Grufity logoGrufity logo

Garmin Ltd Stock Research

GRMN

95.78USD+0.48(+0.50%)Delayedas of 23 Mar 2023, 12:58 pm

Market Summary

USD95.78+0.48
Delayedas of 23 Mar 2023, 12:58 pm
0.50%

GRMN Alerts

GRMN Stock Price

GRMN RSI Chart

GRMN Valuation

Market Cap

18.6B

Price/Earnings (Trailing)

19.15

Price/Sales (Trailing)

3.84

EV/EBITDA

14.67

Price/Free Cashflow

34.28

GRMN Price/Sales (Trailing)

GRMN Profitability

EBT Margin

21.91%

Return on Equity

15.69%

Return on Assets

12.59%

Free Cashflow Yield

2.92%

GRMN Fundamentals

GRMN Revenue

Revenue (TTM)

4.9B

Revenue Y/Y

-6.12%

Revenue Q/Q

14.55%

GRMN Earnings

Earnings (TTM)

973.6M

Earnings Y/Y

2.49%

Earnings Q/Q

39.09%

Price Action

52 Week Range

76.37120.82
(Low)(High)

Last 7 days

-2.3%

Last 30 days

-1.9%

Last 90 days

3.4%

Trailing 12 Months

-11.9%

GRMN Financial Health

Current Ratio

3.26

GRMN Investor Care

Dividend Yield

3.96%

Dividend/Share (TTM)

3.89

Buy Backs (1Y)

0.51%

Diluted EPS (TTM)

5.04

Peers (Alternatives to Garmin)

View All Peers In Detail
NameMkt Capsorted ascendingRevenuePrice %, 1MReturns, 1YP/EP/SRev 1-YrInc 1-Yr
LARGE-CAP
33.7B
33.7B
-4.22% 20.48%
5.93
1
16.58% 25.40%
18.6B
4.9B
-1.90% -11.92%
19.15
3.84
-2.46% -10.04%
12.6B
16.2B
-4.83% 17.99%
4.83
0.78
16.53% 34.48%
MID-CAP
7.0B
19.7B
-12.75% -30.01%
-4.6
0.35
-10.28% -185.19%
6.8B
11.7B
-21.05% -31.64%
270.87
0.58
4.79% -97.56%
4.9B
9.5B
-17.34% -43.78%
24.69
0.51
-10.67% -68.33%
4.2B
5.1B
-10.73% -14.14%
13.49
0.81
1.46% -23.01%
2.5B
1.8B
-9.34% -21.48%
130.28
1.41
1.43% -87.25%
2.2B
2.2B
-9.91% -53.39%
15.25
1.03
0.90% -28.74%
SMALL-CAP
1.2B
1.2B
5.84% -20.88%
-4.29
1.04
-24.38% -1042.07%
788.4M
1.1B
-10.56% -33.33%
27.33
0.72
-5.82% -92.23%
253.3M
11.8M
-20.30% -34.78%
-6.21
21.4
-10.10% -0.96%
123.8M
542.8M
-59.34% -68.36%
304.12
0.23
-9.78% -92.32%
10.3M
10.4M
-12.93% -74.04%
-1.43
0.99
2.73% -97.53%

