Garmin (GRMN)
Market Price (7/22/2026): $239.79 | Market Cap: $46.2 BilInvestor Relations Sector: Consumer Discretionary | Industry: Consumer Electronics
Garmin (GRMN)
Market Price (7/22/2026): $239.79Market Cap: $46.2 BilSector: Consumer DiscretionaryIndustry: Consumer Electronics
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 16% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, Advanced Aviation & Space, and Precision Positioning & Navigation. Themes include Wearable Health Devices, Show more. | Expensive valuation multiplesP/SPrice/Sales ratio is 6.1x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x Key risksGRMN key risks include [1] persistent operating losses in its Auto OEM segment, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 16% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, Advanced Aviation & Space, and Precision Positioning & Navigation. Themes include Wearable Health Devices, Show more. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 6.1x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x |
| Key risksGRMN key risks include [1] persistent operating losses in its Auto OEM segment, Show more. |
Qualitative Assessment
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Garmin (GRMN) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Strong Q1 2026 Performance Counterbalanced by Anticipation of Q2 Earnings.
Garmin (GRMN) reported robust fiscal Q1 2026 results on April 29, 2026, with an EPS of $2.08, surpassing analysts' consensus estimates of $1.84 by $0.24, and revenue of $1.75 billion, a 14% year-over-year increase, exceeding the $1.72 billion estimate. The company also saw gross and operating margins expand to 59.4% and 24.6% respectively. Despite this strong performance, the stock has remained largely stable as investors await the upcoming fiscal Q2 2026 earnings report, estimated for July 29, 2026, with analysts forecasting an EPS of $2.29 and revenue of $1.93 billion. This "holding pattern" ahead of new financial data contributes to the stock's relatively flat movement.
2. Mixed Analyst Sentiment and Price Target Consolidation.
Analyst ratings for Garmin have been mixed, contributing to a stable stock price rather than significant upward or downward momentum. While the company holds a consensus "Moderate Buy" or "Hold" rating with an average 12-month price target of $269.40, several firms have recently adjusted their outlook. Zacks Research downgraded Garmin from a "strong-buy" to a "hold" rating on May 1, 2026, and Wall Street Zen similarly lowered its rating from "buy" to "hold" on June 20, 2026. Barclays also reduced its price target from $240.00 to $238.00 on April 30, 2026. Conversely, Tigress Financial increased its price target from $320.00 to $325.00 on May 20, 2026, maintaining a "strong-buy" rating. This divergence in expert opinion creates a balanced market perspective, limiting sharp movements.
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Garmin (GRMN) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Strong Q1 2026 Performance Counterbalanced by Anticipation of Q2 Earnings.
Garmin (GRMN) reported robust fiscal Q1 2026 results on April 29, 2026, with an EPS of $2.08, surpassing analysts' consensus estimates of $1.84 by $0.24, and revenue of $1.75 billion, a 14% year-over-year increase, exceeding the $1.72 billion estimate. The company also saw gross and operating margins expand to 59.4% and 24.6% respectively. Despite this strong performance, the stock has remained largely stable as investors await the upcoming fiscal Q2 2026 earnings report, estimated for July 29, 2026, with analysts forecasting an EPS of $2.29 and revenue of $1.93 billion. This "holding pattern" ahead of new financial data contributes to the stock's relatively flat movement.
2. Mixed Analyst Sentiment and Price Target Consolidation.
Analyst ratings for Garmin have been mixed, contributing to a stable stock price rather than significant upward or downward momentum. While the company holds a consensus "Moderate Buy" or "Hold" rating with an average 12-month price target of $269.40, several firms have recently adjusted their outlook. Zacks Research downgraded Garmin from a "strong-buy" to a "hold" rating on May 1, 2026, and Wall Street Zen similarly lowered its rating from "buy" to "hold" on June 20, 2026. Barclays also reduced its price target from $240.00 to $238.00 on April 30, 2026. Conversely, Tigress Financial increased its price target from $320.00 to $325.00 on May 20, 2026, maintaining a "strong-buy" rating. This divergence in expert opinion creates a balanced market perspective, limiting sharp movements.
3. Diversified Business Model Provides Sectoral Resilience Amid Tech Headwinds.
Garmin's stock has demonstrated resilience within a broader technology sector that experienced headwinds, including "chip stocks dragging broader markets lower" and a "semiconductor rout". Its diversified business model, spanning fitness, outdoor, marine, and aviation segments, has provided relative stability. Recent company-specific product announcements, such as the G2000 PRIME integrated flight deck and AXIS integrated flight displays in July 2026 for aviation, and the LiveScope 2 sonar and Forerunner 70 running watch, reinforce its product pipeline and diversified revenue streams, helping to buffer against sector-specific volatility.
4. Conservative Fiscal Year Guidance and Fair Valuation.
Despite exceeding Q1 2026 expectations, Garmin maintained its fiscal year 2026 guidance, projecting approximately $7.9 billion in revenue and a pro forma EPS of $9.35. This conservative outlook, coupled with the stock's current valuation—trading at a forward P/E ratio of 26.18, slightly above its industry average of 25.25—suggests that the market perceives the stock to be fairly valued. This limits the potential for substantial price increases in the absence of new, unexpected catalysts, contributing to the stock largely remaining at the same level.
