HIGHOutside partySupplier
sole source suppliers
“10-K Item 1A: 'Some components we use are from sole source suppliers.'”
GRMN · Concentration risk · 10-K extracted
Garmin (GRMN) concentration risks
Updated
The most significant concentration Garmin discloses is sole source suppliers, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Garmin’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
Taiwan
“10-K Item 1A: 'Our principal manufacturing facilities for consumer products are located in Taiwan.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a large-share supplier dependency and a moderate geographic manufacturing exposure. On the supply side, certain components are sourced from sole-source suppliers, a large-share dependency where the loss of even one such relationship could interrupt production of specific products with no immediately available alternative vendor. This type of exposure is characteristic of companies with specialized electronic and optical components that require significant lead time and qualification to substitute — a disruption at a sole-source supplier can cascade quickly into product availability gaps and margin pressure. The geographic manufacturing exposure relates to Taiwan, where principal manufacturing facilities for consumer products are located. This is a moderate-share structural exposure reflecting the company's decades-long investment in Taiwanese production capabilities. The structural character means the concentration is embedded in the company's operational model, but it also means that the exposure is not easily or quickly diversifiable — geopolitical risk around the Taiwan Strait, natural disasters, or labor disruptions in Taiwan would directly affect consumer product output. The two exposures interact modestly: sole-source components that happen to be Taiwanese suppliers would represent a compounded risk point, though the filing does not link them explicitly. Neither claim carries a customer revenue concentration alongside it, which limits the demand-side concentration risk. Overall, the profile is supply-chain and manufacturing in nature, well-disclosed, and most sensitive to supply disruptions at specialized component vendors and to geopolitical or operational risk in Taiwan.
For the engine’s reasoning on GRMN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Scientific & Technical Instruments
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BMI | Badger Meter, Inc. | 2 | 0 | 0 | 2 |
| ESE | ESCO Technologies Inc. | 1 | 1 | 2 | 4 |
| COHR | Coherent Corp. | 1 | 1 | 0 | 2 |
| GRMN● | Garmin Ltd. | 1 | 1 | 0 | 2 |
| FTV | Fortive Corporation | 1 | 0 | 0 | 1 |
| CGNX | Cognex Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.