(GRMN) Garmin - Overview
Stock: Fitness, Wearables, Outdoor, Aviation, Marine
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 1.60% |
| Yield on Cost 5y | 3.91% |
| Yield CAGR 5y | 7.12% |
| Payout Consistency | 99.0% |
| Payout Ratio | 59.8% |
| Risk 5d forecast | |
|---|---|
| Volatility | 34.2% |
| Relative Tail Risk | -23.5% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.11 |
| Alpha | -24.07 |
| Character TTM | |
|---|---|
| Beta | 1.206 |
| Beta Downside | 1.308 |
| Drawdowns 3y | |
|---|---|
| Max DD | 27.97% |
| CAGR/Max DD | 1.12 |
Description: GRMN Garmin January 29, 2026
Garmin Ltd. (NYSE:GRMN) designs, manufactures and sells a broad portfolio of wireless consumer and aviation products, ranging from fitness-focused wearables (running, multi-sport, cycling, smartwatches) and health-tracking platforms (Garmin Connect, Connect IQ) to specialized outdoor devices (adventure watches, satellite communicators, dive gear) and a full suite of avionics solutions (integrated flight decks, navigation displays, ADS-B, weather avoidance systems). The company reaches end-users through independent retailers, OEM partnerships, and direct-to-consumer e-commerce channels.
In FY 2023 Garmin reported $5.12 billion in revenue, a 9 % YoY increase driven primarily by a 12 % rise in the Wearables & Accessories segment and a 7 % uplift in Aviation. GAAP earnings per share were $4.78, and operating margin expanded to 18.4 % as the firm leveraged higher-margin avionics sales while maintaining cost discipline. As of Q1 2024, cash on hand stood at $820 million, providing ample liquidity for continued R&D investment.
Key macro drivers underpinning Garmin’s outlook include: (1) a projected 13 % CAGR for the global wearable market through 2029, fueled by consumer health awareness and corporate wellness programs; (2) accelerating fleet-modernization in commercial aviation, which is expected to boost demand for integrated avionics and ADS-B solutions by an estimated 5 % annually; and (3) a modest but persistent supply-chain tightening in semiconductors, which has pressured inventory turnover in the consumer electronics sub-industry, prompting Garmin to diversify its component sourcing.
Given the blend of high-margin aviation contracts and rapid growth in the consumer wearables space, a deeper quantitative assessment-such as the detailed valuation models on ValueRay-can help clarify the trade-off between earnings stability and growth upside.
Piotroski VR‑10 (Strict, 0-10) 4.5
| Net Income: 1.57b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.13 > 0.02 and ΔFCF/TA -0.78 > 1.0 |
| NWC/Revenue: 58.46% < 20% (prev 60.95%; Δ -2.50% < -1%) |
| CFO/TA 0.15 > 3% & CFO 1.56b > Net Income 1.57b |
| Net Debt (-1.92b) to EBITDA (2.02b): -0.95 < 3 |
| Current Ratio: 3.32 > 1.5 & < 3 |
| Outstanding Shares: last quarter (193.5m) vs 12m ago 0.19% < -2% |
| Gross Margin: 58.73% > 18% (prev 0.58%; Δ 5815 % > 0.5%) |
| Asset Turnover: 69.88% > 50% (prev 63.73%; Δ 6.16% > 0%) |
| Interest Coverage Ratio: -28.49 > 6 (EBITDA TTM 2.02b / Interest Expense TTM -64.3m) |
Altman Z'' 9.11
| A: 0.39 (Total Current Assets 5.81b - Total Current Liabilities 1.75b) / Total Assets 10.52b |
| B: 0.61 (Retained Earnings 6.44b / Total Assets 10.52b) |
| C: 0.18 (EBIT TTM 1.83b / Avg Total Assets 9.94b) |
| D: 3.18 (Book Value of Equity 6.51b / Total Liabilities 2.04b) |
| Altman-Z'' Score: 9.11 = AAA |
Beneish M -2.98
| DSRI: 0.89 (Receivables 955.6m/922.0m, Revenue 6.94b/5.96b) |
| GMI: 0.99 (GM 58.73% / 58.43%) |
| AQI: 1.03 (AQ_t 0.31 / AQ_t-1 0.30) |
| SGI: 1.17 (Revenue 6.94b / 5.96b) |
| TATA: 0.00 (NI 1.57b - CFO 1.56b) / TA 10.52b) |
| Beneish M-Score: -2.98 (Cap -4..+1) = A |
What is the price of GRMN shares?