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Stock Movement Drivers
Fundamental Drivers
The 2.5% change in GRMN stock from 3/31/2026 to 7/21/2026 was primarily driven by a 3.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 230.99 | 236.65 | 2.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,246 | 7,464 | 3.0% |
| Net Income Margin (%) | 23.0% | 23.3% | 1.3% |
| P/E Multiple | 26.7 | 26.3 | -1.6% |
| Shares Outstanding (Mil) | 192 | 193 | -0.2% |
| Cumulative Contribution | 2.5% |
Market Drivers
3/31/2026 to 7/21/2026| Return | Correlation | |
|---|---|---|
| GRMN | 2.5% | |
| Market (SPY) | 15.1% | 47.8% |
| Sector (XLY) | 5.4% | 52.4% |
Fundamental Drivers
The 17.6% change in GRMN stock from 12/31/2025 to 7/21/2026 was primarily driven by a 7.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 201.18 | 236.65 | 17.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,943 | 7,464 | 7.5% |
| Net Income Margin (%) | 22.6% | 23.3% | 2.8% |
| P/E Multiple | 24.6 | 26.3 | 6.5% |
| Shares Outstanding (Mil) | 192 | 193 | -0.1% |
| Cumulative Contribution | 17.6% |
Market Drivers
12/31/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| GRMN | 17.6% | |
| Market (SPY) | 10.0% | 50.8% |
| Sector (XLY) | -3.6% | 51.0% |
Fundamental Drivers
The 15.2% change in GRMN stock from 6/30/2025 to 7/21/2026 was primarily driven by a 15.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 205.35 | 236.65 | 15.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,450 | 7,464 | 15.7% |
| Net Income Margin (%) | 22.8% | 23.3% | 2.2% |
| P/E Multiple | 26.9 | 26.3 | -2.5% |
| Shares Outstanding (Mil) | 193 | 193 | -0.1% |
| Cumulative Contribution | 15.2% |
Market Drivers
6/30/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| GRMN | 15.2% | |
| Market (SPY) | 22.1% | 48.9% |
| Sector (XLY) | 6.3% | 49.0% |
Fundamental Drivers
The 139.6% change in GRMN stock from 6/30/2023 to 7/21/2026 was primarily driven by a 54.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 98.79 | 236.65 | 139.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,835 | 7,464 | 54.4% |
| Net Income Margin (%) | 19.9% | 23.3% | 16.6% |
| P/E Multiple | 19.6 | 26.3 | 33.9% |
| Shares Outstanding (Mil) | 191 | 193 | -0.6% |
| Cumulative Contribution | 139.6% |
Market Drivers
6/30/2023 to 7/21/2026| Return | Correlation | |
|---|---|---|
| GRMN | 139.6% | |
| Market (SPY) | 74.8% | 48.5% |
| Sector (XLY) | 38.4% | 46.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GRMN Return | 15% | -30% | 43% | 63% | -0% | 22% | 129% |
| Peers Return | 27% | -9% | 19% | 23% | 34% | 9% | 150% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| GRMN Win Rate | 67% | 33% | 67% | 58% | 67% | 57% | |
| Peers Win Rate | 68% | 37% | 52% | 60% | 63% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| GRMN Max Drawdown | -27% | -41% | -9% | -11% | -28% | -16% | |
| Peers Max Drawdown | -14% | -29% | -22% | -16% | -22% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AAPL, GOOGL, RTX, HON, LHX. See GRMN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/21/2026 (YTD)
How Low Can It Go
| Event | GRMN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.0% | -18.8% |
| % Gain to Breakeven | 38.8% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.9% | -24.5% |
| % Gain to Breakeven | 66.5% | 32.4% |
| Time to Breakeven | 432 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.1% | -33.7% |
| % Gain to Breakeven | 61.7% | 50.9% |
| Time to Breakeven | 135 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -12.0% | -19.2% |
| % Gain to Breakeven | 13.7% | 23.8% |
| Time to Breakeven | 37 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -19.0% | -12.2% |
| % Gain to Breakeven | 23.5% | 13.9% |
| Time to Breakeven | 125 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -37.4% | -6.8% |
| % Gain to Breakeven | 59.7% | 7.3% |
| Time to Breakeven | 286 days | 15 days |
In The Past
Garmin's stock fell -28.0% during the 2025 US Tariff Shock. Such a loss loss requires a 38.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | GRMN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.0% | -18.8% |
| % Gain to Breakeven | 38.8% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.9% | -24.5% |
| % Gain to Breakeven | 66.5% | 32.4% |
| Time to Breakeven | 432 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.1% | -33.7% |
| % Gain to Breakeven | 61.7% | 50.9% |
| Time to Breakeven | 135 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -37.4% | -6.8% |
| % Gain to Breakeven | 59.7% | 7.3% |
| Time to Breakeven | 286 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.4% | -15.4% |
| % Gain to Breakeven | 32.2% | 18.2% |
| Time to Breakeven | 466 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -85.3% | -53.4% |
| % Gain to Breakeven | 578.8% | 114.4% |
| Time to Breakeven | 3569 days | 1085 days |
In The Past
Garmin's stock fell -28.0% during the 2025 US Tariff Shock. Such a loss loss requires a 38.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Garmin (GRMN)
Garmin Ltd. (GRMN) is a global technology company that designs, develops, manufactures, markets, and distributes a wide array of wireless devices. The company's core expertise lies in GPS technology and integrated digital solutions, serving diverse markets across the Americas, Europe, Asia Pacific, and other regions. Garmin operates through several key segments, each focusing on specialized products and customer needs.
The company caters to a broad consumer base with products in its Fitness, Outdoor, and Auto segments. The Fitness segment offers smartwatches, activity trackers, running and cycling computers, and accessories, along with companion web and mobile platforms like Garmin Connect, primarily targeting athletes and health-conscious individuals. The Outdoor segment provides adventure watches, handheld GPS devices, golf rangefinders and apps, and dog tracking/training systems for outdoor enthusiasts and pet owners. In the Auto segment, Garmin supplies personal navigation devices, cameras, and embedded computing and infotainment systems for vehicles, serving drivers and automotive manufacturers.
Beyond consumer electronics, Garmin is a significant player in specialized professional markets. Its Aviation segment develops advanced avionics solutions for aircraft, including integrated flight decks, electronic displays, navigation and communication systems, and automatic flight controls, serving pilots and aircraft manufacturers. The Marine segment offers chartplotters, fish finders, sonar products, autopilot systems, radars, and VHF radios for boating and fishing enthusiasts, as well as marine professionals. Garmin distributes its products through a network of independent and online retailers, dealers, distributors, and directly via its website, garmin.com, reaching a wide range of customers globally.
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Here are 1-2 brief analogies for Garmin (GRMN):
- Garmin is like a blend of Fitbit for advanced wearables and a specialized aerospace and marine electronics supplier.
- Garmin is like Apple, but laser-focused on mastering advanced GPS and navigation technology for a vast range of uses, from smartwatches to aircraft.
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- Fitness Watches & Activity Trackers: Wearable devices including running, multi-sport, and smartwatch devices for tracking fitness and daily activity.
- Outdoor Handhelds & Adventure Watches: GPS devices and rugged watches designed for outdoor navigation, hiking, and other adventures.
- Golf Devices: Products such as rangefinders and GPS-enabled devices for tracking and improving golf performance.
- Dog Tracking & Training Devices: GPS-enabled collars and handheld units for tracking and training dogs.
- Aviation Avionics Solutions: Integrated flight decks, electronic displays, navigation, communication, and automatic flight control systems for aircraft.
- Marine Chartplotters & Sonar: Multi-function displays, fish finders, sonar products, and navigation systems for marine vessels.
- Marine Autopilot Systems: Systems designed for automatically steering boats and other marine craft.
- Automotive Infotainment Systems: Embedded computing models and entertainment systems for vehicles.
- Personal Navigation Devices: Standalone GPS devices for in-car navigation.
- Garmin Connect & Connect IQ: Web and mobile platforms for fitness data analysis and an application development platform for Garmin devices.
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Garmin (GRMN) primarily sells its products to individuals, who are the ultimate end-users across most of its diverse product segments. While Garmin distributes its products through a network of independent retailers, online retailers, dealers, distributors, and installation/repair shops (which are B2B customers), the demand for the majority of its offerings is driven by individual consumers. Garmin also sells directly to individuals through its online webshop, garmin.com. Additionally, its Aviation, Marine, and parts of its Auto segment involve sales to Original Equipment Manufacturers (OEMs) and professional installers.
The three main categories of individual customers that Garmin serves are:
- Athletes and Fitness Enthusiasts: This category includes individuals who use Garmin's running, cycling, multi-sport, and activity tracking watches, as well as smartwatches and fitness accessories, to monitor their health, performance, and daily activities.
- Outdoor Adventurers and Recreationists: This group comprises individuals who engage in outdoor activities such as hiking, camping, golfing, and hunting, utilizing Garmin's adventure watches, outdoor handheld GPS devices, golf devices, and dog tracking and training equipment.
- Vehicle Operators (Aviation, Marine, and Auto): This category includes pilots, boaters, and drivers who use Garmin's navigation, communication, safety, and infotainment solutions for personal and recreational use in their aircraft, marine vessels, and automobiles.
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Clifton Pemble, President and Chief Executive Officer
Clifton Pemble joined Garmin in 1989 as a software engineer and was among the company's first associates. He has held various leadership roles, including systems engineering and software engineering management, Vice President of Engineering, and Chief Operating Officer. Pemble became CEO in January 2013, succeeding co-founder Dr. Min Kao. Before joining Garmin, he was a software engineer for AlliedSignal, involved in the development of earth-based and satellite-based navigation systems for general aviation. He also worked at King Radio, where he met Garmin's founders. He holds bachelor's degrees in Mathematics and Computer Science from MidAmerica Nazarene University.
Doug Boessen, Chief Financial Officer and Treasurer
Doug Boessen joined Garmin in 2014 as Chief Financial Officer and Treasurer. He oversees financial planning, accounting, investor relations, treasury, and internal audit functions. Prior to Garmin, he served as CFO at Collective Brands. His career also includes 13 years of experience as an independent auditor for Arthur Andersen. Boessen is a certified public accountant and earned a bachelor's degree in Business Administration and Accounting from the University of Central Missouri. He also completed an executive development program at Northwestern University's Kellogg Graduate School of Management.
Patrick Desbois, Co-Chief Operating Officer
Patrick Desbois was appointed co-Chief Operating Officer, effective July 1, 2024. In this role, he provides executive oversight for Garmin's aviation and auto OEM segments, global supply chain and operations, information technology, and human resources. Desbois joined Garmin in 2011 as Vice President, Executive Office, and was promoted to Executive Vice President of Operations in 2017. Before his tenure at Garmin, he was a senior director of engineering at Dell Computers for 10 years. He holds a bachelor's degree in electrical engineering from George Mason University.
Brad Trenkle, Co-Chief Operating Officer
Brad Trenkle was appointed co-Chief Operating Officer, effective July 1, 2024. He provides executive oversight for Garmin's consumer business segments, engineering innovation and support, as well as global consumer sales, marketing, and creative. Trenkle joined Garmin in 2002 as a software engineer and contributed to the development of many product lines, particularly in the outdoor segment. He has served in various leadership roles, including engineering management and providing leadership for some of Garmin's significant acquisitions. In 2017, he was promoted to Vice President of Garmin's Outdoor Segment. Trenkle earned a bachelor's degree in computer engineering from the University of Nebraska–Lincoln.
Philip Straub, Executive Vice President and Managing Director, Aviation
Philip Straub leads all facets of Garmin's aviation business, including product development, flight operations, certification, sales, marketing, and support. He joined Garmin in 1993 after earning a Bachelor of Science degree in electrical engineering. Straub was a key contributor and leader in the creation of game-changing products such as the GNS 430/530 and G1000 integrated cockpit systems.
```AI Analysis | Feedback
Garmin faces two key risks to its business:
-
Market Disruption by General-Purpose Smart Devices and Intense Competition in Consumer Electronics: Garmin's Auto segment, particularly its personal navigation devices, has been significantly impacted by the widespread adoption of smartphones with free navigation apps. Similarly, in the Fitness segment, Garmin competes with major technology companies offering general-purpose smartwatches that integrate fitness tracking with broader smartphone functionalities and app ecosystems. This creates pressure on Garmin to differentiate its specialized devices and could lead to market share erosion in segments where consumers opt for multi-functional alternatives.
-
Rapid Technological Change and the Imperative for Continuous Innovation: Across its consumer-facing segments (Fitness, Outdoor, and to some extent Marine and Aviation), Garmin operates in environments characterized by rapid technological advancements. The company must continuously invest in research and development to introduce new features, improve sensor accuracy, enhance battery life, and maintain connectivity options to keep its products competitive and prevent obsolescence. Failure to keep pace with technological trends and competitor innovations could diminish the appeal of its specialized devices and impact sales.
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- The increasing integration and dominance of major tech ecosystems (e.g., Apple, Google, Samsung) in the smartwatch and wearable market pose an emerging threat to Garmin's Fitness and Outdoor segments. These tech giants are continuously enhancing the health tracking, outdoor navigation, and overall feature sets of their general-purpose smartwatches, often deeply integrated into their vast consumer tech ecosystems. This trend could erode demand for Garmin's specialized fitness and adventure watches, as increasingly capable general-purpose devices might satisfy the needs of a growing segment of consumers, similar to how smartphones impacted dedicated GPS devices.
- In the Auto segment, an emerging threat comes from automotive original equipment manufacturers (OEMs) and major tech companies (e.g., Google with Google Automotive Services) taking increasing control over the in-car infotainment experience. As the automotive industry shifts towards software-defined vehicles, OEMs are either developing their own proprietary infotainment systems or forming direct partnerships with large tech platforms, reducing their reliance on traditional third-party suppliers like Garmin for embedded computing models and infotainment systems.
