GRMN Technology

Garmin Ltd.

$271.44-1.04%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Technology
Industry: Scientific & Technical Instruments
Country: Switzerland
Market cap: 52.3B USD
Enterprise value: 50.6B USD
Full-time employees: 23,000

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
About average: valuation

Ranks #130 of 1,612 technology companies (top 9%)

See how it ranks against its peers

Worth knowing

Profits growing faster than sales. Since 2022: revenue +49%, operating profit +83%.
Since 2022, Garmin's revenue grew 49% while operating profit grew 83%: each extra dollar of sales is adding more profit.
Wide margins. Operating margin 28% (12 months to Jun 2026) vs a peer median of 6.3%.Operating margin 28% vs peers 6.3%.
Garmin keeps 28% of revenue as operating profit, more than 93% of peers (median 6.3%).

StockQuotient Score

74/ 100

Oct 5 75 → Nov 4 74 (-1)

Valuation

Is the price right?

55/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 54 → 55

Share price -6.2%+2
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.6%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.59Sector median: 0.0225 · MAD: 0.0225

EBITDA yield4.6%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score 0.09Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield3.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.11Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield17.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

69/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.8%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth19.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.28Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth16.0%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.41Sector median: 0.0483 · MAD: 0.0793

Revenue growth13.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.49Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

93/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ Operating margin
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin27.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.00Sector median: 0.0631 · MAD: 0.0710

Return on assets16.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.73Sector median: 0.0293 · MAD: 0.0362

Return on invested capital25.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.13Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin60.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity20.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Debt / equity
▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.87

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.01Sector median: 0.8710 · MAD: 0.3700

Current ratio3.03×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.75Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.03×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.99Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Garmin

Is Garmin getting weaker?: Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is unchanged at 74/100 since Oct 28, 2026.
How is Garmin valued vs its peers?: Priced about in line with its peers. Valuation scores 55/100 against 1,711 technology peers. Earnings yield 3.6% vs a peer median of 2.2% (stronger than 64% of peers).Earnings yield 3.6% vs peers 2.2% (stronger than 64% of peers).
Is Garmin growing?: Yes, faster than most of its peers. Growth scores 69/100 against 1,711 technology peers. 3-year revenue growth 16.0% vs a peer median of 4.8% (stronger than 80% of peers).3-year revenue growth 16.0% vs peers 4.8% (stronger than 80% of peers).
How profitable is Garmin?: More profitable than most of its peers. Profitability scores 93/100 against 1,711 technology peers. Return on assets 16.4% vs a peer median of 2.9% (stronger than 95% of peers).Return on assets 16.4% vs peers 2.9% (stronger than 95% of peers).
How risky is Garmin?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.03× vs a peer median of 0.25× (stronger than 83% of peers).Debt / equity 0.03× vs peers 0.25× (stronger than 83% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 27, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 28, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	7.5B USD	7.7B USD	+2.8%
Net income (12 months)	1.7B USD	1.9B USD	+8.1%
Operating margin	26.5%	27.6%	+1.2 pts
Free cash flow (12 months)	1.5B USD	1.6B USD	+10.2%
Cash	2.3B USD	2.3B USD	+1.9%
Shares outstanding	192.9M	192.9M	−0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	58.0%	57.7%	57.5%	58.7%	58.7%	▲ 0.0 pts
Operating margin	24.5%	21.1%	20.9%	25.3%	25.9%	▲ 0.6 pts
Net margin	21.7%	20.0%	24.7%	22.4%	23.0%	▲ 0.5 pts
Return on assets (ROA)	13.8%	12.6%	15.0%	14.7%	15.1%	▲ 0.5 pts
Return on equity (ROE)	17.7%	15.7%	18.4%	18.0%	18.5%	▲ 0.6 pts
Free cash flow margin	14.1%	11.2%	22.6%	19.7%	18.8%	▼ 0.9 pts
Current ratio	2.94×	3.26×	3.41×	3.54×	3.63×	▲ 2.6%
Quick ratio	2.10×	2.01×	2.38×	2.56×	2.60×	▲ 1.6%

GRMN price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Worth knowing

Profits growing faster than sales. Since 2022: revenue +49%, operating profit +83%.

Since 2022, Garmin's revenue grew 49% while operating profit grew 83%: each extra dollar of sales is adding more profit.

Wide margins. Operating margin 28% (12 months to Jun 2026) vs a peer median of 6.3%.Operating margin 28% vs peers 6.3%.

Garmin keeps 28% of revenue as operating profit, more than 93% of peers (median 6.3%).

Questions investors ask about Garmin

Is Garmin getting weaker?

Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is unchanged at 74/100 since Oct 28, 2026.

How is Garmin valued vs its peers?

Priced about in line with its peers. Valuation scores 55/100 against 1,711 technology peers. Earnings yield 3.6% vs a peer median of 2.2% (stronger than 64% of peers).Earnings yield 3.6% vs peers 2.2% (stronger than 64% of peers).

Is Garmin growing?

Yes, faster than most of its peers. Growth scores 69/100 against 1,711 technology peers. 3-year revenue growth 16.0% vs a peer median of 4.8% (stronger than 80% of peers).3-year revenue growth 16.0% vs peers 4.8% (stronger than 80% of peers).

How profitable is Garmin?

More profitable than most of its peers. Profitability scores 93/100 against 1,711 technology peers. Return on assets 16.4% vs a peer median of 2.9% (stronger than 95% of peers).Return on assets 16.4% vs peers 2.9% (stronger than 95% of peers).

How risky is Garmin?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.03× vs a peer median of 0.25× (stronger than 83% of peers).Debt / equity 0.03× vs peers 0.25× (stronger than 83% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

7.5B USD

7.7B USD

+2.8%

Net income (12 months)

1.7B USD

1.9B USD

+8.1%

Operating margin

26.5%

27.6%

+1.2 pts

Free cash flow (12 months)

1.5B USD

1.6B USD

+10.2%

Cash

2.3B USD

2.3B USD

+1.9%

Shares outstanding

192.9M

192.9M

−0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

58.0%

57.7%

57.5%

58.7%

▲ 0.0 pts

Operating margin

24.5%

21.1%

20.9%

25.3%

25.9%

▲ 0.6 pts

Net margin

21.7%

20.0%

24.7%

22.4%

23.0%

▲ 0.5 pts

Return on assets (ROA)

13.8%

12.6%

15.0%

14.7%

15.1%

▲ 0.5 pts

Return on equity (ROE)

17.7%

15.7%

18.4%

18.0%

18.5%

▲ 0.6 pts

Free cash flow margin

14.1%

11.2%

22.6%

19.7%

18.8%

▼ 0.9 pts

Current ratio

2.94×

3.26×

3.41×

3.54×

3.63×

▲ 2.6%

Quick ratio

2.10×

2.01×

2.38×

2.56×

2.60×

▲ 1.6%