(GRMN) Garmin - Overview
Sector: Technology | Industry: Scientific & Technical Instruments | Exchange: NYSE (USA) | Market Cap: 46.243m USD | Total Return: 17.7% in 12m
Avg Turnover: 178M
EPS Trend: 99.2%
Qual. Beats: 2
Rev. Trend: 99.8%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Garmin Ltd. (NYSE: GRMN) is a global provider of GPS-enabled technology and sensor-based products across the aviation, marine, outdoor, fitness, and automotive sectors. The company operates a vertically integrated business model, managing its own design, manufacturing, and distribution facilities, which allows for greater control over product quality and supply chain logistics. Its portfolio ranges from consumer wearables and sports performance tools to complex integrated flight decks and sonar systems for professional use.
The consumer electronics sector remains highly competitive, driven by rapid cycles of hardware innovation and the integration of proprietary software ecosystems like Garmin Connect. Garmin differentiates itself by targeting niche professional markets, such as aviation and maritime navigation, where high barriers to entry exist due to rigorous regulatory certifications and specialized engineering requirements.
To further examine how these diverse business segments impact long-term valuation, consider exploring the detailed financial metrics available on ValueRay.
Founded in 1989 and headquartered in Switzerland, Garmin distributes its products through a global network of independent retailers, original equipment manufacturers (OEMs), and direct-to-consumer digital channels.
- Fitness and outdoor segment growth drives premium wearable revenue and margins
- Aviation and marine OEM partnerships secure long-term recurring equipment contracts
- Expansion of vertically integrated manufacturing facilities controls high production costs
- Consumer discretionary spending levels impact demand for luxury multisport watches
- Success of proprietary InReach satellite subscription services expands high-margin recurring revenue
| Net Income: 1.74b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.13 > 0.02 and ΔFCF/TA 0.81 > 1.0 |
| NWC/Revenue: 61.92% < 20% (prev 63.80%; Δ -1.88% < -1%) |
| CFO/TA 0.16 > 3% & CFO 1.75b > Net Income 1.74b |
| Net Debt (-2.53b) to EBITDA (2.26b): -1.12 < 3 |
| Current Ratio: 4.36 > 1.5 & < 3 |
| Outstanding Shares: last quarter (193.6m) vs 12m ago -0.08% < -2% |
| Gross Margin: 59.14% > 18% (prev 0.59%; Δ 5.86k% > 0.5%) |
| Asset Turnover: 71.98% > 50% (prev 65.90%; Δ 6.07% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBITDA TTM and Interest Expense TTM) |
| A: 0.42 (Total Current Assets 6.00b - Total Current Liabilities 1.38b) / Total Assets 11.0b |
| B: 0.67 (Retained Earnings 7.37b / Total Assets 11.0b) |
| C: 0.20 (EBIT TTM 2.07b / Avg Total Assets 10.4b) |
| D: 4.37 (Book Value of Equity 7.35b / Total Liabilities 1.68b) |
| Altman-Z'' = 10.90 = AAA |
| DSRI: 1.03 (Receivables 941.0m/787.1m, Revenue 7.46b/6.45b) |
| GMI: 0.99 (GM 59.14% / 58.59%) |
| AQI: 1.02 (AQ_t 0.31 / AQ_t-1 0.30) |
| SGI: 1.16 (Revenue 7.46b / 6.45b) |
| TATA: -0.00 (NI 1.74b - CFO 1.75b) / TA 11.0b) |
| Beneish M = -2.88 (Cap -4..+1) = A |
As of May 28, 2026, the stock is trading at USD 237.97 with a total of 513,455 shares traded.
Over the past week, the price has changed by +4.06%,
over one month by -7.52%,
over three months by -5.52% and
over the past year by +17.70%.
Garmin has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold GRMN.
