# Garmin Ltd (GRMN) — Stock CV

Garmin Ltd is a $51.8B technology company. Revenue grew 13.5% over the last year, and it keeps 24¢ of every dollar of sales as profit. It trades at 27.6× earnings — around the middle of its own history.

> Garmin produces GPS-enabled hardware and software for five sectors: fitness, outdoors, automotive, aviation, and marine. Garmin has built a strong reputation for durable, high-precision devices through a vertically integrated design and manufacturing approach.

## Identity

- **Ticker**: GRMN
- **Sector**: Technology
- **Industry**: Search, Detection, Navigation, Guidance, Aeronautical Sys
- **Headquarters**: SCHAFFHAUSEN
- **Employees**: 23 000
- **Website**: https://www.garmin.com
- **Market cap**: $51.8B
- **Last price**: $268.36
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $7.67B
- **Net income**: $1.88B
- **Free cash flow**: $1.60B
- **P/E**: 27.6
- **Revenue growth (YoY)**: 13.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 41 |
| Growth | 64 |
| Profitability | 95 |
| Health | 75 |
| Quality | 82 |
| Moat | 100 |

## Qualifications (beginner checklist) — 11 of 11 passed

- [x] Revenue growing — +13.5% YoY
- [x] Profitable — $1.88B TTM
- [x] Profit growing — +19.4% YoY
- [x] Generates cash — $1.60B TTM
- [x] Debt under control — current ratio 3.03
- [x] Established company — $51.8B market cap
- [x] Not printing shares — +0.9% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 15.0 — safe
- [x] Pays a dividend — yield 1.40%
- [x] Valuation not extreme — P/E 27.6

## Experience (career milestones)

- **FY2025** — Best year on record: $1.66B net income
- **2022** — Garmin released a new health monitoring device with its first smart blood pressure monitor, Index BPM
- **2017** — Garmin released their first devices made with inReach: the inReach SE+ and Explorer+
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $3.02B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2015** — Garmin launched Panoptix, the first sonar system to provide real-time live imaging for anglers
- **2014** — Garmin released Vivofit, its first wearable fitness band with a replaceable battery and a battery life of…
- **2011** — Garmin released its first GPS golf watch, the Approach S1
- **2007** — The company introduced its first touchscreen marine chartplotters, the GPSMAP 5000 series, designed for…
- **2006** — Garmin released Edge, its first GPS-enabled cycling computer
- **Oct 31, 2005** — The iQue M4 became the first PDA that did not require a PC to preload the maps
- **1994** — Garmin released GPS 155, the first IFR-certified aviation navigation system
- **1989** — Garmin was founded in 1989 by Gary Burrell and Min Kao in Lenexa, Kansas

## Strengths

- High gross margin (60.1%)
- Strongly profitable — 24.5% net margin
- Revenue growing 13.5% year over year
- Strong cash conversion — FCF is 20.9% of revenue
- Interest covered 73.3× by operating earnings

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.98B | $1.08B | $705M |
| FY2022 | $4.86B | $974M | $544M |
| FY2023 | $5.23B | $1.29B | $1.18B |
| FY2024 | $6.30B | $1.41B | $1.24B |
| FY2025 | $7.25B | $1.66B | $1.36B |

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Source: https://stockcv.com/GRMN — derived from company filings; may be delayed or incomplete. Information, not investment advice.