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Garmin (GRMN) stock

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NYSE: GRMN NYSE Consumer Electronics Next results ~February 17, 2027

A Fundamentals grade

Garmin is a US-listed company in the consumer electronics industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$240

Cash-flow model

Base case. Range ~$190–$320 across our lower- and higher-growth cases (9.8%–19.8% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 12% above our base value.

Price used: $274.29, November 2, 2026

Garmin valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 11 selling0 purchases and 44 sales by directors and officers, last 12 monthsInsider trades
  • Funds490 adding, 445 cuttingOf 71 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Garmin files

10-Q filed October 28: Garmin

Model value −2.1%

Revenue for the twelve months to September 2026 was $7.89bn, up 13.6% on a year earlier, about the same pace as a quarter earlier. That growth ranks 2 of 8 among the consumer electronics companies we cover. Free-cash-flow margin held at 18.6%. Operating margin widened to 28.8% from 25.6%. Its fundamentals grade moves from C+ to A. Our model value falls from $249 to $244 a share, against a share price of $283. The rating stays Hold. At that price, our model says the market is pricing in about 16.7% a year of cash-flow growth for five years, faster than the 9.6% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Garmin

Garmin delivered revenue of $7.89bn for the twelve months to June 2026, up 13.6% on a year earlier and broadly matching the pace of a quarter ago. That growth ranks 28 of 206 among the consumer discretionary companies we cover. Free-cash-flow margin held steady at 18.6%, while operating margin widened to 28.8% from 25.6%. Our model value is little changed at $249 a share, against a share price of $292, so the rating stays Hold. At the current price, the model implies the market is pricing in roughly 17.0% annual cash-flow growth over five years. That runs well ahead of the 9.6% annual revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Garmin stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7.67bn, up 13.5% on a year earlier, slower than 15.7% a quarter earlier. Free-cash-flow margin rose to 20.9% from 16.7% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 1 financial-health checks. Our cash-flow model value is $256 a share, against a share price of $289. At that price, our model says the market is pricing in about 17.2% a year of cash-flow growth for five years, faster than the 9.0% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 17, 2027 (estimated)

Garmin's trailing-twelve-month revenue grew 13.6% year on year, with a free-cash-flow margin of 18.6%. Where it stands out: gross margin of 61.1% ranks 1 of 11 consumer electronics companies we cover.

Our discounted-cash-flow model values the business at ~$240 per share in the base case (~$190–$320 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 10.2% while net income grew 28.4%: a 18pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 28.8% of revenue is left as operating profit, against a median of -11.3% for consumer electronics companies we cover.
  • Margins widening. Operating margin is up 3.2 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $2.0bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.5% over 90 days.

Things to watch

  • Insiders selling. 11 insiders sold $20M of stock over the past 365 days and none bought (64% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 73% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$2.76 against an average estimate of $2.38: beat by 15.8%
Revenue
$1.99bn, up 12.2% on a year earlier
Share reaction
-3.2% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenue $8.15bn (full year 2026); pro forma EPS $10.8 (full year 2026)
Next report
October 28, 2026; average EPS estimate $3.05

Garmin's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.6%
  • 1 week-6.4%
  • 1 month-2.4%
  • This year+36.9%
  • 1 year+30.3%
  • 5 years+113.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.9B
Operating margin
28.8%
Net margin
25.6%
EPS (TTM, diluted)
$10.42

Growth

Revenue growth
+13.6%
Change in growth rate
+0.1 pts
Share count change
−0.1%

Cash

Free cash flow (TTM)
$1.5B
FCF margin
18.6%
Stock pay % of revenue
2.2%

Earnings

Last results
October 28, 2026
Next results (est.)
February 17, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Results

    Garmin posts record Q3 revenue and lifts full-year outlook

    Garmin reported third-quarter net sales of $1.99 billion, up 12% year on year, with operating income reaching $612 million. The company said it raised its full-year guidance following strong performance across fitness, outdoor, and marine segments. Garmin also noted the launch of the fēnix 9 watch series and the delivery of its 1,000th G1000 retrofit.

    Company releaseRead source ↗SEC filing ↗
  4. Guidance
  5. Our research
  6. Our research
  7. Announcement
  8. Insider trade
  9. Results
  10. Insider trade
  11. Deal

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Garmin valuation models and calculator

What the price is pricing in

The share price implies about 16.1% a year of cash-flow growth for five years.That is faster than the 9.6% a year revenue growth Garmin has delivered.

  • Priced in16.1%
  • Last 12 months13.6%
  • 3 years a year16.0%
  • 5 years a year9.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($271.53, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$240
Price used
$271.53close November 3, 2026
Implied change
▼ 10%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Garmin's free cash flow after stock-based pay with after-tax interest added back ($1.4B, FY2026 Q3 TTM), growing 12.5% and 13.8% in the next two years (forecasts, guidance and its record), then back to 14.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$190–~$320 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Garmin's free cash flow after stock-based pay ( $1.4B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Garmin as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.12 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$240 ~$190–$320 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$85–$150 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$100–$140 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$180 ~$110–$240 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Garmin with Consumer Electronics in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −3%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $114$150$199$262$345$452
8.5% $90$116$151$197$256$332
10% $76$96$123$158$203$260

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$27.70$38.03$48.53$52.88$85.12$106.57$121.43$85.83$122.83$203.54$203.04$274.29
Market value$5.3bn$7.2bn$9.2bn$10.0bn$16.2bn$20.4bn$23.4bn$16.6bn$23.6bn$39.3bn$39.3bn$53.1bn
+ Net debt (− = net cash)−$833m−$847m−$891m−$1.2bn−$1.0bn−$1.5bn−$1.5bn−$1.3bn−$1.7bn−$2.1bn−$2.3bn−$2.0bn
Enterprise value$4.5bn$6.4bn$8.3bn$8.8bn$15.2bn$19.0bn$21.9bn$15.3bn$21.9bn$37.3bn$37.0bn$51.1bn
Multiples
Price / sales 1.9x2.4x2.9x3.0x4.3x4.9x4.7x3.4x4.5x6.2x5.4x6.7x
Price / earnings 11.6x13.9x12.9x14.5x17.1x20.6x21.7x17.0x18.3x27.9x23.6x26.3x
Price / free cash flow 26.5x11.7x17.6x13.1x28.0x21.5x33.3x30.5x19.9x31.8x28.8x36.2x
EV / EBITDA 7.4x9.2x11.1x10.5x15.0x16.8x16.6x13.3x17.9x21.5x18.3x21.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

92 /100

Strong moat

How hard Garmin's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 23.5% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 58.6%, moving by 1.2 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 24.1%; its worst year was 20.2%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 19.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 99.8% over five years; stock-based pay has been a median 1.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (97 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.49 +23% $8.1bn +12%
Next $11.35 +8% $9.0bn +12%

Next year's EPS estimate has moved +5.5% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.3% on 90 days ago. In the last 30 days, 1 analyst raised Garmin's forecast and 0 cut it.

Consensus EPS forecast Garmin, last 90 days
$10.00 $10.50 $11.00 $11.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.06 Current fiscal year, 60 days ago: $10.10 Current fiscal year, 30 days ago: $10.13 Current fiscal year, 7 days ago: $10.13 Current fiscal year, Now: $10.49 $10.49 Next fiscal year, 90 days ago: $10.76 Next fiscal year, 60 days ago: $10.99 Next fiscal year, 30 days ago: $11.13 Next fiscal year, 7 days ago: $11.13 Next fiscal year, Now: $11.35 $11.35

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.06$10.76
60 days ago $10.10$10.99
30 days ago $10.13$11.13
7 days ago $10.13$11.13
Now $10.49$11.35

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.38 $2.76 +15.8%
Jun 2026 $2.29 $2.81 +22.5%
Mar 2026 $1.84 $2.08 +13.1%
Dec 2025 $2.39 $2.79 +16.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • revenue full year 2026 about $8.15bn Raised
    “We now anticipate revenue of approximately $8.15 billion and pro forma EPS of $10.80 based on gross margin of 61.0%, operating margin of 29.0% and a full year tax rate of 16.5% (see attached discussion on Forward-looking Financial Measures).” source
  • pro forma EPS full year 2026 about $10.80 Non-GAAP Raised
    “We now anticipate revenue of approximately $8.15 billion and pro forma EPS of $10.80 based on gross margin of 61.0%, operating margin of 29.0% and a full year tax rate of 16.5% (see attached discussion on Forward-looking Financial Measures).” source
  • gross margin full year 2026 about 61% Raised
    “We now anticipate revenue of approximately $8.15 billion and pro forma EPS of $10.80 based on gross margin of 61.0%, operating margin of 29.0% and a full year tax rate of 16.5% (see attached discussion on Forward-looking Financial Measures).” source
  • operating margin full year 2026 about 29% Raised
    “We now anticipate revenue of approximately $8.15 billion and pro forma EPS of $10.80 based on gross margin of 61.0%, operating margin of 29.0% and a full year tax rate of 16.5% (see attached discussion on Forward-looking Financial Measures).” source
  • full year tax rate full year 2026 about 16.5% Raised
    “We now anticipate revenue of approximately $8.15 billion and pro forma EPS of $10.80 based on gross margin of 61.0%, operating margin of 29.0% and a full year tax rate of 16.5% (see attached discussion on Forward-looking Financial Measures).” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Garmin's revenue by +12.5% next year and +13.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.6%, weight 44%) , management guidance (+12.2%, weight 33%) and the company's own record (+14.8%, weight 22%) . How the weights are set.

