Garmin turned GPS expertise into five distinct businesses: fitness watches, outdoor adventure devices, aviation cockpits, marine electronics and automotive systems. The consumer lines carry the volume, with running watches and cycling computers that enjoy cult loyalty, while aviation and marine bring certified, high-margin equipment with long product lives. The company designs its own chips and software and manufactures in its own facilities, keeping quality in-house. Founded in 1989 by two engineers, Garmin still runs debt-free with founder-era conservatism.