Garmin

Garmin demonstrates pricing power in aviation and marine where safety certifications, workflow integration, and specialized functionality limit commoditization. The premium tiers of Fenix, Epix, Forerunner, Edge, and tactix also show resilience, aided by differentiated battery life and training analytics.

Gross margin expanded to 58.7 percent in 2024 and management guides to 58.5 percent in 2025, signaling maintained mix quality despite macro uncertainty.

Offsetting factors: mainstream wearables remain more price-sensitive, and recent subscription changes (inReach and Connect Plus) sparked user pushback that management must navigate carefully to avoid damaging perceived value. Overall we rate pricing power above average with upside if recurring content mix rises.