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Garmin Ltd. (GRMN) operates in diverse markets, and the addressable market sizes for its main products and services vary across regions and product categories. Here's an overview of the market sizes for Garmin's key segments, primarily based on 2024 figures or recent projections:
Fitness Segment (Smartwatches, Fitness Trackers, Cycling Products, and Sports Watches)
- Smartwatches: The global smartwatch market was estimated to be between USD 39.1 billion and USD 52.2 billion in 2024. It is projected to grow to approximately USD 76.19 billion by 2032 with an 8.7% CAGR, or to USD 92 billion by 2034 with a 9% CAGR, or potentially to USD 293.89 billion by 2035 with a 17.01% CAGR. Smartwatches represented a significant portion of the broader fitness tracker market in 2024, accounting for between 48.5% and 56.3% of the revenue share.
- Fitness Trackers (including smartwatches and smart bands): The global fitness tracker market was valued at approximately USD 60.9 billion to USD 70.05 billion in 2024. It is forecast to reach between USD 162.8 billion by 2030 and USD 364.16 billion by 2033, exhibiting CAGRs ranging from 16% to 20.10% from 2025 onwards. North America was the largest market for fitness trackers, holding a revenue share of 32.4% to 41.7% in 2024. The U.S. fitness tracker market alone was valued at USD 19.39 billion in 2024.
- Sports Watches: The global sports watches market size was approximately USD 15.36 billion in 2024. It is anticipated to reach USD 28.48 billion by 2033, growing at a CAGR of 7.1% from 2025. Another estimate placed the global sport watches market at USD 25 billion in 2023, projected to reach USD 45 billion by 2032 with a 6.5% CAGR.
- GPS Bike Computers: The global GPS bike computer market size was valued at around USD 495.04 million to USD 637.93 million in 2024. It is expected to grow to approximately USD 804.4 million by 2033 with a 5.2% CAGR or USD 982.74 million by 2032 with a 5.55% CAGR. Asia-Pacific held the largest revenue share in the GPS bike computer market in 2024.
Outdoor Segment (Adventure Watches, Outdoor Handhelds, Golf Devices, and Dog Tracking Devices)
- Outdoor Handhelds (part of Portable Navigation Devices): The global Portable Navigation Devices (PND) market, which includes handheld outdoor devices, was valued between USD 3.15 billion and USD 13.8 billion in 2024. It is expected to reach between USD 5.62 billion by 2032 and USD 19.7 billion by 2030, with CAGRs of 6.1% to 7.50% from 2025. North America dominated the PND market in 2024.
- Golf GPS Devices: The global Golf GPS market size showed varied estimates, ranging from USD 336 million to USD 4,215.2 million in 2024. Projections indicate growth to between USD 403 million by 2032 and USD 5,484.8 million by 2032, with CAGRs between 2.7% and 5.44%. North America held the largest market share in 2024, accounting for approximately 38.6% to over 40% of the global revenue.
- Dog Tracking and Training Devices (Pet GPS Trackers): The global dog GPS tracker market size was approximately USD 132.5 million to USD 315.8 million in 2024. It is projected to reach between USD 352.45 million by 2031 and USD 1165 million by 2034, growing at CAGRs of 12.60% to 15.00%. North America held a significant market share of over 40% in 2024, while Europe contributed about three-fourths of the global market revenue in the same year.
Aviation Segment (Aircraft Avionics Solutions)
- Aviation Avionics: The global aerospace avionics market size was estimated between USD 47.5 billion and USD 108.2 billion in 2024. It is projected to grow to between USD 116.9 billion by 2034 and USD 200.9 billion by 2034, with CAGRs ranging from 7% to 9.6% from 2025. North America was the largest revenue-generating market in 2023, and is estimated to contribute 36% to 37.2% of the market growth.
Marine Segment (Chartplotters, Fish Finders, Sonar Products, Autopilot Systems, Radars, etc.)
- Marine Electronics: The global marine electronics market size was valued between USD 6.064 billion and USD 7.9 billion in 2024. It is predicted to reach between USD 9.73 billion by 2030 and USD 13.10 billion by 2034, with CAGRs ranging from 5.0% to 6.82% from 2025. North America dominated the global marine electronics market, holding a revenue share of 36.48% to 41% in 2024.
Auto Segment (Embedded Computing Models, Infotainment Systems, Personal Navigation Devices, and Cameras)
- Automotive Infotainment Systems: The global automotive infotainment market size was estimated between USD 28.3 billion and USD 37.35 billion in 2024. It is expected to grow to between USD 28,933.3 million (approximately USD 28.9 billion) by 2030 and USD 79.79 billion by 2033, with CAGRs ranging from 5.7% to 11.6% from 2024. Asia Pacific was the largest revenue-generating market in 2023 and is projected to be the fastest-growing region.
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Garmin (GRMN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Strong Performance and New Product Launches in Fitness and Outdoor Segments: Garmin anticipates continued strong growth in its Fitness and Outdoor segments, largely propelled by a robust product roadmap and numerous new product introductions, particularly in wearables and adventure watches. The Fitness segment experienced significant revenue increases in late 2024, driven by strong demand for wearables. Similarly, the Outdoor segment has shown growth, led by adventure watches. Garmin's CEO has highlighted a "robust product lineup and many product launches planned during the year," signifying ongoing innovation in these areas.
- Growth in the Auto OEM Segment: The Auto OEM segment is expected to continue its upward trajectory, fueled by increased shipments of domain controllers and new business awards for digital instrument clusters and infotainment systems. While historically operating at a loss, this segment is a consistent area of growth mentioned in company outlooks, indicating its role in future revenue.
- Innovation and Expansion in Aviation and Marine Segments: Both the Aviation and Marine segments are poised for sustained growth. The Aviation segment has seen revenue increases and is expanding its footprint for enhanced aircraft certification and flight-test capabilities. The Marine segment has also demonstrated strong performance, with new product launches like the GPSMAP® 9000xsv series of chartplotters and the introduction of advanced sonar technology, such as the 360-degree sonar system with its new Spy Pole. Garmin's consistent recognition as a leading manufacturer in the marine industry further underscores its growth potential.
- Integration of Artificial Intelligence (AI) in Wearables and Health Platforms: Garmin is strategically integrating AI into its wearables and health platforms. This includes features like AI-powered health analytics in smartwatches, such as the new Venu 4, and enhanced nutrition tracking and insights via AI-based Garmin Active Intelligence™ within Garmin Connect+. This focus on AI is expected to generate excitement and contribute to medium-term growth.
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Share Repurchases
- Garmin purchased $181 million of company shares in 2025.
