At a glance
Garmin Ltd is worth $52.85B, about 32 times its fiscal 2025 earnings. Revenue grew 15.1% to $7.25B in fiscal 2025, with 23.0% kept as profit; over 5 years it has grown 11.6% a year. It pays a 1.42% dividend yield, and returned $2.97B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +30.3% over the past year with dividends reinvested and +16.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.2% in the 2020 crash (S&P 500: 33.7%) and 39.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 14 months after the lows.
The business in plain English
Garmin Ltd. designs, makes and markets electronics for people with active lifestyles, many of them using GPS (the U.S.-owned satellite positioning system). It serves five markets: fitness, outdoor, aviation, marine and auto OEM (original equipment manufacturer). Products range from Forerunner running watches and fēnix and Instinct adventure watches to cycling computers, golf rangefinders, dash cams, dog trackers and dive computers. It delivered more than 20 million products in fiscal 2025. Garmin also offers subscriptions, such as Garmin Connect+ fitness insights, Outdoor Maps+, Garmin Golf memberships and inReach satellite plans for two-way texting and S.O.S. alerts.
Garmin relies on independent dealers and distributors to reach consumers. Avionics (electronic systems for aircraft) go directly to aircraft makers and through dealers who install them in existing aircraft. The auto OEM segment supplies products that carmakers build into their vehicles. Garmin's main factories for consumer products are in Taiwan.
In fiscal 2025, which ended December 27, 2025, revenue was $7.25 billion, up 15.1%. Fitness was the largest segment at 32.5% of revenue ($2.36 billion), followed by Outdoor at 28.3% ($2.05 billion), Marine at 16.3% ($1.18 billion), Aviation at 13.6% ($987 million) and Auto OEM at 9.2% ($665 million). Watches sit in both Fitness and Outdoor.
Price history
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GRMN +30.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Fitness Segment | $2.36B | 32.5% |
| Outdoor Segment | $2.05B | 28.3% |
| Marine Segment | $1.18B | 16.3% |
| Aviation Segment | $987.2M | 13.6% |
| Auto Oem Segment | $664.7M | 9.2% |
Latest results
- In Q3 FY2026 (ended Sep 26, 2026), revenue was $1.99B, up 12.2% from a year earlier, and net income was $541.7M (+34.9%).
- For fiscal 2025, revenue was $7.25B (+15.1% year over year; +11.6% a year from FY2020 to FY2025) with a 23% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.6% good |
|---|---|
| Operating margin | 25.9% good |
| Free cash flow margin | 18.8% good |
| Return on equity (FY2025) | 18.5% good |
| Return on assets (FY2025) | 15.1% good |
| Cash and investments | $4.07B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.19B | $992.3M | $949.9M |
| FY2021 | $4.98B | $1.08B | $704.8M |
| FY2022 | $4.86B | $973.6M | $544.0M |
| FY2023 | $5.23B | $1.29B | $1.18B |
| FY2024 | $6.30B | $1.41B | $1.24B |
| FY2025 | $7.25B | $1.66B | $1.36B |
Valuation snapshot
| Market value | $52.85B |
|---|---|
| P/E ratio | 31.9 |
| Dividend yield | 1.42% |
Rank among 1514 US companies
Market value at each year end
Garmin Ltd’s market value went from $19.32B at the end of 2019 to $52.85B on Nov 2, 2026, about 2.7 times as much; since the end of 2025 it is up 35%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $52.85B | +35.5% |
| 2025 | $39.02B | -1.4% |
| 2024 | $39.56B | +60.8% |
| 2023 | $24.59B | +39.0% |
| 2022 | $17.69B | -32.5% |
| 2021 | $26.19B | +14.4% |
| 2020 | $22.88B | +18.4% |
| 2019 | $19.32B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GRMN price data to Nov 2, 2026 | +36.9% | +30.3% | +36.1% | +16.4% | +22.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +36.9% |
| 2025 | -0.1% |
| 2024 | +63.3% |
| 2023 | +43.1% |
| 2022 | -29.6% |
| 2021 | +15.9% |
| 2020 | +25.8% |
| 2019 | +58.1% |
| 2018 | +9.8% |
| 2017 | +27.6% |
| 2016 | +36.6% |
| 2015 | -26.1% |
| 2014 | +18.4% |
| 2013 | +20.2% |
| 2012 | +8.5% |
| 2011 | +40.9% |
| 2010 | +5.1% |
| 2009 | +64.0% |
| 2008 | -79.4% |
| 2007 | +75.6% |
| 2006 | +69.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 84.3% over that stretch · deepest drop along the way 87.7%, back to its old high 123 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.2% over that stretch · deepest drop along the way 38.2%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.5% over that stretch · deepest drop along the way 39.5%, back to its old high 14 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 19 sales ($5.7M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 29, 2026 | Clifton A Pemble President and CEO, Director | sell (plan) | $1.2M |
| Aug 18, 2026 | Cheng-Wei Wang General Manager - Garmin Corp. | sell | $924K |
| Aug 18, 2026 | Cheng-Wei Wang General Manager - Garmin Corp. | sell | $680K |
| Aug 18, 2026 | Cheng-Wei Wang General Manager - Garmin Corp. | sell | $521K |
| Aug 18, 2026 | Cheng-Wei Wang General Manager - Garmin Corp. | sell | $413K |
Who owns it
Large shareholders (13G filings)
| KAO MIN H | 9.7% | Sep 30, 2026 |
| Vanguard Capital Management | 6.36% | Mar 31, 2026 |
| Jonathan Burrell | 5.07% | Jun 30, 2025 |
| BURRELL JONATHAN | 4.85% | Jun 30, 2026 |
ETFs with the most weight in GRMN
| SNSR Global X Internet of Things ETF | 6.01% |
| UFO Procure Space ETF | 4.47% |
| PEZ Invesco Dorsey Wright Consumer Cyclicals Momentum ETF | 3.34% |
| KNO AXS Knowledge Leaders ETF | 3.04% |
| SEIM SEI Enhanced U.S. Large Cap Momentum Factor ETF | 2.22% |
| ARKX ARK Space Exploration & Innovation ETF | 2% |
| MBOX Freedom Day Dividend ETF | 1.88% |
| PWB Invesco Large Cap Growth ETF | 1.33% |
What could go wrong
- Main consumer factories are in Taiwan. Garmin's principal factories for consumer products are in Taiwan. China claims Taiwan and has said it may use force in some circumstances. A conflict could disrupt Garmin's factories and its Taiwan-based suppliers.
