Garmin (GRMN) Stock Analysis & Winston Score

Garmin makes GPS navigation devices and smartwatches for everyday consumers and professionals. Its products span five main markets: automotive, aviation, marine, outdoor recreation, and fitness. The company is one of the largest makers of aviation cockpit electronics in the world, and its Forerunner and fēnix watch lines are widely used by athletes and outdoor enthusiasts.

Garmin earns money by selling hardware devices outright, with some additional revenue from software, maps, and subscription services. It operates globally, with strong sales across North America, Europe, and Asia, and generates roughly $5–6 billion in annual revenue. Its moat comes from deep engineering expertise, FAA-certified aviation products that are hard to replicate, and loyal customers in niche outdoor and fitness communities. The main risk is that smartphone apps continue to replace standalone GPS devices in everyday use, which could pressure its consumer segments over time.

Winston Score History

Politician Trades

11 trades / 12mo

6 Congressional buys and 5 sells on GRMN in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+21.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$1.1B/ year

↑ Rising (+13% vs prior year)

15.5% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

14.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$2.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Garmin is putting 16% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 193.0M (2021) → 193.6M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

59.4%

Premium pricing power — 59.4% gross margin

Operating Margin

24.6%

Excellent — 24.6% operating margin

ROCE

4.7%

Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+15.7%

Fast-growing sales (15.7% YoY)

EPS YoY

+17.9%

Earnings growing fast (17.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

101%

Turns 101% of profit into real cash

FCF Margin

19.4%

Converts sales into free cash efficiently (19.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

27.7x

Growth-priced — P/E 27.7

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+1.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

1.49%

Small dividend — 1.49% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+16.7%

Dividend growing fast (16.7% YoY)

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