Garmin (GRMN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Garmin

NYSE•Technology•Scientific & Technical Instruments

$271.44-2.85(-0.01%)After hours

Market Cap

$52.89B

P/E

26.2x

P/S

6.7x

P/B

5.5x

Garmin Ltd. designs, develops, manufactures, markets, and distributes a diverse range of GPS-enabled products and navigation, communications, sensor-based, and information products and services worldwide. It offers running; cycling products; smartwatch devices; scales and monitors; and sports timing and performance analysis; Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, which enables third parties to create applications that run on Garmin devices. It also provides adventure watches; outdoor handhelds and satellite communicators; golf devices; consumer automotive; dog devices; InReach and Garmin Response; and dive devices. In addition, it designs, manufactures, and markets various aircraft avionics solutions, including integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponders, weather information and avoidance solutions, datalink and connectivity solutions, and portable GPS navigators and wearables, as well as service products to the aviation market. Further, it offers chartplotters and multi-function displays, cartography, fishfinders, sonar, autopilot systems, radars, compliant instrument displays and sensors, VHF communication radios, handhelds and wearable devices, sailing, audio, digital switching, trolling motors, and lighting; and domain controllers and infotainment units, as well as software, map database, camera, wearable, and automotive solutions. The company sells its products through independent retailers, dealers, distributors, installation and repair shops, OEM, and online webshop. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.

How this company scores

ExcellentMetricSide Score: 85/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability25/25

Growth24/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality21/25

Strengths

Growing revenueRising free cash flowStrong marginsHigh ROE

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 26.2x5y range 16.5x – 31.4x

Currently near its 20-quarter median.

P/S · 6.7x5y range 3.2x – 6.9x

Currently above its 20-quarter median.

P/B · 5.5x5y range 2.7x – 5.7x

Currently above its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $52.89B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $7.89B
Q. Revenue: $1.99B
TTM EBITDA: $2.27B
TTM Op. Income: $2.27B
Q. Op. Income: $611.65M
TTM Net Income: $2.02B
Q. Net Income: $541.66M
EPS: $2.81
Shares Out.: $192.84M

$7.89B in TTM revenue grew 17.6% YoY, reaching $1.99B last quarter. TTM EBITDA of $2.27B and TTM operating income of $2.27B show growth is flowing through to the bottom line. TTM net income of $2.02B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 63.3%
EBITDA Margin: 30.8%
Op. Margin: 30.8%
Net Margin: 27.3%

Op. margin of 30.8% is up 5.0% YoY — cost efficiency is improving. Net margin at 27.3% and gross margin of 63.3% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 26.2x
P/S Ratio: 6.7x
P/B Ratio: 5.5x

At 26.2x P/E, the stock trades within typical market levels. P/S of 6.7x and P/B of 5.5x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 13% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $11.99B
Cash: $2.04B
Long-Term Debt: N/A
Book Value: $9.55B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $393.86M
TTM Free Cash Flow: $1.47B
FCF Margin: 18.6%
FCF / Net Income: 0.7

TTM FCF of $1.47B on $393.86M in operating cash flow. The FCF / Net Income ratio of 0.7x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 27% — a weakening trend.