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.
Garmin Ltd. (GRMN) reported trailing twelve months revenue of $7.46B as of March 2026, a 24.2% increase year-over-year. Quarterly revenue reached $1.75B, reflecting continued top-line momentum.
Garmin Ltd. generated $1.74B in TTM net income, with quarterly EBITDA of $431.67M. The operating margin expanded from 21.7% to 24.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (24.6%) and net margin (23.1%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 21.7% a year ago, signaling stronger bottom-line efficiency.
GRMN trades at a P/E of 25.5x (in line with broad market averages) and a P/S of 5.9x. The price-to-book ratio of 4.8x reflects a moderate premium to book value.
The company generated $469.37M in free cash flow over the trailing twelve months, a 23.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $10.95B in total assets with no in long-term debt against $9.27B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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 21 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation