Garmin (GRMN) Stock Forecast & Price Target

Garmin's financial performance reflects a robust growth trend, evidenced by a 16.56% year-over-year increase in net sales revenue, rising from $5.96 billion to $6.94 billion for the 12 months ending September 2025. The company's net operating profit after tax (NOPAT) also demonstrated positive momentum, climbing 3.20% year-over-year to $1.52 billion, as well as a notable rise in operating income by 38% to $472 million. Additionally, Garmin's economic profit (EP) saw a substantial increase of 14.08% year-over-year, reaching $949.5 million, underscoring its strong operational efficiency and profitability.

Garmin's outdoor revenue experienced a 5% decline year-over-year, amounting to $496.60 million, primarily due to strong prior-year comparisons in the consumer auto and adventure watch categories. The company's Economic Profit decreased by 5.56%, falling from $1.02 billion to $963.8 million over the last twelve months, while Return on Capital showed a downward trend from 22.97% to 20.69%. Additionally, net sales in the Auto OEM segment decreased by 2% to $164.84 million as several legacy automotive programs reached their end of life, leading to reduced sales volumes despite some offset from new BMW domain controller sales.