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Not Investment Advice

GRMN

NYSE · USD
Garmin Ltd.
Technology · Hardware, Equipment & Parts
CEO Clifton Albert Pemble Employees 23,000 R&D / revenue 15.5%
Last price
$284.79−0.15%last session
Market cap
$54.9B
P/E (TTM)
29.2x
From 52w high
−9.4%
From 52w low
+52.6%
1-year return
+15.9%
RSI 14 · vs SMA200
54.4 · +14.0%
IS score
77.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

GRMN   SPY   XLK (sector ETF) · weekly closes
80100120140Jan 26Apr 26Jul 26Oct 26XLK 129GRMN 116SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
92
Profitability
65
Growth
58
Value
83
Momentum
100
Risk (safety)
88
Quality
98
Balance sheet
78
Earnings quality

Flags

Strengths
✓ Net cash
Warnings
▲ Share count rising
Observations
Moat model: Wide, Efficient ScalePiotroski 7 / 9Altman Z 13.9Beta 0.872 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
20 open-market sales, $5.9M
Form 144 notices (12m): 18, $19.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−6
98 new holders, 95 closed
1,006 filers hold 57.2% · 403 added, 352 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+361
1,207 funds adding shares
846 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
61.5%
20-day avg 66.4%, 50-day avg 55.8%
Latest 4.9 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$7.2B
Revenue growth YoY+15.1%
Gross margin58.7%
Operating income$1.9B
Operating margin25.9%
Net income$1.7B
Net margin23.0%
EPS (diluted)$8.59
Cash flow
Operating cash flow$1.6B
Capital expenditure$270.4M
Free cash flow$1.4B
FCF conversion (FCF / OCF)83.4%
Stock-based compensation$0
FCF less SBC$1.4B
Buybacks$238.2M
Dividends$663.9M
Balance sheet & returns
Cash & short-term investments$2.7B
Total debt$164.8M
Net cash$2.6B
Shareholders' equity$9.0B
Goodwill & intangibles$958.6M
Debt / equity0.02
ROE (TTM)21.0%
ROIC (TTM)18.8%
Operating margin by fiscal year
24.5%FY202121.1%FY202220.9%FY202325.3%FY202425.9%FY2025
Revenue $5.0B (FY2021) to $7.2B (FY2025), a 9.8% CAGR.

Valuation

P/E (TTM)29.2x
EV / EBITDA21.4x
Price / sales7.16x
Price / FCF35.8x
FCF yield2.79%
Buyback yield0.43%
SBC / revenue2.2%
Price / book6.08x
Forward P/E FY202627.9x
Forward P/E FY202632.4x
Forward P/E FY202725.2x
Forward multiples divide today's price by Street EPS estimates. Street mean target $322.75 across 4 analysts last quarter is theirs, not ours.

GRMN vs industry median

183 companies in Hardware, Equipment & Parts
Gross margin 60.1% 35.9% Operating margin 27.6% 4.0% Net margin 24.5% 1.9% ROIC 18.8% 7.1%
GRMN (TTM)Industry median Asset turnover 0.67 vs industry 0.67 · financial leverage 1.27

