Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have looked at Garmin for years the way one looks at a well-run family farm down the road — admiringly, and mostly from a distance because the price never quite made sense. What we see today, after reading the June 27, 2026 10-Q and the second-quarter results released this week, is one of the finest engineering-driven consumer franchises in America (technically Switzerland, spiritually Olathe, Kansas). It carries not one dollar of debt, holds roughly $4.4 billion in cash and securities, earns operating margins above 30% in its best quarter ever, and is run by people who own a tenth of the company and think in decades. But the market has just told everyone the same thing at once.
Recent filings analysed: 10-Q (2026-07-29), 8-K (2026-07-29), 8-K (2026-06-08), 10-Q (2026-04-29).
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