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Makes GPS-enabled wearables, fitness devices, marine, aviation and automotive navigation products.
Makes GPS-enabled wearables, fitness devices, marine, aviation and automotive navigation products.
Sells hardware once and earns a margin on each unit, with aviation and marine buyers paying more for certified or specialised gear than fitness buyers. It designs and makes most of its products itself, notably in Taiwan, rather than outsourcing. It is registered in Switzerland but run from Kansas.
Moat: narrow (brand, IP / patents, distribution). Strong niche brand leadership across fitness, marine and aviation segments, though it competes with Apple/Samsung in wearables.
Headquarters: Schaffhausen, Switzerland · Founded: 1989 · Employees: 23,000
Size Garmin (GRMN) is a United States Consumer Discretionary company (Telecommunications Equipment) with a market value of $55.0B, the 234th largest of 3,117 United States companies the cockpit tracks. Shares closed at $285.57 on 6 Nov 2026.
Performance Over six months the shares gained 19.5%, against +4.5% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 13.6% over the last twelve months (peer median +8.9%); the operating margin is 28.8% (peer median 15.3%).
Valuation It trades at 25.7× forward earnings against a peer median of 24.6× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 14.9 points above its cost of capital (9.4% WACC).
Short interest Short interest is 1.7% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.89B | $7.25B | $6.30B | $5.23B | $4.86B |
| Revenue growth | — | +15% | +20% | +8% | — |
| Gross profit | $4.82B | $4.26B | $3.70B | $3.00B | $2.81B |
| EBITDA | $2.47B | $2.06B | $1.77B | $1.27B | $1.19B |
| Net income | $2.02B | $1.66B | $1.41B | $1.29B | $974M |
| Free cash flow | $1.47B | $1.36B | $1.24B | $1.18B | $544M |
| Capital expenditure | $419M | $270M | $194M | $195M | $246M |
| Total debt | $173M | $196M | $163M | $141M | $140M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Garmin GRMN | $55.0B | +19% | +14% | 29% | 25.7× | 13.7% |
| Apple AAPL | $4.98T | +17% | +15% | 33% | 36.8× | 19.0% |
| Alphabet Inc. (Class A) GOOGL | $3.47T | -29% | +22% | 33% | 20.5× | 18.5% |
| SamsungElec 005930.KS | $886B | -14% | +88% | 46% | 4.0× | -7.2% |
| Xiaomi-w 1810.HK | $99.0B | -2% | +6% | 3% | 27.8× | 24.3% |
| Brunswick BC | $5.00B | -5% | +10% | 6% | 14.5× | 13.0% |
| Furuno Electric 6814.T | $1.42B | -1% | +14% | 13% | 13.0× | 7.4% |
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GRMN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.4% | +8.0% | 10th lowest of 21 |
| 6-month return | +19.5% | +4.5% | 3rd highest of 21 |
| Distance from 52-week high | -9.1% | -12.2% | 8th highest of 21 |
| Revenue growth (TTM) | +13.6% | +8.9% | 9th highest of 21 |
| Operating margin | 28.8% | 15.3% | 2nd highest of 21 |
| Forward P/E | 25.7× | 24.6× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 13.7% | 14.8% | 10th least demanding of 21 |
| Growth delivered (Del g) | +11.6% | +13.2% | 10th lowest of 21 |
| Hurdle (Req g minus delivered) | +2.1 pp | -0.7 pp | 10th most demanding of 21 |
| ROIC minus cost of capital | +14.9 pp | +11.5 pp | 9th highest of 21 |
| EV / EBITDA | 21.4× | 18.3× | 4th most expensive of 21 |
| Net debt / EBITDA | -0.9× | 1.4× | 3rd least indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Garmin GRMN | United States | $55.0B | +19% | +14% | 29% | 25.7× | 13.7% | +11.6% |
| eBay EBAY | United States | $53.5B | +14% | +15% | 21% | 18.4× | 15.4% | +4.6% |
| Nike NKE | United States | $57.3B | -13% | -1% | 9% | 30.4× | 7.0% | +0.8% |
| AutoZone AZO | United States | $51.8B | -8% | +7% | 18% | 19.0× | -2.8% | +6.8% |
| Sea Limited Sponsored ADR SE | United States | $49.1B | -13% | +43% | 8% | 18.0× | 11.7% | +39.3% |
| Ford Motor F | United States | $48.8B | +2% | -1% | 2% | 7.0× | 25.6% | +8.1% |
| Yum! Brands YUM | United States | $44.0B | +7% | +9% | 32% | 24.8× | -0.2% | +7.8% |
| Chipotle Mexican Grill CMG | United States | $43.6B | +6% | +8% | 15% | 27.1× | 15.1% | +14.8% |
| O’Reilly Automotive ORLY | United States | $72.3B | -3% | +9% | 20% | 25.2× | 4.1% | +8.9% |
| General Motors GM | United States | $72.7B | +10% | 0% | 2% | 6.1× | 23.9% | +8.6% |
| D. R. Horton DHI | United States | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% | +3.5% |
| Ross Stores ROST | United States | $73.8B | +3% | +14% | 13% | 27.0× | 11.0% | +12.7% |
| Carnival CCL | United States | $39.8B | +13% | +5% | 16% | 12.4× | 14.5% | +36.6% |
| MercadoLibre MELI | United States | $76.6B | -8% | +46% | 8% | 32.0× | 11.9% | +48.7% |
| Viking VIK | United States | $39.1B | +6% | +20% | 23% | 24.4× | 19.2% | +27.0% |
| DoorDash DASH | United States | $78.3B | +10% | +35% | 6% | 42.2× | 45.3% | +36.6% |
| Carvana CVNA | United States | $81.2B | -6% | +50% | 9% | 35.9× | 43.6% | +29.5% |
| Restaurant Brands International QSR | United States | $35.1B | -3% | +6% | 27% | 18.1× | 6.3% | +13.7% |
| Royal Caribbean RCL | United States | $87.5B | +19% | +10% | 27% | 16.4× | 23.2% | +52.0% |
| SharkNinja SN | United States | $31.4B | +100% | +19% | 16% | 30.7× | 21.1% | +18.4% |
| Williams-Sonoma WSM | United States | $29.9B | +40% | +2% | 19% | 25.6× | 15.4% | +2.9% |