Earnings delivery

Next report 2026-10-28 · consensus EPS $2.41
83%
beat rate, 10 of 12 quarters
+15.2%
median EPS surprise
6
longest beat streak
+9+23+41+10+38+27-4+14+0+16+13+22
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-01 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
GRMN Garmin Ltd. $54.9B29.2x21.0%24.5%+15.1% +15.9%
KEYS Keysight Technologies, Inc. $56.4B45.6x20.5%21.5%+25.5% +103.9%
COHR Coherent, Inc. $45.9B53.5x8.5%11.8%+22.5% +100.8%
CLS Celestica Inc. $38.3B31.3x52.7%7.8%+47.5% +8.6%
FLEX Flex Ltd. $33.4B34.9x18.4%3.6%+12.2% +42.8%
JBL Jabil Inc. $29.2B28.2x66.7%3.7%+20.6% —
TDY Teledyne Technologies Incorp $28.7B29.8x9.2%15.1%+7.9% —
GLW Corning Inc $113.8B59.8x16.1%12.4%+19.4% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-07-29Earnings Release; Exhibits
2026-06-08Shareholder Vote; Other Events
2026-04-29Earnings Release; Exhibits
2026-02-18Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-10-29Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-07-30Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding192,853,000
Free float85.3%
Institutional ownership57.2%
Beta0.87
Dividend yield1.37%
Last dividend$1.05 on 2026-12-11
50 / 200-day average$286.80 / $249.57
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where GRMN sits among 41 scored companies in Hardware, Equipment & Parts (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureGRMNIndustry medianIndustry percentileSector median
P/E (TTM) 29.3x 36.2x
27th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 1.26 1.39
35th		 1.36
Price / sales 7.2x 3.4x
85th		 3.9x
Price / book 6.1x 3.7x
82nd		 4.4x
Price / tangible book 5.6x 8.9x
29th		 8.8x
Price / free cash flow 35.8x 25.4x
72nd		 20.3x
Price / operating cash flow 28.7x 24.7x
57th		 17.9x
Enterprise value $52.4B $7.9B
92nd		 $5.5B
EV / sales 6.8x 3.7x
85th		 4.1x
EV / EBITDA 21.3x 19.1x
61st		 18.9x
EV / EBIT 23.1x 26.4x
33rd		 26.7x
EV / free cash flow 34.2x 27.7x
69th		 21.9x
Earnings yield 3.4% 2.4%
78th		 2.0%
FCF yield 2.8% 3.0%
42nd		 3.3%
Operating cash flow yield 3.5% 3.6%
48th		 4.4%
Graham number (per share) $100.94 $54.04
91st		 $28.08

Profitability (TTM)

MeasureGRMNIndustry medianIndustry percentileSector median
Gross margin 60.1% 39.0%
88th		 55.7%
EBITDA margin 32.1% 15.0%
98th		 13.7%
Operating margin 27.6% 12.6%
98th		 8.2%
EBIT margin 29.6% 12.3%
98th		 8.6%
Net margin 24.5% 8.1%
95th		 5.7%
NOPAT margin 22.8% 10.0%
95th		 7.0%
FCF margin 20.0% 10.8%
90th		 15.0%
Operating cash flow margin 24.9% 13.4%
95th		 18.4%
R&D / revenue 15.4% 4.4%
90th		 12.9%
SG&A / revenue 17.1% 17.1%
49th		 25.6%
Stock comp / revenue 1.7% 1.3%
56th		 4.4%
Effective tax rate 17.3% 20.5%
38th		 21.0%

Returns on capital

MeasureGRMNIndustry medianIndustry percentileSector median
ROE (on average equity) 21.9% 11.5%
90th		 9.4%
ROA 17.3% 5.5%
98th		 4.1%
ROIC 26.8% 11.9%
90th		 9.0%
ROCE 24.3% 9.9%
95th		 8.6%
Return on tangible assets 20.9% 8.0%
98th		 5.9%
Cash ROIC (OCF / invested capital) 29.3% 14.6%
90th		 20.7%
Gross profitability (GP / assets) 40.3% 22.4%
100th		 30.0%
ROIC, 3-yr average 25.2% 10.9%
89th		 7.4%
ROIC, 5-yr average 29.0% 10.1%
86th		 7.9%
ROE, 5-yr average 18.7% 9.8%
86th		 6.9%
Incremental ROIC 48.7% 12.5%
77th		 15.3%