- In February 2026, Garmin's Board of Directors approved a new $500 million share repurchase program through December 2028, replacing a previous $300 million authorization under which $244 million of shares were repurchased through December 2025.
- The company repurchased $32.95 million in Q4 2024, $20.14 million in Q3 2024, and $9.45 million in Q2 2024.
Share Issuance
- Garmin's shares outstanding were approximately 0.194 billion at the end of 2025, a slight increase of 0.17% from 2024.
- Shares outstanding were approximately 0.193 billion in 2024, a 0.64% increase from 2023.
- Individual equity awards, such as restricted stock units granted to employees, contribute to share issuances, with one award in February 2025 set to vest in installments beginning February 2026.
Outbound Investments
- Garmin acquired MYLAPS, a sports timing systems, devices, and services company, in July 2025.
- The company acquired Lumishore, a provider of marine underwater lighting systems, in October 2024.
- In August 2023, Garmin completed the purchase of JL Audio, expanding its presence in marine, car, and home audio markets.
- Garmin also acquired Vesper Marine in January 2022 and AeroData in May 2021.
- In February 2026, Garmin expanded its aviation operations by acquiring a hangar and office complex at Mesa Gateway Airport in Arizona to enhance aircraft certification and flight testing capacity.
Capital Expenditures
- Garmin's capital expenditures were $270 million in 2025.
- Capital expenditures were $194 million in both 2024 and 2023.
- For 2026, Garmin expects capital expenditures of approximately $400 million, primarily due to a new manufacturing facility in Thailand expected to be operational in early 2027.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 257.18 |
| Mkt Cap | 203.5 |
| Rev LTM | 63,568 |
| Op Inc LTM | 8,070 |
| FCF LTM | 6,056 |
| FCF 3Y Avg | 5,698 |
| CFO LTM | 8,139 |
| CFO 3Y Avg | 7,718 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.7% |
| Rev Chg 3Y Avg | 9.3% |
| Rev Chg Q | 13.1% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Inc Chg LTM | 16.6% |
| Op Inc Chg 3Y Avg | 16.9% |
| Op Mgn LTM | 21.8% |
| Op Mgn 3Y Avg | 21.4% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 18.7% |
| CFO/Rev 3Y Avg | 20.9% |
| FCF/Rev LTM | 13.4% |
| FCF/Rev 3Y Avg | 17.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 203.5 |
| P/S | 5.0 |
| P/Op Inc | 24.9 |
| P/EBIT | 23.4 |
| P/E | 32.8 |
| P/CFO | 25.1 |
| Total Yield | 4.5% |
| Dividend Yield | 1.5% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.8% |
| 3M Rtn | 1.1% |
| 6M Rtn | 4.8% |
| 12M Rtn | 18.5% |
| 3Y Rtn | 93.6% |
| 1M Excs Rtn | -1.9% |
| 3M Excs Rtn | -8.4% |
| 6M Excs Rtn | -5.7% |
| 12M Excs Rtn | -1.0% |
| 3Y Excs Rtn | 27.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fitness | 2,357 | 1,774 | 1,345 | 1,109 | 1,534 |
| Outdoor | 2,054 | 1,962 | 1,697 | 1,770 | 1,282 |
| Marine | 1,183 | 1,073 | 917 | 904 | 875 |
| Aviation | 987 | 877 | 846 | 793 | 712 |
| Auto Original Equipment Manufacturer (OEM) | 665 | 611 | 423 | 284 | 255 |
| Consumer Auto | 325 | ||||
| Total | 7,246 | 6,297 | 5,228 | 4,860 | 4,983 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fitness | 726 | 483 | 232 | 105 | 359 |
| Outdoor | 690 | 703 | 515 | 573 | 476 |
| Aviation | 257 | 211 | 226 | 213 | 193 |
| Marine | 251 | 236 | 179 | 215 | 250 |
| Auto Original Equipment Manufacturer (OEM) | -49 | -39 | -61 | -79 | -108 |
| Consumer Auto | 48 | ||||
| Total | 1,876 | 1,594 | 1,092 | 1,028 | 1,219 |
Price Behavior
| Market Price | $236.65 | |
| Market Cap ($ Bil) | 45.6 | |
| First Trading Date | 12/08/2000 | |
| Distance from 52W High | -11.1% | |
| 50 Days | 200 Days | |
| DMA Price | $237.69 | $227.46 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -0.4% | 4.0% |
| 3M | 1YR | |
| Volatility | 27.8% | 30.5% |
| Downside Capture | 92.26 | 124.49 |
| Upside Capture | 19.37 | 105.12 |
| Correlation (SPY) | 41.5% | 49.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.92 | 1.00 | 1.16 | 1.25 | 1.24 | 1.04 |
| Up Beta | 0.71 | 1.45 | 1.45 | 1.03 | 1.26 | 1.00 |
| Down Beta | 1.37 | 1.14 | 1.21 | 1.43 | 1.20 | 1.20 |
| Up Capture | 102% | 49% | 72% | 143% | 127% | 119% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 12 | 20 | 34 | 67 | 139 | 416 |
| Down Capture | 69% | 108% | 124% | 117% | 120% | 98% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 9 | 21 | 29 | 58 | 113 | 330 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GRMN | |
|---|---|---|---|---|
| GRMN | 5.6% | 30.5% | 0.19 | - |
| Sector ETF (XLY) | 4.0% | 18.7% | 0.08 | 48.8% |
| Equity (SPY) | 20.3% | 12.6% | 1.19 | 48.7% |
| Gold (GLD) | 21.6% | 28.1% | 0.69 | 15.9% |
| Commodities (DBC) | 31.4% | 19.1% | 1.30 | -11.4% |
| Real Estate (VNQ) | 15.0% | 14.0% | 0.76 | 39.2% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | 26.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GRMN | |
|---|---|---|---|---|
| GRMN | 12.0% | 30.5% | 0.40 | - |
| Sector ETF (XLY) | 5.7% | 23.9% | 0.20 | 52.5% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | 56.1% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 9.8% |
| Commodities (DBC) | 8.9% | 19.5% | 0.35 | 7.5% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 47.4% |
| Bitcoin (BTCUSD) | 14.9% | 53.4% | 0.46 | 23.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GRMN | |
