Garmin Ltd's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Garmin Ltd (GRMN) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Garmin Ltd vs Its Competitors
- TTM: Trailing 12-month revenue of 7,888M vs 47,428M combined for its competitors (14.3% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (+0.7% annualized vs trailing 12 months), vs decelerating (-30.9%) for its tracked peer group.
- Growth: Garmin Ltd generated 12.2% revenue growth year over year in Q3 2026, vs -39.5% for its competitors combined.
- Profitability: Its 27.3% net margin compares with 10.5% for the peer group.
- Scale: Garmin Ltd ranks #5 of 56 companies by market capitalization in the Aerospace & Defense industry, holding 7.1% of industry market cap.
- Peer revenue share: Garmin Ltd accounted for 19.5% of combined revenue among its tracked peer group, up from 11.6% a year earlier.
- Peer differentiation: Revenue per employee of $0.34M compares with $0.24M for the peer group (1.5x).
- Structure: Garmin Ltd operates in the following segments: Outdoor Segment, Marine Segment, Aviation Segment, Auto OEM Segment.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
GRMN Sales vs. its Competitors, Q3 2026
Garmin Ltd reported revenue growth of 12.18 % year on year in Q3 2026, above its competitors' combined revenue change of -39.47 %.
With a net margin of 27.27 %, Garmin Ltd achieved higher profitability than its competitors (10.47 %).
Garmin Ltd generated 19.51 % of the combined sales of its peer group, up from 11.57 % a year earlier.
API endpoints for this dataset
Garmin Ltd vs. its Competitors, Q3 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Garmin Ltd reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Garmin Ltd and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Garmin Ltd | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (7) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (3) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Garmin Ltd's competitor groups requires a Commercial License.
For context: the Aerospace & Defense industry grew revenue 12.6% year over year, combined, vs 12.2% for Garmin Ltd. Garmin Ltd's share of combined industry revenue moved from 1.56% to 1.56%, a loss of 0.01 percentage points.
Garmin Ltd's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Garmin Ltd | Yes | Yes | No | No |
| Competitors combined (18) | ||||
| High-Confidence Competitors (24) | ||||
| Similar-Size Competitors (9) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 50.00 % (4 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
GRMN Stock Performance relative to its Competitors
GRMN Stock Performance relative to High-Confidence Competitors
GRMN Stock Performance relative to Similar-Size Competitors
GRMN Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Fossil Group inc | 282.9% | Outperformed |
| 2 | Sifco Industries Inc | 282.9% | Outperformed |
| 3 | Cpi Aerostructures Inc | 282.9% | Outperformed |
| 4 | Frequency Electronics Inc | 282.9% | Outperformed |
| 5 | Ducommun Incorporated | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Garmin Ltd's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Garmin Ltd's Comment on Competition and Industry Peers
Publicly Traded Peers of Garmin Ltd
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Garmin Ltd |
55,291.21 | 7,887.72 |
 Motorola Solutions inc |
86,128.97 | 12,603.00 |
 Honeywell International Inc |
70,239.96 | 30,716.00 |
 Aptiv Plc |
8,136.08 | 16,712.00 |
 Plexus Corp |
5,245.09 | 4,593.79 |
 Mercury Systems Inc |
4,373.28 | 983.62 |
| SUBTOTAL | 238,421.55 | 79,091.52 |
Sign in to see all competitors of Garmin Ltd.
