Latest revenue
$1.75B
as of 2026-03-28
Latest net income
$405.1M
as of 2026-03-28
Net margin
23.1%
as of 2026-03-28
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $46.42B
- Enterprise value
- $44.13B
- P/E (trailing)
- 27.9×
- Forward P/E
- —
- P/B
- 5.01×
- Dividend yield
- 1.5%
- 52-wk high
- $273.32
- 52-wk low
- $186.67
- Beta
- —
- Shares out
- 192.9M
5-year trend
What this company does
Garmin designs and sells GPS-enabled devices including smartwatches, fitness trackers, marine electronics, aviation avionics, and outdoor and automotive navigation products. The company generates revenue primarily from hardware sales across these five segments, with consumer wearables (fitness and outdoor watches) driving most of its growth. Q1 2026 sales rose 14% year-over-year to $1.75 billion with operating income up 30%, reflecting strong demand and expanding margins on a debt-free balance sheet holding over $4.3 billion in cash and securities.
Generated from GRMN's filing dated 2026-02-18
Key risks
- FX exposure material: Q1 swung to $50.1M translation loss versus $8.7M gain prior year; foreign currency gains collapsed to $3.1M from $24.8M.
- Inventory build outpacing sales: inventories rose to $1.85B (+4.4% QoQ) while AR dropped $312M, suggesting potential channel destocking or demand softening ahead.
- Swiss-domiciled tax structure risk: effective tax rate just 14.3%; any OECD Pillar Two or Swiss tax reform could materially compress $405M quarterly net income.
Generated from GRMN's filing dated 2026-02-18
Profitability
Gross margin
58.7%
0.1%Operating margin
25.9%
2.3%Net margin
23.0%
2.5%Return on equity
18.5%
3.1%Return on assets
15.1%
3.3%Leverage
Debt / equity
0.23×
0.8%Debt / assets
18.4%
0.7%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-28 | $1.75B | +14.2% | $405.1M | +21.7% | 23.1% |
Q4 2025 2025-12-27 | $2.12B | +16.6% | $528.7M | +21.3% | 24.9% |
Q3 2025 2025-09-27 | $1.77B | +11.7% | $401.6M | +0.6% | 22.7% |
Q2 2025 2025-06-28 | $1.81B | +20.4% | $400.8M | +33.3% | 22.1% |
Q1 2025 2025-03-29 | $1.54B | +11.1% | $332.8M | +20.6% | 21.7% |
Q4 2024 2024-12-28 | $1.82B | — | $435.7M | — | 23.9% |
Q3 2024 2024-09-28 | $1.59B | +24.1% | $399.1M | +55.1% | 25.2% |
Q2 2024 2024-06-29 | $1.51B | +14.1% | $300.6M | +4.4% | 20.0% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Search, Detection, Navigation, Guidance, Aeronautical Sys · SIC 3812
Your notes
Keep private notes on GRMN — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$19.4M
Net activity
−$19.4M
Distinct insiders
9
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns GRMN
Institutional value
$15.29B
Total shares held
69.2M
Distinct holders
717
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 15.4M | $3.58B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 10.6M | $2.46B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 7.9M | $1.83B | — | New |
| 4 | Artisan Partners Limited Partnership | 5.5M | $1.28B | — | New |
| 5 | JPMORGAN CHASE & CO | 1.9M | $427.0M | — | New |
| 6 | DIMENSIONAL FUND ADVISORS LP | 1.6M | $378.5M | — | New |
| 7 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1.4M | $323.8M | — | New |
| 8 | Legal & General Group Plc | 1.2M | $275.0M | — | New |
| 9 | Invesco Ltd. | 1.2M | $274.7M | — | New |
| 10 | VANGUARD FIDUCIARY TRUST CO | 920.3K | $213.5M | — | New |
| 11 | Bank of New York Mellon Corp | 836.8K | $194.1M | — | New |
| 12 | WELLS FARGO & COMPANY/MN | 806.8K | $187.2M | — | New |
| 13 | UBS Group AG | 586.3K | $136.0M | — | New |
| 14 | Pictet Asset Management Holding SA | 547.7K | $127.1M | — | New |
| 15 | DEUTSCHE BANK AG\ | 521.5K | $121.0M | — | New |
| 16 | Swiss National Bank | 479.8K | $111.3M | — | New |
| 17 | Nuveen, LLC | 467.8K | $108.5M | — | New |
| 18 | Walleye Capital LLC | 438.2K | $101.7M | — | New |
| 19 | Sumitomo Mitsui Trust Group, Inc. | 418.6K | $97.1M | — | New |
| 20 | Robeco Institutional Asset Management B.V. | 405.3K | $94.0M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Inventory rose to $1.85B against 14% revenue growth—are you building for demand or facing channel sell-through softness in Fitness/Outdoor?
- 2
Gross margin expanded to 59.4% from 57.6%; how much is FX/mix versus sustainable, and what's the tariff exposure for FY26?
- 3
Tax provision was just 14.3% versus 14.5% prior year—what's your assumption for OECD Pillar Two impact on Switzerland-domiciled earnings?
Refreshed when GRMN files a new report · last from 2026-02-18