Garmin Ltd (GRMN) is undervalued and Keysight Technologies Inc (KEYS) is slightly overvalued.
Against our estimates of intrinsic value, GRMN trades at the wider discount: a margin of safety of +28%, against -14% for KEYS.
Values as of the 22 Sept 2026 close.
A 9.7x revenue multiple, adjusted for growth and margin, values the shares at $397.96; the price of $284.67 is 28% below that value.
Leak Score 100/100 on 3 of 12 signals
A 8.0x revenue multiple, adjusted for growth and margin, values the shares at $305.41; the price of $347.32 is 14% above that value.
Leak Score 47/100 on 9 of 12 signals
| Metric | GRMN | KEYS |
|---|---|---|
| Verdict | Undervalued | Slightly overvalued |
| Price | $284.67 | $347.32 |
| Intrinsic value | $397.96 | $305.41 |
| Margin of safety | +28% | -14% |
| Leak Score | 100/100 (3/12) | 47/100 (9/12) |
| Market cap | $54.9B | $59.1B |
| Revenue growth, 5 years | 11.6% | 5.0% |
| Operating margin | 27.6% | 24.4% |
| Net margin | 24.5% | 19.1% |
| Return on equity | 21.9% | 20.9% |
| Debt to equity | 0.02 | 0.42 |
| P/E | 29.4x | 47.8x |
| Forward P/E | 25.4x | 25.4x |
| P/B | 6.1x | 9.0x |
| Dividend yield | 1.4% | — |