Consumer Discretionary · Consumer Electronics · US stock · price as of 16 Oct 2026
Key indicators
Price
$284.79
52-week range
$183.64 – $313.07
Market cap
$55.1B
P/E (trailing)
31.7×
EV / EBITDA
26.5×
Free-cash-flow yield
2.6%
Dividend yield
1.4%
Revenue (last 12 months)
$7.5B
Revenue growth (3y a year)
14.2%
Operating margin
26.5%
Return on invested capital
24.9%
Net debt / EBITDA
–
Fair value
Blended fair value$247.34 range $232 – $265
Versus priceFair−13% to fair value
Peer multiples
$180.73
Fundamentals-adjusted multiple
$251.23
10-year DCF (market-scaled)
$310.05
Earnings power value (floor, not blended)
$97.30
Model uncertainty
Medium
X-Ray Score
53/ 100 · High confidence · ahead of 66% of sector peers
Valuation22
Growth82
Profitability50
Financial health84
Dividends23
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Garmin designs and sells navigation and wireless devices. Its products include GPS wearables and smartwatches for fitness and outdoor use, marine and aviation electronics, cycling computers and automotive systems. Revenue comes from selling these devices through retailers, online stores and equipment makers, and its product lines span consumer and professional markets with its own design and software.
The company reported revenue of $7.5 billion for the last twelve months. Across three years, revenue grew 14.2% a year. It posts an operating margin of 26.5%, with return on invested capital of 25%. The dividend yield is 1.4%. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
StocksXray gives Garmin Ltd an X-Ray Score of 53 out of 100 (high confidence), ahead of 66% of the S&P 500 stocks in its sector. Its strongest lens is financial health (84) and its weakest is valuation (22).
Our fair value blend is $247.34 (range $231.97 to $265.39). At $284.79 the stock trades 15% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Garmin Ltd (GRMN)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$121.38
$85.83
$122.83
$203.54
$203.04
$284.79
Market cap
$23.4B
$16.6B
$23.6B
$39.3B
$39.3B
$55.1B
P/E
21.6×
17.0×
18.3×
27.9×
23.6×
31.7×
EV / revenue
4.3×
3.1×
4.1×
5.9×
5.0×
7.0×
EV / EBITDA
17.7×
14.7×
19.8×
23.1×
19.5×
26.5×
Price / free cash flow
33.2×
30.5×
19.9×
31.8×
28.8×
38.0×
Free-cash-flow yield
3.0%
3.3%
5.0%
3.1%
3.5%
2.6%
Price / book
3.8×
2.7×
3.4×
5.0×
4.4×
5.9×
Dividend yield
1.10%
1.56%
–
–
–
1.37%
Fundamentals checklist ● 9 Good · ● 2 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−0.1%Bad
Free-cash-flow yield2.6%Bad
Risk models
Altman Z score12.0×Good
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)19.5%Good
Free-cash-flow growth (3y)35.8%Good
Revenue growth (3y)14.2%Good
Growth consistency100%Good
Balance sheet
Current ratio4.4×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.9×Bad
EBIT / EV yield3.8%Bad
Profitability
Return on invested capital24.9%Average
Operating margin26.5%Good
Gross profitability40.3%Average
XStocksXray
Garmin Ltd (GRMN)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
4,983
4,860
5,228
6,297
7,246
7,464
Gross profit
2,890
2,807
3,005
3,697
4,256
4,414
Operating income
1,219
1,028
1,092
1,594
1,876
1,975
Net income
1,082
974
1,290
1,411
1,664
1,736
Diluted EPS ($)
5.61
5.04
6.71
7.30
8.59
8.97
Free cash flow
705
544
1,183
1,239
1,363
1,452
Gross margin
58.0%
57.7%
57.5%
58.7%
58.7%
59.1%
Operating margin
24.5%
21.1%
20.9%
25.3%
25.9%
26.5%
Net margin
21.7%
20.0%
24.7%
22.4%
23.0%
23.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
7,854
7,731
8,604
9,631
10,994
10,952
Cash
1,498
1,279
1,693
2,079
2,279
2,290
Total debt
–
–
–
–
–
–
Equity
6,114
6,204
7,012
7,848
8,973
9,271
Dividend per share ($)
1.34
1.34
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Dec 2024
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Revenue ($M)
1,823
1,535
1,815
1,771
2,125
1,753
Growth vs a year earlier
+22.9%
+11.1%
+20.4%
+11.7%
+16.6%
+14.2%
Net income ($M)
436
333
401
402
529
405
Diluted EPS ($)
–
1.72
2.07
2.08
–
2.09
XStocksXray
Garmin Ltd (GRMN)
Peers in Consumer Electronics
Company
X-Ray
GRMN · Garmin Ltd
53
Market Compass outlook for Consumer Discretionary: Neutral (53/100). It blends regime history, macro sensitivity, momentum and valuation.
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.