Garmin

Garmin enjoys several reinforcing moats. In aviation, certification know-how, installed base, and FAA/EASA approvals create high switching costs and efficient scale in general aviation avionics.

In marine, proprietary charts and sonar (Navionics, LiveScope), tight hardware-software integration, and distribution relationships underpin share and pricing.

In performance wearables, brand equity among serious athletes and multi-year training data in Garmin Connect create moderate switching costs, while long battery life and specialty sensors differentiate against general-purpose smartwatches. Vertical integration from design to manufacturing improves time-to-market and cost control.

Risks: Apple and Samsung pressure the mainstream watch category; subscription policy missteps could erode goodwill; and auto OEM remains a long-ramp program with historically negative margins but improving scale.

Overall we see multiple durable moats with the most resilient in aviation and marine, and a defendable, niche-focused position in wearables. Key data points supporting durability: record 2024 revenue with broad-based segment strength; H1 2025 segment operating leverage; and a very large patent and trademark portfolio disclosed in the 10-K.