---
title: Garmin (GRMN) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/grmn
ticker: GRMN
as_of: 2026-10-17
sector: Technology
industry: Hardware, Equipment & Parts
---
# Garmin (GRMN)

Garmin (GRMN) closed at $284.79 on Oct 16, 2026, overvalued by 31% vs its model value of $218.16 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $284.79 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $218.16 |
| Price vs model | overvalued by 31% vs model |
| Range of that model | $146.60 – $479.15 |
| Market value | $54.9B |
| P/E (fiscal 2025) | 33.2 |
| Net margin (fiscal 2025) | 23.0% |
| Free cash flow (fiscal 2025) | $1.4B |
| Dividend yield (trailing twelve months) | 1.37% |
| Beta | 0.83 |
| Cost of capital (WACC) | 8.76% |
| Business classification | Profitable Growth (Moderate growth (~18% recent), High profitability (23% net margin), Pays dividends, Moderately volatile earnings) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 1.37% |
| Dividends per share, last 12 months | $3.90 |
| Dividends / free cash flow (fiscal 2025) | 48.7% |
| Raised | 8 years in a row |
| Growth over 5 years | 8.8% a year |
| Latest payment | $1.05, ex-date Sep 11, 2026, paid Sep 25, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 14, 2021 | $2.56 |
| To Sep 14, 2022 | $2.80 |
| To Sep 14, 2023 | $2.92 |
| To Sep 13, 2024 | $2.96 |
| To Sep 12, 2025 | $3.30 |
| Trailing twelve months (to Sep 11, 2026) | $3.90 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $218.16 | $146.60 | $479.15 |
| DCF · Perpetuity growth · 10y | cross check | $252.14 | $170.70 | $545.59 |
| DCF · EBITDA exit · 5y | cross check | $349.99 | $278.50 | $433.48 |
| DCF · EBITDA exit · 10y | cross check | $375.96 | $284.09 | $496.21 |
| P/E · peers | cross check | $261.60 | $233.67 | $317.70 |
| P/E · own history | cross check | $228.53 | $188.49 | $264.76 |
| PEG | sanity check | $156.80 | $156.80 | $156.80 |
| EV/EBITDA · peers | cross check | $265.89 | $227.29 | $397.86 |
| EV/Revenue · peers | cross check | $215.26 | $179.97 | $285.57 |
| Earnings power value | cross check | $89.24 | $77.91 | $105.25 |
| Dividend discount | cross check | $89.17 | $59.01 | $158.24 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 12 open-market sales ($4.8M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Aug 18, 2026 | Wang Cheng-Wei | General Manager - Garmin Corp. | Open-market sell | 1,390 | $412,717.7 |
| Aug 18, 2026 | Wang Cheng-Wei | General Manager - Garmin Corp. | Open-market sell | 3,102 | $923,891.9 |
| Aug 18, 2026 | Wang Cheng-Wei | General Manager - Garmin Corp. | Open-market sell | 538 | $160,953 |
| Aug 18, 2026 | Wang Cheng-Wei | General Manager - Garmin Corp. | Open-market sell | 1,737 | $521,346.3 |
| Aug 18, 2026 | Wang Cheng-Wei | General Manager - Garmin Corp. | Open-market sell | 2,260 | $680,291.4 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Jul 29, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1121788/000119312526322114/grmn-20260627.htm |
| Jul 29, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1121788/000119312526322113/grmn-20260729.htm |
| Jun 8, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote; 8.01 Other Events | https://www.sec.gov/Archives/edgar/data/1121788/000119312526261987/grmn-20260605.htm |
| Apr 29, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1121788/000119312526188908/grmn-20260328.htm |
| Apr 29, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1121788/000119312526188907/grmn-20260429.htm |

## About

Garmin Ltd. specializes in the design, development, manufacturing, marketing, and global distribution of diverse wireless products and solutions. Its operations span across North and South America, the Asia Pacific region, the Australian Continent, Europe, the Middle East, and Africa. The company's offerings are organized into several key segments: Fitness: This division caters to athletes and active individuals with products like specialized running and multi-sport watches, cycling computers, activity trackers, smartwatches, and various fitness-related accessories. Additionally, it supports these offerings with its Garmin Connect web and mobile platforms, alongside Connect IQ, an ecosystem for app development. Outdoor: Garmin's Outdoor category features rugged adventure watches, portable GPS devices, golf-specific instruments and accompanying mobile applications, plus specialized dog tr…

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Source: https://sweetvaluelab.com/stocks/grmn (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.