- Wearables could mature or lose ground. Fitness (32.5% of fiscal 2025 revenue) and Outdoor (28.3%) include Garmin's watches. A maturing wearables market, or better-funded rivals copying features, could mean price cuts and lost market share.
- Auto OEM spending may weigh on profits. Garmin has made, and may keep making, significant investments in its auto OEM segment, which supplies carmakers and was 9.2% of fiscal 2025 revenue. The company warns these costs may hurt overall profits.
- Relies on satellites and clear radio spectrum. Many products depend on GPS and other satellite systems, and some subscription features, such as satellite messaging, use third-party networks. Disruption, or interference from new uses of the radio spectrum, could harm the business.
- Tariffs and trade restrictions. Garmin's main consumer factories are in Taiwan, and its customers span the globe. Changes to trade rules, including tariffs, duties and sanctions, could raise costs and significantly harm results.
- Future dividends could face Swiss withholding tax. Shareholder rights fall under Swiss law, and Garmin has limited reserves for paying distributions free of Swiss withholding tax. If those run out, future dividends could have tax withheld before reaching shareholders.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results; Other company announcement
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Garmin paid $3.43 per share in dividends in fiscal 2025, a yield of 1.43% (dividends divided by share price) as of October 28, 2026. Regular dividends grew about 7% a year from fiscal 2020 to 2025, but the per-share total dipped in fiscal 2023, so the run of increases was two years through fiscal 2025. Dividends used 39.9% of fiscal 2025 earnings and 48.7% of free cash flow (cash left after capital spending). Garmin made no share buybacks in fiscal 2021–2025. It warns that future dividends could face Swiss withholding tax because its reserves for avoiding that tax are limited.
The share price has fallen hard in downturns. It dropped 87.7% from October 2007 to November 2008 and did not recover until February 2019. It fell 38.2% in the 2020 COVID crash, recovering in about four months, and 39.5% in 2022, taking about 14 months. Like any single stock, Garmin carries more risk than a diversified fund.
Questions investors ask
How does Garmin make money?
Garmin earns its revenue from electronics, many of them GPS-based, plus related subscriptions. Fiscal 2025 revenue was $7.25 billion. Fitness, including Forerunner running watches and cycling computers, brought in 32.5%. Outdoor, including fēnix adventure watches, inReach satellite communicators and golf devices, brought in 28.3%. Marine contributed 16.3%, Aviation 13.6% and Auto OEM, products carmakers build into their vehicles, 9.2%. Subscriptions include Garmin Connect+, Outdoor Maps+ and inReach service plans.
Does Garmin raise its dividend every year?
Not every year, judging by fiscal-year totals. Regular dividends per share grew about 7% a year from fiscal 2020 to 2025, but the per-share total dipped in fiscal 2023, so the run of increases was two years through fiscal 2025. Garmin paid $3.43 per share in fiscal 2025, using 39.9% of earnings and 48.7% of free cash flow (cash left after capital spending). The dividend yield was 1.43% as of October 28, 2026.
Does Garmin have any debt?
Garmin appears to have no borrowings: none showed up in its financial filings as of September 26, 2026. On that date it held $4.07 billion in cash and investments, with total assets of $11.99 billion and shareholders' equity (assets minus liabilities) of $9.55 billion. Without debt, there are no interest bills to cover in a weak year, but that does not protect the share price, which fell 39.5% in the 2022 bear market.
Where does Garmin make its products?
Garmin's principal factories for consumer products are in Taiwan, and the company lists this as a risk. China claims sovereignty over Taiwan and has said it may use military force in some circumstances; a conflict could disrupt Garmin's factories and Taiwan-based suppliers. Garmin also warns that tariffs, duties and sanctions could significantly harm its results, and that some components come from sole-source suppliers, meaning only one supplier provides them.
How has Garmin stock performed over the long run?
Garmin's share price rose 639% over the 10 years to October 28, 2026, about 22.1% a year, and gained 16.1% a year over five years. The path was rough. The stock fell 87.7% in the 2008 financial crisis and did not recover until February 2019, and it dropped 39.5% in 2022. On October 28, 2026, it traded at 31.7 times fiscal 2025 earnings per share, its P/E (price-to-earnings) ratio. Past returns do not predict future ones.