Growth

MeasureGRMNIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 13.5% 15.9%
41st		 14.3%
Revenue growth (QoQ) 15.3% 8.9%
75th		 6.6%
Revenue CAGR, 3 yr 16.0% 4.2%
86th		 9.6%
Revenue CAGR, 5 yr 9.6% 6.7%
67th		 11.5%
Gross profit CAGR, 3 yr 17.7% 5.8%
86th		 10.9%
Operating income CAGR, 3 yr 28.9% 10.3%
79th		 11.3%
Net income growth (TTM YoY) 19.7% 38.3%
47th		 21.6%
Net income CAGR, 3 yr 23.6% 7.3%
72nd		 9.9%
EPS growth (TTM YoY) 19.7% 19.7%
50th		 22.3%
EPS CAGR, 3 yr 23.2% 9.0%
76th		 11.2%
EPS CAGR, 5 yr 9.6% 9.9%
48th		 12.0%
FCF growth (TTM YoY) 36.2% 25.7%
56th		 24.6%
FCF CAGR, 3 yr 21.0% 12.6%
63rd		 19.3%
Operating cash flow CAGR, 3 yr 21.2% 10.1%
68th		 17.9%
Book value CAGR, 3 yr 13.4% 7.1%
78th		 6.8%
Dividend CAGR, 3 yr 5.7% -0.6%
94th		 3.1%
Sustainable growth rate 13.5% 12.6%
58th		 14.2%

Margin history & stability

MeasureGRMNIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 58.9% 36.4%
87th		 53.2%
Operating margin, 3-yr average 25.3% 11.2%
97th		 6.6%
Net margin, 3-yr average 24.0% 6.4%
97th		 5.2%
FCF margin, 3-yr average 20.2% 11.4%
92nd		 12.7%
Revenue stability (0-1) 0.83 0.57
79th		 0.87
Earnings stability (0-1) 0.73 0.41
82nd		 0.45
Margin stability (0-1) 0.98 0.94
100th		 0.95

Liquidity (latest quarter)

MeasureGRMNIndustry medianIndustry percentileSector median
Cash & short-term investments $2.7B $403.3M
95th		 $494.1M
Net cash (− = net debt) $2.5B −$55.9M
100th		 $49.8M
Working capital $4.2B $789.7M
92nd		 $391.0M
Current ratio 3.03 2.29
65th		 1.92
Quick ratio 2.08 1.65
62nd		 1.67
Cash ratio (cash + ST investments / current liabilities) 1.28 0.67
65th		 0.95
Defensive interval (days) 560 days 789 days
32nd		 521 days

Leverage & solvency (latest quarter)

MeasureGRMNIndustry medianIndustry percentileSector median
Total debt $178.0M $299.3M
40th		 $349.3M
Debt / equity 0.02 0.25
12th		 0.29
Net debt / equity −0.28 0.02
22nd		 −0.13
Debt / assets 1.6% 13.4%
12th		 16.9%
Debt / capital 1.9% 19.9%
12th		 22.3%
Debt / EBITDA 0.07 1.78
8th		 1.78
Net debt / EBITDA −1.01 0.18
33rd		 −0.18
Interest coverage (EBIT / interest) —
Cash interest coverage —
Debt payback (years of OCF) 0.1 yrs 1.8 yrs
8th		 1.6 yrs
Liabilities / assets 21.0% 40.2%
18th		 48.7%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 125
0th		 175

Efficiency

MeasureGRMNIndustry medianIndustry percentileSector median
Asset turnover 0.71 0.60
62nd		 0.62
Fixed asset turnover 4.60 6.18
30th		 9.25
Inventory turnover 1.6 3.4
3rd		 3.8
Receivables turnover 7.1 5.9
90th		 6.2
Days sales outstanding 51 days 62 days
10th		 59 days
Days inventory outstanding 224 days 108 days
97th		 94 days
Days payables outstanding 48 days 60 days
22nd		 46 days
Cash conversion cycle (days) 228 days 108 days
95th		 50 days
Capex / revenue 4.9% 2.6%
69th		 2.3%
Capex / depreciation 1.96 0.77
87th		 0.56
Operating expense ratio 32.0% 25.2%
68th		 44.3%

Cash flow & earnings quality

MeasureGRMNIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.02 1.38
18th		 1.61
FCF / net income 0.82 1.13
27th		 1.33
FCF / operating cash flow 80.2% 80.2%
50th		 88.0%
Capex / operating cash flow 19.8% 19.8%
50th		 12.0%
Accruals ratio -0.3% -3.4%
82nd		 -6.3%
Sloan accruals ratio 1.3% 1.3%
50th		 -1.8%
Earnings quality score (0-1) 1.00 1.00
36th		 0.75

