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GRMN, Garmin Ltd. Common Stock (Switzerland)

Garmin Ltd. have pioneered new products, many of which feature location technology such as Global Positioning System, services and applications that are designed for people who live an active lifestyle.

Garmin serves five primary markets: fitness, outdoor, aviation, marine, and auto OEM.

Garmin designs, develops, manufactures, markets, and distributes a diverse family of GPS-enabled products and other navigation, communications, sensor-based and information products and services for these markets, as well as products installed by original equipment manufacturers (OEMs) and for aftermarket applications.

Latest annual: FY2025 10-K

GRMN · Garmin Ltd. Common Stock (Switzerland)

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$7.2B

+15.1% YoY · 12% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $7.5B 5-yr avg $5.7B

Gross margin 59% 5-yr avg 58%

Operating margin 26.5% 5-yr avg 23.5%

ROIC 23% 5-yr avg 22%

Owner-earnings margin 21% 5-yr avg 19%

Free cash flow margin 19% 5-yr avg 17%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is led by Fitness (33%) and Outdoor (28%), with 3 more segments behind.
What moves the needle: Gross margin has run about 58% and operating margin about 23% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. That margin has stayed fairly steady relative to where it runs (21%–26% over the years), so unit growth and cost discipline, not a moving line, are the lever. Inventory runs near 20% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the installed base and the upgrade cycle. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 23%, above 15% in 10 of 10 years). Owner earnings agree: roughly 20% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

The biggest segment, Fitness, is also where the profit is made: 33% of revenue and 38% of the profitable segments' operating profit. Auto OEM ran a $49M operating loss.