Analyst recommendations

9 analysts, Oct 2026
Buy333%
Hold556%
Sell111%

Monthly trend

  1. Oct 20263519
  2. Sep 20262417
  3. Aug 20262428
  4. Jul 20262428

Counts of recommendations published by analysts covering Garmin, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.0%
of tradable shares
Days to cover
3.9
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
58%
of shares
Held by insiders
14.7%
of shares
Employees
23,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +30.3%

$210.46 on October 31, 2025 to $274.29

ThenNowEffect
Revenue (last 12 months) $6.8bn $7.7bn +13.5%
Net margin 23.2% 24.5% +5.4%
P/E multiple 26.0x 28.3x +8.8%
Share count 194m 194m 0.0%

Biggest factor: revenue.

Last 3 years +149.7%

$109.84 on November 3, 2023 to $274.29

ThenNowEffect
Revenue (last 12 months) $4.9bn $7.7bn +56.1%
Net margin 20.2% 24.5% +21.0%
P/E multiple 21.2x 28.3x +33.3%
Share count 192m 194m −0.7%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
GRMN+16%−30%+43%+63%−0%+37%
Industry peers (median)−19%−49%−31%−42%−44%−24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
GRMN67%33%67%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
GRMN−27%−41%−9%−12%−28%−16%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 55% from August 30, 2021 to October 12, 2022. Getting back needed a 120% gain, reached on May 6, 2024, 572 days after the low.

Price behaviour

52-week range
$184.06 – $311.95
From 52-week high
−12.1%
vs 50-day average
−2.7%
vs 200-day average
+8.6%
Volatility (1 year)
33%
Beta vs S&P 500
0.89

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±10.0%
After a week
7 up, 4 down
typical move ±13.0%
After a month
8 up, 3 down
typical move ±12.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −3.2% 0.0% — —
July 29, 2026 +17.3% +0.1% +19.3% +14.3%
April 29, 2026 +1.3% +1.0% −2.0% −5.6%
February 18, 2026 +10.5% +0.2% +16.1% +8.8%
October 29, 2025 −13.3% −1.1% −17.2% −21.3%
July 30, 2025 −8.6% −0.5% −3.9% +0.7%
February 19, 2025 +6.6% −0.2% +5.7% −2.5%
October 30, 2024 +19.3% −2.3% +26.1% +27.9%
July 31, 2024 −4.6% +0.2% −9.5% +0.7%
May 1, 2024 +14.4% +0.6% +17.6% +13.4%
February 21, 2024 +9.1% +2.2% +11.9% +21.3%
November 1, 2023 +11.6% +3.0% +13.2% +20.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Garmin’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Garmin in five measures

