Garmin Management
Management criteria checks 4/4
Garmin's CEO is Cliff Albert Pemble, appointed in Oct 2007, has a tenure of 18.92 years. total yearly compensation is $7.74M, comprised of 18.1% salary and 81.9% bonuses, including company stock and options. directly owns 0.03% of the company’s shares, worth $16.17M. The average tenure of the management team and the board of directors is 15.6 years and 10.8 years respectively.
Key information
Cliff Albert Pemble
Chief executive officer
US$7.7m
Total compensation
| CEO salary percentage | 18.08% |
| CEO tenure | 18.9yrs |
| CEO ownership | 0.03% |
| Management average tenure | 15.6yrs |
| Board average tenure | 10.8yrs |
Recent management updates
Recent updates
Narrative Update • Sep 03
GRMN: Expanding Fitness And Marine Ecosystem Will Sustain Premium Yet Balanced P/E Profile
Garmin's analyst price target has edged higher by about $10 to roughly $290, as analysts point to an expanding product ecosystem, solid Q2 execution across fitness and other segments, and a P/E near 30x that they view as supported by recurring subscription revenue and strong margins, while also noting that the valuation is increasingly full. Analyst Commentary Recent research on Garmin highlights a mix of enthusiasm about the company’s execution and product reach, along with caution around valuation after the stock’s strong run into a P/E near 30x.Seeking Alpha • Sep 01
Garmin: Stellar Margins Can't Last
Summary Garmin has outperformed the S&P 500 in 2026, driven by strong Fitness segment growth and innovative product launches like CIRQA Smart Bands. GRMN raised full-year revenue guidance to $8.05B, with management expecting gross margins near 59.7% despite upcoming memory cost pressures. Valuation concerns dominate: the current price implies 15% annual growth, which appears unrealistic given analyst forecasts of low double-digit growth. I downgrade GRMN to 'Sell' due to stretched valuation and limited upside, recommending patience until shares approach $200. Read the full article on Seeking Alpha
Narrative Update • Aug 14
GRMN: Expanding Fitness Ecosystem And Subscriptions Will Support Long Term Upside
Garmin's analyst fair value estimate has been raised to $370 from $320, supported by analysts who point to the company's expanding product ecosystem, recurring subscription revenue, and solid recent margin performance across key segments such as fitness and outdoor. Analyst Commentary Recent research on Garmin reflects a generally constructive tone, with multiple bullish analysts lifting price targets as they respond to product execution, recurring revenue traction, and margin performance across fitness and outdoor categories.Analysis Article • Aug 01
Garmin Ltd. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next
Garmin Ltd. ( NYSE:GRMN ) defied analyst predictions to release its second-quarter results, which were ahead of market...Narrative Update • Jul 31
GRMN: Fitness Ecosystem And Automotive Expansion Will Sustain Premium Yet Measured P/E Profile
Garmin's analyst fair value estimate has been lifted from $262.43 to $279.57, as analysts point to recent price target increases into the high $280s and $290s range, supported by strong Q2 performance in fitness, new product launches, higher average selling prices and record margins. They also flag that the current near 30x P/E multiple leaves limited room for valuation stretch.
