Garmin Ltd. (GRMN)

In the past six months (January to June 2025), Garmin's stock has experienced some fluctuations. As of June 17, 2025, the stock was down 7.85% over the last six months, and as of June 27, 2025, it was down 1.0% over the same period. While Garmin has outperformed the Technology Select Sector SPDR Fund (XLK) over longer periods, it has underperformed in shorter time frames, including the year-to-date and six-month periods. An analyst downgrade previously led to a pullback in the stock price, but it quickly rebounded. Recent product announcements in June 2025 include the flagship Apollo RA800 marine stereo, the Index Sleep Monitor smart sleep band, the Edge MTB bike computer, and the GPSMAP 15x3 chartplotter. Garmin also announced its first-quarter 2025 results on April 30, 2025, reporting an 11% increase in net sales and a 12% increase in operating income compared to the prior year quarter, driven by strong demand in its fitness and outdoor segments. Insider trading activity in June 2025 included the CEO selling shares and a director gifting shares.

Garmin's product demand experiences seasonal variations. Sales of consumer products, such as fitness wearables, typically peak during the holiday season. Marine products see increased demand in the first and second quarters, leading up to the summer boating season. The Aviation and Auto OEM segments generally do not exhibit significant seasonal fluctuations, as their demand is more influenced by factors such as aircraft certifications, regulatory mandates, automotive program manufacturing schedules, and the timing of new product releases. These seasonal demand patterns, particularly in the Auto OEM and Fitness segments, can lead to revenue fluctuations and necessitate careful inventory and sales planning.

Garmin Ltd. is a global technology company specializing in GPS-enabled products and applications across various active lifestyle markets. The company designs, develops, manufactures, markets, and distributes a diverse range of navigation, communication, sensor-based, and information products. Garmin operates primarily within the Technology sector, specifically in the Scientific & Technical Instruments and Consumer Electronics industries. Garmin's major products and services are categorized into five segments: Marine, Outdoor, Fitness, Auto OEM, and Aviation. Key product offerings include fitness trackers, adventure watches, integrated flight decks, recreational marine electronics, and automotive solutions.

Garmin has a significant global presence, operating in 100 countries worldwide. The company is legally incorporated in Schaffhausen, Switzerland, with its principal subsidiaries located in Olathe, Kansas, U.S. Garmin's business presence spans North America, Asia-Pacific, Europe, the Middle East, and Africa (EMEA). The Americas region is a substantial contributor to its net sales, with the United States being the only country that accounts for more than 10% of total net sales. The company is actively expanding its geographic presence, particularly in the EMEA and APAC regions.

Garmin maintains a strong brand reputation associated with reliability and innovation, consistently ranking highly in customer satisfaction. It holds the #1 position in customer satisfaction for GPS devices with a Net Promoter Score of 72, significantly above the industry average. Garmin's brand is particularly strong in its Outdoor, Fitness, and Aviation segments. In the past year, Garmin has received numerous accolades, including being ranked #2 on Forbes' list of America's Best Large Employers in 2023. The company also received #1 in customer support for the 20th consecutive year from Professional Pilot and Aviation International News, was recognized as a 'Best of the Best' Supplier by Embraer, named 2023 Manufacturer of the Year by the National Marine Electronics Association, and received a 2023 IBEX Innovation Award. Furthermore, in 2024, Garmin's founders, Gary Burrell and Min Kao, were inducted into the National Aviation Hall of Fame.

Garmin Ltd. is heavily dominated by institutional owners, who collectively hold approximately 57%, 54%, or 56.20% of the company's shares. Major institutional shareholders include Vanguard Group Inc., BlackRock, Inc., State Street Corp, Artisan Partners Limited Partnership, Geode Capital Management, LLC, and Fmr LLC. Individual owners, particularly company insiders, also hold a significant stake. Gary L. Burrell is noted as the largest individual Garmin shareholder, owning 23.98% of the company's shares. Other significant individual owners include Jonathan Burrell and Min H. Kao, one of the company's founders. Insiders collectively own a substantial portion of the company, with some sources indicating 60.98% or US$2.2 billion worth of shares. The general public, typically individual investors, holds about a 37% stake in Garmin.