GRMN
Garmin Ltd.
GRMN's fundamentals are strong: it turned 19% of its revenue into free cash flow and revenue grew 14%. At 27x earnings, it's trading above its usual 23x. Analysts expect strong earnings growth.
GRMN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
GRMN's revenue, profitability, cash flow and balance sheet are all currently healthy.
GRMN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $200 | -30% |
| Fair | 23x | $242 | -16% |
| Forward | 26x | $286 | — |
| Expensive | 27x | $284 | -0.9% |
| Current | 27x | $286 | — |
Historical ranges are pointers, not guarantees.
GRMN's PE is in its expensive range at 27x. If earnings grow as analysts expect, today's price would be 26x next year's earnings.
GRMN Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for GRMN, with profitability improving.
GRMN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.12 | +6.8% |
| Q3 2026 | $10.41 | +28% |
| Q2 2026 | $9.69 | +20% |
| Q1 2026 | $8.96 | +18% |
| Q4 2025 | $8.59 | +18% |
| Q3 2025 | $8.11 | +2.9% |
| Q2 2025 | $8.10 | +13% |
| Q1 2025 | $7.59 | +7.1% |
| Q4 2024 | $7.30 | +8.8% |
GRMN's earnings per share have climbed steadily: $10.41 over the past year, up 28% from the year before, and higher year over year for 13 quarters in a row.
GRMN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2B | +12% |
| Q2 2026 | $2B | +11% |
| Q1 2026 | $1.8B | +14% |
| Q4 2025 | $2.1B | +17% |
| Q3 2025 | $1.8B | +12% |
| Q2 2025 | $1.8B | +20% |
| Q1 2025 | $1.5B | +11% |
| Q4 2024 | $1.8B | +23% |
GRMN's revenue has grown year over year for 14 quarters in a row: $2B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 31% | +5 points |
| Q2 2026 | 30% | +4.4 points |
| Q1 2026 | 25% | +2.9 points |
| Q4 2025 | 29% | +0.6 points |
| Q3 2025 | 26% | -1.8 points |
| Q2 2025 | 26% | +3.3 points |
| Q1 2025 | 22% | +0.1 points |
| Q4 2024 | 28% | +5.4 points |
GRMN's operating margin was 31% last quarter, up 5 points from the same quarter a year ago, near the top of its range since 2019.
GRMN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $293.3M | -31% |
| Q2 2026 | $275.8M | +116% |
| Q1 2026 | $469.4M | +23% |
| Q4 2025 | $429.6M | +7.6% |
| Q3 2025 | $425.1M | +94% |
| Q2 2025 | $127.5M | -42% |
| Q1 2025 | $380.7M | -5.3% |
| Q4 2024 | $399.2M | -4.3% |
GRMN's free cash flow has been positive every quarter for seven years: $1.5B over the past year, up 10% from the year before.
GRMN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +146K shares |
| 1 year | 0% | +84K shares |
| 3 years | +1.1% | +2M shares |
| 5 years | +0.4% | +807K shares |
| Available history | +1.4% | +2.7M shares |
GRMN has 194M diluted shares, about the same as a year ago.
GRMN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.8x | Net Cash |
| Q2 2026 | -1.0x | Net Cash |
| Q1 2026 | -1.1x | Net Cash |
| Q4 2025 | -1.1x | Net Cash |
| Q3 2025 | -1.1x | Net Cash |
| Q2 2025 | -1.1x | Net Cash |
| Q1 2025 | -1.2x | Net Cash |
| Q4 2024 | -1.2x | Net Cash |
GRMN has more cash than debt.
GRMN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.5 | Neutral |
| Stochastic | 44.8 | Neutral |
GRMN's weekly RSI is 56 (neutral) and its Stochastic is 45 (neutral).
GRMN PE vs Technology Sector
| Metric | GRMN | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 28x | 1.3% below |
| PE % | 86 | 35 | 51 pts above |
GRMN is trading at 27x earnings, in line with the Technology sector's median of 28x.
GRMN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $283.3 | 1% above |
| 20 week MA | $278.6 | 2.7% above |
| 50 week MA | $248.6 | 15% above |
| 100 week MA | $232.3 | 23% above |
| 200 week MA | $183.4 | 56% above |
GRMN is in an uptrend: it's above all five of its weekly moving averages, and 56% above its 200-week average.
GRMN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $98.5 | $120.2 | +22% |
| 2021 | $120.2 | $134.5 | +12% |
| 2022 | $134.5 | $91.3 | -32% |
| 2023 | $91.3 | $128.5 | +41% |
| 2024 | $128.5 | $209.4 | +63% |
| 2025 | $209.4 | $205.5 | -1.8% |
| 2026 YTD | $205.5 | $286.2 | +39% |
GRMN has finished higher in four of the last six years. It's up 39% so far in 2026.