Narrative Update • Jun 22
GRMN: Product Rollouts And Halo Categories Will Test Premium Expectations
Analysts have nudged their average price target for Garmin higher to $325 from $320, citing expectations around the company's fitness and automotive product rollouts, as well as new halo-category introductions, as key drivers behind the adjustment. Analyst Commentary Recent research on Garmin reflects a split view, with some firms lifting price targets while others are taking a more cautious stance.Narrative Update • Jun 05
GRMN: Fitness And Automotive Rollouts Will Support Premium Yet Measured P/E Outlook
Narrative Update The analyst price target for Garmin has edged up by about $2 to reflect small tweaks to fair value assumptions and a mix of views on the stock. Some analysts point to product rollouts in fitness and automotive as key drivers in their updated models.Narrative Update • May 21
GRMN: AI Services And Product Cycle Upside Will Eventually Meet Premium Limits
Narrative Update on Garmin The analyst price target for Garmin has been updated to $220, reflecting a modest adjustment to assumptions such as discount rate and future P/E, as analysts weigh upbeat commentary around new product launches, fitness and automotive opportunities, and AI-enabled services against differing views on how much further the stock can run. Analyst Commentary Recent Street research paints a mixed picture for Garmin, with some firms lifting price targets on the back of new product launches, AI enabled services, and perceived strength in fitness and automotive.Narrative Update • May 02
GRMN: Premium AI And Product Cycle Hopes Will Eventually Underwhelm
Garmin's analyst price target holds at $220, reflecting a mix of upward revisions tied to expectations for new product launches, AI-enabled services, and ongoing fitness strength, as well as more cautious views that see limited upside at current valuation levels. Analyst Commentary Recent research on Garmin shows a wide range of opinions on where the shares should trade, even as the consensus target sits near $220.Narrative Update • Apr 18
GRMN: Premium AI And Product Cycle Expectations Will Likely Disappoint
Analysts held the fair value estimate for Garmin at $220. A series of higher price targets and updated models citing outperformance, expected new product launches, AI enabled services, expanding distribution and fitness momentum led to slightly higher revenue growth, discount rate and future P/E assumptions in the refreshed narrative.Narrative Update • Apr 03
GRMN: New AI Services And Product Cycle Will Temper Overstretched Expectations
Garmin's analyst price target in this narrative update shifts from $185 to $220 as analysts factor in stronger earnings projections, expectations for multiple new product launches, and a customer base viewed as less sensitive to economic swings. Analyst Commentary Recent Street research shows a wide range of opinions on Garmin, with higher price targets paired with very different ratings.Narrative Update • Mar 20
GRMN: AI Services And Fitness Momentum Will Support Strong Long Term Upside
Narrative Update The analyst price target for Garmin has moved to $320 from $310, supported by analysts citing stronger revenue growth assumptions, a modestly lower discount rate, resilient margins, and a slightly higher future P/E multiple tied to expectations for new products, AI enabled services, and ongoing fitness momentum. Analyst Commentary Recent research points to a split view on Garmin, with several bullish analysts lifting price targets and highlighting growth drivers, while at least one major firm keeps a more cautious stance even after raising its target.Narrative Update • Mar 06
GRMN: Fitness Momentum And AI Services Will Support Premium P/E Upside
The analyst fair value estimate for Garmin has been raised from $235.25 to $260.25, reflecting Street analysts' higher price targets tied to expectations for stronger revenue, fitness momentum into 2026, new AI enabled services, and a customer base viewed as less sensitive to economic swings. Analyst Commentary Street research on Garmin has turned more constructive overall, but opinions are still split on how much upside is left at current levels.Narrative Update • Feb 20
GRMN: Fitness Momentum And 2026 Framework Will Drive Strong Future Upside