Fundamentals grade A
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Garmin
$5B $6B $7B $8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5.2B Revenue (TTM), FY24 Q1: $5.5B Revenue (TTM), FY24 Q2: $5.6B Revenue (TTM), FY24 Q3: $6B Revenue (TTM), FY24 Q4: $6.3B Revenue (TTM), FY25 Q1: $6.5B Revenue (TTM), FY25 Q2: $6.8B Revenue (TTM), FY25 Q3: $6.9B Revenue (TTM), FY25 Q4: $7.2B Revenue (TTM), FY26 Q1: $7.5B Revenue (TTM), FY26 Q2: $7.7B Revenue (TTM), FY26 Q3: $7.9B $7.9B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5.2B
FY24 Q1 $5.5B
FY24 Q2 $5.6B
FY24 Q3 $6B
FY24 Q4 $6.3B
FY25 Q1 $6.5B
FY25 Q2 $6.8B
FY25 Q3 $6.9B
FY25 Q4 $7.2B
FY26 Q1 $7.5B
FY26 Q2 $7.7B
FY26 Q3 $7.9B
Revenue growth, TTM YoY Garmin
5% 10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.6% Revenue growth, TTM YoY, FY24 Q1: 13.0% Revenue growth, TTM YoY, FY24 Q2: 14.9% Revenue growth, TTM YoY, FY24 Q3: 17.9% Revenue growth, TTM YoY, FY24 Q4: 20.4% Revenue growth, TTM YoY, FY25 Q1: 18.1% Revenue growth, TTM YoY, FY25 Q2: 19.6% Revenue growth, TTM YoY, FY25 Q3: 16.6% Revenue growth, TTM YoY, FY25 Q4: 15.1% Revenue growth, TTM YoY, FY26 Q1: 15.7% Revenue growth, TTM YoY, FY26 Q2: 13.5% Revenue growth, TTM YoY, FY26 Q3: 13.6% 13.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.6%
FY24 Q1 13.0%
FY24 Q2 14.9%
FY24 Q3 17.9%
FY24 Q4 20.4%
FY25 Q1 18.1%
FY25 Q2 19.6%
FY25 Q3 16.6%
FY25 Q4 15.1%
FY26 Q1 15.7%
FY26 Q2 13.5%
FY26 Q3 13.6%
Operating margin (TTM) Garmin
20% 22% 24% 26% 28% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 20.9% Operating margin (TTM), FY24 Q1: 21.9% Operating margin (TTM), FY24 Q2: 22.2% Operating margin (TTM), FY24 Q3: 23.8% Operating margin (TTM), FY24 Q4: 25.3% Operating margin (TTM), FY25 Q1: 25.2% Operating margin (TTM), FY25 Q2: 26.0% Operating margin (TTM), FY25 Q3: 25.6% Operating margin (TTM), FY25 Q4: 25.9% Operating margin (TTM), FY26 Q1: 26.5% Operating margin (TTM), FY26 Q2: 27.6% Operating margin (TTM), FY26 Q3: 28.8% 28.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 20.9%
FY24 Q1 21.9%
FY24 Q2 22.2%
FY24 Q3 23.8%
FY24 Q4 25.3%
FY25 Q1 25.2%
FY25 Q2 26.0%
FY25 Q3 25.6%
FY25 Q4 25.9%
FY26 Q1 26.5%
FY26 Q2 27.6%
FY26 Q3 28.8%
FCF margin (TTM) Garmin
15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 22.6% FCF margin (TTM), FY24 Q1: 24.8% FCF margin (TTM), FY24 Q2: 23.9% FCF margin (TTM), FY24 Q3: 21.1% FCF margin (TTM), FY24 Q4: 19.7% FCF margin (TTM), FY25 Q1: 18.9% FCF margin (TTM), FY25 Q2: 16.7% FCF margin (TTM), FY25 Q3: 19.2% FCF margin (TTM), FY25 Q4: 18.8% FCF margin (TTM), FY26 Q1: 19.4% FCF margin (TTM), FY26 Q2: 20.9% FCF margin (TTM), FY26 Q3: 18.6% 18.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 22.6%
FY24 Q1 24.8%
FY24 Q2 23.9%
FY24 Q3 21.1%
FY24 Q4 19.7%
FY25 Q1 18.9%
FY25 Q2 16.7%
FY25 Q3 19.2%
FY25 Q4 18.8%
FY26 Q1 19.4%
FY26 Q2 20.9%
FY26 Q3 18.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Garmin took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $7.2B
  2. Other income $138M · 1.9%
  3. Cost of revenue $3B · 41.3%
  4. Gross profit $4.3B · 58.7%
  5. Research and development $1.1B · 15.5%
  6. Selling, general and admin $1.3B · 17.3%
  7. Operating income $1.9B · 25.9%
  8. Income tax $351M · 4.8%
  9. Net income $1.7B · 23.0%

