Garmin Ltd. (NYSE: GRMN) is a Swiss-headquartered technology company that designs, develops, manufactures, markets, and distributes navigation, communication, and information devices. It reports five segments: Fitness (smartwatches, activity trackers), Outdoor (handheld GPS, wearables, inReach satellite communicators), Aviation (avionics for civil aircraft), Marine (chartplotters, sonar, autopilots), and Auto OEM (infotainment and navigation systems sold to automakers). FY2025 net sales were $7.25 billion. None of the disclosed segments are prohibited lines.

NYSE Shariah screener · October 2026

Is Garmin Ltd. (GRMN) Halal?

PASS

Garmin Ltd. · NYSE: GRMN · Technology

The short answer

Yes — Garmin (NYSE: GRMN) passes this Shariah stock screen. The Swiss navigation and wearables technology company (fitness, outdoor, aviation, marine, auto OEM segments) has no prohibited business lines. It carries no bank loans or bonds — only about $178M of operating lease liabilities, roughly 0.3% of its ~$55.2B market cap (~192.9M shares at ~$282.46, Oct 2, 2026) — far below the ~33% debt ceiling. Interest income of $128.9M is about 1.8% of FY2025 net sales ($7.25B), below the ~5% non-compliant income ceiling. Zoya lists GRMN as Shariah-compliant per its September 2026 review; no Musaffa or ShariaPortfolio page for GRMN was found — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Garmin Ltd. (NYSE: GRMN) is a Swiss-headquartered technology company that designs, develops, manufactures, markets, and distributes navigation, communication, and information devices, per its FY2025 10-K. It reports five segments: Fitness (smartwatches and activity trackers), Outdoor (handheld GPS devices, inReach satellite communicators), Aviation (avionics for civil aircraft), Marine (chartplotters, sonar, autopilots), and Auto OEM (infotainment/navigation systems sold to automakers). FY2025 net sales were $7.25 billion, led by Fitness and Outdoor. None of the disclosed lines — consumer electronics, civil aviation electronics, marine electronics, auto OEM infotainment — are prohibited lines (no alcohol, gambling, pork, conventional banking/insurance, tobacco, cannabis, or adult entertainment). Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Garmin's balance sheets (FY2025 10-K at December 27, 2025 and Q2 2026 10-Q at June 27, 2026) show no short-term or long-term debt — no bank loans and no bonds outstanding. The only debt-like items are operating lease liabilities of about $178M at June 27, 2026. Against a market capitalization of about $55.2B — ~192.9M shares outstanding at ~$282.46 (October 2, 2026 Finnhub quote) — debt ÷ market cap is about 0.3%, far below the ~33% ceiling. Cash, cash equivalents, and marketable securities of about $4.37B at June 27, 2026 are about 7.9% of market cap, within the ~33% guideline. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

For the fiscal year ended December 27, 2025, Garmin disclosed interest income of $128.9M as a separate line under Other income (expense), against net sales of $7,245.5M — about 1.78% of revenue, below the ~5% non-compliant income ceiling. The interest is earned on its cash and marketable-securities balances (about $4.1B at December 27, 2025), not from lending. The Q2 2026 10-Q confirms the pattern: H1 2026 interest income of $74.1M on net sales of $3,775.6M (about 2.0%). Gate 3 passes. Facts only.

Key figures used

Business: GPS/navigation, wearables/fitness, outdoor, aviation (civil), marine, and auto OEM infotainment — five segments; FY2025 net sales $7.25B; no prohibited lines
Debt: $0 bank loans or bonds (FY2025 10-K and Q2 2026 10-Q balance sheets) — only operating lease liabilities ~$178M; debt ÷ market cap ≈ 0.3%, far under the ~33% ceiling
Market cap: ~$55.2B (~192.9M shares at ~$282.46, Oct 2, 2026); cash + marketable securities ~$4.37B ≈ 7.9% of market cap
Interest income: $128.9M (FY2025, disclosed line) vs net sales $7,245.5M — ≈1.78% of revenue, under the ~5% non-compliant income ceiling; H1 2026 $74.1M / $3,775.6M ≈ 2.0%
FY2025: net income $1.66B ($8.65 basic EPS); Q2 2026 raised full-year 2026 guidance to ~$8.05B revenue
Zoya lists GRMN as Shariah-compliant (Sept 2026 review, same $128.874M / 1.78% figures); no Musaffa or ShariaPortfolio page for GRMN found — reported as absent, not invented

Frequently asked questions

What does Garmin do?

Why does Garmin pass this Shariah stock screen?

Garmin passes all three gates of this screen. Gate 1 (business): its five segments — fitness, outdoor, aviation, marine, and auto OEM navigation hardware and software — contain no prohibited lines (no alcohol, gambling, pork, conventional banking or insurance, tobacco, cannabis, or adult entertainment). Gate 2 (financial structure): it carries no bank loans or bonds; operating lease liabilities of about $178M are the only debt-like items, roughly 0.3% of its ~$55.2B market cap, far below the ~33% ceiling. Gate 3 (income): FY2025 interest income of $128.9M is about 1.8% of net sales of $7.25B, below the ~5% non-compliant income ceiling. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Garmin's interest-bearing debt ratio?

Garmin carries no bank loans or bonds — its balance sheets (FY2025 10-K and Q2 2026 10-Q) show no short-term or long-term debt, and MarketBeat reports total debt of $0.00 at end-2025. The only debt-like items are operating lease liabilities of about $178M at June 27, 2026. Against a market capitalization of about $55.2B (192.9M shares at ~$282.46, October 2, 2026), debt ÷ market cap is about 0.3%, far below the ~33% ceiling. Cash, cash equivalents, and marketable securities of about $4.37B are about 7.9% of market cap, within the ~33% guideline. The financial-structure gate passes.

What is Garmin's non-compliant income ratio?

For the fiscal year ended December 27, 2025, Garmin reported interest income of $128.9M (disclosed as a separate line in Other income) against net sales of $7.25B — about 1.78% of revenue, below the ~5% non-compliant income ceiling. The interest is earned on its cash and marketable-securities balances (about $4.1B at December 27, 2025), not from lending. The H1 2026 10-Q shows the same picture: interest income of $74.1M on net sales of $3.78B (about 2.0%). The income gate passes.

Do Zoya, Musaffa, or ShariaPortfolio cover Garmin?

Zoya covers Garmin (GRMN) and lists it as Shariah-compliant per its September 2026 review, reporting the same FY2025 figures used here (interest income $128.874M, about 1.78% of revenue). No Musaffa stock page and no ShariaPortfolio page for GRMN were found in web searches — honestly reported as absent, not invented. This page applies the screen directly from Garmin's own filings: the FY2025 10-K (filed February 18, 2026) and the Q2 2026 10-Q earnings release.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).