Dividends & buybacks

MeasureGRMNIndustry medianIndustry percentileSector median
Dividend yield 1.4% 0.0%
95th		 0.0%
Dividend per share (TTM) $3.90 $0.00
100th		 $0.00
Payout ratio (dividends / net income) 38.5% 0.0%
91st		 0.0%
Dividends / FCF 47.1% 2.0%
97th		 0.0%
Dividend growth (YoY) 19.2% -1.2%
100th		 4.1%
Buyback yield 0.2% 0.2%
52nd		 1.2%
Shareholder yield (dividends + buybacks) 1.5% 0.9%
62nd		 1.7%
Share count change (YoY) 0.0% 0.2%
44th		 0.1%
Buybacks, last 5 years $1.0B $171.0M
80th		 $215.3M

Scores & forensic checks

MeasureGRMNIndustry medianIndustry percentileSector median
IS score 78 61
98th		 56
IS profitability 92 44
100th		 40
IS growth 65 67
46th		 65
IS value 58 39
90th		 39
IS momentum 83 81
51st		 78
IS risk (safety) 100 100
28th		 100
IS quality 88 71
95th		 67
IS balance sheet 98 72
100th		 72
IS earnings quality 78 70
100th		 61
IS cash flow 80 61
90th		 66
Piotroski F-score (0-9) 7 6
60th		 6
Altman Z-score 13.9 6.7
90th		 4.0
Beneish M-score −2.35 −2.50
62nd		 −2.58
Ohlson O-score −11.88 −8.21
5th		 −8.00
IS credit score 92 77
75th		 69

Per share

MeasureGRMNIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $9.70 $2.41
90th		 $0.84
Book value per share $46.67 $25.00
75th		 $9.77
Tangible book per share $42.01 $10.81
85th		 $3.22
Revenue per share $39.65 $31.39
57th		 $13.00
FCF per share $7.93 $2.86
82nd		 $1.78
Operating cash flow per share $9.89 $4.66
88th		 $2.40
Cash per share $13.78 $7.59
70th		 $4.50

Size (TTM)

MeasureGRMNIndustry medianIndustry percentileSector median
Market cap $54.9B $6.5B
92nd		 $4.7B
Revenue $7.7B $2.3B
85th		 $1.2B
EBITDA $2.5B $300.6M
95th		 $185.8M
Net income $1.9B $174.8M
95th		 $84.9M
Free cash flow $1.5B $180.0M
92nd		 $170.6M
Total assets $11.4B $3.6B
80th		 $2.4B
Shareholders' equity $9.0B $1.6B
90th		 $1.1B
Employees 23,000 7,806
82nd		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-18Wang Cheng-Wei
General Manager - Garmin Corp.
 Open-market sale 1,390$296.92$412,71838,057
2026-08-18Wang Cheng-Wei
General Manager - Garmin Corp.
 Open-market sale 3,102$297.84$923,89234,955
2026-08-18Wang Cheng-Wei
General Manager - Garmin Corp.
 Open-market sale 538$299.17$160,95334,417
2026-08-18Wang Cheng-Wei
General Manager - Garmin Corp.
 Open-market sale 1,737$300.14$521,34632,680
2026-08-18Wang Cheng-Wei
General Manager - Garmin Corp.
 Open-market sale 2,260$301.01$680,29130,420
2026-08-18Wang Cheng-Wei
General Manager - Garmin Corp.
 Open-market sale 281$301.62$84,75530,139
2026-08-18Wang Cheng-Wei
General Manager - Garmin Corp.
 Open-market sale 633$303.36$192,02729,506
2026-08-18Burrell Jonathan
Director
 Gift 45,600——1,956,700
2026-08-18Burrell Jonathan
Director
 Gift 393,000——4,213,152
2026-08-18Burrell Jonathan
Director
 Gift 269,400——3,943,752
2026-08-18Burrell Jonathan
Director
 Gift 89,800——1,738,766
2026-08-18Burrell Jonathan
Director
 Gift 393,000——158,600

