NYSE: GRMN
Garmin
Consumer Discretionary · Search, Detection, Navigation, Guidance, Aeronautical Sys
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 26, 2026. Hover or tap a column for another year.$56.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.60B |
| FY2017, ended Dec 30, 2017 | $11.8B |
| FY2018, ended Dec 29, 2018 | $12.4B |
| FY2019, ended Dec 28, 2019 | $18.8B |
| FY2020, ended Dec 26, 2020 | $23.0B |
| FY2021, ended Dec 25, 2021 | $25.9B |
| FY2022, ended Dec 31, 2022 | $17.7B |
| FY2023, ended Dec 30, 2023 | $24.7B |
| FY2024, ended Dec 28, 2024 | $40.3B |
| FY2025, ended Dec 27, 2025 | $39.6B |
| Trailing 12 months to Sep 26, 2026 (through Q3 FY2026) | $56.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 26, 2026. Hover or tap a column for another year.$7.89B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.05B |
| FY2017, ended Dec 30, 2017 | $3.12B |
| FY2018, ended Dec 29, 2018 | $3.35B |
| FY2019, ended Dec 28, 2019 | $3.76B |
| FY2020, ended Dec 26, 2020 | $4.19B |
| FY2021, ended Dec 25, 2021 | $4.98B |
| FY2022, ended Dec 31, 2022 | $4.86B |
| FY2023, ended Dec 30, 2023 | $5.23B |
| FY2024, ended Dec 28, 2024 | $6.30B |
| FY2025, ended Dec 27, 2025 | $7.25B |
| Trailing 12 months to Sep 26, 2026 (through Q3 FY2026) | $7.89B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 26, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $518M | $615M |
| FY2017, ended Dec 30, 2017 | $709M | $521M |
| FY2018, ended Dec 29, 2018 | $694M | $764M |
| FY2019, ended Dec 28, 2019 | $952M | $581M |
| FY2020, ended Dec 26, 2020 | $992M | $950M |
| FY2021, ended Dec 25, 2021 | $1.08B | $705M |
| FY2022, ended Dec 31, 2022 | $974M | $544M |
| FY2023, ended Dec 30, 2023 | $1.29B | $1.18B |
| FY2024, ended Dec 28, 2024 | $1.41B | $1.24B |
| FY2025, ended Dec 27, 2025 | $1.66B | $1.36B |
| Trailing 12 months to Sep 26, 2026 (through Q3 FY2026) | $2.02B | $1.47B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 26, 2026. Hover or tap a column for another year.$2.04B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $847M |
| FY2017, ended Dec 30, 2017 | $891M |
| FY2018, ended Dec 29, 2018 | $1.20B |
| FY2019, ended Dec 28, 2019 | $1.03B |
| FY2020, ended Dec 26, 2020 | $1.46B |
| FY2021, ended Dec 25, 2021 | $1.50B |
| FY2022, ended Dec 31, 2022 | $1.28B |
| FY2023, ended Dec 30, 2023 | $1.69B |
| FY2024, ended Dec 28, 2024 | $2.08B |
| FY2025, ended Dec 27, 2025 | $2.28B |
| Trailing 12 months to Sep 26, 2026 (through Q3 FY2026) | $2.04B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 26, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 2.7% since 2016.Figures shown are for the trailing 12 months to Sep 26, 2026. Hover or tap a column for another year.193M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 198M |
| FY2017, ended Dec 30, 2017 | 198M |
| FY2018, ended Dec 29, 2018 | 198M |
| FY2019, ended Dec 28, 2019 | 191M |
| FY2020, ended Dec 26, 2020 | 192M |
| FY2021, ended Dec 25, 2021 | 193M |
| FY2022, ended Dec 31, 2022 | 191M |
| FY2023, ended Dec 30, 2023 | 192M |
| FY2024, ended Dec 28, 2024 | 192M |
| FY2025, ended Dec 27, 2025 | 192M |
| Trailing 12 months to Sep 26, 2026 (through Q3 FY2026) | 193M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 26, 2026. Hover or tap a column for another year.Net: $175M more issued than bought back
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $93.2M | $41.3M |
| FY2017, ended Dec 30, 2017 | $74.5M | $44.7M |
| FY2018, ended Dec 29, 2018 | — | $56.4M |
| FY2019, ended Dec 28, 2019 | — | $63.4M |
| FY2020, ended Dec 26, 2020 | — | $80.9M |
| FY2021, ended Dec 25, 2021 | — | $92.5M |
| FY2022, ended Dec 31, 2022 | — | $76.8M |
| FY2023, ended Dec 30, 2023 | — | $101M |
| FY2024, ended Dec 28, 2024 | — | $137M |
| FY2025, ended Dec 27, 2025 | — | $166M |
| Trailing 12 months to Sep 26, 2026 (through Q3 FY2026) | — | $175M |
Revenue (TTM)
$7.89B
+13.6% YoY
Net income (TTM)
$2.02B
+28.4% YoY
Cash
$2.04B
−1.6% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $52.5B
- P/E
- 26.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.7×
- Price / Book
- 5.5×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $7.89B
- Revenue Growth YoY
- 13.6%
- Revenue CAGR 3Y
- 14.2%
- Revenue CAGR 5Y
- 11.6%
- EPS Growth YoY
- 28.4%
- Net Income Growth YoY
- 28.4%
Profitability
Trailing 12 months- Gross Margin
- 61.1%
- Operating Margin
- 28.8%
- Net Margin
- 25.6%
- FCF Margin
- 18.6%
- Return on Equity
- 22.4%
Earnings
Trailing 12 months- Net Income
- $2.02B
- EPS (diluted)
- $10.41
- EBITDA
- $2.43B
- Operating Income
- $2.27B
Balance Sheet
As of Sep 26, 2026- Cash and cash equivalents
- $2.04B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $12.0B
- Total Liabilities
- $2.44B
- Shareholders' Equity
- $9.55B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.89B
- Capital Expenditure
- $419M
- Free Cash Flow
- $1.47B
Dividends and risk
Last 12 months- Dividend Yield
- 1.4%
- Dividend / Share
- $3.90
- Beta (5Y)
- 0.82
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 13.6% year over year, at $7.89B.
