Garmin produces GPS-enabled hardware and software for five sectors: fitness, outdoors, automotive, aviation, and marine. Garmin has built a strong reputation for durable, high-precision devices through a vertically integrated design and manufacturing approach.
It is a $51.8B technology company. Revenue grew 13.5% over the last year, and it keeps 24¢ of every dollar of sales as profit. It trades at 27.6× earnings — around the middle of its own history.
- Website
- garmin.com
- Location
- Schaffhausen
- Employees
- 23 000
- Sector
- Technology
- Founded
- 1989
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong profitability, health, quality and moat; Valuation lags behind.
Valuation41
- P/E vs own history66th pct · 5/25
- FCF yield3.1% · 12/25
- P/S6.7x · 12/25
- EV/EBITDA21.7x · 12/25
Growth64
- Revenue CAGR9.8% · 12/25
- Net income CAGR11.4% · 20/25
- EPS CAGR ~5Y10.7% · 20/25
- Fwd implied growth5.0% · 12/25
Profitability95
- ROIC26.7% · 25/25
- ROE21.0% · 20/25
- Net margin24.5% · 25/25
- Operating margin27.6% · 25/25
Health75
- Altman Z14.96 · 25/25
- Current ratio3.03 · 25/25
- Interest coverage73.3x · 25/25
- Net cash / debtn/a · 0/25
Quality82
- Piotroski F6/9 · 15/25
- Beneish M-2.35 · 20/25
- FCF conversion85% · 22/25
- Margin stabilityσ 3.2% · 25/25
Moat100
- ROIC >12% years10/10 yrs · 25/25
- Median gross margin58.4% · 25/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 16.9% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$1.66B net income
- 2022ProductGarmin released a new health monitoring device with its first smart blood pressure monitor, Index BPM
- 2017ProductGarmin released their first devices made with inReach: the inReach SE+ and Explorer+
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$3.02B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2015ProductGarmin launched Panoptix, the first sonar system to provide real-time live imaging for anglers
- 2014ProductGarmin released Vivofit, its first wearable fitness band with a replaceable battery and a battery life of…
- 2011ProductGarmin released its first GPS golf watch, the Approach S1
- 2007ProductThe company introduced its first touchscreen marine chartplotters, the GPSMAP 5000 series, designed for…
- 2006ProductGarmin released Edge, its first GPS-enabled cycling computer
- Oct 31, 2005MilestoneThe iQue M4 became the first PDA that did not require a PC to preload the maps
- 1994ProductGarmin released GPS 155, the first IFR-certified aviation navigation system
- 1989FoundedGarmin was founded in 1989 by Gary Burrell and Min Kao in Lenexa, Kansas
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (60.1%)
- Strongly profitable — 24.5% net margin
- Revenue growing 13.5% year over year
- Strong cash conversion — FCF is 20.9% of revenue
- Interest covered 73.3× by operating earnings
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+13.5% YoY
- Profitable — makes more than it spends$1.88B TTM
- Profit growing — earnings are higher than last year+19.4% YoY
- Generates cash — cash left after running and investing$1.60B TTM
- Debt under control — could handle its obligationscurrent ratio 3.03
- Established company — not a micro-cap — lower blow-up risk$51.8B market cap
- Not printing shares — share count not ballooning — you keep your slice+0.9% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 15.0 — safe
- Pays a dividend — returns cash to shareholdersyield 1.40%
- Valuation not extreme — price not wildly above earningsP/E 27.6
Peer comparisonGarmin Ltd vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| GRMN this company | $51.8B | 27.6 | +13.5% | 24.5% | Strong |
| NVDA Nvidia Corp | $5.5T | 28.6 | +83.4% | 63.7% | Mixed |
| AAPL Apple Inc. | $4.9T | 38.1 | +14.2% | 27.6% | Strong |
| GOOGL Alphabet Inc. | $4.3T | 17.6 | +20.1% | 54.8% | Mixed |
| MSFT Microsoft Corp | $4.0T | 29.7 | +17.8% | 40.3% | Strong |
| SPCX Space Exploration Technologies Corp. | $2.1T | — | +33.2% | -34.0% | Strained |
| META Meta Platforms, Inc. | $1.8T | 26.9 | +27.7% | 29.8% | Mixed |
Head-to-head: GRMN vs NVDA · GRMN vs AAPL · GRMN vs GOOGL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/GRMN
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of GRMN on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $268.36 · market cap $51.8B.