Shares of revenue. Source: Garmin's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2,946 2,690 2,759 2,716 2,632 2,871 2,820 3,046 3,122 3,347 3,758 4,187 4,983 4,860 5,228 6,297 7,246 7,887
Gross profit 1,444 1,346 1,339 1,438 1,407 1,604 1,539 1,689 1,798 1,980 2,234 2,481 2,890 2,807 3,005 3,697 4,256 4,820
EBITDA 843 690 608 657 623 739 601 689 744 843 1,018 1,132 1,322 1,147 1,225 1,734 2,029 2,432
Operating income 786 637 554 604 574 691 550 633 684 778 946 1,054 1,219 1,028 1,092 1,594 1,876 2,273
Net income 704 585 521 542 612 364 456 518 709 694 952 992 1,082 974 1,290 1,411 1,664 2,017
Diluted EPS $3.50 $2.95 $2.67 $2.76 $3.12 $1.88 $2.39 $2.73 $3.76 $3.66 $4.99 $5.17 $5.61 $5.04 $6.71 $7.30 $8.59 $10.42
Growth (year on year)
Revenue −15.7% −8.7% +2.6% −1.6% −3.1% +9.1% −1.8% +8.0% +2.5% +7.2% +12.3% +11.4% +19.0% −2.5% +7.6% +20.4% +15.1% +13.6%
EBITDA −7.3% −18.1% −11.9% +8.0% −5.2% +18.7% −18.7% +14.6% +8.0% +13.4% +20.7% +11.3% +16.8% −13.3% +6.8% +41.6% +17.0% +25.9%
Operating income −8.8% −19.0% −13.0% +9.1% −5.0% +20.3% −20.4% +15.2% +8.0% +13.9% +21.5% +11.5% +15.6% −15.7% +6.3% +45.9% +17.7% +27.8%
Net income −3.9% −17.0% −10.9% +4.1% +12.9% −40.5% +25.3% +13.5% +36.9% −2.1% +37.2% +4.2% +9.1% −10.0% +32.5% +9.4% +17.9% +28.4%
Diluted EPS +0.6% −15.7% −9.5% +3.4% +13.0% −39.7% +27.1% +14.2% +37.7% −2.7% +36.3% +3.6% +8.5% −10.2% +33.1% +8.8% +17.7% +28.5%
Margins
Gross margin 49.0% 50.1% 48.5% 53.0% 53.5% 55.9% 54.6% 55.4% 57.6% 59.1% 59.5% 59.3% 58.0% 57.7% 57.5% 58.7% 58.7% 61.1%
EBITDA margin 28.6% 25.7% 22.1% 24.2% 23.7% 25.7% 21.3% 22.6% 23.8% 25.2% 27.1% 27.0% 26.5% 23.6% 23.4% 27.5% 28.0% 30.8%
Operating margin 26.7% 23.7% 20.1% 22.2% 21.8% 24.1% 19.5% 20.8% 21.9% 23.3% 25.2% 25.2% 24.5% 21.1% 20.9% 25.3% 25.9% 28.8%
Net margin 23.9% 21.7% 18.9% 20.0% 23.3% 12.7% 16.2% 17.0% 22.7% 20.7% 25.3% 23.7% 21.7% 20.0% 24.7% 22.4% 23.0% 25.6%
Free-cash-flow margin 35.5% 27.5% 28.4% 23.8% 21.8% 15.7% 7.1% 20.2% 16.7% 22.8% 15.4% 22.7% 14.1% 11.2% 22.6% 19.7% 18.8% 18.6%
Cash flow
Cash from operations 1,094 771 822 685 630 523 280 706 661 920 699 1,135 1,012 788 1,376 1,432 1,633 1,887
Capital spending 49 32 38 38 56 73 81 91 140 156 118 185 308 244 194 194 270 419
Free cash flow 1,045 738 784 646 574 449 200 615 521 764 581 950 705 544 1,183 1,239 1,363 1,468
Stock-based pay 44 40 40 29 23 24 26 41 45 56 63 81 93 77 101 137 166 175
Free cash flow after stock pay 1,002 698 744 617 551 425 174 573 476 707 517 869 612 467 1,081 1,102 1,197 1,294
Balance sheet
Cash 1,092 1,261 1,287 1,231 1,179 1,196 833 847 891 1,202 1,028 1,458 1,498 1,279 1,693 2,079 2,279 2,040
Total debt 0 0 0 — 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −1,092 −1,261 −1,287 −1,231 −1,179 −1,196 −833 −847 −891 −1,202 −1,028 −1,458 −1,498 −1,279 −1,693 −2,079 −2,279 −2,040
Diluted shares 201m 198m 195m 196m 196m 194m 191m 189m 189m 190m 191m 192m 193m 193m 192m 193m 194m 194m
Returned to shareholders
Dividends 150 299 311 253 352 360 378 481 383 296 417 451 491 679 559 572 664 751
Buybacks 20 226 22 19 58 242 131 93 75 — — — — — — — — —
Total returned 170 525 333 272 410 602 510 575 457 296 417 451 491 679 559 572 664 751

