{"slug":"garmin","name":"가민","name_en":"Garmin","ticker":"GRMN","updated_at":"2026-07-12T04:40:35.11+00:00","canonical":"https://valuechain.wiki/garmin","citable":"밸류체인 그래프 기준 가민의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Garmin is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 4 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"정밀 GPS 기기 · 분산 니치(피트니스·항공·오토)","kicker_en":"Precision GPS devices · diversified niches (fitness, aviation, auto)","lead":"GPS 기반 웨어러블·아웃도어·항공·해양·차량 전자장비를 만드는 수직통합 니치 전자 기업으로, 단일 고객이 매출의 10%를 넘지 않는 분산 구조가 특징이다. FY2025 매출 약 $7.25B이 피트니스(32.5%)·아웃도어(28.4%)의 소비 코어에 고마진 항공(13.6%)·마린·차량 OEM을 얹어 구성되니, 어느 한 부문·고객의 충격이 전체를 흔들기 어렵다. AI 사이클·단일 고객 리스크와 거리를 둔 이 다각화가, 위성통신(inReach)·티어1 오토(BMW) 같은 신성장 레그와 맞물리는 게 이 노드의 시계다.","lead_en":"A vertically integrated niche-electronics maker of GPS-based wearables, outdoor, aviation, marine and automotive devices, defined by a diversified structure where no single customer exceeds 10% of sales. FY2025 revenue of about $7.25B layers high-margin Aviation (13.6%), Marine and Auto OEM on top of a consumer core of Fitness (32.5%) and Outdoor (28.4%), so a shock to any one segment or customer struggles to move the whole. That diversification — distanced from AI-cycle and single-customer risk — meshing with new growth legs like satellite comms (inReach) and tier-1 auto (BMW) is this node's clock.","segments":{"fy":2025,"parts":[{"desc":"러닝·사이클·스마트워치 웨어러블 — 최대 부문이자 소비 사이클에 노출된 매출 기반($2.36B).","name":"피트니스 (32.5%)"},{"desc":"핸드헬드·어드벤처 워치·inReach 위성통신 — 이리듐 망 기반 위성 메시징이 차별점($2.05B).","name":"아웃도어 (28.4%)"},{"desc":"선박용 차트플로터·소나·오토파일럿 — 레저 보트 수요에 연동($1.18B).","name":"마린 (16.3%)"},{"desc":"제트기 항전·레트로핏(텍스트론 세스나 등) — 부문 중 고마진 축($0.99B).","name":"항공 (13.6%)"},{"desc":"BMW 등에 차량 도메인 컨트롤러 티어1 공급($0.66B) — 소비재를 넘어 오토 전장으로 넓히는 성장 레그이나, 아직 부문 영업손실 $(48.6)M로 연결 이익을 갉는 투자 단계다.","name":"차량 OEM (9.2%)"}],"total":"약 $7.25B (FY2025)","concentration":"단일 고객 10% 이상 없음(FY2023~25)."},"segments_en":{"fy":2025,"parts":[{"desc":"Running, cycling and smartwatch wearables — the largest segment and the consumer-cycle-exposed revenue base ($2.36B).","name":"Fitness (32.5%)"},{"desc":"Handhelds, adventure watches and inReach satellite comms — Iridium-network satellite messaging is the differentiator ($2.05B).","name":"Outdoor (28.4%)"},{"desc":"Chartplotters, sonar and autopilots — tied to leisure-boating demand ($1.18B).","name":"Marine (16.3%)"},{"desc":"Jet avionics and retrofits (e.g., Textron Cessna) — the high-margin axis of the group ($0.99B).","name":"Aviation (13.6%)"},{"desc":"Tier-1 automotive domain controllers to BMW and others ($0.66B) — a growth leg widening from consumer devices into automotive electronics, but still an investment phase running a segment operating loss of $(48.6)M that drags consolidated profit.","name":"Auto OEM (9.2%)"}],"total":"~$7.25B (FY2025)","concentration":"No customer above 10% of sales (FY2023-25)."},"returns_yearly":{"2021":15.9,"2022":-30.2,"2023":43.1,"2024":63.3,"2025":-0.1,"2026":20.8},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"textron","name":"텍스트론","name_en":"Textron","tier":1,"returns_yearly":{"2021":59.9,"2022":-8.2,"2023":13.7,"2024":-4.8,"2025":14.1,"2026":4.3}}],"benefiting":[{"slug":"iridium","name":"이리듐","name_en":"Iridium