Company Reports

Garmin is a leading manufacturer of GPS-enabled devices and electronics used for general navigation, fitness tracking, avionics, marine recreation, and outdoor adventure. Garmin’s devices address many use cases, often focusing on real-time, accurate location information and other high-feature functionality used in demanding environments. At its core, Garmin employs a classic “vertical integration” strategy, where complete control over the design and manufacturing of the product leads to tighter product integration and higher quality, helping to distinguish its portfolio from that of its peers. Garmin’s innovative product pipeline grants the firm a solid competitive position within its core markets.

Garmin reported a healthy second quarter, with revenue up 11% year over year to $2.02 billion. Pro forma EPS was $2.81, representing a solid 29% increase. Encouragingly, a strong performance in the first half of 2026, particularly in the fitness segment, helped raise the full-year outlook.

Garmin reported a healthy first quarter, with sales rising 14% year over year to $1.75 billion. Pro forma EPS was $2.08, representing a solid 29% increase. The outdoor segment underperformed, offset by broad-based growth in other segments, leading to a reiterated 2026 guide.

Garmin is a leading manufacturer of GPS-enabled devices and electronics used for general navigation, fitness tracking, avionics, marine recreation, and outdoor adventure. Garmin’s devices address many use cases, often focusing on real-time, accurate location information and other high-feature functionality used in demanding environments. At its core, Garmin employs a classic “vertical integration” strategy, where complete control over the design and manufacturing of the product leads to tighter product integration and higher quality, helping to distinguish its portfolio from that of its peers. Garmin’s innovative product pipeline grants the firm a solid competitive position within its core markets.

Garmin reported great fourth-quarter results, and shares were up almost 10%. Revenue grew 17% year over year in the quarter, EPS was up 16%. The 2026 outlook was ahead of our own and FactSet consensus expectations.

Garmin is a leading manufacturer of GPS-enabled devices and electronics used for general navigation, fitness tracking, avionics, marine recreation, and outdoor adventure. Garmin’s devices address many use cases, often focusing on real-time, accurate location information and other high-feature functionality used in demanding environments. At its core, Garmin employs a classic “vertical integration” strategy, where complete control over the design and manufacturing of the product leads to tighter product integration and higher quality, helping to distinguish its portfolio from that of its peers. Garmin’s innovative product pipeline grants the firm a solid competitive position within its core markets.

Garmin is a leading manufacturer of GPS-enabled devices and electronics used for general navigation, fitness tracking, avionics, marine recreation, and outdoor adventure. Garmin’s devices address many use cases, often focusing on real-time, accurate location information and other high-feature functionality used in demanding environments. At its core, Garmin employs a classic “vertical integration” strategy, where complete control over the design and manufacturing of the product leads to tighter product integration and higher quality, helping to distinguish its portfolio from that of its peers. Garmin’s innovative product pipeline grants the firm a solid competitive position within its core markets.

Garmin posted decent third-quarter results, with revenue up 12% year on year and a slight beat on non-GAAP EPS of $1.99. Underneath the surface, the outdoor and automotive businesses both underperformed, while fitness, marine, and aviation outperformed.

Garmin is a leading manufacturer of GPS-enabled devices and electronics used for general navigation, fitness tracking, avionics, marine recreation, and outdoor adventure. Garmin’s devices address many use cases, often focusing on real-time, accurate location information and other high-feature functionality used in demanding environments. At its core, Garmin employs a classic “vertical integration” strategy, where complete control over the design and manufacturing of the product leads to tighter product integration and higher quality, helping to distinguish its portfolio from that of its peers. Garmin’s innovative product pipeline grants the firm a solid competitive position within its core markets.

Garmin delivered solid second-quarter results, with revenue growing 20% year over year, which exceeded our expectations. Margins expanded nicely, resulting in a strong beat on the bottom line. These results helped support management's raise of the full-year outlook.

Narrow-moat Garmin reported earnings with revenue broadly in line with FactSet consensus expectations; however, it slightly missed profitability forecasts. Garmin expects tariffs on its foreign-manufactured products sold in US markets, though temporary exemptions exist, and the benefits from international currency sales may partially offset the trade challenges. While management noted that it had not seen any material change in demand or pull-forward for their products, we expect a slight reduction in consumer demand and expect this to show in the quarters ahead. With shares down around 7% amid weak profitability and trade concerns, we maintain our fair value estimate of $198 per share and currently view the stock as fairly valued.

