Garmin Ltd
NYSE:GRMN
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Garmin Ltd
NYSE:GRMN
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Softronic AB
STO:SOF B
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3M Co
F:MMM
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Intrinsic Value
The intrinsic value of Garmin Ltd (GRMN) under the Base Case is 226.19 USD per share. Compared with the current market price of 296.36 USD, the stock appears Overvalued by 24% .
The intrinsic value is calculated using the DCF method. The model assumes Garmin's revenue grows 13% in 2026, then slows to average 7.8% annually over the next five years, versus 12% over the last five. If revenue growth repeated that past pace, the estimate would be about $328.
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Cheap or expensive for this stock?
This block shows whether today’s valuation is cheap or expensive compared with the stock’s own history, and what happened after similar valuations in the past.
We compare the gap between the stock’s price and our estimated value over time.
- Undervalued can still be historically expensive. The stock may trade below our estimated value, but usually offer an even bigger discount.
- Overvalued can still be historically cheap. The stock may trade above our estimated value, but usually carry an even higher premium.
Market expectations can differ from our model, which may not fully capture everything affecting the price. That is why some stocks regularly trade above our estimated value and others below it.
The scale and chart show how today’s valuation compares with the past. The cards summarize past returns and waiting times until the stock stopped being cheap or expensive. This can happen because the price changed, our estimated value changed, or both.
Only completed periods are included. These are past results, not forecasts. The usual historical range does not necessarily mean fair value.
Fundamental Analysis
What Garmin Does
Garmin makes GPS-enabled devices and software for people who want precise location, navigation, and activity tracking. Its products include smartwatches and fitness wearables, bike computers, handheld outdoor navigators, marine chartplotters, aviation avionics, and built-in navigation systems for vehicles. The company sells mostly physical devices, with some recurring revenue from maps, software updates, subscriptions, and connected services tied to those products.
- Headquarters
- Switzerland CH
- Employees
- 23 000
- IPO date
- Dec 8, 2000
Garmin has a narrow economic moat
Replacing Garmin’s integrated aircraft electronics can require costly installation work and pilot retraining, giving customers a practical reason to stay. Aviation safety approvals also make it expensive and slow for newcomers to offer competing equipment, providing protection that is stronger than in Garmin’s consumer-device markets.
Read the full moat analysis
Revenue & Expenses Breakdown
Garmin Ltd
Earnings Waterfall
Garmin Ltd
The intrinsic value for Garmin Ltd (GRMN) under the Base Case is 226.19 USD.
Compared with the current market price of 296.36 USD, the stock appears Overvalued by 24% .