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunJulAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired43,012—
GiftDisposed314,214,925—
GiftAcquired193,537,866—
Open-market saleDisposed2020,478$5.9M
Tax withholdingDisposed4860$203,450
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 18 notices · 77,991 shares · $19.5M
FiledFilerShares proposedEst. proceeds
2026-08-18Cheng-Wei Wang9,941$3.0M
2026-07-31Joshua Maxfield1,152$335,273
2026-07-31Sean Biddlecombe986$288,668
2026-07-29Pemble Clifton A4,029$1.2M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 1 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-01-13Ro KhannaHousePurchase$1,001 - $15,0002026-02-10
2024-07-02Kathy ManningHousePurchase$1,001 - $15,0002024-08-16
2024-07-02Kathy ManningHousePurchase$50,001 - $100,0002024-08-16
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-14
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
2024-05-03Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
2023-11-03Ro KhannaHousePurchase$1,001 - $15,0002023-12-06
2023-04-03Tommy TubervilleSenatePurchase$1,001 - $15,0002023-05-12
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.14,821,660$3.5B7.69%
VANGUARD CAPITAL MANAGEMENT LLC10,705,227$2.5B5.55%
VANGUARD PORTFOLIO MANAGEMENT LLC8,066,044$1.9B4.18%
STATE STREET CORP7,064,598$1.7B3.66%
Artisan Partners Limited Partnership5,292,605$1.3B2.74%
GEODE CAPITAL MANAGEMENT, LLC5,006,217$1.2B2.60%
FMR LLC3,392,792$805.9M1.76%
NORGES BANK1,986,445$471.9M1.03%
MORGAN STANLEY1,779,803$422.8M0.92%
DIMENSIONAL FUND ADVISORS LP1,697,796$403.3M0.88%
BANK OF AMERICA CORP /DE/1,688,538$401.1M0.88%
Invesco Ltd.1,354,791$321.8M0.70%
DISCIPLINED GROWTH INVESTORS INC /MN1,326,832$315.2M0.69%
GOLDMAN SACHS GROUP INC1,313,846$312.1M0.68%
NORTHERN TRUST CORP1,251,137$297.2M0.65%

Institutional ownership by quarter

2023-092026-0657.2%
% of shares held by 13F filers
2023-092026-061,006
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,00657.2%9840335295
2026-03-311,01256.1%13741132084
2025-12-3197356.2%150327363118
2025-09-3095854.8%11440927476
2025-06-3093456.1%8935436096
2025-03-3195256.0%14038329273
2024-12-3190255.6%16031329852
2024-09-3080755.9%8330228472
2024-06-3081054.6%10631127340
2024-03-3175355.2%9327127664
2023-12-3173353.2%13622827347
2023-09-3065453.1%6025821859

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-10-13SCHEDULE 13G/AKAO YU-FAN C9.7%18,662,265
2026-07-10SCHEDULE 13G/AKAO YU-FAN C9.7%18,667,740
2026-07-09SCHEDULE 13G/ABURRELL JONATHAN4.8%9,355,009
2026-04-28SCHEDULE 13GVanguard Capital Management6.4%12,244,166
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.06%$1.5B
VTI0.06%$1.5B
VSMPX0.06%$1.5B
VTSAX0.06%$1.5B
VOO0.07%$1.2B
VFIAX0.07%$1.2B

