Garmin Ltd (GRMN) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Garmin Ltd stock $318, price $286, upside +11.1%, quality 76 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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TechnologyUS · Home Switzerland · ISIN CH0114405324
GLBroad dataNov 5, 2026
Garmin Ltd
GRMN · US
Fairly valued,in an uptrend
The stock costs about what our calculation considers fair.
Quality 76/100
Healthy Growth(revenue 5y +11.6 %/yr in USD)
Highly profitable · 24.5% net margin (TTM)
Low debt
Generates free cash flow
1.5% dividend yield · Well covered
Ranks above peers(10/15)
Wide moat93/100
Positive coverage
Broad data
Profit last quarter +35% vs. a year ago.
Fair value $318.07 · Fairly valued (+11.1%)
Insiders sold $5.7M (6M)
Quality growth
Risks from the AI analysis
🚩Cheaper rivals like COROS undercut premium pricing🚩Strava patent lawsuit threatens device features
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $72.42 – $311.95 · fair‑value band $199.43 – $403.86 · the $286.40 price screens below the $318.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Garmin Ltd. designs, develops, manufactures, markets, and distributes a diverse range of GPS-enabled products and navigation, communications, sensor-based, and information products and services worldwide.
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It offers running; cycling products; smartwatch devices; scales and monitors; and sports timing and performance analysis; Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, which enables third parties to create applications that run on Garmin devices.
It also provides adventure watches; outdoor handhelds and satellite communicators; golf devices; consumer automotive; dog devices; InReach and Gramin response; and dive devices.
In addition, it designs, manufactures, and markets various aircraft avionics solutions, including integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponders, weather information and avoidance solutions, datalink and connectivity solutions, and portable GPS navigators and wearables, as well as service products to the aviation market.
Further, it offers chartplotters and multi-function displays, cartography, fishfinders, sonar, autopilot systems, radars, compliant instrument displays and sensors, VHF communication radios, handhelds and wearable devices, sailing, audio, digital switching, trolling motors, and lighting; and domain controllers and infotainment units, as well as software, map database, camera, wearable, and automotive solutions.
The company sells its products through independent retailers, dealers, distributors, installation and repair shops, OEM, and online webshop. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.
Stock analysis
Garmin Ltd (GRMN) currently trades at $286.40, while our model-based Fair Value estimate is $318.07, so the stock looks roughly fairly valued today (gap 10.0%).
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Valuation
Bull case: the DCF Models group reads highest at a median of $157.03 per share, and 0 of the 26 models we run sit above the $286.40 price.
Bear case: the Dividend Discount group reads lowest at $56.60, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $199.43 (bear) to $403.86 (bull), the price of $286.40 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 76/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Garmin Ltd reported revenue of $7.2B in FY2025 versus $5.0B in FY2021, a compound +9.8%/yr. Reported net income was $1.7B in FY2025, compounding +11.4%/yr from FY2021.
Key figures
Market cap $55.4B Large · P/E ratio 27.5 · P/S ratio 7.22 · EPS (TTM) $10.41 · Dividend yield 1.5% · Net margin 24.5% · Return on equity 21.9% · Return on assets (EBIT) 15.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 93 out of 100 (medium confidence).
What moves the price
The share trades about 8% below its 52-week high and 56% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −45% fair-value upside, at 11%, GRMN screens cheaper than that median.
Fair Value models
Bear$199.43Fair Value $318.07Bull$403.86
Price $286.40 · Upside +11.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($5.27 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
SalePatrick Desboisco-COO2× since Jan 7, 2026: 10,372 shares, avg. $237.03$2.5MFeb 26, 202610b5-1 plan
Plus 1 more entries from the last 12 months.
Plus 16 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+15.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.6%
Start year 2020 (pandemic). Over 10 years: +9.9% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+12.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.7%
Dividend (yield on the price)1.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10.7% vs 13.7%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.25% → 26%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+19.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +16.5% a year for the price and +8.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Solid margins and zero debt bolster pricing power together with governance quality, while limited public signals on human capital and insider activity constrain overall moat strength.
Main risk: Specialist rivals such as COROS and Amazfit could offer comparable GPS accuracy, training metrics and battery life at substantially lower prices, eroding Garmin's share or margins in the fitness and outdoor segments.
Bull case: Garmin could deepen its data ecosystem and specialist integrations in aviation, marine and endurance sports to retain premium customers even as lower-priced rivals expand.
Bear case: If cheaper alternatives capture significant share in fitness and outdoor while the Strava suit restricts key software features, Garmin's core wearable revenue could stagnate or decline as customers shift to lower-cost options.
Garmin runs operations across fitness wearables, outdoor, aviation, marine and automotive segments. New premium launches like the Enduro 4 target endurance athletes while the marine side keeps earning top industry awards year after year. Our models see it as undervalued. Will the non-wearable segments deliver steadier growth than the fitness cycle alone can sustain?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Scientific & Technical Instruments · 158 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Garmin Ltd Fair Value". https://www.fairvalue-calculator.com/stock/GRMN
Frequently asked questions
Is Garmin Ltd (GRMN) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $318.07 versus a price of $286.40, about +11% upside (fairly valued).
What is the fair value of GRMN?
Our model-based fair value for Garmin Ltd is $318.07 (as of Nov 5, 2026), built from audited fundamentals. The current price: $286.40.