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 1 checks passed · September 26, 2026
What it owns · $12.0bn
Short-term assets $6.5bnLonger-term assets $5.5bn
What it owes, and who funded it · $11.7bn
Short-term liabilities $2.1bnShareholders' equity $9.5bn
  • Short-term assets cover short-term liabilities $6.5bn of assets due within a year against $2.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Garmin's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$751M
Diluted share count
−0.1%
year over year
Total shareholder yield
1.4%
dividends 1.4% + buybacks 0.0% of market value
Dividend payout ratio
37%
of net income paid out
R&D spending
15.3%
of revenue
Sales & admin spending
17.0%
of revenue
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in consumer electronics
Last 12 months unless stated GRMN SONO GPRO UEIC ZEPP ISPR Median
Revenue, last 12 months $7.9bn $1.5bn $569m $331m $259m $96m $96m
Revenue growth, last 12 months 13.6% 5.6% −23.9% −17.9% 41.8% −24.7% −17.9%
Revenue growth, 3-year average 16.0% −3.7% −18.3% −12.1% — −6.0% −4.8%
Revenue growth, latest quarter 12.2% 8.8% −31.3% −25.0% — 32.5% −7.6%
Gross margin 61.1% 46.5% 27.7% 29.6% 38.3% 12.8% 27.7%
Operating margin 28.8% 4.4% −21.2% −0.8% −11.3% −33.9% −12.0%
Operating margin, 3-year average 26.1% −0.7% −15.4% −3.2% −0.3% −24.3% −8.4%
Net margin 25.6% 3.8% −27.6% −4.6% −15.5% −34.6% −14.2%
Cash from operations / revenue 23.9% 9.9% −3.5% 3.5% −9.9% −0.6% −3.5%
Free-cash-flow margin 18.6% 8.4% −4.1% 2.5% −10.1% −0.9% −4.1%
Free-cash-flow margin, 3-year average 19.6% 8.4% −7.0% 3.8% −1.3% −7.0% −3.3%
Stock pay / revenue 2.2% 4.3% 2.8% 0.9% 1.0% 3.6% 2.5%
Change in share count −0.1% 0.7% 5.0% 0.3% −1.7% 0.8% 0.3%

Median of all 11 companies we cover in consumer electronics. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 consumer electronics companies
Measure Company Peer median Rank
Revenue growth Growth 13.6% -17.9% 3 of 11
Change in growth rate Growth +0.1pp -2.8pp 4 of 11
Gross margin Profitability 61.1% 27.7% 1 of 11
Operating margin Profitability 28.8% -11.3% 1 of 10
Net margin Profitability 25.6% -14.2% 1 of 11
Free-cash-flow margin Cash generation 18.6% -4.1% 1 of 11
Stock pay as % of revenue Cash generation 2.2% 2.8% 4 of 9
Change in share count Balance sheet -0.1% 0.3% 2 of 10
Days sales outstanding Balance sheet 53 days 53 days 6 of 10

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 27, 2025
Segments
Line of business Revenue Share YoY
Fitness $2.4B 32.5% ▲ 32.8%
Outdoor $2.1B 28.3% ▲ 4.7%
Marine $1.2B 16.3% ▲ 10.2%
Aviation $987M 13.6% ▲ 12.6%
Auto Oem $665M 9.2% ▲ 8.9%

From Garmin's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$25.9B
Institutions reporting
998
Shares held vs prior quarter
▲ 1.1%
Positions opened / closed
87 / 96