|---|---|---|---|---|
| GRMN | 21.5% | 28.3% | 0.73 | - |
| Sector ETF (XLY) | 12.1% | 22.1% | 0.50 | 56.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 60.3% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 8.1% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 16.1% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 48.9% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 15.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 2.1% | -5.3% | -4.6% |
| 2/18/2026 | 9.4% | 15.9% | 7.1% |
| 10/29/2025 | -11.5% | -17.2% | -21.5% |
| 7/30/2025 | -7.4% | -4.6% | -1.6% |
| 2/19/2025 | 12.6% | 5.2% | -2.4% |
| 10/30/2024 | 23.2% | 22.8% | 27.6% |
| 7/31/2024 | -4.5% | -8.2% | 0.4% |
| 5/1/2024 | 13.1% | 17.6% | 12.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 13 |
| # Negative | 11 | 10 | 10 |
| Median Positive | 6.5% | 7.0% | 7.1% |
| Median Negative | -2.7% | -5.6% | -4.4% |
| Max Positive | 23.2% | 22.8% | 27.6% |
| Max Negative | -11.5% | -17.2% | -21.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 2.1% | -5.3% | -4.6% |
| 2/18/2026 | 9.4% | 15.9% | 7.1% |
| 10/29/2025 | -11.5% | -17.2% | -21.5% |
| 7/30/2025 | -7.4% | -4.6% | -1.6% |
| 2/19/2025 | 12.6% | 5.2% | -2.4% |
| 10/30/2024 | 23.2% | 22.8% | 27.6% |
| 7/31/2024 | -4.5% | -8.2% | 0.4% |
| 5/1/2024 | 13.1% | 17.6% | 12.7% |
| 2/21/2024 | 8.8% | 9.7% | 20.1% |
| 11/1/2023 | 10.7% | 11.9% | 19.2% |
| 8/2/2023 | 1.3% | -1.3% | -0.5% |
| 5/3/2023 | 3.0% | 7.0% | 6.9% |
| 2/22/2023 | 4.1% | 4.4% | 2.2% |
| 10/26/2022 | 0.0% | 3.2% | 6.8% |
| 7/27/2022 | -8.7% | -5.9% | -8.4% |
| 4/27/2022 | -0.5% | 1.6% | -9.7% |
| 2/16/2022 | -0.2% | -8.4% | -2.2% |
| 10/27/2021 | -8.8% | -10.0% | -10.7% |
| 7/28/2021 | 2.7% | 5.9% | 13.5% |
| 4/28/2021 | -2.7% | -2.7% | 0.3% |
| 2/17/2021 | -2.2% | -4.9% | -4.1% |
| 10/28/2020 | -1.1% | 12.2% | 18.0% |
| 7/29/2020 | -0.6% | 0.6% | 5.3% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 13 |
| # Negative | 11 | 10 | 10 |
| Median Positive | 6.5% | 7.0% | 7.1% |
| Median Negative | -2.7% | -5.6% | -4.4% |
| Max Positive | 23.2% | 22.8% | 27.6% |
| Max Negative | -11.5% | -17.2% | -21.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
| 09/30/2021 | 10/27/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/17/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
| 06/30/2019 | 07/31/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 7.90 Bil | 0 | Affirmed | Guidance: 7.90 Bil for 2026 | |||
| 2026 Pro forma EPS | 9.35 | 0 | Affirmed | Guidance: 9.35 for 2026 | |||
Prior: Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 7.90 Bil | 11.3% | Higher New | Actual: 7.10 Bil for 2025 | |||
| 2026 Gross Margin | 58.5% | 0.0% | Same New | Actual: 58.5% for 2025 | |||
| 2026 Operating Margin | 25.5% | 0.3% | Higher New | Actual: 25.2% for 2025 | |||
| 2026 Pro forma Effective Tax Rate | 16.0% | ||||||
| 2026 Pro forma EPS | 9.35 | 14.7% | Higher New | Actual: 8.15 for 2025 | |||
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 7.10 Bil | 0 | Affirmed | Guidance: 7.10 Bil for 2025 | |||
| 2025 Pro forma EPS | 8.15 | 1.9% | Raised | Guidance: 8 for 2025 | |||
| 2025 Gross Margin | 58.5% | 0 | Affirmed | Guidance: 58.5% for 2025 | |||
| 2025 Operating Margin | 25.2% | 0.4% | Raised | Guidance: 24.8% for 2025 | |||
Insider Activity
Updated 6/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hartnett, Joseph J | Direct | Sell | 6092026 | 263.57 | 643 | 169,476 | 5,607,979 | Form | |
| 2 | Boessen, Douglas G | CFO and Treasurer | Direct | Sell | 6082026 | 237.91 | 2,000 | 475,812 | 6,197,215 | Form |
| 3 | Minard, Laurie A | VP, Human Resources | Direct | Sell | 5082026 | 242.03 | 1,084 | 262,365 | 916,100 | Form |
| 4 | Link, Edward J | VP, Information Technology | Direct | Sell | 3102026 | 243.64 | 1,275 | 310,647 | 6,925,595 | Form |
| 5 | Pemble, Clifton A | President and CEO | Direct | Sell | 2272026 | 251.58 | 19,914 | 5,010,041 | 31,215,265 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hartnett, Joseph J | Direct | Sell | 6092026 | 263.57 | 643 | 169,476 | 5,607,979 | Form | |
| 2 | Boessen, Douglas G | CFO and Treasurer | Direct | Sell | 6082026 | 237.91 | 2,000 | 475,812 | 6,197,215 | Form |
| 3 | Minard, Laurie A | VP, Human Resources | Direct | Sell | 5082026 | 242.03 | 1,084 | 262,365 | 916,100 | Form |
| 4 | Link, Edward J | VP, Information Technology | Direct | Sell | 3102026 | 243.64 | 1,275 | 310,647 | 6,925,595 | Form |
| 5 | Pemble, Clifton A | President and CEO | Direct | Sell | 2272026 | 251.58 | 19,914 | 5,010,041 | 31,215,265 | Form |
| 6 | Munn, Matthew | EVP, Man. Director - Auto OEM | Direct | Sell | 2272026 | 250.97 | 5,275 | 1,323,870 | 2,478,585 | Form |
| 7 | Boessen, Douglas G | CFO and Treasurer | Direct | Sell | 2272026 | 251.66 | 3,487 | 877,541 | 7,058,829 | Form |
| 8 | Desbois, Patrick | co-COO | Direct | Sell | 2272026 | 251.65 | 6,694 | 1,684,566 | 14,731,771 | Form |
| 9 | Lyman, Susan | VP, Consumer Sales & Marketing | Direct | Sell | 2272026 | 251.32 | 3,805 | 956,258 | 1,877,584 | Form |
| 10 | Minard, Laurie A | VP, Human Resources | Direct | Sell | 2232026 | 247.28 | 837 | 206,976 | 1,429,545 | Form |
| 11 | Biddlecombe, Sean | Managing Director, EMEA | Direct | Sell | 2202026 | 240.76 | 1,071 | 257,854 | 1,898,153 | Form |
| 12 | Boessen, Douglas G | CFO and Treasurer | Direct | Sell | 2172026 | 215.41 | 479 | 103,181 | 6,136,600 | Form |