Communications","tier":1,"returns_yearly":{"2021":5,"2022":24.5,"2023":-19.1,"2024":-28.1,"2025":-38.5,"2026":190.7}},{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":2,"returns_yearly":{"2026":0.7}},{"slug":"thales","name":"Thales","name_en":"Thales","tier":2,"returns_yearly":{"2021":12.5,"2022":52.5,"2023":14,"2024":17.8,"2025":66.6,"2026":-11.6}},{"slug":"stmicroelectronics","name":"ST마이크로일렉트로닉스","name_en":"STMicroelectronics","tier":3,"returns_yearly":{"2021":32.4,"2022":-26.8,"2023":41.7,"2024":-49.7,"2025":5.3,"2026":176.6}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":3,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","tier":3,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-6.8}}],"analysis":"가민의 투자 논점은 'AI 사이클·단일 고객과 무관한 분산 니치 컴파운더'다. 피트니스(32.5%)·아웃도어(28.4%)가 소비 기반을, 고마진 항공(13.6%)·마린·차량 OEM이 분산을 이뤄 단일 고객이 매출의 10%를 넘지 않는다(FY23~25) — 수요 충격이 한 곳에 쏠리지 않는 구조다. 그래프상 상류로 이리듐 위성망(inReach 위성통신)에 의존하고, 하류로 BMW(차량 도메인 컨트롤러 티어1, 미국산 누적 100만대)·텍스트론(세스나 사이테이션 올가민 항전 레트로핏)으로 뻗는다. 관건은 웨어러블·아웃도어 소비 사이클과 항공·오토 OEM의 구조 성장이며, 이리듐의 자체 D2D 전환 같은 위성 파트너 전략 변화가 inReach 차별성의 변수다.","analysis_en":"Garmin's thesis is 'a diversified niche compounder uncorrelated with the AI cycle or any single customer.' Fitness (32.5%) and Outdoor (28.4%) form the consumer base while high-margin Aviation (13.6%), Marine and Auto OEM diversify, so no customer exceeds 10% of sales (FY23-25) — a structure where demand shocks do not concentrate. In the graph it depends upstream on the Iridium satellite network (inReach) and extends downstream to BMW (tier-1 automotive domain controllers, one million US-made units) and Textron (all-Garmin avionics retrofits for Cessna Citation jets). The keys are the wearable/outdoor consumer cycle and structural growth in aviation and auto OEM; a satellite partner's strategy shift, such as Iridium's own D2D move, is a variable for inReach's differentiation.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"자체 수직통합 제조(대만·미국·유럽·중국 공장)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"countries":6,"mfg_staff":10200},"note":"대만·미국·네덜란드·영국·폴란드·중국의 자체 공장에서 수직통합 제조(제조 인력 약 1만200명) — 외주 조립사에 의존하는 EMS 모델과 달리 설계·제조를 사내에 두어 원가·품질·출시속도를 통제하는 것이 핵심 경쟁력이자 방어적 원가 구조다.","note_en":"Vertically integrated manufacturing at its own plants in Taiwan, the US, the Netherlands, the UK, Poland and China (~10,200 manufacturing staff) — unlike an EMS-outsourced model, keeping design and production in-house to control cost, quality and time-to-market is a core competency and a defensive cost structure.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm","title":"Garmin 10-K FY2025","title_en":"Garmin 10-K FY2025","excerpt":"Garmin believes one of its core competencies is its vertically integrated manufacturing at facilities in Taiwan, the US, the Netherlands, the UK, Poland and China; ~10,200 manufacturing staff. Vertical integration provides advantages to product cost, quality, and time to market.","excerpt_en":"Vertically integrated manufacturing across six countries (~10,200 staff); advantages in cost, quality, time-to-market."}]},{"direction":"revenue","counterparty":"BMW","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"segment_oi_musd":-48.6,"segment_rev_musd":664.7},"note":"BMW 등에 차량 도메인 컨트롤러·인포테인먼트를 공급하는 티어1(미국 공장 생산 누적 100만대, 2025.7). 다만 오토OEM은 부문매출 $664.7M에 영업손실 $(48.6)M로 아직 연결 영업이익을 갉아먹는 투자 단계 — 추가 수주·양산 효율이 흑자 전환의 관건이다.","note_en":"A tier-one supplier of automotive domain controllers and infotainment to BMW and others (one-millionth US-made unit shipped Jul 2025). But Auto OEM ran a segment operating loss of $(48.6)M on $664.7M revenue — still an investment phase dragging consolidated operating income, where more design wins and volume efficiency are the keys to breakeven.