Garmin

Revenue is diversified across five segments with different cycles. Aviation and marine exhibit durable replacement and content revenue (databases, charts, subscriptions), while fitness and outdoor are consumer-driven but supported by sticky ecosystems and accessories.

Management raised 2025 revenue guidance to approximately 7.1 billion dollars following strong H1 trends. Still, consumer wearables introduce volatility and auto OEM ramps can pressure margins until platforms scale. FX and tariff headlines can affect demand and costs.

We view overall growth as steady and increasingly subscription-supported, but not as toll-like as networks or rating agencies.