Financials for Garmin

Income Statement (Last 12 Months)
(In Millions)
* denotes actual numbers (not divided by Millions)
Description(%) Q/Q2022Q42022Q32022Q22022Q12021Q4
Revenue-1.7%4,8604,9464,9975,0834,983
Gross Profit-1.0%2,8072,8342,8592,9112,890
Operating Expenses1.2%1,7791,7581,7401,7141,672
  S&GA Expenses1.8%776762751740721
  R&D Expenses1.3%835824814799779
EBITDA2.0%1,1841,1601,2131,301-
EBITDA Margin3.8%0.24*0.23*0.24*0.26*-
Earnings Before Taxes2.0%1,0651,0441,0991,1921,207
EBT Margin3.8%0.22*0.21*0.22*0.23*-
Net Income0.7%9749661,0151,0741,082
Net Income Margin2.5%0.20*0.20*0.20*0.21*-
Free Cahsflow91.6%544284384499-
Balance Sheet
(In Millions)
* denotes actual numbers (not divided by Millions)
Description(%) Q/Q2022Q42022Q32022Q22022Q12021Q4
Assets1.4%7,7317,6287,8147,7037,854
  Current Assets-0.3%3,9553,9684,1234,0824,262
    Cash Equivalents18.2%1,2791,0821,0871,4181,498
  Inventory-1.2%1,5151,5331,4551,3401,228
  Net PPE4.2%1,1471,1001,1141,0931,067
  Goodwill5.0%568541561573575
  Current Liabilities-16.0%1,2121,4431,6241,1531,448
Shareholder's Equity5.5%6,2045,8785,8666,2496,114
  Retained Earnings6.6%4,7344,4394,2264,5324,321
  Additional Paid-In Capital0.8%2,0422,0272,0091,9831,961
Shares Outstanding-0.3%192192193193193
Cashflow (Last 12 Months)
(In Millions)
Description(%) Q/Q2022Q42022Q32022Q22022Q12021Q4
Cashflow From Operations33.9%7885896808301,012
  Share Based Compensation-6.0%77.0082.0087.0095.0093.00
Cashflow From Investing69.9%-145-482-674-507-475
Cashflow From Financing-35.5%-840-620-528-493-486
  Dividend Payments28.6%679528516504491

Risks for GRMN

What is the probability of a big loss on GRMN?

46.1%


Probability that Garmin stock will be more than 20% underwater in next one year

41.9%


Probability that Garmin stock will be more than 30% underwater in next one year.

12.7%


Probability that Garmin stock will be more than 40% underwater in next one year.
*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does GRMN drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Garmin was unfortunately bought at previous high price.

Drawdowns

Returns for GRMN

Cumulative Returns on GRMN

14.2%


10-Year Cumulative Returns

16.6%


7-Year Cumulative Returns

12.1%


5-Year Cumulative Returns

9.0%


3-Year Cumulative Returns

What are the long-term rolling returns for GRMN?

FIve years rolling returns for Garmin.

Annualized Returns

Which funds bought or sold GRMN recently?

View All Details
Datesorted ascendingFund NameType% Chg$ Change$ Held% Portfolio
2023-03-15
B. Riley Wealth Advisors, Inc.
new
-
288,735
288,735
0.01%
2023-03-10
VICTORY CAPITAL MANAGEMENT INC
reduced
-2.77
4,231,850
40,283,800
0.04%
2023-03-08
Capital Asset Advisory Services LLC
unchanged
-
31,814
248,814
0.02%
2023-03-06
Rockefeller Capital Management L.P.
reduced
-45.1
-76,000
129,000
-%
2023-02-28
Voya Investment Management LLC
added
2.52
777,890
5,144,890
0.01%
2023-02-22
TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY
unchanged
-
167,000
1,284,000
0.01%
2023-02-21
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO
reduced
-2.33
28,238
255,238
-%
2023-02-21
MACQUARIE GROUP LTD
reduced
-8.69
1,836,440
39,051,400
0.05%
2023-02-17
TRUIST FINANCIAL CORP
reduced
-0.87
78,921
648,921
-%
2023-02-17
Linden Thomas Advisory Services, LLC
new
-
859,410
859,410
0.24%

1–10 of 44

Latest Funds Activity

Are funds buying GRMN calls or puts?
Calls
Puts
Are funds bullish or bearish(Calls - Puts)?
Net Call Options
No. of funds that own GRMN
No. of Funds

Garmin News

MarketBeat

Assenagon Asset Management S.A. Increases Stock Holdings in ....

MarketBeat,
31 hours ago

Zacks Investment Research

Seeking Alpha

Zacks Investment Research

The Motley Fool

Garmin Stock: Bear vs. Bull.