Revenue by reportable segment, FY2025

Operating profit profitable segments only

Fitness33%$2.4B38% of profit
Outdoor28%$2.1B36% of profit
Marine16%$1.2B13% of profit
Aviation14%$987M13% of profit
Auto OEM9%$665Mloss of $49M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of the profitable segments' operating profit (a loss-making segment carries its loss in dollars in the legend, not a share of the bar), before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$3.0B	$3.1B	$3.3B	$3.8B	$4.2B	$5.0B	$4.9B	$5.2B	$6.3B	$7.2B	$7.5B	RevenueRevenue
55%	58%	59%	59%	59%	58%	58%	57%	59%	59%	59%	Gross marginGross mgn
13%	14%	14%	14%	15%	14%	19%	19%	18%	17%	17%	SG&A / revenueSG&A/rev
15%	16%	17%	16%	16%	16%	17%	17%	16%	16%	15%	R&D / revenueR&D/rev
$633M	$684M	$778M	$946M	$1.1B	$1.2B	$1.0B	$1.1B	$1.6B	$1.9B	$2.0B	Operating incomeOp. inc.
20.8%	21.9%	23.3%	25.2%	25.2%	24.5%	21.1%	20.9%	25.3%	25.9%	26.5%	Operating marginOp. mgn
$518M	$709M	$694M	$952M	$992M	$1.1B	$974M	$1.3B	$1.4B	$1.7B	$1.7B	Net incomeNet inc.
19%	-2%	16%	4%	10%	10%	9%	-7%	17%	17%	17%	Effective tax rateTax rate
											Cash flow & returns
$706M	$661M	$920M	$699M	$1.1B	$1.0B	$788M	$1.4B	$1.4B	$1.6B	$1.7B	Operating cash flowOp. cash
$56M	$60M	$65M	$72M	$78M	$103M	$119M	$132M	$140M	$153M	$156M	DepreciationDeprec.
$91M	($153M)	$104M	($389M)	($16M)	($266M)	($381M)	($147M)	($257M)	($349M)	($315M)	Working capital & otherWC & other
$91M	$140M	$156M	$118M	$185M	$308M	$244M	$194M	$194M	$270M	$297M	CapexCapex
3.0%	4.5%	4.7%	3.1%	4.4%	6.2%	5.0%	3.7%	3.1%	3.7%	4.0%	Capex / revenueCapex/rev
$650M	$601M	$855M	$627M	$1.1B	$909M	$670M	$1.2B	$1.3B	$1.5B	$1.6B	Owner earningsOwner earn.
21.3%	19.3%	25.5%	16.7%	25.3%	18.2%	13.8%	23.8%	20.5%	20.4%	21.3%	Owner earnings marginOE mgn
$615M	$521M	$764M	$581M	$950M	$705M	$544M	$1.2B	$1.2B	$1.4B	$1.5B	Free cash flowFCF
20.2%	16.7%	22.8%	15.4%	22.7%	14.1%	11.2%	22.6%	19.7%	18.8%	19.4%	Free cash flow marginFCF mgn
$78M	$90M	$29M	$300M	$149M	$20M	$13M	$151M	—	—	$151M	AcquisitionsAcquis.
$481M	$383M	$296M	$417M	$451M	$491M	$679M	$559M	$572M	$664M	$693M	Dividends paidDiv. paid
20%	23%	22%	24%	23%	24%	19%	21%	23%	23%	23%	ROICROIC
15%	18%	17%	20%	18%	18%	16%	18%	18%	19%	19%	Return on equityROE
1%	8%	10%	11%	10%	10%	5%	10%	11%	11%	11%	Retained to equityRetained/eq
											Balance sheet
$2.3B	$2.3B	$2.7B	$1.0B	$1.5B	$1.5B	$1.3B	$1.7B	$2.1B	$2.3B	$3.8B	Cash & investmentsCash+inv
$527M	$591M	$570M	$707M	$849M	$843M	$657M	$815M	$983M	$1.3B	$941M	ReceivablesReceiv.
$485M	$518M	$562M	$753M	$762M	$1.2B	$1.5B	$1.3B	$1.5B	$1.8B	$1.9B	InventoryInvent.
$172M	$170M	$205M	$241M	$259M	$370M	$212M	$254M	$359M	$347M	$345M	Accounts payablePayables
$839M	$939M	$927M	$1.2B	$1.4B	$1.7B	$2.0B	$1.9B	$2.1B	$2.7B	$2.4B	Operating working capitalOper. WC
$2.3B	$2.3B	$2.7B	$3.1B	$3.7B	$4.3B	$4.0B	$4.5B	$5.3B	$6.2B	$6.0B	Current assetsCur. assets
$783M	$792M	$921M	$1.0B	$1.2B	$1.4B	$1.2B	$1.3B	$1.5B	$1.7B	$1.4B	Current liabilitiesCur. liab.
2.9×	3.0×	2.9×	3.0×	3.2×	2.9×	3.3×	3.4×	3.5×	3.6×	4.4×	Current ratioCurr. ratio
$225M	$287M	$301M	$467M	$584M	$575M	$568M	$608M	$604M	$760M	$751M	GoodwillGoodwill
$4.5B	$4.9B	$5.4B	$6.2B	$7.0B	$7.9B	$7.7B	$8.6B	$9.6B	$11.0B	$11.0B	Total assetsAssets
($2.3B)	($2.3B)	($2.7B)	($1.0B)	($1.5B)	($1.5B)	($1.3B)	($1.7B)	($2.1B)	($2.3B)	($3.8B)	Net debt / (cash)Net debt
$3.5B	$3.9B	$4.2B	$4.8B	$5.5B	$6.1B	$6.2B	$7.0B	$7.8B	$9.0B	$9.3B	Shareholders’ equityEquity
1.4%	1.4%	1.7%	1.7%	1.9%	1.9%	1.6%	1.9%	2.2%	2.3%	2.3%	Stock comp / revenueSBC/rev
											Per share
189M	189M	190M	191M	192M	193M	193M	192M	193M	194M	194M	Shares out (diluted)Shares
$16.09	$16.54	$17.64	$19.68	$21.82	$25.81	$25.18	$27.22	$32.58	$37.42	$38.56	Revenue / shareRev/sh
$2.73	$3.76	$3.66	$4.99	$5.17	$5.61	$5.04	$6.71	$7.30	$8.59	$8.97	EPS (diluted)EPS
$3.43	$3.18	$4.50	$3.28	$5.51	$4.71	$3.47	$6.48	$6.68	$7.65	$8.23	Owner earnings / shareOE/sh
$3.25	$2.76	$4.03	$3.04	$4.95	$3.65	$2.82	$6.16	$6.41	$7.04	$7.50	Free cash flow / shareFCF/sh
$2.54	$2.03	$1.56	$2.19	$2.35	$2.55	$3.52	$2.91	$2.96	$3.43	$3.58	Dividends / shareDiv/sh
$0.48	$0.74	$0.82	$0.62	$0.97	$1.59	$1.27	$1.01	$1.00	$1.40	$1.53	Cap. spending / shareCapex/sh
$18.24	$20.41	$21.94	$25.11	$28.75	$31.67	$32.14	$36.51	$40.61	$46.34	$47.90	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+9.8%/yr	+11.4%/yr
Owner earnings / share	+9.3%/yr	+6.8%/yr
EPS	+13.6%/yr	+10.7%/yr
Dividends / share	+3.4%/yr	+7.9%/yr
Capital spending / share	+12.6%/yr	+7.7%/yr
Book value / share	+10.9%/yr	+10.0%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Net income+17.9%
“Net Income As a result of the various factors noted above net income increased 18% to $1,663.9 million from $1,411.4 million in the prior year.”
✓ figure matches the filed record

