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Garmin Ltd GRMN

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Stock XNYS Rating as of
$170.94 +0.96 (0.56%)
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Company Report

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Garmin Is a Strong Player in GPS-Enabled Hardware

Julie Bhusal Sharma

Garmin specializes in GPS-enabled hardware and software for recreational and defense needs. The company became a household name with the debut of its automotive portable navigation device. However, as smartphone apps have disrupted the PND market, Garmin’s major revenue sources have shifted to its aviation and marine segments as well as its fitness and outdoor segments as the smartwatch market has taken off. We’re confident that Garmin will be able to uphold excess returns on capital in the long term, given the robust operating margins that we think the company will be able to maintain in its moaty segments: aviation, marine, and outdoors.

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Price vs Fair Value

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GRMN is trading at a 85% premium.
Price
$170.94
Fair Value
$184.00
Uncertainty
Medium
1-Star Price
$446.30
5-Star Price
$13.70
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

We think Garmin will be able to slowly enter the commercial aircraft OEM space successfully, as partnerships continue between midsize and large aircraft OEMs.

Bears

New FAA modernization regulation could open the doors for new avionics entrants at the cost of Garmin’s foothold.

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News

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Trading Information

Previous Close Price
$169.98
Day Range
$169.50–171.47
52-Week Range
$99.61–171.47
Bid/Ask
$170.26 / $171.38
Market Cap
$32.83 Bil
Volume/Avg
525,781 / 1.0 Mil

Key Statistics

Price/Earnings (Normalized)
32.69
Price/Sales
6.02
Dividend Yield (Trailing)
1.71%
Dividend Yield (Forward)
1.76%
Total Yield
2.01%

Company Profile

Garmin produces GPS-enabled hardware and software for five verticals: fitness, outdoors, auto, aviation, and marine. The company relies on licensing mapping data to enable its hardware specialized for often niche activities like scuba diving or sailing. Garmin operates in 100 countries and sells its products via distributors as well as relationships with original equipment manufacturers.
Sector
Technology
Industry
Scientific & Technical Instruments
Stock Style Box
Large Core
Total Number of Employees
19,900
Website
https://www.garmin.com

Competitors

Valuation

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Metric
GRMN
005930
AAPL
Price/Earnings (Normalized)
 32.6936.9229.53
Price/Book Value
 4.531.4739.25
Price/Sales
 6.021.807.77
Price/Cash Flow
 25.339.4124.61
Price/Earnings
GRMN
005930
AAPL

Financial Strength

Metric
GRMN
005930
AAPL
Quick Ratio
 2.59—0.87
Current Ratio
 4.042.551.04
Interest Coverage
 —8.15—
Quick Ratio
GRMN
005930
AAPL

Profitability

Metric
GRMN
005930
AAPL
Return on Assets (Normalized)
 17.72%4.31%32.12%
Return on Equity (Normalized)
 21.81%5.57%165.09%
Return on Invested Capital (Normalized)
 20.28%4.52%62.77%
Return on Assets
GRMN
005930
AAPL
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