# Garmin Ltd. (GRMN)

> Source: Nexqual · https://nexqual.com/GRMN · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Garmin Ltd. (GRMN), nexqual.com/GRMN" · informational, not investment advice.

**Price:** USD 285.22 (+1.97% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 279.72 · day 282.5–290.77 · 52w 186.67–314.28 · market cap $55.0B · NYQ

## Key facts
- Last four reported quarters (through Mar 28, 2026): revenue $7.46B, net income $1.74B (23.3% margin), free cash flow $1.45B (SEC filings).
- Valuation: P/E 31.7x (avg 23.6x at the last 3 fiscal year-ends).
- Analysts: Hold (mean 2.88 on a 1–5 scale) (8 analysts), mean target USD 306.71 (range 231–370).
- Total return with dividends: 1Y +17.5% vs S&P 500 +18.1%; 5Y +103.3% vs S&P 500 +85.1%.
- Next earnings: 2026-10-28, EPS estimate USD 2.38, revenue estimate $1.98B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.98B | $4.86B | $5.23B | $6.30B | $7.25B | $7.46B |
| Gross profit | $2.89B | $2.81B | $3.00B | $3.70B | $4.26B | — |
| Operating income | $1.22B | $1.03B | $1.09B | $1.59B | $1.88B | $1.97B |
| Net income | $1.08B | $974M | $1.29B | $1.41B | $1.66B | $1.74B |
| EPS (diluted) | $5.61 | $5.04 | $6.71 | $7.30 | $8.59 | — |
| Free cash flow | $705M | $544M | $1.18B | $1.24B | $1.36B | $1.45B |
| Gross margin | 58.0% | 57.7% | 57.5% | 58.7% | 58.7% | — |
| Operating margin | 24.5% | 21.1% | 20.9% | 25.3% | 25.9% | 26.5% |
| Net margin | 21.7% | 20.0% | 24.7% | 22.4% | 23.0% | 23.3% |
| Revenue growth | +19.0% | -2.5% | +7.6% | +20.4% | +15.1% | — |
| Cash + short-term investments | $1.85B | $1.45B | $1.97B | $2.50B | $2.74B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Mar 28, 2026)
P/E 31.7x · P/S 7.4x · P/FCF 37.9x · P/B 5.9x · FCF yield 2.64% · Earnings yield 3.16% · Dividend yield (paid, TTM) 1.26%
P/E at fiscal year-ends: Dec 2025 23.6x, Dec 2024 28.2x, Dec 2023 19.1x.

## Analysts
Consensus Hold (mean 2.88 on a 1–5 scale), 8 analysts; mean target USD 306.71 (low 231, high 370).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | Tigress Financial | Target raised | Strong Buy | $325 → $370 |
| 2026-07-30 | Morgan Stanley | Target raised | Equal-Weight | $249 → $289 |
| 2026-07-30 | Barclays | Target raised | Equal-Weight | $238 → $297 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | +17.5% | +103.3% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | +17.6% | +15.2% |
| Volatility (annualized) | 34.1% | 31.3% |
| Max drawdown | -25.6% (Oct 2025→Nov 2025) | -50.6% (Oct 2021→Oct 2022) |

## Peers (Scientific & Technical Instruments)
KEYS (Keysight Technologies Inc.) USD 342.08 -7.60% · COHR (Coherent Corp.) USD 250.6 -13.58% · TDY (Teledyne Technologies Incorpora) USD 619.91 +1.42% · FTV (Fortive Corporation) USD 57.78 -0.50% · MKSI (MKS Inc.) USD 228.52 -7.69% · TRMB (Trimble Inc.) USD 60.97 +1.58%

## More
Full page: https://nexqual.com/GRMN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt