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GRMN
ACCE-researched

Garmin Ltd. Common Stock (Switzerland) (GRMN) fair value

Technology · Scientific & Technical Instruments · NYSE · United States
$293.74-0.56%
Market cap $57.0BNext earnings 2026-10-28Updated Oct 19, 2026
Add earnings to calendarGoogle
Our verdict
Trades 72% above our fair value
Price
$293.74
Model fair valueConfidence: good
$171
Model range
$94.85 to $278
Fair value $171
Price $294
4 models fit Garmin Ltd. Common Stock (Switzerland) and they disagree: 1 of 4 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Silver68
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionGarmin Ltd. Common Stock (Switzerland) (GRMN)
Fair value (4 models)
$171
ACCE price target
$270
Rating
Overvalued
Horizon
12 months
Fair value published on 19 Oct 2026, 17:05 CEST; previously $236 since 15 Oct 2026, 00:00 CEST.
ACCE price target published on 20 Sept 2026, 00:00 CEST.
Rating published on 19 Oct 2026, 17:05 CEST.
Price used: $294 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Full methodology
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
72.1% above
-41.9% to fair value
ACCE score
73
out of 100
Analysts
38% buy
8 covering
P/E
30.5x
forward 24.8x
1-year return
+17.4%
Dividend yield
1.44%

Garmin Ltd. Common Stock (Switzerland) in four questions

Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
OverviewAsk ACCEValuationQualityAnalystsSmart MoneyCompareNews and Record

Overview

ACCE thesis

Garmin makes GPS watches such as the Forerunner and fenix lines, aviation avionics, and marine navigation equipment. Its 30.4% operating margin and 21.9% ROE show a business that earns well on what it sells. Revenue grew 11.4%, and the forward PE of 24.8 is close to the trailing 27.7, so the earnings outlook is roughly flat in the market's view. The internal score is 68/100.

AI-assisted·How I use AIWritten Oct 12, 2026
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
  • moderate
    Valuation premium to model
    Limited margin of safety if growth decelerates.
  • moderate
    Value score weakness
    V score 39/100 reflects stretched multiples. P/S 6.7 and forward P/E 24.8 price in sustained high growth; execution risk if momentum slows.

AI research notes

AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
  • Garmin generates exceptional returns with 21.9% ROE and 24.5% net margins, demonstrating pricing power and operational excellence.
  • The company trades at 24.8x forward P/E, below the 29.3x sector median, while delivering 11.4% revenue growth and 1.4B in annual free cash flow.
  • Garmin beat earnings expectations by 23.8% in the latest quarter and maintains a fortress balance sheet with 0.02 debt to equity.
Why it could disappoint
  • The stock trades 15.7% above consensus fair value of 226.25, with 4 of 5 valuation models suggesting the price is stretched.
  • At 27.7x trailing P/E and 2.6% free cash flow yield, Garmin is priced for perpetual 8.4% cash flow growth that may not materialize.
  • Only 29% of analysts rate the stock Buy or Strong Buy, and the mean price target of 302.00 implies modest 12.5% upside from current levels.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.

Next results

Oct 28, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle

Walk me through this stock

Plain-English pros, cons, and what to watch. Pro feature.

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Valuation

INVESTOR
Where GRMN's valuation models land
Price
$293.74
Model fair value
$171
Model range
$94.85 to $278
Fair value $171
Price $294
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.

Quality

INVESTOR
Quality and conviction INVESTOR FEATURE

The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.

  • +A plain reason under every score
  • +Conviction breakdown and growth / value / quality / momentum scores
  • +Score history: how each score moved over time

Analysts

Wall Street consensus

Bearish38% buy · 8 covering analysts
● Strong buy 3● Buy 0● Hold 4● Sell 1● Strong sell 0
Analyst intelligence INVESTOR FEATURE

The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.

  • +Price-target low / average / high vs the current price, with implied upside
  • +Forward revenue and EPS consensus by fiscal year
  • +ACCE fair-value models lined up against the Street

Smart Money

PRO

In one line

Trades are only made public after a delay. We show the delay so you know how old the news is.

Company insiders
No trades filed
Last 90 days
Congress
No trades filed
Last 180 days
Average delay
No trades filed
From trade to public filing
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Smart money tracking PRO FEATURE

Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.

  • +Quarter-over-quarter institutional position changes
  • +Every insider and Congress trade, with how late it was disclosed
  • +Active 13D activist filings and top holders

Compare

Where it sits vs peers

News and Record

Press releases mentioning this company

Recent performance

1 week
+3.1%
1 month
+2.1%
3 months
+20.9%
6 months
+13.2%
YTD
+44.8%
1 year
+17.4%

SEC filings

Recommendation history, last 12 months

DateTypeNewPreviousPrice
19 Oct 2026, 17:05 CESTRatingOvervaluedfirst publication$285
19 Oct 2026, 17:05 CESTFair value$171$236$285
15 Oct 2026, 00:00 CESTFair value$236$226$276
11 Oct 2026, 00:00 CESTFair value$226$229$268
28 Sept 2026, 00:00 CESTFair value$229$236$294
26 Sept 2026, 00:00 CESTFair value$236$233$295
23 Sept 2026, 00:00 CESTFair value$233$230$280
20 Sept 2026, 00:00 CESTACCE price target$270first publication$274
19 Sept 2026, 00:00 CESTFair value$230$227$275
14 Sept 2026, 00:00 CESTFair value$227$231$283

This analysis is not personalised investment advice and does not take your situation, objectives or risk tolerance into account. ACCE Investments is not an authorised investment firm.

Investing in shares carries a risk of losing capital. The value of an investment can go down as well as up.

Valuation horizon: 12 months from the publication date.

Conflicts of interest. ACCE Investments is operated by Adrien Chantreuil, who may hold personal positions in the securities analysed. Positions are declared on each security. ACCE receives no payment from the companies analysed or from any intermediary for this analysis.

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Snapshot

Growth76Value39Quality95Momentum83Total73
Valuation
Trailing P/E
30.5x
Forward P/E
24.8x
PEG
3.03
P/B
6.08x
EV / Revenue
6.8x
Book value/sh
$46.80
Enterprise value
$52.4B
Profitability
ROE
21.9%
FCF yield
2.43%
ROIC
14.9%
Health and risk
Debt / equity
0.02
Dividend yield
1.44%
Beta
0.83

Price

+17.3% · 1Y

Ask anything about GRMN

Answered from Garmin Ltd. Common Stock (Switzerland) fundamentals + recent valuations. Every number shows its source and date.

This stock Peer Peer median weaker → stronger
P/Ebetter than 67% of peers
low 12.8x30.5xhigh 50.4x
ROEbetter than 83% of peers
low 7%22%high 27%
Div yieldbetter than 100% of peers
low 0.0%1.4%high 1.4%

Peers

Prices Oct 23, 2026
CompanyPriceFair valuevs fair valueP/EROEQualityScore
GRMN Garmin Ltd. Common Stock (Switzerland)$293.74$17172% above30.5x21.9%9573
KEYS Keysight Technologies Inc. Common Stock$311.52$16392% above42.2x20.9%8867
COHR Coherent Corp. Common Stock$207.82$16030% above50.4x8.0%5957
TDY Teledyne Technologies Incorporated Common Stock$620.47$41350% above28.6x9.5%7460
HEXA-B.ST Hexagon ABkr 102.05--12.8x27.3%8665
6861.T Keyence¥80360.00--43.8x13.5%8877
FTV Fortive Corporation Common Stock $60.05$4631% above31.7x7.3%7459

Sector report card

Where GRMN ranks against its sector peers on each metric.

Computing percentiles…
  • PR Newswire•Oct 14, 2026
    Garmin selects Ventura, California as newest Garmin Marathon Series location
  • PR Newswire•Oct 14, 2026
    More than 2,500 aircraft are now equipped with Garmin's revolutionary Autoland system
  • PR Newswire•Oct 13, 2026
    Meet the third-generation MARQ collection from Garmin: premium tool watches designed for life's most ambitious pursuits
25 more press releases · full archive on Investor+.INVESTOR
40 filings
August 2026
Aug 20
Form 4Insider transactionPeriod 2026-08-18
View on SEC →
Aug 19
Form 4Insider transactionPeriod 2026-08-17
View on SEC →
Aug 11
Form 4Insider transactionPeriod 2026-08-10
View on SEC →
37 more filings + AI summaries on Investor+.INVESTOR