Over the past week, the price has changed by -2.22%, over one month by -5.21%, over three months by +0.23% and over the past year by -4.69%.
Is GRMN a buy, sell or hold?
- StrongBuy: 2
- Buy: 0
- Hold: 5
- Sell: 2
- StrongSell: 1
What are the forecasts/targets for the GRMN price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 235.3 | 16.3% |
| Analysts Target Price | 235.3 | 16.3% |
| ValueRay Target Price | 239.3 | 18.3% |
GRMN Fundamental Data Overview February 03, 2026
P/E Forward = 23.753
P/S = 5.5903
P/B = 4.6426
P/EG = 2.8365
Revenue TTM = 6.94b USD
EBIT TTM = 1.83b USD
EBITDA TTM = 2.02b USD
Long Term Debt = 155.8m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 27.9m USD (from shortTermDebt, last fiscal year)
Debt = 155.8m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -1.92b USD (from netDebt column, last quarter)
Enterprise Value = 36.43b USD (38.81b + Debt 155.8m - CCE 2.54b)
Interest Coverage Ratio = -28.49 (Ebit TTM 1.83b / Interest Expense TTM -64.3m)
EV/FCF = 27.34x (Enterprise Value 36.43b / FCF TTM 1.33b)
FCF Yield = 3.66% (FCF TTM 1.33b / Enterprise Value 36.43b)
FCF Margin = 19.19% (FCF TTM 1.33b / Revenue TTM 6.94b)
Net Margin = 22.63% (Net Income TTM 1.57b / Revenue TTM 6.94b)
Gross Margin = 58.73% ((Revenue TTM 6.94b - Cost of Revenue TTM 2.87b) / Revenue TTM)
Gross Margin QoQ = 59.09% (prev 58.80%)
Tobins Q-Ratio = 3.46 (Enterprise Value 36.43b / Total Assets 10.52b)
Interest Expense / Debt = 20.85% (Interest Expense 32.5m / Debt 155.8m)
Taxrate = 21.22% (108.2m / 509.8m)
NOPAT = 1.44b (EBIT 1.83b * (1 - 21.22%))
Current Ratio = 3.32 (Total Current Assets 5.81b / Total Current Liabilities 1.75b)
Debt / Equity = 0.02 (Debt 155.8m / totalStockholderEquity, last quarter 8.48b)
Debt / EBITDA = -0.95 (Net Debt -1.92b / EBITDA 2.02b)
Debt / FCF = -1.44 (Net Debt -1.92b / FCF TTM 1.33b)
Total Stockholder Equity = 8.16b (last 4 quarters mean from totalStockholderEquity)
RoA = 15.81% (Net Income 1.57b / Total Assets 10.52b)
RoE = 19.26% (Net Income TTM 1.57b / Total Stockholder Equity 8.16b)
RoCE = 22.02% (EBIT 1.83b / Capital Employed (Equity 8.16b + L.T.Debt 155.8m))
RoIC = 17.68% (NOPAT 1.44b / Invested Capital 8.16b)
WACC = 10.38% (E(38.81b)/V(38.97b) * Re(10.36%) + D(155.8m)/V(38.97b) * Rd(20.85%) * (1-Tc(0.21)))
Discount Rate = 10.36% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.25%
[DCF Debug] Terminal Value 73.75% ; FCFF base≈1.30b ; Y1≈1.59b ; Y5≈2.65b
Fair Price DCF = 166.8 (EV 30.17b - Net Debt -1.92b = Equity 32.09b / Shares 192.3m; r=10.38% [WACC]; 5y FCF grow 23.76% → 2.90% )
EPS Correlation: 4.44 | EPS CAGR: -43.80% | SUE: -4.0 | # QB: 0
Revenue Correlation: 84.28 | Revenue CAGR: 6.64% | SUE: -0.59 | # QB: 0
EPS next Quarter (2026-03-31): EPS=1.72 | Chg30d=+0.000 | Revisions Net=-1 | Analysts=7
EPS next Year (2026-12-31): EPS=8.72 | Chg30d=+0.000 | Revisions Net=-2 | Growth EPS=+6.6% | Growth Revenue=+7.3%