| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 26 | 29.1x | 17.8x | Bottom tier | |
Growth | 70 | 13.5% | 7.1% | Top tier | |
Quality | 84 | 19.8% | 4.5% | Top tier | |
Safety | 93 | — | 2.6x | Top tier | |
Capital Return | 50 | 1.22% | 2.12% | Around median | |
Momentum | 78 | 29.8% | 2.9% | Top tier | |
Sentiment | 42 | 5 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Garmin Ltd. operates through five segments that combine specialized hardware, software, and services: fitness, outdoor, aviation, marine, and auto OEM. The company generates revenue from watches and wearable devices, navigation, communication, and sonar products, cockpit systems, and control units supplied to automakers; it is also expanding its services revenue through Garmin Connect and the TrainingPeaks and TrainHeroic platforms, which it acquired to support the training experience between athletes and coaches.
In Q2 fiscal 2026, revenue rose 11% to $2.022 billion, operating income increased 30% to $616 million, GAAP EPS reached $2.80, and adjusted EPS reached $2.81. Gross margin expanded 360 basis points to 62.4%, while operating margin increased 440 basis points to 30.4%, supported by product mix and a $21 million tariff refund; therefore, the full improvement does not represent a recurring operating gain.
The fitness segment was the largest contributor to Q2 fiscal 2026 revenue, generating $757 million and growing 25%, followed by outdoor at $483 million, down 2%, marine at $341 million, up 14%, aviation at $269 million, up 8%, and auto OEM at $172 million, up 1%. According to EDGAR figures, revenue for the twelve-month period ending in 2026 was approximately $7.5 billion, with gross profit of $4.4 billion, net income of $1.7 billion, and EPS of approximately $8.97.
The analyst consensus on GRMN is “Neutral,” with an average target of $320.25 and a wide range between $289 and $370; the average is only approximately 1.9% above the 52-week range high of $314.28, while the highest target exceeds that high by approximately 17.7%. The stock's 52-week range between $186.67 and $314.28, together with the absence of a P/E multiple in the provided data, suggests that the assessment should balance the raised fiscal 2026 outlook against memory-cost risks and weakness in auto OEM, instead of relying on the average target alone.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Revenue rose 11% to $2.022 billion, driven primarily by fitness growth of 25% to $757 million and marine growth of 14% to $341 million. Operating income increased 30% to $616 million, and operating margin expanded to 30.4%. The new product mix and a $21 million tariff refund helped raise gross margin to 62.4%.
On July 29, 2026, the company raised its revenue forecast to approximately $8.05 billion, compared with its previous forecast of $7.9 billion. It raised its adjusted EPS forecast to $10.00 from $9.65, with expected gross margin of approximately 59.7% and operating margin of approximately 27%. It also expects free cash flow of approximately $1.4 billion and capital expenditures of approximately $550 million during fiscal 2026.
CIRQL expands Garmin's presence from sports watches into a screen-free smart ring that provides core health and fitness data without a subscription. Users can add Connect Plus features, including AI functions and nutrition tracking, but the core features expected from Garmin devices are available through Garmin Connect. On the July 29, 2026 call, management said reception exceeded its expectations and that the displayed shipping window ranged between five and eight weeks because strong demand coincided with supply constraints.
Automated analysis for informational purposes only — not investment advice.
In Q2 fiscal 2026, outdoor generated $483 million in revenue and a 34% operating margin despite a 2% revenue decline. Marine recorded $341 million, up 14%, while aviation generated $269 million, up 8%, supported by OEM and aftermarket channels. Auto OEM generated $172 million and a 2% operating margin, with revenue expected to decline and the segment expected to return to an operating loss in the second half before the Mercedes-Benz program in 2027.
The company expects higher memory costs to begin pressuring second-half fiscal 2026 results after strategic inventory delayed their impact. In addition, $21 million in tariff refunds supported second-quarter margins, and the full-year outlook assumes no additional refunds. The 2% decline in outdoor and the gap between auto OEM programs, together with inventory of approximately $2 billion, add risks to growth and working capital.
Garmin described the two platforms as connecting endurance and strength coaches with athletes seeking to improve the impact of their training. The company aims to create an integrated experience in which Garmin devices record user data and then transfer it to the training platform so the coach can review it and provide recommendations that modify the athlete's behavior. Management confirmed on the Q2 fiscal 2026 call that the focus at this stage is on integrating the product and service experience, not on traditional operating synergies.