Analysts have lifted their Garmin price targets to a range of about $240 to $265, reflecting higher assumed revenue growth and support from recent research that highlights ongoing fitness momentum and updated 2026 guidance. Analyst Commentary Recent Street research on Garmin points to a more constructive stance, with several bullish analysts lifting price targets and, in some cases, upgrading their ratings following the latest Q4 report and 2026 guidance.Narrative Update • Feb 05
GRMN: Higher Margin Framework Will Drive Strong Future Upside Potential
Analysts have raised their fair value estimate for Garmin from US$305 to US$310, citing recent research that supports slightly higher long term profit margins and a modestly higher future P/E multiple, even as revenue growth expectations are tempered and the discount rate is adjusted. Analyst Commentary Recent bullish analysts are highlighting the move in fair value to US$310 as a signal that the market could be underestimating Garmin's ability to support slightly higher long term margins and a modestly richer P/E multiple, even with more cautious revenue growth assumptions and a recalibrated discount rate.Narrative Update • Jan 22
GRMN: Fitness And Wearables Strength Will Support Premium P/E Upside
Analysts have lifted their price target on Garmin to about US$235 from roughly US$231, citing updated views on fair value, discount rate, revenue growth, profit margin and future P/E that are broadly in line with a recent upgrade highlighted by Barclays. Analyst Commentary Bullish analysts see the higher fair value estimate as consistent with a view that Garmin can justify a premium P/E, provided it executes on its current product and revenue plans.Narrative Update • Jan 08
GRMN: AI-Powered Automotive Platform Will Heighten Concerns About Overstretched Expectations
Analysts have raised their fair value estimate for Garmin from $167.00 to $185.00, citing updated assumptions around revenue growth, profit margins and future P/E levels as key drivers of the higher target. What's in the News At CES 2026, Garmin introduced the Unified Cabin 2026 automotive platform, centered on an AI and large language model based virtual assistant that coordinates multiple in car actions, supports natural follow ups, adapts to any language, and ties together displays, sensors, lighting, audio and RF into a single in cabin system (Key Developments).Narrative Update • Dec 17
GRMN Accelerating Fitness And Wearables Momentum Will Drive Strong Future Upside
Analysts have lifted their price target on Garmin to $305 from $285, citing accelerating revenue growth in fitness and smart wearables and confidence in the company’s innovation. This supports a higher future earnings multiple despite slightly lower projected profit margins.Narrative Update • Dec 03
GRMN: Fitness And Wearables Strength Will Drive Over 25% Upside Ahead
Analysts have nudged their price target on Garmin higher to reflect modestly improved long term growth and profitability assumptions, citing accelerating revenue momentum in fitness and smart wearables and updated targets now ranging roughly from about $190 to just over $300 per share. Analyst Commentary Recent Street research reflects a widening range of views on Garmin, with some bullish analysts lifting targets meaningfully while more cautious voices continue to highlight valuation and portfolio mix risks.Narrative Update • Nov 19
GRMN: Accelerating Fitness Segment Will Drive Over 25% Upside Ahead
Analysts have raised their price targets for Garmin, with increases such as from $285 to $305 and from $186 to $193. They cite ongoing innovation, strong performance in fitness and smart wearables, and expectations for accelerating revenue growth.Narrative Update • Nov 03
GRMN: Fitness And Wearables Momentum Will Drive Resilience Amid Macroeconomic Uncertainty
Garmin’s analyst price target has increased from $218.33 to $231.14. Analysts cite ongoing momentum in the company’s fitness and smart wearables segments, along with strong innovation and resilient demand.Narrative Update • Oct 20
Connect+ Service And Vívoactive 6 Will Expand Global Market Reach
Analysts have raised their price targets for Garmin, with recent updates showing increases ranging from $10 to $20 per share. They cite continued momentum in fitness and wearable segments as key drivers for future growth.Analysis Article • Oct 18
Garmin (NYSE:GRMN) Is Due To Pay A Dividend Of $0.90
The board of Garmin Ltd. ( NYSE:GRMN ) has announced that it will pay a dividend of $0.90 per share on the 26th of...Narrative Update • Oct 05
Connect+ Service And Vívoactive 6 Will Expand Global Market Reach
