GRMN

Garmin is firing across all five segments (fitness, outdoor, aviation, marine, auto OEM), and the numbers show a clean reacceleration after the FY2022 air-pocket: revenue went $4.86B → $5.23B → $6.30B → $7.25B, with FY2025 up 15.1% and net income up 17.9% to $1.66B. This is not financially-engineered growth — operating income rose 17.7% and operating margin sits at 25.9%, gross margin at 58.7%, and net margin at 23.0%, so profitability is expanding alongside the top line. The 10-K frames Garmin as a 35-year-old serial innovator that shipped 20M+ units in FY2025 (300M+ cumulative), and R&D of $1.13B (+13.3%) funds the product pipeline that sustains those margins.

The balance sheet is the part that earns the conviction. Equity of $8.97B against minimal interest-bearing debt, $2.28B cash, and a current ratio of 3.6x ($6.25B current assets vs $1.72B current liabilities) make this effectively a fortress. Operating cash flow of $1.63B comfortably covers $270M of capex and $664M of growing dividends (+16%), leaving ample room for the shareholder returns that retained earnings ($6.97B, +16.2%) reflect. ROE of 18.5% is solid given the company carries almost no leverage — an unlevered 18.5% is higher quality than a levered one.