| 13 | Desbois, Patrick | co-COO | Direct | Sell | 1092026 | 210.40 | 3,678 | 773,868 | 13,002,581 | Form |
| 14 | Pemble, Clifton A | President and CEO | Direct | Sell | 12172025 | 206.23 | 10,431 | 2,151,162 | 27,877,873 | Form |
| 15 | Boessen, Douglas G | CFO and Treasurer | Direct | Sell | 12172025 | 206.26 | 2,485 | 512,562 | 5,964,280 | Form |
| 16 | Wang, Cheng-Wei | General Manager - Garmin Corp. | Direct | Sell | 8272025 | 232.48 | 10,202 | 2,371,780 | 8,390,734 | Form |
| 17 | Link, Edward J | VP, Information Technology | Direct | Sell | 8112025 | 230.00 | 1,718 | 395,140 | 6,371,690 | Form |
| 18 | Minard, Laurie A | VP, Human Resources | Direct | Sell | 8062025 | 230.00 | 787 | 181,010 | 1,045,810 | Form |
| 19 | Boessen, Douglas G | CFO and Treasurer | Direct | Sell | 7072025 | 215.00 | 1,859 | 399,685 | 6,266,390 | Form |
| 20 | Pemble, Clifton A | President and CEO | Direct | Sell | 6172025 | 203.25 | 7,899 | 1,605,510 | 28,786,162 | Form |
Investor Activity (13F)
Updated Jul 22, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| SW Investment Management LLC | $63.8 Mil | 14.2% | 8 | ADD +5.8% | 13F |
| Stony Point Capital LLC | $69.6 Mil | 5.6% | 31 | Hold | 13F |
| Oribel Capital Management, LP | $27.2 Mil | 4.1% | 41 | New | 13F |
| Woodson Capital Management, LP | $15.2 Mil | 2.5% | 28 | New | 13F |
| Oaktop Capital Management Ii, L.P. | $11.1 Mil | 0.8% | 14 | Hold | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Stony Point Capital LLC | $69.6 Mil | 5.6% | 31 | Hold | 13F |
| SW Investment Management LLC | $63.8 Mil | 14.2% | 8 | ADD +5.8% | 13F |
| Oribel Capital Management, LP | $27.2 Mil | 4.1% | 41 | New | 13F |
| Woodson Capital Management, LP | $15.2 Mil | 2.5% | 28 | New | 13F |
| Oaktop Capital Management Ii, L.P. | $11.1 Mil | 0.8% | 14 | Hold | 13F |
GRMN Trade Sentinel
Constructive
CONVICTION RATIONALE
Garmin's focus on high-performance niches is driving market share gains, with Fitness segment revenue growing 42% in the first quarter. This specialized strategy supports strong 59.1% gross margins. While near-term softness exists in other areas, the core wearables engine is accelerating, and the company maintains a $2.5 billion net cash position.
STOCK ARCHETYPE
Diversified Hardware ManufacturerΣ (Unit Volume per Segment × ASP per Segment) Product mix shift towards higher-margin Fitness and Outdoor segments, combined with operational leverage from its vertically integrated manufacturing model.
INVESTMENT THESIS
Evidence suggests Garmin is successfully defending its high-performance niches, driving market share gains and premium margins where generalists cannot compete.
- Fitness segment revenue accelerated to 42% growth in Q1 2026.
- Trailing-twelve-month operating margin expanded 1.3 percentage points to 26.5%.
- Management states the company continues to benefit from market share gains.
- Total unit sales increased 9% in the first quarter of 2026.
- The company affirmed its full-year 2026 guidance for $7.9 billion in revenue.
PRIMARY RISK
Apple and Google could leverage their vast R&D budgets and ecosystem lock-in to erode Garmin's share in the lucrative wearables market, which drives the majority of profit.
- Apple's R&D spend is an absolute $40 billion.
- Competitors like Apple have significantly greater financial and marketing resources.
- The Outdoor segment, another key wearables driver, saw revenue decline 5% in Q1 2026.
- The Auto OEM segment is guided to see a revenue decrease in 2026.
| KPI | Status | Rationale |
|---|---|---|
| Segment Revenue Growth | 14.2% year-over-year growth for the quarter ended 3/31/2026 - Stable | The 14.2% YoY growth in the latest quarter represents a slight deceleration from the prior quarter's 16.6% growth, but remains robust and is higher than the 11.7% growth from two quarters ago. Management notes that the first quarter is "typically the lowest seasonal quarter," explaining the sequential decline. |
| Inventory vs. Revenue Growth Divergence | 2.8 percentage points for the quarter ended 3/31/2026 - Turning around | Inventory grew 17% YoY while revenue grew 14.2%, indicating inventory is still growing faster than sales. However, this 2.8 percentage point gap is an improvement from the 3.6 percentage point gap in the prior quarter, suggesting better alignment. Management has previously stated it intentionally increased inventory to meet demand and mitigate supply chain issues. |
| Total Unit Sales (Annual) | 20.7 million (Fiscal Year 2025) | Indicates the overall volume of hardware devices sold across all segments, providing a measure of market penetration and demand. |
| Total Unit Sales (Quarterly) | 4,765 (Q1 FY2026) | Provides a more frequent pulse on hardware sales volume and seasonal trends. |
Wearables Share Gains vs. Auto & Outdoor Headwinds
BULL VIEW
The Fitness segment's 42% Q1 growth shows accelerating share gains in the core profit engine, which will more than offset any guided, temporary weakness in other segments.
CORE TENSION
Can the Fitness segment's 42% growth offset the guided 2026 Auto OEM decline and soft Outdoor start, which the market has priced with recent underperformance?
PREVAILING SENTIMENT
The most recent data favors the bull view; Fitness growth is accelerating and management reaffirmed full-year guidance, suggesting confidence in a back-half recovery for Outdoor.