Garmin's analyst price target has been raised modestly from $215 to approximately $218.33 per share. This adjustment reflects analysts' outlook for continued revenue growth and resilience in its core business segments.Analysis Article • Sep 28
Garmin (NYSE:GRMN) Will Pay A Dividend Of $0.90
Garmin Ltd. ( NYSE:GRMN ) will pay a dividend of $0.90 on the 26th of December. The payment will take the dividend...Narrative Update • Sep 20
Connect+ Service And Vívoactive 6 Will Expand Global Market Reach
Garmin's consensus price target was raised slightly to $215.00 as analysts cited strong execution, resilient demand in core segments, and improving gross margins, partially offset by ongoing caution about earnings sustainability. Analyst Commentary Recognition of Garmin's strong execution and continuous innovation driving incremental price target increases, despite overall cautious outlooks.CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Jun 27 2026 | n/a | n/a | US$2b |
| Mar 28 2026 | n/a | n/a | US$2b |
| Dec 27 2025 | US$8m | US$1m | US$2b |
| Sep 27 2025 | n/a | n/a | US$2b |
| Jun 28 2025 | n/a | n/a | US$2b |
| Mar 29 2025 | n/a | n/a | US$1b |
| Dec 28 2024 | US$7m | US$1m | US$1b |
| Sep 28 2024 | n/a | n/a | US$2b |
| Jun 29 2024 | n/a | n/a | US$1b |
| Mar 30 2024 | n/a | n/a | US$1b |
| Dec 30 2023 | US$7m | US$1m | US$1b |
| Sep 30 2023 | n/a | n/a | US$1b |
| Jul 01 2023 | n/a | n/a | US$994m |
| Apr 01 2023 | n/a | n/a | US$964m |
| Dec 31 2022 | US$5m | US$1m | US$974m |
| Sep 24 2022 | n/a | n/a | US$966m |
| Jun 25 2022 | n/a | n/a | US$1b |
| Mar 26 2022 | n/a | n/a | US$1b |
| Dec 25 2021 | US$4m | US$1m | US$1b |
| Sep 25 2021 | n/a | n/a | US$1b |
| Jun 26 2021 | n/a | n/a | US$1b |
| Mar 27 2021 | n/a | n/a | US$1b |
| Dec 26 2020 | US$4m | US$1m | US$992m |
| Sep 26 2020 | n/a | n/a | US$1b |
| Jun 27 2020 | n/a | n/a | US$934m |
| Mar 28 2020 | n/a | n/a | US$973m |
| Dec 28 2019 | US$3m | US$1m | US$952m |
Compensation vs Market: Cliff's total compensation ($USD7.74M) is below average for companies of similar size in the US market ($USD14.71M).
Compensation vs Earnings: Cliff's compensation has been consistent with company performance over the past year.
CEO
Cliff Albert Pemble
18.9yrs
Tenure
US$7,744,354
Compensation
Mr. Clifton Albert Pemble, also known as Cliff, has been the Chief Executive Officer of Garmin Ltd., since January 1, 2013 and is its President since October 2007. Mr. Pemble serves as the Managing Directo...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 18.9yrs | US$7.74m | 0.030% $ 16.2m | |
| CFO & Treasurer | 12.2yrs | US$2.54m | 0.0052% $ 2.8m | |
| Co-Chief Operating Officer | 2.2yrs | US$3.09m | 0.019% $ 10.4m | |
| Co-Chief Operating Officer | 2.2yrs | US$2.39m | 0.017% $ 9.0m | |
| Executive VP & MD of Aviation - Garmin International | no data | US$2.72m | 0.043% $ 23.2m | |
| Co-Founder & Executive Chairman | 23.7yrs | US$384.43k | 9.41% $ 5.1b | |
| Director of Investor Relations | no data | no data | no data | |
| VP, General Counsel & Secretary | 20.7yrs | no data | 0.0048% $ 2.6m | |
| Director of Corporate Communications | no data | no data | no data | |
| Vice President of Human Resources | 19.2yrs | no data | 0% $ 0 | |
| Managing Director of EMEA | 15.6yrs | no data | 0.0015% $ 812.4k | |
| Executive VP & Managing Director of Auto OEM | 2.2yrs | US$906.35k | 0.00012% $ 64.6k |
15.6yrs
Average Tenure
59yo
Average Age
Experienced Management: GRMN's management team is seasoned and experienced (15.6 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 22.1yrs | US$7.74m | 0.030% $ 16.2m | |
| Co-Founder & Executive Chairman | 23.7yrs | US$384.43k | 9.41% $ 5.1b | |
| Independent Director | 13.3yrs | US$285.02k | 0.011% $ 5.7m | |
| Independent Director | 2.3yrs | US$275.02k | 0.00085% $ 457.3k | |
| Independent Director | 7.3yrs | US$280.02k | 0.0037% $ 2.0m | |
| Independent Director | 8.3yrs | US$280.02k | 4.65% $ 2.5b |
10.8yrs
Average Tenure
70yo
Average Age
Experienced Board: GRMN's board of directors are seasoned and experienced ( 10.8 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/16 22:10 |
| End of Day Share Price | 2026/09/16 00:00 |
| Earnings | 2026/06/27 |
| Annual Earnings | 2025/12/27 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Garmin Ltd. is covered by 28 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| William Power | Baird |
| Dong Wang | Barclays |
| Amir Rozwadowski | Barclays |