The Motley Fool,
21 days ago

Simply Wall St

The Motley Fool

Schedule 13G FIlings of Garmin

Date FiledName of FilerPercent of ClassNo. of SharesForm Type
Feb 09, 2023
vanguard group inc
9.31%
17,837,816
SC 13G/A
Feb 07, 2023
kao min h
9.85%
18,847,060
SC 13G/A
Jan 31, 2023
blackrock inc.
7.7%
14,794,671
SC 13G/A
Jan 03, 2023
burrell jonathan
9.85%
18,986,433
SC 13G
Dec 13, 2022
burrell jonathan
9.91%
19,103,683
SC 13G/A
Sep 12, 2022
burrell jonathan
9.91%
19,103,683
SC 13G/A
Jun 13, 2022
burrell jonathan
9.95%
19,214,349
SC 13G/A
Mar 10, 2022
burrell jonathan
10.41%
20,070,232
SC 13G/A
Feb 03, 2022
blackrock inc.
6.9%
13,187,637
SC 13G/A
Jan 28, 2022
kao min h
9.67%
18,859,060
SC 13G/A

GRMN Fair Value

Garmin fair value in different scenarios

The table shows the Fair Value estimates for Garmin for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.
Fair ValueVery PessimisticPessimisticBase CaseOptimisticVery Optimistic
Very Low Inflation

65.81

-31.29%

88.00

-8.12%

122.01

27.39%

160.67

67.75%

202.01

110.91%
Current Inflation

60.30

-37.04%

79.16

-17.35%

107.56

12.30%

139.75

45.91%

174.16

81.83%
Very High Inflation

53.49

-44.15%

68.51

-28.47%

90.62

-5.39%

115.61

20.70%

142.33

48.60%

Historical Garmin Fair Value Estimates


Very Pessimistic Case
Pessimistic Case
Fair Value
Optimistic Case
Very Optimistic Case
Closing Stock Price

Recent SEC filings of Garmin

View All Filings
Date Filed Form Type Document
Mar 14, 2023
4
Insider Trading
Mar 09, 2023
4
Insider Trading
Feb 28, 2023
4
Insider Trading
Feb 28, 2023
4
Insider Trading
Feb 28, 2023
4
Insider Trading
Feb 28, 2023
4
Insider Trading
Feb 28, 2023
4
Insider Trading
Feb 28, 2023
4
Insider Trading
Feb 28, 2023
4
Insider Trading
Feb 28, 2023
4
Insider Trading

Latest Insider Trading transactions for GRMN

Filter Transactions
Datesorted ascendingNameBuy/Sell$ ValueAvg. Price# SharesTitle
2023-03-14
BURRELL JONATHAN
gifted
-
-
1,080,000
-
2023-03-14
BURRELL JONATHAN
gifted
-
-
-1,080,000
-
2023-03-13
BURRELL JONATHAN
gifted
-
-
-1,080,000
-
2023-03-13
BURRELL JONATHAN
gifted
-
-
1,080,000
-
2023-03-08
BURRELL JONATHAN
gifted
-
-
513,547
-
2023-03-08
BURRELL JONATHAN
gifted
-
-
-893,547
-
2023-03-08
BURRELL JONATHAN
gifted
-
-
300,000
-
2023-02-28
ETKIND ANDREW R
gifted
-
-
-340
vp, general counsel, secretary
2023-02-28
Munn Matthew
sold
-446,180
98.3641
-4,536
vp, man. director - auto oem
2023-02-28
Desbois Patrick
sold
-393,114
98.5
-3,991
evp, operations

