Garmin Ltd.GRMN
NYSE•Technology•Scientific & Technical Instruments
Garmin Ltd. designs, develops, manufactures, markets, and distributes a diverse range of GPS-enabled products and navigation, communications, sensor-based, and information products and services worldwide. It offers running; cycling products; smartwatch devices; scales and monitors; and sports timing and performance analysis; Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, which enables third parties to create applications that run on Garmin devices. It also provides adventure watches; outdoor handhelds and satellite communicators; golf devices; consumer automotive; dog devices; InReach and Gramin response; and dive devices. In addition, it designs, manufactures, and markets various aircraft avionics solutions, including integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponders, weather information and avoidance solutions, datalink and connectivity solutions, and portable GPS navigators and wearables, as well as service products to the aviation market. Further, it offers chartplotters and multi-function displays, cartography, fishfinders, sonar, autopilot systems, radars, compliant instrument displays and sensors, VHF communication radios, handhelds and wearable devices, sailing, audio, digital switching, trolling motors, and lighting; and domain controllers and infotainment units, as well as software, map database, camera, wearable, and automotive solutions. The company sells its products through independent retailers, dealers, distributors, installation and repair shops, OEM, and online webshop. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.
as of March 2026
Are revenues and earnings expanding?
$7.46B in TTM revenue grew 24.2% YoY, reaching $1.75B last quarter. TTM EBITDA of $1.97B on operating income of $431.67M shows growth is flowing through. Net income of $1.74B TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold.
Is revenue turning into profit effectively?
Op. margin of 24.6% is up 2.9% YoY — cost efficiency is improving. Net margin at 23.1% and gross margin of 59.4%. ROE of 18.7% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 25.7x P/E, the stock trades in line with market averages — fairly valued. P/S of 6.0x and P/B of 4.8x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.
Is the company financially stable?
Is the business self-funding?
FCF of $469.37M on $535.99M in operating cash flow. The FCF / Net Income ratio of 0.3x indicates partial cash conversion — earnings quality needs attention. Cash reserves of $2.29B provide financial flexibility. Share count is stable — no dilution or buyback activity.
Competitive analysis based on 65 quarters of fundamental data
Operating margins are expanding at ~24.9%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 18.5% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~36.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 65 quarters
Margins are stable or improving at ~26.3% — no sign of cost or pricing stress.
FCF covers net income by 0.9x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.