Post by Elphinstone Research Group

OUT NOW - Equity Research Report on Garmin Ltd. for Q1 2026 Our Consumer & Retail team at Elphinstone Research Group has released a comprehensive equity research report on Garmin Ltd. The report examines Garmin’s structural transition from a pure-play hardware manufacturer to a high-margin technology platform. While the broader wearables market faces stagnating unit growth, Garmin is successfully executing a premiumization strategy, capturing around 10% of global industry revenue with only 4% of unit volume. By focusing on high-ASP devices and integrated software ecosystems such as Garmin Connect+, the company is building a defensive, recurring revenue base. Diversified Defensive Moat: Garmin’s unique five-segment architecture (Fitness, Outdoor, Aviation, Marine, and Auto OEM) insulates the company from individual market cycles. Upcoming Catalysts: A strong H2 2026 product cycle, including the anticipated Fenix 9, along with potential regulatory breakthroughs in iOS API access, offers significant upside. Read the full report on our website: https://lnkd.in/ewVdqA2p Consumer & Retail Sector Head: Rina Kurihara Consumer & Retail Analysts: Anne Chen, Mykola Kandaurov, Hassan Butt, Louis Fletcher, Orhan Ozbudak, Shaeden Fernandes All information contained herein is derived from publicly available sources believed to be reliable, but accuracy and completeness are not guaranteed. This report does not constitute investment advice or a solicitation to buy or sell securities. Elphinstone Research Group | Scottish Registered Charity No.SC054318