What is the quality score of GRMN?
Garmin Ltd has a Quality Score of 76/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Garmin Ltd (GRMN)?
Our model-based price target is the fair value of $318.07 (as of Nov 5, 2026) from 26 valuation models. Cautious scenario $199.43, optimistic scenario $403.86. It is a calculation from audited fundamentals, not an analyst target.
What is the Garmin Ltd stock forecast for 2026?
Our models put fair value at $318.07, about +11% upside versus a price of $286.40 (fairly valued). Cautious scenario $199.43, optimistic scenario $403.86. The calculation is refreshed regularly with new filings.
What is the revenue of Garmin Ltd (GRMN)?
Garmin Ltd reported trailing-twelve-month revenue of about $7.7B (latest available figure, as of Nov 5, 2026).
Does Garmin Ltd pay a dividend?
Garmin Ltd currently shows a dividend yield of 1.47% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Garmin Ltd (GRMN)?
For today's price to be fair in a discounted-cash-flow model, Garmin Ltd would have to grow free cash flow by +19.3 % per year for five years (discount rate 8.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.6 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of GRMN use?
Our models discount Garmin Ltd at 8.8 %: a base by market capitalisation (large), damped by beta 0.83, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Garmin Ltd that is +19.3 % per year a year over ten years, using the same discount rate (8.8 %) and the same formula as our fair value.
How much growth has Garmin Ltd (GRMN) delivered so far?
Over the past 5 years revenue at Garmin Ltd grew +11.6 % a year. The price currently implies +19.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Garmin Ltd (GRMN) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Garmin Ltd (+19.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Garmin Ltd (GRMN)?
The free-cash-flow yield on the price is 2.46 %: that much free cash flow Garmin Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Garmin Ltd (GRMN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Garmin Ltd it is $318.07 per share (as of Nov 5, 2026), against a price of $286.40. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Garmin Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, GRMN trades below its calculated fair value: price $286.40, fair value $318.07, a gap of about +11% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GRMN?
No. The price is what the market pays today ($286.40); the fair value is what the company's own numbers justify ($318.07). For Garmin Ltd the two are $31.67 per share apart. That gap is exactly why we show both numbers side by side.
How much is Garmin Ltd worth?
The market values Garmin Ltd at about $55.4B (market capitalisation, as of Nov 5, 2026). Per share that is $286.40; our models calculate a fair value of $318.07 per share.
What do the bullish and bearish scenarios say about GRMN?
Our models span a range for Garmin Ltd: cautious scenario $199.43, base $318.07, optimistic $403.86 per share (as of Nov 5, 2026, price $286.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GRMN?
Garmin Ltd trades at a price-to-earnings ratio of 27.5 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $318.07 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 19.3. Other multiples: PEG 3.1, P/B 6.2, P/S 7.2, EV/EBITDA 23.0.
What is the PEG ratio of GRMN?
The PEG ratio of Garmin Ltd is 3.08 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Garmin Ltd (GRMN)?
Balance-sheet figures for Garmin Ltd (as of Nov 5, 2026): return on equity 21.9%. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is GRMN from its 52-week high?
Garmin Ltd trades at $286.40, about 8% below its 52-week high of $311.95 and 56% above the low of $184.06 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $318.07 is for.
Which stocks are comparable to Garmin Ltd?
From the same area (Technology) we also value Keysight Technologies, Inc, Coherent Corp, Teledyne Technologies Incorporated, AVIC Chengdu Aircraft Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Garmin Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price $286.40, calculated fair value $318.07 (+11%), Quality Score 76/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GRMN calculated?
We run Garmin Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $318.07, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Garmin Ltd currently trades 10% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Garmin Ltd (GRMN)?
The closing price on Nov 5, 2026 was $286.40. Our model-based fair value is $318.07, about +11% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Garmin Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($199.43 to $403.86) leaves room in how you read the outcome.
Where does the earnings growth of Garmin Ltd (GRMN) come from?
Earnings per share at Garmin Ltd grew +14.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.8 %, EBIT margin +1.4 %, tax rate +2.8 %, residual (interest, one-offs) +0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Garmin Ltd
How large is the market capitalisation of Garmin Ltd (GRMN)?
The market capitalisation of Garmin Ltd is $55.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Garmin Ltd (GRMN)?
The price-to-sales ratio of Garmin Ltd is 7.22 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Garmin Ltd (GRMN)?
Earnings per share at Garmin Ltd are $10.41 (price ÷ EPS = P/E 27.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Garmin Ltd (GRMN)?
The dividend yield of Garmin Ltd is 1.5% (payout 40.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Garmin Ltd (GRMN)?
The net margin of Garmin Ltd is 24.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Garmin Ltd (GRMN)?
The return on equity (ROE) of Garmin Ltd is 21.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Garmin Ltd (GRMN)?
On an EBIT basis the return on assets of Garmin Ltd is 15.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Garmin Ltd (GRMN)?
The operating margin of Garmin Ltd is 30.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Garmin Ltd (GRMN)?
Revenue at Garmin Ltd is growing +11.4% versus a year earlier (3y avg +14.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Garmin Ltd (GRMN)?
Earnings per share at Garmin Ltd are growing +35.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Garmin Ltd (GRMN) hold?
Garmin Ltd holds more cash than debt, $2.1B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 5, 2026