Share structure

Shares outstanding192,853,000
Float164,497,428
Free float85.3%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$5.0B$4.9B$5.2B$6.3B$7.2B
Cost of revenue$2.1B$2.1B$2.2B$2.6B$3.0B
Gross profit$2.9B$2.8B$3.0B$3.7B$4.3B
R&D$840.0M$834.9M$904.7M$993.6M$1.1B
SG&A$831.8M$944.0M$1.0B$1.1B$1.3B
Operating income$1.2B$1.0B$1.1B$1.6B$1.9B
EBITDA$1.4B$1.2B$1.3B$1.8B$2.1B
Pretax income$1.2B$1.1B$1.2B$1.7B$2.0B
Income tax$124.6M$91.4M−$89.3M$284.0M$350.6M
Net income$1.1B$973.6M$1.3B$1.4B$1.7B
EPS, diluted$5.61$5.04$6.71$7.30$8.59
Diluted shares193.0M193.0M192.1M193.5M193.6M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.8B$1.5B$2.0B$2.5B$2.7B
Receivables$843.4M$656.8M$815.2M$983.4M$1.3B
Inventory$1.2B$1.5B$1.3B$1.5B$1.8B
Total current assets$4.3B$4.0B$4.5B$5.3B$6.2B
PP&E, net$1.2B$1.3B$1.4B$1.4B$1.6B
Goodwill & intangibles$791.1M$746.5M$795.1M$758.1M$958.6M
Total assets$7.9B$7.7B$8.6B$9.6B$11.0B
Accounts payable$370.0M$212.4M$253.8M$359.4M$347.5M
Total current liabilities$1.4B$1.2B$1.3B$1.5B$1.7B
Long-term debt$0$0$0$0$164.8M
Total liabilities$1.7B$1.5B$1.6B$1.8B$2.0B
Shareholders' equity$6.1B$6.2B$7.0B$7.8B$9.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.1B$973.6M$1.3B$1.4B$1.7B
Depreciation & amortization$154.8M$163.9M$177.6M$179.7M$188.8M
Stock-based compensation$92.5M$76.8M$101.4M$137.2M$0
Change in working capital−$347.8M−$275.7M$173.7M−$229.7M−$433.4M
Operating cash flow$1.0B$788.3M$1.4B$1.4B$1.6B
Capital expenditure−$309.6M−$246.2M−$195.0M−$193.6M−$270.4M
Free cash flow$702.8M$542.1M$1.2B$1.2B$1.4B
Investing cash flow−$475.4M−$145.1M−$333.0M−$393.3M−$645.2M
Net debt issued / repaid$0$0$0$0$0
Buybacks−$31.0M−$223.7M−$99.0M−$62.3M−$238.2M
Dividends paid−$491.5M−$679.1M−$558.8M−$572.4M−$663.9M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin58.0%57.7%57.5%58.7%58.7%
Operating margin24.5%21.1%20.9%25.3%25.9%
Net margin21.7%20.0%24.7%22.4%23.0%
FCF margin14.1%11.2%22.6%19.7%18.8%
ROE18.6%15.8%19.5%19.0%19.8%
ROIC25.2%19.3%22.8%24.2%24.2%
ROA14.5%12.5%15.8%15.5%16.1%
Debt / equity0.010.020.020.020.02
Interest coverage—————
Current ratio2.943.263.413.543.63
Revenue growth+19.0%−2.5%+7.6%+20.4%+15.1%
EPS growth+8.5%−9.5%+32.2%+8.8%+17.9%
P/E at year end22.2x17.1x18.6x27.9x23.9x
EV / EBITDA at year end16.2x12.9x17.4x20.8x17.4x
FCF yield at year end2.92%3.25%4.93%3.15%3.42%
Dividend payout45.4%69.8%43.3%40.6%39.9%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Fitness$1.5B$1.1B$1.3B$1.8B$2.4B
Outdoor$1.3B$1.5B$1.7B$2.0B$2.1B
Marine Segment$875.2M$904.0M$916.9M$1.1B$1.2B
Aviation$712.5M$792.8M$846.3M$876.6M$987.2M
Automotive Mobile$579.5M$558.9M$423.2M$610.6M$664.7M

