P/(FCF - SBC) ratio	40.73x
P/(OCF - SBC) ratio	30.76x
P/B ratio	5.84x
P/E ratio	26.2x
P/FCF ratio	35.89x
P/OCF ratio	27.92x
P/S ratio	6.68x
Price / tangible book value	6.35x
Price/EBITDA ratio	21.34x
Sector forward P/E	18.86x
Sector P/E	32.77x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	28.82%
EBITDA margin	31.3%
Effective tax rate	16.64%
FCF margin	18.61%
Gross margin	61.12%
Operating margin	28.82%
Pretax margin	30.69%
Profit margin	25.58%
Profit per employee	$87,710
Profitable quarters	47
Profitable years	29
Revenue per employee	$342,896
ROA	12.62%
ROA (5Y)	9.83%
ROCE	23.04%
ROE	22.38%
ROE (5Y)	18.54%
ROIC	27.12%
ROIC (5Y)	23.93%
SBC / revenue	2.21%
Tax / revenue	5.11%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	28.39%
EPS growth (Q)	34.62%
EPS growth (QoQ)	0%
EPS growth 10Y	14.54%
EPS growth 3Y	24.29%
EPS growth 5Y	12.19%
EPS growth quarters	6
EPS growth years	3
FCF growth	10.17%
FCF growth (Q)	-31.01%
FCF growth (QoQ)	6.34%
FCF growth 3Y	10.95%
FCF growth 5Y	7.08%
Gross profit growth	18.2%
Gross profit growth (Q)	20.19%
Gross profit growth 3Y	18.65%
Gross profit growth 5Y	10.63%
Net income growth	28.42%
Net income growth (Q)	34.87%
Net income growth (QoQ)	-0.05%
Net income growth 3Y	24.68%
Net income growth 5Y	12.3%
Net income growth quarters	6
Net income growth years	3
OCF growth	20.71%
OCF growth (Q)	-18.9%
OCF growth (QoQ)	-2.4%
OCF growth 10Y	11.24%
OCF growth 3Y	13.85%
OCF growth 5Y	8.09%
Operating income growth	27.84%
Operating income growth (Q)	33.9%
Operating income growth 3Y	30.66%
Operating income growth 5Y	12.26%
Revenue growth	13.59%
Revenue growth (Q)	12.15%
Revenue growth (QoQ)	-1.78%
Revenue growth 10Y	10.37%
Revenue growth 3Y	16%
Revenue growth 5Y	9.8%
Revenue growth quarters	13
Revenue growth years	3

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-419.2M
Depreciation and amortization	$195.5M
EBIT	$2.3B
EBITDA	$2.5B
EPS	$10.41
FCF per share	$7.61
Financing cash flow	$-935.9M
Free cash flow	$1.5B
Free cash flow minus SBC	$1.3B
Gross profit	$4.8B
Income taxes	$402.8M
Investing cash flow	$-972.7M
Net cash flow	$-33M
Net income	$2B
Operating cash flow minus SBC	$1.7B
Operating income	$2.3B
Revenue	$7.9B
Stock-based compensation	$174.5M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$49.54
Debt / EBITDA	0.07
Debt / equity	0.02
Debt / FCF	0.12
Goodwill	$978.6M
Long-term assets	$5.5B
Long-term liabilities	$316M
Net cash (debt)	$3.9B
Net cash / market cap	7.39%
Net cash growth	4.72%
Net debt / EBITDA	-1.58
Net debt / equity	-0.41
Net debt / FCF	-2.65
Piotroski F-Score	5
Property, plant and equipment	$1.7B
Shareholders' equity	$9.5B
Tangible book value	$8.3B
Tangible book value per share	$43.06
Total assets	$12B
Total cash	$2.3B
Total debt	$173.5M
Total liabilities	$2.4B
WACC	8.79%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.7
Current assets	$6.5B
Current liabilities	$2.1B
Current ratio	3.05
Inventory turnover	1.48
Net working capital	$2B
Quick ratio	1.63
Working capital	$4.4B
Working capital turnover	1.87