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Garmin Ltd versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Garmin Ltd's Competitors Named by the Company
Competitive relationships identified from Garmin Ltd reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Johnson Outdoors | Company report | 85% |
| Innovative Solutions and Sup | Company report | 85% |
| Vista Outdoor | Company report | 85% |
| Fossil Group inc | Company report | 85% |
| Movano Inc | Company report | 85% |
| Zepp Health | Company report | 85% |
| Fitell Corporation | Company report | 85% |
| Helios Technologies Inc | Company report | 85% |
| Trugolf Holdings Inc | Company report | 85% |
| Gopro Inc | Company report | 85% |
| Airo Group Holdings Inc | Company report | 85% |
| Polar | Company report | 85% |
| Avidyne | Company report | 85% |
| Tissot | Company report | 85% |
| Wahoo Fitness | Company report | 85% |
| Dogtra | Company report | 85% |
| Zwift | Company report | 85% |
| Samsung | Company report | 85% |
| Apple | Company report | 85% |
| Suunto | Company report | 85% |
| Uneekor | Company report | 85% |
| Fitbit | Company report | 85% |
| Xiaomi | Company report | 85% |
| Infinition | Company report | 85% |
| Rand McNally | Company report | 85% |
| SportDOG | Company report | 85% |
| Bryton | Company report | 85% |
| TomTom | Company report | 85% |
| Whoop | Company report | 85% |
| Dynon Avionics | Company report | 85% |
| ForeFlight / Jeppesen (Boeing) | Company report | 85% |
| Shearwater Research | Company report | 85% |
| Aspen Avionics | Company report | 85% |
| TAG Heuer | Company report | 85% |
| Coros | Company report | 85% |
| Zoleo | Company report | 85% |
| Globalstar | Company report | 85% |
| SRAM | Company report | 85% |
| Casio | Company report | 85% |
| Trackman | Company report | 85% |
| Xiaomi | Company report | 85% |
| Elite | Company report | 85% |
| Oura | Company report | 85% |
| Huawei | Company report | 85% |
| ForeFlight | Company report | 85% |
| Honeywell Aerospace & Defense | Company report | 85% |
| Genesys Aerosystems | Company report | 85% |
| CMC Electronics | Company report | 85% |
| Amazon | Company report | 85% |
| Sigma Sports | Company report | 85% |
| Huami | Company report | 85% |
| Navico | Company report | 85% |
| Flir Systems | Company report | 85% |
| Telenav Inc | Company report | 85% |
| Raytheon | Company report | 85% |
| Furuno | Company report | 85% |
| Honeywell International Inc | Company report | 85% |
| Rockwell Collins Inc | Company report | 85% |
| Dogness international Corporation | Company report | 85% |
Company report basis, confidence, active dates and source counts for Garmin Ltd's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Garmin Ltd's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Garmin Ltd | Outdoor Segment 30.07 % |
| Motorola Solutions inc | Product and Systems Integration 57.44 % |
| Honeywell International Inc | Building Automation 40.45 % |
| Aptiv Plc | Engineered Components 57.36 % |
| Plexus Corp | Asia Pacific 56.05 % |
| Vista Outdoor Inc | The Kinetic Group 52.80 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Garmin Ltd's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Garmin Ltd | 55,291 | 342,944 | 87,710 |
| Motorola Solutions inc | 86,129 | 547,957 | 90,739 |
| Honeywell International Inc | 70,240 | 304,119 | 69,525 |
| Aptiv Plc | 8,136 | 119,371 | 5,564 |
| Plexus Corp | 5,245 | 229,689 | 9,271 |
| Mercury Systems Inc | 4,373 | 467,946 | -14,117 |
| PEERS TOTAL | 183,130 | 236,042 | 32,442 |
Garmin Ltd's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Garmin Ltd | Americas 45.97 % |
| Motorola Solutions inc | North America 68.42 % |
| Aptiv Plc | North America 37.64 % |
| Mercury Systems Inc | Non-US 14.23 % |
| Frequency Electronics Inc | NY 72.20 % |
| Kopin Corporation | Americas 95.07 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Garmin Ltd's Position in Industry Market Structure
Market-capitalization share and concentration across all 49 companies in Garmin Ltd's industry classification, broader than the peer set above. Market cap in millions of $.Garmin Ltd ranks #5 of 49 companies by market capitalization in its industry, holding 7.12 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 944, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | The Boeing Company | 137,090 | 17.67 % |
| 2 | Lockheed Martin Corporation | 131,052 | 16.89 % |
| 3 | Northrop Grumman Corp | 74,761 | 9.64 % |
| 4 | Transdigm Group Incorporated | 68,708 | 8.86 % |
| 5 | Garmin Ltd | 55,250 | 7.12 % |
| 6 | L3harris Technologies Inc | 1,234 | 5.2% |
| 7 | Rocket Lab Corp | 1,234 | 5.2% |
| 8 | Elbit Systems Ltd | 1,234 | 5.2% |
| 9 | Teledyne Technologies Inc | 1,234 | 5.2% |
| 10 | Axon Enterprise Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Garmin Ltd's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Garmin Ltd's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | The Boeing Company | 137,090 | -13.43 % |
| 2 | Lockheed Martin Corporation | 131,052 | 19.81 % |
| 3 | Northrop Grumman Corp | 74,761 | -9.16 % |
| 4 | Transdigm Group Incorporated | 68,708 | -5.85 % |
| 5 | Garmin Ltd | 55,250 | 37.28 % |
| 6 | L3harris Technologies Inc | 1,234 | 12.3% |
