GARMIN LTD

GRMN · Healthcare · $48.1B mkt cap · FY2025 filings · Wide moat

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Wide moat

The four filters

Pricing power97

Median gross margin 58.4% over 10y, very stable.

Returns on capital100

Median ROIC 23.0%, above the 9% hurdle in 100% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline77

Owner earnings +14.1%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

144% above value

Owner earnings (normalized): $1.1B
Est. intrinsic value / share: $102.43
Recent price: $249.77
Discount to value: 144% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell GRMN. See the disclaimer.