Revenue by region · FY2025

Americas$3.5B · 48%
EMEA$2.7B · 38%
Asia Pacific$1.1B · 14%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $2.41 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$8.1B$8.1B – $8.2B$10.19$10.11 – $10.36427.9x
2026$7.7B$7.5B – $7.9B$8.79$8.37 – $9.27532.4x
2027$9.1B$8.8B – $9.7B$11.28$10.88 – $12.21525.2x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$2.30$2.81+22.2%$1.9B$2.0B+5.0%
2026-04-29$1.84$2.08+13.0%$1.7B$1.8B+1.7%
2026-02-18$2.40$2.79+16.3%$2.0B$2.1B+5.3%
2025-10-29$1.99$1.990.0%$1.8B$1.8B−0.6%
2025-07-30$1.90$2.17+14.2%$1.7B$1.8B+6.7%
2025-04-30$1.67$1.61−3.6%$1.5B$1.5B+0.7%
2025-02-19$1.90$2.41+26.8%$1.7B$1.8B+7.3%
2024-10-30$1.44$1.99+38.2%$1.4B$1.6B+9.8%
2024-07-31$1.44$1.58+9.7%$1.4B$1.5B+5.8%
2024-05-01$1.01$1.42+40.6%$1.3B$1.4B+10.5%
2024-02-21$1.40$1.72+22.9%$1.4B$1.5B+4.8%
2023-11-01$1.29$1.41+9.3%$1.2B$1.3B+6.0%
2023-08-02$1.41$1.45+2.8%$1.3B$1.3B+5.1%
2023-05-03$1.06$1.02−3.8%$1.3B$1.1B−10.3%
2023-02-22$1.16$1.35+16.4%$1.1B$1.3B+24.1%
2022-10-26$1.13$1.24+9.7%$1.2B$1.1B−6.0%
2022-07-27$1.40$1.44+2.9%$1.3B$1.2B−7.4%
2022-04-27$1.13$1.11−1.8%$1.1B$1.2B+2.7%
2022-02-16$1.43$1.55+8.4%$1.4B$1.4B+2.3%
2021-10-27$1.26$1.41+11.9%$1.1B$1.2B+3.9%
2021-07-28$1.26$1.68+33.3%$1.2B$1.3B+14.9%
2021-04-28$0.89$1.18+32.6%$924.8M$1.1B+16.0%
2021-02-17$1.39$1.73+24.5%$1.0B$1.4B+32.4%
2020-10-28$0.99$1.58+59.6%$695.0M$1.1B+59.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.406-220.206-290.207-060.307-130.307-200.807-270.408-030.208-100.508-170.408-240.308-31
Week ofNotionalSharesTrades
2026-08-31$292.3M1,052,68737,753
2026-08-24$367.4M1,265,28344,269
2026-08-17$452.2M1,511,31649,498
2026-08-10$227.5M731,49334,109
2026-08-03$444.0M1,451,39247,955
2026-07-27$808.7M2,881,77063,967

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1561.5%
DateShort shareShort volumeTotal volume
2026-10-1561.5%234,701381,436
2026-10-1475.2%294,583391,860
2026-10-1372.2%233,254322,895
2026-10-1275.4%167,228221,799
2026-10-0956.6%144,274255,059
2026-10-0870.2%294,945420,246
2026-10-0761.3%114,867187,353
2026-10-0656.8%135,874239,034
2026-10-0568.1%188,315276,711
2026-10-0260.3%190,776316,129
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-2.6Jan+4.1Feb+1.9Mar+0.6Apr+0.7May+1.1Jun+1.6Jul+2.3Aug+2.2Sep+0.2Oct+1.9Nov+1.7Dec
MonthAvg returnUp yearsYears
Jan−2.6%35%20
Feb+4.1%55%20
Mar+1.9%62%21
Apr+0.6%60%20
May+0.7%65%20
Jun+1.1%65%20
Jul+1.6%55%20
Aug+2.3%65%20
Sep+2.2%50%20
Oct+0.2%65%20
Nov+1.9%75%20
Dec+1.7%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1454.4
MFI43.4
ADX16.1
Stochastic %K / %D61.8 / 49.6
Williams %R-32.9
CCI49
TSI / signal-4.2 / -4.5
Chaikin money flow0.08
ATR$8.00
Bollinger width11.4%
Volume vs 20-day avg0.82x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$282.35 (+0.9%)
SMA 50$286.25 (−0.5%)
SMA 200$249.82 (+14.0%)
EMA 21$280.27 (+1.6%)
EMA 50$278.94 (+2.1%)
EMA 200$255.56 (+11.4%)
Bollinger upper$298.50 (−4.6%)
Bollinger lower$266.20 (+7.0%)
Parabolic SAR$263.03 (+8.3%)
Open the live chart, 110+ indicators

About Garmin Ltd.