BEAR VIEW
The guided decline in Auto OEM for 2026 and a soft Q1 in Outdoor (-5%) are early signs that growth is peaking and cannot support a premium valuation.
| Timeline | Event & Metric To Watch |
|---|---|
Wednesday, July 29, 2026, at 10:30 a.m. | Quarterly Earnings Report Watch: Garmin will hold its second quarter 2026 earnings conference call. |
10/19/2026 | Peer Earnings Report Watch: Peer RTX (RTX) is scheduled to report earnings. |
10/21/2026 | Peer Earnings Report Watch: Peer Honeywell International (HON) is scheduled to report earnings. |
10/27/2026 | Auto OEM Segment Decline Watch: The magnitude of the segment's revenue decline and any change to the 2027 Mercedes ramp-up timeline. |
10/27/2026 | Outdoor Segment Weakness Watch: Confirmation of a weak Q2 and commentary on the timing and reception of new products for the H2 recovery. |
10/27/2026 | Wearables Competitive Read-Through Watch: Apple's commentary on Apple Watch performance and Alphabet's commentary on its hardware/wearables business for signs of market share shifts. |
10/27/2026 | Next Quarterly Earnings Watch: Garmin is scheduled to report its next earnings. |
August of this year | SmartCharts Geographic Expansion Watch: SmartCharts, a dynamic aviation charting solution, will become available to Garmin Pilot Premium users in Canada and Mexico. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-07 | New Product Launches Details: Garmin launched LiveScope 2, its "clearest live sonar yet," and AXIS, a new generation of highly integrated flight displays. | -0.7% $245.22 -> $243.53 |
2026-06-05 | Shareholder Dividend Approval Details: Shareholders approved a cash dividend of $4.20 per share, payable in four equal installments through March 2027. | -2.8% $240.89 -> $234.19 |
2026-05-27 | Signal VHF Marine Radios Details: The company announced Garmin Signal VHF marine radios with built-in AIS and advanced noise cancellation. | -0.9% $237.48 -> $235.31 |
2026-04-29 | First Quarter Earnings Report Details: Garmin reported Q1 2026 results and affirmed its 2026 revenue and pro forma EPS guidance. The stock had a two-day reaction of 1.0%. | +1.3% $246.72 -> $250.03 |
2026-03-10 | New Marine Sonar Launch Details: Garmin announced a new 360-degree scanning sonar with a "Spy Pole," allowing anglers to see a bird's-eye view of fish and structure. | -2.7% $240.64 -> $234.15 |
2026-02-18 | Fourth Quarter Earnings Beat Details: The company reported Q4 results, after which the stock had a two-day reaction of 11.0% versus 0.0% for the S&P 500. | +10.5% $215.20 -> $237.83 |
2026-01-20 | Approach G82 Launch Details: The company revealed the Approach G82, a portable launch monitor and premium GPS handheld for golfers, featuring a 5-inch color touchscreen. | -3.4% $210.06 -> $202.89 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: GRMN trades at roughly 29% annualized options-implied volatility versus about 13% for the S&P 500 (2.2x the market), around the 74th percentile of its own trailing year. A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
AAPL - Apple
Ecosystem DominanceApple offers exposure to a much larger, integrated hardware and software ecosystem with higher switching costs, capturing users who prioritize connectivity over specialized performance.
GOOGL - a business partner
Software-Led Wearablesa business partner provides exposure to the wearables market through a software-first approach (Wear OS) and hardware (Pixel, Fitbit), competing on data and AI integration.
A vertically-integrated device manufacturer dominating high-performance, passion-driven niches where generalist tech giants cannot compete on features or brand authenticity.
Garmin thrives by creating specialized, best-in-class products for dedicated user bases in markets like aviation, marine, and high-performance sports. Its vertical integration provides cost and quality advantages, while its brand is synonymous with reliability and innovation in its core categories. This focus allows it to command strong margins and defend its turf against larger, more generalized competitors.
Sustained market share gains in wearables, successful entry into new niche product categories, and continued margin expansion.
Evidence of significant market share loss in core Fitness or Outdoor segments to a large tech competitor like Apple, or a compression in gross margins due to an inability to offset rising component costs.
Short-term revenue fluctuations due to product launch timing between quarters.
Repricing Catalyst
Management plans to launch new products throughout the year, including some that represent new categories for Garmin, which could open new revenue streams and accelerate growth.
Fitness
$2.4B TTM (33% of Total) · 31% MarginWhat It Is
Sells running watches (Forerunner), smartwatches (Venu, vívoactive), cycling computers, and indoor trainers (Tacx) to consumers engaged in health, wellness, and fitness activities.
Who Pays & How
Consumers purchase these devices through retailers, dealers, and directly from Garmin to track and analyze fitness activities and wellness data, valuing the products' performance, features, and ease of use.
Competition
Outdoor
$2.1B TTM (28% of Total) · 34% MarginWhat It Is
Sells adventure watches (fēnix, Instinct), handheld GPS and satellite communicators (inReach), and devices for golf, diving, and field sports to consumers engaged in outdoor activities.
Who Pays & How
Consumers purchase these rugged, feature-rich devices for navigation, safety (SOS capabilities), and activity-specific data in environments often beyond cellular coverage.
Competition
Marine
$1.2B TTM (16% of Total) · 21% MarginWhat It Is
Sells chartplotters, fishfinders, sonar technology (LiveScope), radar, autopilot systems, and audio systems (Fusion, JL Audio) to the recreational marine market through dealers and OEMs.
Who Pays & How
Boat owners and manufacturers purchase these electronics for navigation, fish finding, and on-board entertainment, choosing Garmin for its innovation, quality, and integrated systems.
Competition
Aviation
$987M TTM (14% of Total) · 26% MarginWhat It Is
Sells integrated flight decks, navigation and communication products, autopilots, and safety-enhancing technologies to aircraft OEMs for new aircraft and to a dealer network for retrofit installations.
Who Pays & How
Aircraft owners and manufacturers purchase avionics solutions to enhance situational awareness, capability, and safety. Garmin is known for its innovative and scalable solutions across general, business, and military aviation.
Competition
Auto Original Equipment Manufacturer (OEM)
$665M TTM (9% of Total) · -7% MarginWhat It Is
Sells domain controllers, infotainment units, and other hardware/software solutions directly to leading automobile manufacturers as a tier-one supplier.
Who Pays & How
Automakers like a business partner and a business partner pay for integrated solutions that control infotainment, instrumentation, and other in-vehicle systems.
Competition
Garmin — Investor Video Playlist
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Consumer Electronics Resources |
| CNET |
| The Verge |
| Engadget |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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