Garmin Ltd. GRMN
Garmin's Q2 2026 results reinforce a durable growth story — revenue of $2.02B grew 11.4% YoY and EPS of $2.80 beat estimates by 22%, marking the fourth beat in the last five quarters. The stock's pullback from $310.20 to $275.17 has reset technically extended conditions, with RSI at 39.1 versus 73.7 previously, while a 28.2x P/E trades at an 8.7% discount to the peer median of 30.9x.
A fortress balance sheet — $196M total debt against $1.36B FY2025 free cash flow and a 25.9% operating margin — supports accumulation at these levels, though decelerating top-line growth and persistent insider selling of 3.71M net shares over 24 months temper conviction.
What could go wrong
- Revenue growth deceleration. YoY revenue growth slowed from 20.4% in Q2 2025 to 11.4% in Q2 2026, suggesting the post-pandemic wearable and fitness boom may be maturing.
- Persistent insider selling. Insiders net sold 3.71M shares worth $38.7M over the past 24 months, with the General Manager liquidating $3M as recently as August 2026.
- Institutional disinterest. Smart money score sits at just 0.0127 as of Q2 2026, down from 0.037 in Q3 2025, with fund count declining to 58 from 60.
- Bearish near-term momentum. MACD histogram at -4.65 with the signal line above the MACD line, and the stock only 1.9% above its 50-day MA of $270.14, leave it vulnerable to a deeper correction.
What would change my mind
Where this comes from: quarterly_results Q2 FY2026 · earnings_surprises Q2 FY2026 · peer_relative · fundamentals FY2025 / derived_metrics FY2025. Orin's read on GRMN; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All GRMN filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Capital Management | $2.5B | 0.1% of fund |
| Vanguard Portfolio Management | $1.9B | 0.1% of fund |
| State Street | $1.7B | 0.0% of fund |
| Geode Capital Management | $1.2B | 0.1% of fund |
| Fmr | $805.9M | 0.0% of fund |
| Norges Bank | $471.9M | 0.0% of fund |
81 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 230 Form 4 filings, net −$38.7M. Of the 50 on hand, 0 were open-market purchases and 15 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about GRMN
Orin answers questions about GRMN from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 30.2× | 23.8× | 53.3× |
| EV/EBITDA | 22.7× | 18.1× | — |
| P/S | 7.41× | 5.25× | — |
| P/B | 6.3× | 4.3× | — |
Its P/E sits above all 5 of the last 5 years (+2.00σ from its own mean).
17.7%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $1.4B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$320
$289 – $370 · +9% against today's price
- 6 buy or overweight
- 20 hold
- 2 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| GRMNGarmin Ltd. | $57B | 30.2× | 22.7× | 60.1% | 24.5% | 21% |
| CLSCelestica Inc. | $43B | 38.4× | 28.7× | 12.0% | 7.2% | 51% |
| CTSHCognizant Technology Solutions Corporation | $26B | 12.3× | 6.8× | 32.0% | 10.3% | 15% |
| FICOFair Isaac Corporation | $18B | 24.6× | 18.8× | 85.1% | 34.1% | -33% |
| FLEXFlex Ltd. | $42B | 43.4× | 23.4× | 9.5% | 3.3% | 19% |
| KEYSKeysight Technologies, Inc. | $61B | 49.2× | 35.7× | 64.7% | 19.1% | 20% |
| MPWRMonolithic Power Systems, Inc. | $66B | 81.4× | 63.9× | 55.2% | 24.4% | 22% |
| SNDKSandisk Corporation | $260B | 22.5× | 19.5× | 71.5% | 56.5% | 93% |
| TDYTeledyne Technologies Incorporated | $28B | 29.5× | 18.9× | 39.0% | 15.3% | 9% |
The median is of the 8 peers listed above and nothing else — check it against the column. This company trades 10.9% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.