Garmin Ltd

Garmin Ltd

GRMN

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Market Cap$45.13B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Garmin LtdGarmin Ltd261.54%19%6.30.1

Earnings Call Q1 2026

April 29, 2026 - AI Summary

Strong Q1 performance (new first-quarter record) - Consolidated revenue +14% YoY to $1.75B (new Q1 record); operating income +30% YoY to $432M. - Margins improved: gross margin 59.4% (+180 bps YoY) and operating margin 24.6% (+290 bps). - Earnings: GAAP EPS ~$2.09; pro forma EPS $2.08 (+29% YoY). - Important context: Q1 is typically the lowest seasonal quarter, so momentum needs confirmation later in the year.
Segment read-through: big winners, mixed outside Fitness - Fitness: Revenue +42% to $547M (new Q1 record); led by higher unit volumes and meaningful market share gains. Operating income $158M (gross margin 62%, op margin 29%). New launches + ecosystem moves (e.g., Varia RearVue 820, WhatsApp messaging via Connect IQ, and integration with Natural Cycles). - Outdoor: Revenue -5% to $418M (tough comparison vs prior-year smartwatch launch cycle), but Fenix performed well. Operating income $119M (gross margin 67%, op margin 28%). - Aviation: Revenue +18% to $264M; driven by OEM + aftermarket. Operating income $71M (gross margin 75%, op margin 27%). Demand cadence described as healthy given strong aircraft/backlog dynamics. - Marine: Revenue +11% to $355M; margin compression due to higher tariff costs. Operating income $91M (gross margin 56%, op margin 26%). Strength especially from deliveries to builders and positive reception to new sonar products. - Auto OEM: Revenue +1% to $170M, but GAAP operating loss narrowed to -$6M (gross profit up, R&D down). Company reiterates 2026 revenue down due to BMW peaking and program transitions; profit not expected on a GAAP basis for full-year.
Guidance/outlook: “cautiously optimistic” but no change—wait for more of the year - Management said they are maintaining February guidance (i.e., no update on the call), consistent with their practice because much of the year remains ahead. - Demand/momentum: described as very strong/consistent; no negative impact yet noted from Middle East-related conflict on near-term registrations. - Q2 outlook (Outdoor): expects Q2 Outdoor performance to be similar to Q1, and expects stronger back-half due to product launch timing.

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$270.67

Target Price by Analysts

13.8% upsideGarmin Target Price DetailsTarget Price
$171.53

Current Fair Value

27.9% downside

Overvalued by 27.9% based on the discounted cash flow analysis.

Share Statistics

Market cap$45.13 Billion
Enterprise Value$43.41 Billion
Dividend Yield$3.60 (1.54%)
Earnings per Share$8.65
Beta0.96
Outstanding Shares192,674,000

Return

Return on Equity18.73%ROE
Return on Assets15.85%
Return on Invested Capital21.60%

Valuation & Multiples

P/E Ratio25.97P/E Ratio
PEG119.5PEG
Price to Sales6.26Price to Sales
Price to Book Ratio4.96Price to Book Ratio
Enterprise Value to Revenue5.82
Enterprise Value to EBIT20.98
Enterprise Value to Net Income25
Total Debt to Enterprise0.01
Debt to Equity0.06Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
May 6, 2026
EPS Estimate
$1.81
Average shareholder expectation
Revenue Estimate
$1.72 B
Average shareholder expectation

Next Earnings Call

Expected Date
July 29, 2026
EPS Estimate
$2.27
Average shareholder expectation
Revenue Estimate
$1.94 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.8324 45.79%
Total Calls454,700 63.27%
Total Puts378,500 262.90%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %56.46% 0.05%
Total Invested$25.12B 14.29%
Investors Holding1,027 35.00%

ESG Score

No data

About Garmin Ltd

13,000 employees
CEO: Clifton Pemble

Garmin, formerly known as ProNav, is an American multinational technology company founded in 1989, with headquarters in Olathe, Kansas. The company specializes in GPS technology for automotive, aviation, marine, outdoor, and sport activi...

Relevant Senate Committees

Joint Committee on Taxation

This committee provides the official revenue estimates and technical analysis for all tax legislation. Its work directly informs and shapes corporate tax structures, capital investment credits, and the overall tax burden on multinational companies like Garmin, making it critical to financial planning.

Finance

This powerful committee controls taxation and trade. As a multinational company, Garmin's profitability is directly impacted by corporate tax policy (domestic and international) and trade policies, including tariffs and import/export regulations for components and finished goods.

Appropriations

This committee allocates discretionary federal spending. For Garmin, whose products could be purchased by federal agencies (e.g., DoD, DHS, FAA), the Appropriations subcommittees directly determine the funding for those programs, impacting potential government contracts and revenue streams.

Armed Services

This committee oversees the Department of Defense and authorizes the annual NDAA. Garmin's GPS, navigation, and guidance systems are critical technologies for military applications, making the committee's funding and policy decisions highly relevant to potential defense contracts and R&D.

Commerce, Science, and Transportation

This committee has vast jurisdiction over interstate commerce, the FCC, FTC, and FAA. The FAA directly regulates Garmin's aviation segment (avionics). The FCC oversees spectrum use vital for GPS technology. The FTC handles consumer protection and data privacy, relevant to all Garmin's consumer electronics.