Demand and volumepositive · 4 filings
“The increase in fitness revenue was driven by growth across all product categories, led by strong demand for advanced wearables.”10-Q · Apr 29, 2026 ↗
Garmin Ltd.
GRMN
Market read
Garmin Ltd.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 16 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 17 directly disclosed connections are confirming.
What changed
- Revenue increased 14.2% versus the comparable filing period.
Company+3.7% todayVolume comparison unavailable
Market group0 of 16 activeTechnology Services · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- GRMN's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if GRMN's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 16 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 17 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 14.2% versus the comparable filing period.
- Operating margin improved 2.9 percentage points.
- Net income increased 21.7% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- GRMN's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements87
Verified relationships17
Evidence supporting the case
- Latest annual revenue changed +15.1% year over year.
- Demand and volume has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Product pipeline and R&D has repeated adverse evidence across 4 filings.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 11, 2026
282.266m+19.7%12m+19.6%24m+56.6%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-25$5.0B+19.0%$5.61+0.6%
2022-12-31$4.9B-2.5%$5.04-0.0%
2023-12-30$5.2B+7.6%$6.71-0.5%
2024-12-28$6.3B+20.4%$7.30+0.6%
2025-12-27$7.2B+15.1%$8.59+0.2%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dnegative · 4 filings
“Outdoor revenue decreased primarily due to the adventure watch product category comparing against a strong prior year product launch.”10-Q · Apr 29, 2026 ↗
Macroeconomic conditionspositive · 1 filings
“Sales of many of our consumer products have been highest in our fourth fiscal quarter due to increased consumer spending patterns on electronic devices during the holiday season, and many marine products experience increased demand in the first and second qua…”10-K · Feb 18, 2026 ↗
Pricing and mixnegative · 1 filings
“Increased competition could result in price reductions, fewer customer orders, reduced margins and loss of market share.”10-K · Feb 18, 2026 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
282.26+3.7% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for GRMN. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-04-29 against the comparable filing from 2025-04-30.
OperationsconstructiveEvidence score +3
liquidityconstructiveEvidence score +1
valuationmixed
What improved
- Revenue increased 14.2% versus the comparable filing period.
- Operating margin improved 2.9 percentage points.
- Net income increased 21.7% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“The increase in cash received from customers primarily driven by higher net sales was partially offset by increases in cash paid for cost of goods sold and operating expenses, and an increase in cash paid for taxes in the first quarter of 2026 compared to the first quarter of 2025.”
“Total unit sales in the first quarter of 2026 increased by approximately 9% to 4,765 when compared to total unit sales of 4,362 in the first quarter of 2025, which differs from the percent increase in revenue primarily due to shifts in segment and product mix.”
“Consolidated gross margin as a percent of net sales increased 180 basis points when compared to the year-ago quarter, primarily due to favorable foreign currency impacts on sales.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind GRMN
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AAPLApple Inc.competitorFeb 18, 2026 ▾
“Garmin believes that its principal competitors for fitness products are Apple, Bryton, Coros, Elite, Google, Huawei, Oura, Polar, Samsung, SRAM, Suunto, Wahoo Fitness, Whoop, Xiaomi, Zepp Health, and Zwift.”
APTVAptiv PLCcompetitorFeb 18, 2026 ▾
“Garmin believes that its principal competitors for auto OEM products are Alpine Electronics, Aptiv, Bosch, Continental, Harman (Samsung), LG, Panasonic, and Visteon.”
Depended on by
SWKSSkyworks Solutions, Inc.customerNov 7, 2025 ▾
“Our key customers include Amazon, Apple Inc.”
Filing peers
No filing peers are available for this name yet.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 14 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
GRMN is currently a Follower in the organic co-movement group Technology Services. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.