1–10 of 50

Clifton A. Pemble
18700
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms; and Connect IQ, an application development platform. The company's Outdoor segment offers adventure watches, outdoor handhelds, golf devices and mobile apps, and dog tracking and training devices. Its Aviation segment designs, manufactures, and markets various aircraft avionics solutions comprising integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponder solutions, weather information and avoidance solutions, datalink and connectivity solutions, portable GPS navigators and wearables, and various services products. The company's Marine segment provides chartplotters and multi-function displays, cartography products, fish finders, sonar products, autopilot systems, radars, compliant instrument displays and sensors, VHF communication radios, handhelds and wearable devices, sailing products, entertainment, digital switching products, and trolling motors. Its Auto segment offers embedded computing models and infotainment systems; personal navigation devices; and cameras. The company sells its products through independent retailers, online retailers, dealers, distributors, installation and repair shops, and original equipment manufacturers, as well as an online webshop, garmin.com. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.

GRMN Income Statement

2022-12-31
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Dec. 26, 2020
Income Statement [Abstract]   
Net sales[1]$ 4,860,286$ 4,982,795$ 4,186,573
Cost of goods sold2,053,5112,092,3361,705,237
Gross profit2,806,7752,890,4592,481,336
Advertising expense168,040171,829151,166
Selling, general and administrative expenses775,963721,260623,588
Research and development expense834,927778,750652,342
Total operating expense1,778,9301,671,8391,427,096
Operating income1,027,8451,218,6201,054,240
Other income (expense):   
Interest income40,82628,57337,002
Foreign currency gains (losses)(11,274)(45,263)2,825
Other income7,5774,8669,343
Total other income (expense)37,129(11,824)49,170
Income before income taxes1,064,9741,206,7961,103,410
Income tax provision (benefit)   
Current233,844130,040104,471
Deferred(142,455)(5,444)6,615
Income tax expenses91,389124,596111,086
Net income$ 973,585$ 1,082,200$ 992,324
Basic net income per share$ 5.06$ 5.63$ 5.19
Diluted net income per share$ 5.04$ 5.61$ 5.17
[1]The United States is the only country which constitutes greater than 10% of net sales to external customers.

GRMN Balance Sheet

2022-12-31
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 25, 2021
Current assets:  
Cash and cash equivalents$ 1,279,194$ 1,498,058
Marketable securities173,288347,980
Accounts receivable, less allowance for doubtful accounts of $5,098 in 2022 and $7,080 in 2021656,847843,445
Inventories1,515,0451,227,609
Deferred costs14,86215,961
Prepaid expenses and other current assets315,915328,719
Total current assets3,955,1514,261,772
Property and equipment, net1,147,0051,067,478
Operating lease right-of-use assets138,04089,457
Noncurrent marketable securities1,208,3601,268,698
Deferred income tax assets441,071260,205
Noncurrent deferred costs9,83112,361
Goodwill567,994575,080
Other intangible assets, net178,461215,993
Other noncurrent assets85,257103,383
Total assets7,731,1707,854,427
Current liabilities:  
Accounts payable212,417370,048
Salaries and benefits payable176,114211,371
Accrued warranty costs50,95245,467
Accrued sales program costs97,772121,514
Other accrued expenses197,376225,988
Deferred revenue91,09287,654
Income taxes payable246,180128,083
Dividend payable139,732258,023
Total current liabilities1,211,6351,448,148
Deferred income tax liabilities129,965117,595
Noncurrent income taxes payable34,62762,539
Noncurrent deferred revenue35,70241,618
Noncurrent operating lease liabilities114,54170,044
Other noncurrent liabilities360324
Stockholders’ equity:  
Shares, CHF 0.10 par value, 198,077 shares authorized and issued, 191,623 shares outstanding at December 31, 2022; and 192,608 shares outstanding at December 25, 2021:17,97917,979
Additional paid-in capital2,042,4721,960,722
Treasury stock (6,454 and 5,469 shares, respectively)(475,095)(303,114)
Retained earnings4,733,5174,320,737
Accumulated other comprehensive income (loss)(114,533)117,835
Total stockholders’ equity6,204,3406,114,159
Total liabilities and stockholders’ equity$ 7,731,170$ 7,854,427