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Garmin Ltd. GRMN

TechnologyHardware, Equipment & PartsNYSE📅 Scored April 7, 2026
Price at analysis: $239.62
Crucible Score
67.8
B-
Quality × Value Composite
KQI — Quality
79.5
A-
Fundamental Quality Index
KVI — Value
53.5
C-
Valuation Attractiveness Index
Crucible Verdict — GRMN

Garmin Ltd. presents a classic quality-value disconnect, scoring high on financial strength (86) and moat durability (86) but trading at fair value with limited upside potential. GRMN's consistent earnings beats (85% rate) and performance-driven CEO compensation structure reflect solid execution, though insider selling and modest growth prospects suggest the market has adequately priced in the company's GPS and wearables franchise strength.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality
86.0
Growth Profile
70.8
Moat Durability
85.7
Management Effectiveness
72.1
Diversification & Resilience
75.2
Market Position
64.0
Weakest dimension: Market Position (64.0)

◆ KVI Value Dimensions

DCF Margin of Safety
55.9
FCF Yield & Cash Returns
34.7
Relative Valuation
77.2
Growth-Adjusted Value
62.5
Historical Valuation
28.7
Macro Context
60.3

◆ DCF Valuation Scenarios

Bear Case
$168.42
Base Case
$253.18
Bull Case
$372.55
Price at Analysis
$239.62
ScenarioFair ValueRev CAGR (5yr)Terminal MarginWACC
🔴 Bear$168.425.0%22.0%10.1%
🟢 Base$253.188.0%25.0%9.3%
🟢 Bull$372.5511.0%28.0%8.7%
Key Assumptions: Revenue grew at ~10% CAGR over the trailing 5 years with operating margins averaging ~23-26%; base case assumes moderation to 8% revenue CAGR reflecting mature hardware market dynamics with stable 25% operating margins. Tax rate normalized to 15% given Garmin's Swiss domicile and historically low effective rates, while capex intensity of 3.8% reflects the 5-year average. Bear case reflects potential consumer spending slowdown and margin pressure from competition; bull case assumes continued fitness/outdoor/auto OEM momentum with margin expansion from operating leverage.

◆ Financial Snapshot

Profitability

Gross Margin58.7%
Operating Margin25.9%
Net Margin23.0%
ROIC16.6%
ROE17.6%

Balance Sheet

Balance SheetCR: 3.63
Cash ConversionFCF/EPS: 0.82x
Capital IntensityCapex/Rev: 3.7%
Altman Z-Score16.20 (Safe)
Piotroski F-Score5/9 (Mixed)

Growth

Revenue CAGR9.8% CAGR
Earnings CAGR11.4% CAGR
Growth ConsistencyCV: 0.67
Segment Breadth5/5 growing (100%)
Quarterly TrendRev∆, Margin↑
Earnings CredibilityTends to Beat

◆ Analyst Consensus & Leadership

Analyst Price Targets

Avg Target (Last Quarter)$267.80
Analysts Covering (Quarter)5
Avg Target (Last Year)$255.63
Analysts (Year)8

Leadership & Governance

CEOCliff Pemble · 11 years
CEO Ownership15.4%
Compensation80% performance-based
Insider ActivitySelling
Capital AllocationROIC 16.6% vs WACC 9.8%
Earnings Beat Rate85% (19/22)

◆ Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa.

CEO
Clifton Albert Pemble
Employees
21800
Headquarters
Schaffhausen, CH
IPO Date
December 8, 2000
Exchange
NYSE
Website
garmin.com

◆ Related Companies in Our Universe

Other Technology companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+
MethodologyAll ScoresCrucible BriefsPerformance@KaladinCI

Analysis conducted April 7, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.

© 2026 Kaladin Capital Intelligence — Conviction Through Scrutiny