| 7 | Rocket Lab Corp | 1,234 | 12.3% |
| 8 | Elbit Systems Ltd | 1,234 | 12.3% |
| 9 | Teledyne Technologies Inc | 1,234 | 12.3% |
| 10 | Axon Enterprise Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Garmin Ltd's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Garmin Ltd's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Aerospace & Defense industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (63 companies). See the full Aerospace & Defense industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 61.11 % | 24.92 % (avg) | +36.2 pp |
| Operating Margin | 28.82 % | industry median | +18.1 pp |
| EBITDA Margin | 32.24 % | 1.57 % (avg) | +30.7 pp |
| Capital Intensity (Capex / Revenue) | 5.31 % | 6.71 % (avg) | -1.4 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Garmin Ltd's Valuation vs Competitive Position
Valuation multiples vs the Aerospace & Defense industry average (63 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Aerospace & Defense industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 26.6x | 33.8x | -7.2x |
| EV / EBITDA | 20.2x | 19.8x | +0.4x |
| P/B | 5.8x | 5.4x | +0.4x |
| Return on Equity | 21.91 % | industry aggregate | -6.42 % |
| Return on Invested Capital | 12.22 % | -0.09 % (avg) | 12.31 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Garmin Ltd's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 8.44 % | 12.25 % | 11.42 % | 19.02 % | -2.46 % | 7.56 % | 20.44 % | 15.07 % |
| Operating Margin | 23.25 % | 25.17 % | 25.18 % | 24.46 % | 21.15 % | 20.89 % | 25.32 % | 25.89 % |
| Return on Invested Capital | 9.45 % | 10.30 % | 10.02 % | 10.14 % | 8.35 % | 8.40 % | 10.74 % | 11.10 % |
| P/E | 17.9x | 19.5x | 22.9x | 24.1x | 18.5x | 17.3x | 26.8x | 25.3x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Garmin Ltd's Strategic Group Map
Garmin Ltd is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Garmin Ltd's trailing-12-month revenue growth of 13.6% and operating margin of 28.8% compares with an average of 12.6% growth and 21.0% margin across its 8 closest peers by combined growth, margin and ROIC -- Garmin Ltd sits above that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Garmin Ltd's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Garmin Ltd falls in the Question Mark quadrant: relative market share of 0.40x vs its largest competitor, in an industry growing revenue 13.6% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Garmin Ltd's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 944 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 5.31 % vs industry average 6.71 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Garmin Ltd's dedicated Suppliers and Customers pages, not here.
Garmin Ltd's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Garmin Ltd falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Garmin Ltd's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 18.1 points above the industry median.
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Return on equity 6.4 points below the industry aggregate.
- Low relative market share vs the industry leader (0.40x).
Opportunities
- Industry revenue growing at a healthy 13.6% median pace.
- Trades at a lower P/E than the industry average (26.6x vs 33.8x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-30.9% annualized).
Methodology: see Methodology: SWOT Analysis.
Garmin Ltd's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Garmin Ltd | 1.22 | 3.43 | - |
| Motorola Solutions inc | 0.18 | 1.08 | 3.46 |
| Honeywell International Inc | 0.47 | 1.24 | 1.69 |
| Aptiv Plc | 0.38 | 1.95 | 0.76 |
| Plexus Corp | 0.18 | 1.54 | 0.04 |
| Mercury Systems Inc | 0.89 | 3.25 | 0.75 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Garmin Ltd's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Garmin Ltd | Q3 2026 | +12.2 % | +34.9 % |
| Motorola Solutions inc | Q2 2026 | +12.2 % | -9.2 % |
| Honeywell International Inc | Q3 2026 | -52.0 % | -64.3 % |
| Aptiv Plc | Q3 2026 | +2.3 % | - |
| Plexus Corp | Q2 2026 | +28.3 % | -4.7 % |
| Mercury Systems Inc | Q2 2026 | +6.1 % | -95.1 % |
| PEERS TOTAL | -21.1 % | -22.0 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Garmin Ltd's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Garmin Ltd | Q3 2026 | +0.6 % | +66.2 % |
| Motorola Solutions inc | Q2 2026 | +10.5 % | +10.6 % |
| Honeywell International Inc | Q3 2026 | -5.7 % | - |
| Aptiv Plc | Q3 2026 | +4.2 % | +27.3 % |
| Plexus Corp | Q2 2026 | +28.2 % | +94.4 % |
| Mercury Systems Inc | Q2 2026 | +6.8 % | +231.6 % |
Garmin Ltd's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Garmin Ltd | 17.79% | 21.49% | 21.91% |
| Motorola Solutions inc | 10.59% | 15.91% | 77.55% |
| Honeywell International Inc | 10.10% | 15.11% | 39.45% |
| Aptiv Plc | 3.68% | 3.60% | 8.57% |
| Plexus Corp | 5.59% | 10.99% | 12.51% |
| Mercury Systems Inc | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Garmin Ltd's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Garmin Ltd | 27.41 | 7.01 |
| Motorola Solutions inc | 41.46 | 6.83 |
| Honeywell International Inc | 10.46 | 2.29 |
| Aptiv Plc | 11.20 | 0.49 |
| Plexus Corp | 28.39 | 1.14 |
| Mercury Systems Inc | - | 4.45 |
| PEERS AVERAGE | 20.20 | 3.01 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.