The Bull Case For Garmin (GRMN) Could Change Following New Defense Win And inReach Launch – Learn Why

• In December 2025, Garmin announced that its G5000H integrated flight deck was selected by the Brazilian Air Force, via Ace Aeronautics, to modernize 24 UH-60L Black Hawk helicopter cockpits, while also unveiling the inReach Mini 3 Plus satellite communicator with voice, text and photo capabilities for off-grid adventurers.
• Together, these developments highlight Garmin’s ability to win complex defense avionics programs and extend its satellite communication ecosystem deeper into the outdoor market.
• We’ll now explore how the Brazilian Air Force G5000H upgrade program could influence Garmin’s broader investment narrative and growth mix.

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Garmin Investment Narrative Recap

To own Garmin, you need to believe its multi-segment model in aviation, outdoor and fitness can keep compounding earnings despite higher operating costs and uneven end-market demand. The Brazilian Air Force G5000H win and the inReach Mini 3 Plus launch look positive for Aviation and Outdoor, but do not appear large enough on their own to change the key near term swing factor, which remains margin pressure from rising R&D and SG&A.

Among the recent announcements, the Brazilian Air Force’s selection of Garmin’s G5000H flight deck for 24 UH-60L Black Hawks is most relevant here, reinforcing Garmin’s position in high value avionics. For investors focused on catalysts, this kind of defense and special mission program can help balance softer demand in areas like Marine and support the broader thesis that premium aviation systems can be an important contributor to Garmin’s mix and profitability over time.

Yet while these wins help, investors should still watch how rising operating expenses interact with...

Read the full narrative on Garmin (it's free!)

Garmin’s narrative projects $8.5 billion revenue and $1.8 billion earnings by 2028. This requires 7.9% yearly revenue growth and an earnings increase of about $0.2 billion from $1.6 billion today.

Uncover how Garmin's forecasts yield a $231.14 fair value, a 11% upside to its current price.

Exploring Other Perspectives

Six members of the Simply Wall St Community currently estimate Garmin’s fair value between US$119 and US$285, reflecting very different return expectations. Against this backdrop, the company’s growing R&D and SG&A burden raises questions about how easily earnings growth can keep supporting today’s valuation, so it is worth comparing several independent views before forming a conclusion.

Explore 6 other fair value estimates on Garmin - why the stock might be worth 43% less than the current price!

Build Your Own Garmin Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Garmin research is our analysis highlighting 4 key rewards that could impact your investment decision.
• Our free Garmin research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Garmin's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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