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	0.06%
Dividend growth	16.67%
Dividend growth (10Y)	7.49%
Dividend growth (3Y)	12.88%
Dividend growth (5Y)	9.4%
Dividend growth years	9
Dividend payment date	2026-12-24
Dividend payment years	24
Dividend payout frequency	Quarterly
Dividend per share	$4.20
Dividend yield	1.54%
Ex-dividend date	2026-12-11
FCF payout ratio	50.63%
Last dividend	$1.05
Payout ratio	43.35%
Shareholder yield	1.6%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	470.58%
10Y return CAGR	22.08%
10Y total return	634.98%
150-day SMA	$262.47
15Y price change	684.54%
15Y return CAGR	18.37%
15Y total return	1,155.23%
1D price change	-5.74%
1M price change	-7.18%
1M total return	-7.18%
1W price change	-5.97%
1W total return	-5.97%
1Y price change	8.59%
1Y return CAGR	10.39%
1Y total return	10.39%
20-day SMA	$282.31
200-day SMA	$253.19
20Y price change	416.2%
20Y return CAGR	12.05%
20Y total return	873.07%
3M price change	12.6%
3M total return	13.04%
3Y price change	173.81%
3Y return CAGR	42.3%
3Y total return	188.2%
50-day SMA	$283.29
50-day SMA vs 200-day SMA	50over200
52-week high	$314.28
52-week high date	2026-08-10
52-week low	$186.67
52-week low date	2025-11-20
5Y price change	86.73%
5Y return CAGR	15.76%
5Y total return	107.84%
6M price change	6.1%
6M total return	6.98%
All-time high	$314.28
All-time high date	2026-08-10
All-time low	$6.35
All-time low date	2001-09-21
Average true range (ATR)	$8.99
Average volume	809.9K
Beta (1Y)	0.93
Beta (2Y)	1.03
Beta (5Y)	0.83
Change from 52-week high	-13.22%
Change from 52-week low	46.1%
Change from all-time high	-13.13%
Change from all-time low	4,199.53%
Change from open	-6.41%
Day's gap	0.71%
Dollar volume	$466.7M
High price	$295.49
Low price	$266.26
Monthly RSI	61.63
Open price	$291.40
Position in 52-week range	22.1%
Premarket change	1.61%
Premarket close	$289.34
Premarket price	$294.00
Premarket volume	3K
Previous close	$289.34
Price vs 150-day SMA	4.02%
Price vs 20-day SMA	-3.29%
Price vs 200-day SMA	7.83%
Price vs 50-day SMA	-3.62%
Relative volume	2.11
RSI	39.45
Sharpe ratio	0.34
Sharpe ratio (3Y)	1.06
Sharpe ratio (5Y)	0.43
Sortino ratio	0.72
Sortino ratio (3Y)	1.97
Sortino ratio (5Y)	0.86
Volume	1.7M
Weekly RSI	51.73
YTD price change	34.59%
YTD total return	36.23%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	164.5M
Float percentage	85.3%
Shares change (QoQ)	0.08%
Shares change (YoY)	-0.06%
Shares held by insiders	14.33%
Shares held by institutions	57.96%
Shares outstanding	192.9M
Short % of float	1.22%
Short % of shares	1.04%
Short ratio	3.8 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	241

Deeper analysis on GRMN

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this GRMN report

What is the latest published GRMN stock rating?

Garmin Ltd. is shown with Sell in the latest published report, analyzed 2026-10-02. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full GRMN analysis?

The full latest published report, analyzed 2026-10-02, lives at /stocks/GRMN/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for GRMN?

The latest published report analyzed 2026-10-02 gives GRMN a fair value of USD 192 and a potential value of USD 218. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the GRMN page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-02). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellGRMN · Fair value $192-31.6%

Read full analysis →

Garmin Ltd. (GRMN)

Our latest published analysis: GRMN rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · GRMN

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All GRMN indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on GRMN

Frequently asked questions

レーティング履歴

Category	Score	Reading
Valuation	1.5
Management	8.5
Balance Sheet	8.5
Profitability	6.5
Revenue Growth	6.0
Risk Assessment	8.0
Competitive Moat	7.5
Earnings Quality	7.5
Capital Efficiency	7.5