Garmin Ltd. specializes in the design, development, manufacturing, marketing, and global distribution of diverse wireless products and solutions. Its operations span across North and South America, the Asia Pacific region, the Australian Continent, Europe, the Middle East, and Africa. The company's offerings are organized into several key segments: Fitness: This division caters to athletes and active individuals with products like specialized running and multi-sport watches, cycling computers, activity trackers, smartwatches, and various fitness-related accessories. Additionally, it supports these offerings with its Garmin Connect web and mobile platforms, alongside Connect IQ, an ecosystem for app development. Outdoor: Garmin's Outdoor category features rugged adventure watches, portable GPS devices, golf-specific instruments and accompanying mobile applications, plus specialized dog tracking and training systems. Aviation: The Aviation sector delivers comprehensive avionics solutions for aircraft, encompassing integrated cockpit systems, advanced flight displays and instrumentation, navigation and communication tools, automated flight controls, safety enhancements, audio management, engine monitoring, traffic and weather avoidance systems, ADS-B transponders, data connectivity, portable GPS navigators, wearable aviation devices, and related support services. Marine: For the Marine market, Garmin provides a suite of solutions including chartplotters, multi-function displays, marine cartography, fish finders, sonar technology, autopilots, radar systems, compliant instrumentation and sensors, VHF radios, handheld and wearable marine devices, sailing-specific products, onboard entertainment, digital switching, and electric trolling motors. Auto: The Automotive segment focuses on in-vehicle computing and infotainment systems, personal navigation units, and various camera solutions. Garmin's products are distributed through a diverse network including independent and online retailers, authorized dealers, distributors, service and installation centers, original equipment manufacturers (OEMs), and directly via its official e-commerce platform, garmin.com. Established in 1989, Garmin Ltd. maintains its corporate headquarters in Schaffhausen, Switzerland.

https://www.garmin.com

Key executives

NameTitlePayBorn
Clifton Albert PemblePresident, Chief Executive Officer & Director$1.4M1966
Philip I. StraubExecutive Vice President & MD of Aviation - Garmin International, Inc$892,0331971
Douglas Gerard BoessenChief Financial Officer & Treasurer$844,8461963
Bradley TrenkleCo-Chief Operating Officer$637,7541980
Patrick G. DesboisCo-Chief Operating Officer$637,7541969
Min-Hwan KaoCo-Founder & Executive Chairman$384,4301949
Joshua H. MaxfieldVice President, General Counsel & Secretary—1973
Laurie MinardVice President of Human Resources—1967

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Clifton A. Pemble President & Chief Executive Officer2025$1.4M$6.3M$0$7.7M
Patrick G. Desbois co-Chief Operating Officer2025$900,577$2.2M$0$3.1M
Philip I. Straub Executive Vice President, Managing Director-Aviation2025$850,577$1.8M$0$2.7M
Douglas G. Boessen Chief Financial Officer & Treasurer2025$800,577$1.7M$0$2.5M
Bradley C. Trenkle co-Chief Operating Officer2025$601,923$1.8M$0$2.4M

Employees

13k201815k201916k202019k202120k202220k202322k202423k2025

Dividends

Ex-dateAmountPaid
2026-12-11$1.052026-12-24
2026-09-11$1.052026-09-25
2026-06-15$1.052026-06-26
2026-03-13$0.92026-03-27
2025-12-12$0.92025-12-26
2025-09-12$0.92025-09-26
2025-06-16$0.92025-06-27
2025-03-14$0.752025-03-28

Moat model

Wide · Efficient Scale · 2026-06-27
Cost advantage69
Intangibles95
Switching costs83
Network effect75
Efficient scale100
Our component scores (0-100) and overall 84.6; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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