Top buyers and sellers, Q2 2026: 490 institutions bought and 445 sold ; the biggest buyer was FMR LLC (+1.2M shares) and the biggest seller UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC (−1.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.5B 14.8M 13.6% ▼ 4.0%
Vanguard Capital Management LLC $2.5B 10.7M 9.8% ▲ 0.8%
Vanguard Portfolio Management LLC $1.9B 8.1M 7.4% ▲ 2.5%
State Street Corp $1.7B 7.1M 6.5% ▲ 3.1%
Artisan Partners Limited Partnership $1.3B 5.3M 4.8% ▼ 4.1%
Geode Capital Management, LLC $1.2B 5.0M 4.6% ▲ 13.8%
FMR LLC $806M 3.4M 3.1% ▲ 57.7%
Norges Bank $472M 2.0M 1.8% —
Morgan Stanley $451M 1.9M 1.7% ▲ 6.8%
Alliancebernstein L.P. $441M 1.9M 1.7% ▼ 1.6%
Northern Trust Corp $435M 1.8M 1.7% ▲ 2.2%
Dimensional Fund Advisors LP $403M 1.7M 1.6% ▲ 4.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Garmin's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $20M 44 trades by 11 insiders · 64% under pre-set plans
Net ▼ $20M net selling
Insider Date Trade Shares Price Value
Wang Cheng-Wei General Manager - Garmin Corp. August 18, 2026 Sell 633 $303.36 $192,027
Wang Cheng-Wei General Manager - Garmin Corp. August 18, 2026 Sell 281 $301.62 $84,755
Wang Cheng-Wei General Manager - Garmin Corp. August 18, 2026 Sell 2,260 $301.01 $680,291
Wang Cheng-Wei General Manager - Garmin Corp. August 18, 2026 Sell 1,737 $300.14 $521,346
Wang Cheng-Wei General Manager - Garmin Corp. August 18, 2026 Sell 538 $299.17 $160,953
Wang Cheng-Wei General Manager - Garmin Corp. August 18, 2026 Sell 3,102 $297.84 $923,892
Wang Cheng-Wei General Manager - Garmin Corp. August 18, 2026 Sell 1,390 $296.92 $412,718
Maxfield Joshua H VP, General Counsel July 31, 2026 Sell 442 $292.17 $129,137
Maxfield Joshua H VP, General Counsel July 31, 2026 Sell 438 $291.32 $127,599
Maxfield Joshua H VP, General Counsel July 31, 2026 Sell 272 $289.15 $78,649
Biddlecombe Sean Managing Director, EMEA July 31, 2026 Sell 986 $292.88 $288,779
Pemble Clifton A President and CEO July 29, 2026 Sell pre-set plan 4,029 $300.00 $1.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in Garmin disclosed in the last 12 months; 4 earlier trades on record.

  • Kathy E. Manning(D-NC 6):Purchase, $50,001 - $100,000, traded July 2, 2024, filed August 16, 2024
  • Kathy E. Manning(D-NC 6):Purchase, $1,001 - $15,000, traded July 2, 2024, filed August 16, 2024
  • Kathy E. Manning(D-NC 6):Purchase, $1,001 - $15,000, traded July 2, 2024, filed August 16, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 17, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 18, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Garmin was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Garmin in brief

What does Garmin do?
Garmin is a US-listed company in the consumer electronics industry. Its financial year ends in December.
What is Garmin's stock ticker?
Garmin trades under the ticker GRMN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Garmin's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Garmin reported revenue of $7.9B, 13.6% higher than a year earlier, according to its SEC filings.
What is Garmin's free cash flow?
Garmin's free-cash-flow margin is 18.6% of revenue over the trailing twelve months, ranking 1 of the 11 consumer electronics companies we cover.
What is Garmin's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Garmin's free cash flow after stock-based pay gives ~$240 per share in the base case, and ~$190–$320 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Garmin's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Garmin's market cap?
On November 2, 2026, Garmin's market capitalisation was about $53.1B, with a price-to-earnings ratio of 26.3 and net debt of -$2B. Market figures come from third-party market data and may be delayed.
Does Garmin pay a dividend?
Yes: Garmin paid $751M in dividends over the trailing twelve months, a dividend yield of 1.42% and a payout ratio of 37.2%.
Who are Garmin's competitors?
In our Consumer Electronics peer group, the companies closest to Garmin are Sonos Inc, Gopro, Inc., Universal Electronics Inc, Zepp Health Corp and Ispire Technology Inc. The side-by-side comparison below sets their revenue, margins and growth against Garmin's.
Are insiders buying or selling Garmin stock?
Over the last 12 months, Garmin's directors and officers reported 0 open-market purchases and 44 sales on Form 4. The insider trading page charts every trade.
When is Garmin's next earnings date?
Around February 17, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Garmin announces its own schedule.