Stock fact sheet · data as of
Garmin Ltd. (GRMN): fair value, margin of safety and Wheel Score
Technology · Hardware, Equipment & Parts · Switzerland · High Growth
Is GRMN undervalued?
Garmin Ltd. (GRMN) closed at 285.22 on 16 Oct 2026, 44% above the GLS average fair value of 198.72. 7 of the 9 models that produced a number value the shares below the current price. A gap this wide usually means the market is paying for growth or a story the trailing numbers do not show yet; the models work from filed results, not forecasts, so they are conservative by design.
The 9 models disagree widely: DDM gives 57.39 while GLS Growth gives 428.17. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files GRMN under High Growth: revenue and earnings growing fast enough that the growth-based models carry the valuation.
Nine valuation models for GRMN
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 168.36 | -41% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 101.27 | -64% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 312.61 | +10% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 118.48 | -58% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 428.17 | +50% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 211.52 | -26% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 282.54 | -1% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 57.39 | -80% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 108.17 | -62% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 21.92 | -92% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 323.20 | +13% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health GRMN scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is 9.1 out of 10, built from ten years of revenue, earnings, margins, cash flow, share count and returns on capital scored for consistency - a high reading that points to a durable business.
Returns on capital are high - ROIC 18.1%, ROE 18.5%, ROA 15.1% - with debt at 0.02 times equity and a free-cash-flow yield of 2.8%.
The dividend yield is 1.37% with a payout ratio of 38% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Fitness 37%, Outdoor 24%, Marine 17% (quarter Q2 FY2026).
Institutional ownership scores 7/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 18.1% |
|---|---|---|---|
| GLS Moat | 9.1 / 10 | ROE | 18.5% |
| Debt / equity | 0.02 | ROA | 15.1% |
| Free-cash-flow yield | 2.8% | Payout ratio | 38% |
| Institutions | 7 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 67: Good
GRMN scores 67 out of 100 on the Wheel Score (Good band, 65-79). The score blends the margin of safety (Value, 0/25), Piotroski health (16/20), the GLS moat (14/15), the option premium on offer (20/20) and how easily the stock trades (18/20). Value (0/25) is the part holding the score back.
Implied volatility is 44% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 13,451 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 1.1M shares a day on a market cap of $55.0B, with a beta of 0.83; the Stability part of the Wheel Score gives that 18 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -44% margin of safety | |
| Health | 16 / 20 | Piotroski 7/9 | |
| Moat | 14 / 15 | moat 9.1/10 | |
| Premium | 20 / 20 | implied volatility 44% | |
| Stability | 18 / 20 | 1.1M shares/day, $55.0B cap, beta 0.83 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
Garmin Ltd. reports earnings on 28 Oct 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk. The next ex-dividend date is 11 Dec 2026 (1.05 per share).
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Hardware, Equipment & Parts
The 12 companies below are the closest to Garmin Ltd. by market cap within the Hardware, Equipment & Parts industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| KEYS Keysight Technologies, Inc. | 342.04 | 94.23 | -263% | 63Fair | $58.2B |
| COHR Coherent, Inc. | 250.60 | 104.47 | -140% | 55Fair | $49.4B |
| CLS Celestica Inc. | 315.25 | 271.99 | -16% | 70Good | $39.8B |
| FLEX Flex Ltd. | 98.50 | 77.50 | -27% | 61Fair | $36.4B |
| JBL Jabil Inc. | 287.14 | 224.07 | -28% | 61Fair | $30.1B |
| TDY Teledyne Technologies Incorporated | 608.90 | 412.38 | -48% | 61Fair | $28.2B |
| GLW Corning Inc | 138.36 | 46.92 | -195% | 61Fair | $119.2B |
| FTV Fortive Corporation | 57.78 | 32.97 | -75% | 63Fair | $17.5B |
| MKSI MKS Inc. | 228.52 | 114.56 | -99% | 55Fair | $15.5B |
| APH Amphenol Corporation | 81.49 | 49.91 | -63% | 65Good | $201.0B |
| FN Fabrinet | 385.20 | 302.13 | -27% | 60Fair | $13.8B |
| TRMB Trimble Inc. | 59.10 | 50.18 | -18% | 45Weak | $13.8B |
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Start free See the Sunday ScanQuestions about GRMN
Is GRMN undervalued right now?
No: at 285.22 the stock trades 44% above the GLS average fair value of 198.72 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of GRMN and what does it mean?
GRMN scores 67 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for GRMN?
198.72 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Garmin Ltd. report earnings next?
The next earnings report is due on 28 Oct 2026 (before the open), 12 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does GRMN have listed options, and how liquid are they?
Yes. The nightly snapshot found 640 listed contracts with 13,451 open interest across all expiries and implied volatility of 44% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.