Positioning no disclosures inside 60 days, left as found
Options put/call open interest 4.78, read 2026-11-05
Ethical passes the values gate
Price289.15 USD
Fair value245.13
Ethical score82.1/100
Value readFairas of 4 Nov 2026
Our investment reviews on this name
2026-11-01Read Distribution272.67+6.0% to today Accumulation gives way to Distribution
2026-10-25Read Accumulation285.22+1.4% to today ✓Markup gives way to Accumulation first Accumulation read since October
2026-10-18Read Markup285.22+1.4% to today ✓Distribution gives way to Markup first Markup read since July
2026-10-11Read Distribution294.05-1.7% to today ✓Accumulation gives way to Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Garmin holds its Distribution at $289.15. The statistical read favours the sellers, held for 2 days.
As held on the ledger · 2026-11-04
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 2 days
Price at the screen
$289.15
Valuation
26.89 trailing · 24.66 forward price to earnings
Values screen
PASS· score 82.1
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
1.50%
Below 33%
Interest-bearing debt is just 1.5% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
12.71%
Below 33%
Cash held in interest-bearing accounts and securities is 12.7% of assets, under the one-third limit.
Pass
Receivables
32.12%
Below 49%
Money owed to the company is 32.1% of assets, under the 49% limit.
Pass
Revenue purity
1.78%
Below 5%
Only 1.8% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Garmin clears all five screens. Its business is in a permissible area, its debt is near-nil, and interest is about 2% of its income, under the ~5% line, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Today GRMN passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 4 Nov 2026: it trades above our $245.13 fair value estimate, moderate competitive moat, 12.20% revenue growth.
Fair value range in USD, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. The price runs 18.0% above the base estimate.
Where our models see it going: fair-value estimate $245.13, with a range of $198.00 to $281.90, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Gadgets that track every mile runners log
Think of Garmin as the quiet Swiss engineer behind the watch on your wrist that knows exactly where you are. The business posts 14% revenue growth, 23% profit margins and 20% ROE, all with a moderate moat and a clean ethical pass. Yet the shares sit 12% above our fair value at a 24.2 times forward multiple, which leaves little room for error.
We pass for one simple reason. The price already bakes in the steady growth the numbers show, and the analyst median target sits right at the current level. In a consumer cyclical sector that can swing with spending moods, paying up for solid but not spectacular execution rarely pays off.
Risk sits with currency moves and any slowdown in gadget upgrades once the post-pandemic fitness wave fades. The hold rating from seven analysts reflects that balanced but unexciting picture.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Switzerland and to currency swings; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
GRMN trades on a US exchange (the company is based in Switzerland). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from accumulation to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 4.4% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 17% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (7 analysts) rates it hold, with a mean price target of $262.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 14% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (7 analysts) rates it hold, with a mean price target of $262.
2026-10-18Markup · changed$285.22-3.0%Entry 8
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 3.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (7 analysts) rates it hold, with a mean price target of $262.
The framework has shifted from accumulation to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (7 analysts) rates it hold, with a mean price target of $262.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 0.3% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (7 analysts) rates it hold, with a mean price target of $262.
2026-08-31Markdown · changed$293.09+20.9%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 20.9% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (7 analysts) rates it hold, with a mean price target of $262.
2026-07-31Markup · changed$242.47+2.5%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 2.5% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (7 analysts) rates it hold, with a mean price target of $262.
2026-07-18Distribution$236.57+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 12%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (7 analysts) rates it hold, with a mean price target of $262.
2026-07-03Distribution$236.57+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Distribution$236.57Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.