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

194Mpeak FY2025

ROIC

23%low FY2022

Gross margin

59%low FY2016

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$1.5Bowner earningsvs.$1.7Bnet incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $1.5B of owner earnings, the operating cash left after the $153M it takes just to hold its position. It put $118M more into growth; free cash flow, after that spending, was $1.4B.

Reported net income$1.7B

Owner earnings$1.5B · 20% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$1.7B	$1.4B	$1.3B	$974M	$1.1B
Depreciation & amortizationnon-cash charge added back	+$153M	+$140M	+$132M	+$119M	+$103M
Stock-based compensationreal costnon-cash, but a real cost	+$166M	+$137M	+$101M	+$77M	+$93M
Working capital & othertiming of cash in and out, other non-cash items	−$349M	−$257M	−$147M	−$381M	−$266M
Cash from operations	$1.6B	$1.4B	$1.4B	$788M	$1.0B
Maintenance capital expenditurethe spending needed just to hold position and volume	−$153M	−$140M	−$132M	−$119M	−$103M
Owner earnings	$1.5B	$1.3B	$1.2B	$670M	$909M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$118M	−$53M	−$61M	−$126M	−$204M
Free cash flow	$1.4B	$1.2B	$1.2B	$544M	$705M
Owner-earnings marginowner earnings ÷ revenue	20%	21%	24%	14%	18%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $153M, roughly its depreciation, the rate its assets wear out). The other $118M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $166M), owner earnings is nearer $1.3B.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 1505.7×

Comfortable

Operating income $1.9B ÷ interest expense $1M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$2.5B

Net cash, debt-free

Cash $2.3B + ST investments $183M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $2.5B, on net the company owes nothing, and can act from strength when others can't. It also holds $1.3B in longer-dated marketable securities; counting those, it sits at net cash of $3.8B. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 237d

Long (60+ days)

DSO 63 + DIO 216 − DPO 42 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 17%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 20%

High through the cycle

10-yr median margin, range 14%–26%; latest $1.5B = operating cash $1.6B − maintenance capex $153M

Industry peers: median 19%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 20% of revenue this year, a 20% median across 10 years. Treating stock comp as the real expense it is (less $166M of SBC) leaves $1.3B.
Are earnings backed by cash? 0.98×

Mostly cash-backed

Cash from ops $1.6B ÷ net income $1.7B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 50%

Returns about half

Dividends + buybacks $738M ÷ Owner Earnings $1.5B

What this means
Of $1.5B Owner Earnings, $738M (50%) went back to shareholders, $664M dividends, $75M buybacks. But the buybacks barely exceed stock issued to employees ($166M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.77×

Expanding

Capex $270M ÷ depreciation $153M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 5 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $7.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 3.63×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +127%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $7.54/share (latest year $8.63), the averaged base the calculator's gate runs on, and book value is $46.52/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 22% → 24% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 22% early to 24% lately, median 23% — pricing power intact or improving.
Owner earnings growth +9%/yr