- StrongBuy: 2
- Buy: 0
- Hold: 5
- Sell: 2
- StrongSell: 1
| Analysts Target Price | 262.4 | 10.3% |
P/E Trailing = 26.7313
P/E Forward = 25.0
P/S = 6.1956
P/B = 4.9879
P/EG = 3.2916
Revenue TTM = 7.46b USD
EBIT TTM = 2.07b USD
EBITDA TTM = 2.26b USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 167.6m USD (from shortLongTermDebtTotal, last quarter) (leases 167.6m already included)
Net Debt = -2.53b USD (calculated: Debt 167.6m - CCE 2.70b)
Enterprise Value = 43.7b USD (46.2b + Debt 167.6m - CCE 2.70b)
Interest Coverage Ratio = unknown (Ebit TTM 2.07b / Interest Expense TTM 0.0)
EV/FCF = 30.11x (Enterprise Value 43.7b / FCF TTM 1.45b)
FCF Yield = 3.32% (FCF TTM 1.45b / Enterprise Value 43.7b)
FCF Margin = 19.45% (FCF TTM 1.45b / Revenue TTM 7.46b)
Net Margin = 23.26% (Net Income TTM 1.74b / Revenue TTM 7.46b)
Gross Margin = 59.14% ((Revenue TTM 7.46b - Cost of Revenue TTM 3.05b) / Revenue TTM)
Gross Margin QoQ = 59.44% (prev 59.21%)
Tobins Q-Ratio = 3.99 (Enterprise Value 43.7b / Total Assets 11.0b)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 167.6m)
Taxrate = 14.27% (67.5m / 472.5m)
NOPAT = 1.77b (EBIT 2.07b * (1 - 14.27%))
Current Ratio = 4.36 (Total Current Assets 6.00b / Total Current Liabilities 1.38b)
Debt / Equity = 0.02 (Debt 167.6m / totalStockholderEquity, last quarter 9.27b)
Debt / EBITDA = -1.12 (Net Debt -2.53b / EBITDA 2.26b)
Debt / FCF = -1.75 (Net Debt -2.53b / FCF TTM 1.45b)
Total Stockholder Equity = 8.71b (last 4 quarters mean from totalStockholderEquity)
RoA = 16.74% (Net Income 1.74b / Total Assets 11.0b)
RoE = 19.93% (Net Income TTM 1.74b / Total Stockholder Equity 8.71b)
RoCE = 21.60% (EBIT 2.07b / Capital Employed (Total Assets 11.0b - Current Liab 1.38b))
RoIC = 18.52% (NOPAT 1.77b / Invested Capital 9.58b)
WACC = 9.21% (E(46.2b)/V(46.4b) * Re(9.24%) + D(167.6m)/V(46.4b) * Rd(0.0%) * (1-Tc(0.14)))
Discount Rate = 9.24% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 64.44 | Cagr: 0.23%
[DCF] Terminal Value 75.25% ; FCFF base≈1.36b ; Y1≈1.56b ; Y5≈2.29b
[DCF] Fair Price = 168.5 (EV 30.0b - Net Debt -2.53b = Equity 32.5b / Shares 192.9m; r=9.21% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 99.15 | EPS CAGR: 24.64% | SUE: 1.78 | # QB: 2
Revenue Correlation: 99.81 | Revenue CAGR: 17.19% | SUE: 0.70 | # QB: 0
EPS current Quarter (2026-06-30): EPS=2.29 | Chg30d=-0.18% | Revisions=-20% | Analysts=8
EPS next Quarter (2026-09-30): EPS=2.34 | Chg30d=+0.66% | Revisions=+0% | Analysts=8
EPS current Year (2026-12-31): EPS=9.58 | Chg30d=+2.01% | Revisions=+11% | GrowthEPS=+11.9% | GrowthRev=+10.3%
EPS next Year (2027-12-31): EPS=10.32 | Chg30d=+1.22% | Revisions=-11% | GrowthEPS=+7.8% | GrowthRev=+9.3%
[Analyst] Revisions Ratio: -20%