Strength
Operating margin widened 3.2 pts in a year, to 28.8%.
Strength
Turns 18.6% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 26, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K66Mildly positive
10-K for the fiscal year ended Dec 27, 2025
Filed Feb 18, 2026 · Read the filing on EDGAR
- Sales rose 15% to $7.25 billion and operating income rose 18% to $1.88 billion. Fitness is now the largest segment, at 33% of sales.
- Net income rose 18% to $1.66 billion. The tax rate was steady at about 17%; new US tax rules raised it slightly in 2025 but are expected to lower it in 2026.
- Outdoor operating income slipped 2%, and the auto OEM loss grew to $49 million despite 9% higher sales.
- Cash and investments reached about $4.1 billion with no long-term debt. Operating cash flow was $1.63 billion.
Business momentum
Improving
“Total operating income increased 18% in absolute dollars and remained relatively flat as a percent of revenue in fiscal year 2025 compared to fiscal year 2024.”
Outlook
Neutral
“Certain provisions of the U.S. tax legislation enacted in 2025 become effective in 2026, which the Company anticipates will increase certain U.S. tax deductions and result in a lower effective tax rate in 2026 as compared to 2025.”
Financial stress
None
“We have no outstanding long-term debt as of December 27, 2025 and otherwise have no meaningful debt-related interest rate risk.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Fitness profit surged on wearables demand
“The increase in fitness revenue was primarily driven by strong demand for wearables.”
Sales grew in every segment
“Net sales increased 15% in fiscal year 2025 when compared to the year-ago period.”
Large cash pile and no debt
“As of December 27, 2025, we had approximately $4.1 billion of cash, cash equivalents and marketable securities.”
Concerns
Auto OEM losses widened
“Operating performance of the auto OEM segment has negatively impacted our consolidated operating income, as the associated revenue and gross profit have not been sufficient to cover these costs.”
Outdoor profit fell as costs outpaced sales
“Operating expense, as a percent of segment net sales, increased in the outdoor segment by 140 basis points over the year-ago period, as the year-over-year increase of operating expense was greater than that of net sales.”
Cash tax payments expected to rise in 2026
“we expect net cash outlays for income taxes in fiscal 2026 to exceed income tax expense in fiscal 2026, and to increase as compared to fiscal 2025.”
New risks since the previous report
GPS signal jamming and spoofing
“Products and services that rely on the Global Navigation Satellite System (GNSS) are vulnerable to external interference, such as jamming and spoofing.”
Changes from 2025 US tax law, including new foreign-subsidiary (CFC) ownership rules
“On July 4, 2025, the U.S. enacted new tax legislation which changed the CFC attribution rules.”
Fluctuating memory chip costs
“Additionally, costs of components, including memory chips, have fluctuated and may continue to in the future due to factors such as supply constraints or global shortages.”
Possible restructuring costs in auto OEM
“We may incur substantial restructuring costs if we are unable to generate profits from auto OEM contracts”
Biggest risks named
- Political and military risk around Taiwan, where main factories are
- Tariffs and trade restrictions
- Ongoing auto OEM losses
- Swings in demand for wearables
- Changing tax laws and global minimum tax
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | +2 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 66 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 18, 2026 | 66 | Improving | None | |
| 10-K | Feb 19, 2025 | 73 | Strong improvement | None | |
| 10-K | Feb 21, 2024 | 67 | Improving | None | |
| 10-K | Feb 22, 2023 | 50 | Weakening | None | |
| 10-K | Feb 16, 2022 | 70 | Strong improvement | None | |
| 10-K | Feb 17, 2021 | 63 | Improving | 1 minor | |
| 10-K | Feb 19, 2020 | 74 | Strong improvement | None | |
| 10-K | Feb 21, 2018 | 64 | Improving | None | |
| 10-K | Feb 22, 2017 | 67 | Improving | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 26, 2026), filed Oct 28, 2026. View filings on SEC EDGAR