We are raising our fair value estimate for narrow-moat Garmin to $198 from $179 after the firm reported stellar fourth-quarter results that surpassed both our top-line and profitability expectations. Successful product launches and a cyclical upswing in demand propelled Garmin’s robust revenue growth during the quarter, while operational efficiencies and a favorable product mix buttressed margin. We have adjusted our intermediate estimates to reflect our reinforced faith in Gamin’s strong product portfolio, particularly in the fitness and outdoor segments. Management laid out 2025 targets that exceeded our top- and bottom-line expectations. Shares were up 14% intraday, leaving the stock moderately overvalued, in our view.

Garmin specializes in GPS-enabled hardware and software for recreational and defense needs. We like the firm’s ability to bring this core technology proposition to several distinct end markets and generate attractive growth. We also appreciate the firm’s vertically integrated approach and focus on premium products, which generate good operating margins. We expect Garmin to maintain its strong foothold across its served markets and defend its market share even from well-capitalized competitors like Apple and Samsung.

Garmin specializes in GPS-enabled hardware and software for recreational and defense needs. We like the firm’s ability to bring this core technology proposition to several distinct end markets and generate attractive growth. We also appreciate the firm’s vertically integrated approach and focus on premium products, which generate good operating margins. We expect Garmin to maintain its strong foothold across its served markets and defend its market share even from well-capitalized competitors like Apple and Samsung.

We are raising our fair value estimate for narrow-moat Garmin to $179 from $148 per share after the company posted outstanding third-quarter results, nicely beating our top- and bottom-line projections. All of the firm's five segments except aviation grew by 20% plus year over year. Even in aviation, the firm is rolling out promising new offerings—like a runway occupancy awareness system, the only such product on the market—in an otherwise more mature market. On profitability, as scale grows, pure material costs leverage is well underway, and the firm is experiencing benefits from the Taiwan dollar. Shares are up around 23% upon results, near $204 per share—leaving the stock moderately overvalued in our view.

Garmin specializes in GPS-enabled hardware and software for recreational and defense needs. The company became a household name with the debut of its automotive portable navigation device. However, as smartphone apps have disrupted the PND market, Garmin’s major revenue sources have shifted to its aviation and marine segments as well as its fitness and outdoor segments as the smartwatch market has taken off. We’re confident that Garmin will be able to uphold excess returns on capital in the long term, given the robust operating margins that we think the company will be able to maintain in its moaty segments: aviation, marine, and outdoors.

We are raising our fair value estimate for Garmin to $148 per share from $132 after the firm posted an exceptional quarter, with a strong beat above our top- and bottom-line expectations and rosier guidance. Even with our fair value adjustment in mind, we view shares as overvalued, as the firm's strong will to keep up rapid innovation ought to moderate margin expansion over the next five years, in our view.

Garmin specializes in GPS-enabled hardware and software for recreational and defense needs. The company became a household name with the debut of its automotive portable navigation device. However, as smartphone apps have disrupted the PND market, Garmin’s major revenue sources have shifted to its aviation and marine segments as well as its fitness and outdoor segments as the smartwatch market has taken off. We’re confident that Garmin will be able to uphold excess returns on capital in the long term, given the robust operating margins that we think the company will be able to maintain in its moaty segments: aviation, marine, and outdoors.

Garmin specializes in GPS-enabled hardware and software for recreational and defense needs. The company became a household name with the debut of its automotive portable navigation device. However, as smartphone apps have disrupted the PND market, Garmin’s major revenue sources have shifted to its aviation and marine segments as well as its fitness and outdoor segments as the smartwatch market has taken off. We’re confident that Garmin will be able to uphold excess returns on capital in the long term, given the robust operating margins that we think the company will be able to maintain in its moaty segments: aviation, marine, and outdoors.

We maintain our $132 fair value estimate for shares of narrow-moat Garmin after the firm reported good first-quarter results that were in line with our long-term thesis. Garmin’s results exceeded our expectations, but management maintained its full-year guidance, which implies a more moderate progression from this strong quarter. Garmin’s profitability was especially good in the quarter, but we now expect levels to remain consistently around this level through the rest of the year. Shares popped more than 10% after the release, which we see as a short-term reaction to a good quarter despite the company maintaining its full-year outlook. We now see shares as overvalued.