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Garmin

GRMN
77
Hardware, Equipment & Parts · Technology
Price
$294.85
+1.76 (+0.60%)
Market Cap
$56.86B
Winston Score
77
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jun 27, 2026
How the score breaks down
Quality
Exceptional
Growth
Exceptional
Cash Flow
Strong
Stability
Exceptional
Valuation
Weak
Dividends
Good
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Winston Score History

The full picture

Garmin makes GPS navigation devices and smartwatches for everyday consumers and professionals. Its products span five main markets: automotive, aviation, marine, outdoor recreation, and fitness. The company is one of the largest makers of aviation cockpit electronics in the world, and its Forerunner and fēnix watch lines are widely used by athletes and outdoor enthusiasts.

Garmin earns money by selling hardware devices outright, with some additional revenue from software, maps, and subscription services. It operates globally, with strong sales across North America, Europe, and Asia, and generates roughly $5–6 billion in annual revenue. Its moat comes from deep engineering expertise, FAA-certified aviation products that are hard to replicate, and loyal customers in niche outdoor and fitness communities. The main risk is that smartphone apps continue to replace standalone GPS devices in everyday use, which could pressure its consumer segments over time.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+35.1% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

14.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$4.4B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Garmin is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
62.4%
Premium pricing power — 62.4% gross margin
Profit after running costs
Operating Margin
30.4%
Excellent — 30.4% operating margin
Return on the money invested
ROCE
23.0%
Exceptional — 23.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+13.5%
Fast-growing sales (+13.5% YoY)
Profit growth
EPS YoY
+19.5%
Earnings growing fast (+19.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
102%
Turns 102% of profit into real cash
Spare cash per sale
FCF Margin
20.0%
Converts sales into free cash efficiently (20.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.02
Conservative — low debt load (0.02)
Covers its interest
Interest Cover
100.00x
—
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
30.2x
no trend
Pricey — P/E 30.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
-0.7
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
1.21%
no trend
Small dividend — 1.21% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+16.7%
no trend
Dividend growing fast (16.7% YoY)

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