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Garmin vs Leonardo DRS: GRMN and DRS compared
Garmin is the larger company: $2.0B of revenue in its latest quarter (Q3 2026) against $1.1B for Leonardo DRS (Q3 2026). Garmin is growing faster (+12% against +11% a year earlier). Garmin is more profitable, with an operating margin of 30.8% against 10.9%.
Where the money goes: GRMN and DRS
Garmin (GRMN) · Q3 2026
Garmin, Q3 2026: revenue $2.0B (+12% year over year), operating margin 30.8%, net earnings $542M, operating cash flow $394M. The chart follows the revenue to costs, profit and cash.
Leonardo DRS (DRS) · Q3 2026
Leonardo DRS, Q3 2026: revenue $1.1B (+11% year over year), operating margin 10.9%, net earnings $115M, operating cash flow $96.0M. The chart follows the revenue to costs, profit and cash.
| Garmin (GRMN) | Leonardo DRS (DRS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.0B | $1.1B |
| Revenue growth, Y/Y | +12% | +11% |
| Gross margin | 63.3% | 24.7% |
| Operating margin | 30.8% | 10.9% |
| Net earnings | $542M | $115M |
| Net margin | 27.3% | 10.8% |
| Operating cash flow | $394M | $96.0M |
| Free cash flow | $293M | $61.0M |
| Market value | $55.4B | $9.1B |
| P/E | 27.5× | 25.0× |
| Analysts’ mean target | $299.00 | $52.58 |
Where the revenue comes from
Garmin
- Fitness Segment: $694M (35%)
- Outdoor Segment: $597M (30%)
- Marine Segment: $310M (16%)
- Aviation Segment: $253M (13%)
Questions
Which is bigger, Garmin or Leonardo DRS?
Garmin is the larger company: $2.0B of revenue in its latest quarter (Q3 2026) against $1.1B for Leonardo DRS (Q3 2026).
Is Garmin or Leonardo DRS growing faster?
Garmin is growing faster (+12% against +11% a year earlier).
Which is more profitable, Garmin or Leonardo DRS?
Garmin is more profitable, with an operating margin of 30.8% against 10.9%.
More: Garmin earnings · how Garmin makes money · Leonardo DRS earnings · how Leonardo DRS makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.