What this means
Owner earnings grew about 9% a year over the record.
Worst year 2016 · 20.8% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +0.2%/yr

What this means
Roughly flat share count, little dilution, little buyback.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 28, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$6.0B

Cash & short-term investments$2.6B
Receivables$941M
Inventory$1.9B
Other current assets$615M

Current liabilities$1.4B

Accounts payable$345M
Other current liabilities$1.0B

Current ratio4.36×all current assets ÷ what's due · Graham looked for 2×

Quick ratio3.02×stricter: inventory excluded

Cash ratio1.88×strictest: cash alone against what's due

Working capital$4.6Bthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+14.2%the freshest read on whether the business is still growing

Current ratio, recent quarters2.9× → 4.4×

Deeper floors

Tangible book value$8.5Bequity stripped of goodwill & intangibles

Debt incl. operating leases$168M$168M of it operating leases

Deferred revenue$123Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $10.4B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$1.9B · 18%
Dividends$5.0B · 48%
Buybacks$168M · 2%
Retained (debt / cash)$3.3B · 32%

Returned to owners$5.2B
55% of the owner earnings the business produced over the span, $5.0B as dividends and $168M as buybacks.
Average price paid for buybacks$46.25
Across the years where the filing reports a share count, 4M shares were bought for $168M, about $46.25 each.
Net change in share count2.2%
The diluted count rose from 189M to 194M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$3.43/sh
Paid in 10 of the years on record, the per-share dividend growing about 3% a year. It was cut at least once along the way.
Return on what it retained12%
Of the earnings it kept rather than paid out ($5.1B over the span), annual owner earnings (first three years vs last three) grew $637M, so each retained $1 added about 0.12 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Clifton A. Pemble	$4.2M	$6.0M	$909M
2022	Clifton A. Pemble	$4.6M	$901k	$670M
2023	Clifton A. Pemble	$6.5M	$10.7M	$1.2B
2024	Clifton A. Pemble	$7.2M	$18.1M	$1.3B
2025	Clifton A. Pemble	$7.7M	$7.8M	$1.5B

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership14.8%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$166M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 9% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Garmin Ltd. Common Stock (Switzerland) is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

None of the 4 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Aerospace & Defense

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
ISRGIntuitive Surgical Inc.	$10.1B	68%	30.0%	16%	29%
ZBHZimmer Biomet Holdings Inc.	$8.2B	71%	11.7%	4%	18%
GRMNGarmin Ltd. Common Stock (Switzerland)	$7.2B	58%	23.9%	23%	20%
AAgilent Technologies Inc.	$6.9B	54%	19.1%	17%	18%
EWEdwards Lifesciences Corporation	$6.1B	76%	25.7%	22%	23%
VLTOVeralto Corp Common Stock	$5.5B	58%	22.8%	27%	18%
KEYSKeysight Technologies Inc.	$5.4B	61%	16.6%	19%	20%
RMDResMed Inc.	$5.1B	57%	27.1%	17%	19%
Group median	—	60%	23.3%	18%	20%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Garmin Ltd. Common Stock (Switzerland) has delivered.

Today’s price $

Through the cycle, Garmin Ltd. Common Stock (Switzerland) earns about $1.5B on its 20.5% median owner-earnings margin. This year’s 20.4% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($1.5B) Net of stock comp (−$172M) Steady-state · maintenance capex ($1.6B)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+15%/yr

Owner-earnings growth · ’16→’25+10%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $1.5B on 193M shares outstanding, per the 10-Q cover, as of 2026-04-24; net cash $3.8B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($297M) runs well above depreciation ($156M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $1.6B, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh GRMN against another business →

Cite: Owner Scorecard, "Garmin Ltd. Common Stock (Switzerland) (GRMN), the owner's record," https://ownerscorecard.com/c/GRMN, data as of 2026-07-09.

Manual order: ← GREEL its page in the Manual GRND →

Industry order: ← GE the Aerospace & Defense chapter HEI →