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm","title":"Garmin 10-K FY2025","title_en":"Garmin 10-K FY2025","excerpt":"Auto OEM segment FY2025 net sales $664.7M with operating loss $(48.6)M; the segment has negatively impacted consolidated operating income as revenue/gross profit have not covered facility and R&D investments.","excerpt_en":"Auto OEM net sales $664.7M, operating loss $(48.6)M; drags consolidated operating income."},{"stance":"confirms","publisher":"PR Newswire (Garmin)","publisher_en":"PR Newswire (Garmin)","kind":"ir","lang":"en","published_at":"2025-07-30","url":"https://www.prnewswire.com/news-releases/garmin-announces-second-quarter-2025-results-302517037.html","title":"가민 2025년 2분기 실적 발표","title_en":"Garmin announces Q2 2025 results","excerpt":"We recently shipped the one millionth BMW domain controller out of our U.S. manufacturing facility, demonstrating our capability as a respected tier 1 supplier.","excerpt_en":"Shipped the one millionth BMW domain controller from Garmin's US facility."}]},{"direction":"revenue","counterparty":"피트니스 최종수요(러닝·사이클·스마트워치 소비자, 익명)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"oi_musd":725.9,"rev_musd":2357,"share_pct":32.5},"note":"러닝·사이클·스마트워치 웨어러블의 최종수요(글로벌 소비자, 단일 고객 10% 미만) — 최대 부문(FY2025 매출 $2,357M·영업이익 $725.9M, 30.8% 마진)이자 소비 사이클에 노출된 실적 기반으로, 헬스·프리미엄 웨어러블 수요가 성장을 끈다.","note_en":"End demand for running, cycling and smartwatch wearables (global consumers, no single customer >10%) — the largest segment (FY2025 revenue $2,357M, operating income $725.9M, 30.8% margin) and the consumer-cycle-exposed earnings base, driven by health and premium-wearable demand.","sources":[{"stance":"mentions","publisher":"Tigress Financial","publisher_en":"Tigress Financial","kind":"research","lang":"en","published_at":"2026-05-20","url":"https://www.marketbeat.com/stocks/NYSE/GRMN/forecast/","title":"가민 애널리스트 컨센서스(보유, 평균 ~$256; 티그리스 강력매수 $325 vs 모건스탠리 $185)","title_en":"Garmin analyst consensus (Hold, avg ~$256; Tigress Strong Buy $325 vs Morgan Stanley $185)","excerpt":"애널리스트 컨센서스 '보유'(평균 목표가 ~$256) — 티그리스 강력매수 $325(피트니스·항공·오토 확장 근거) vs 모건스탠리 저점 $185. 소비 웨어러블 사이클 대 구조 성장의 논쟁.","excerpt_en":"Consensus Hold (avg ~$256): Tigress Strong Buy $325 (fitness/aviation/auto expansion) vs Morgan Stanley low $185 — a debate of consumer-wearable cycle vs structural growth."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm","title":"Garmin 10-K FY2025","title_en":"Garmin 10-K FY2025","excerpt":"Fitness segment FY2025 net sales $2,357.0M, operating income $725.9M; Fitness was the largest revenue mix at 33% in 2025. Total units 20.7M (+11%).","excerpt_en":"Fitness net sales $2,357.0M, operating income $725.9M; 33% of revenue mix."}]},{"direction":"revenue","counterparty":"아웃도어 최종수요(핸드헬드·어드벤처워치·inReach 소비자, 익명)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"oi_musd":690.4,"rev_musd":2054.1,"share_pct":28.4},"note":"핸드헬드·어드벤처 워치·inReach 위성통신의 최종수요(익명) — 2위 부문(FY2025 매출 $2,054M·영업이익 $690.4M, 33.6% 마진). 이리듐 위성망 기반 위성 메시징(inReach)이 차별점이라, 위성 파트너 전략이 이 부문 해자의 변수다.","note_en":"End demand for handhelds, adventure watches and inReach satellite comms (undisclosed) — the No.2 segment (FY2025 revenue $2,054M, operating income $690.4M, 33.6% margin). Iridium-network satellite messaging (inReach) is the differentiator, so the satellite partner's strategy is a variable for this segment's moat.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm","title":"Garmin 10-K FY2025","title_en":"Garmin 10-K FY2025","excerpt":"Outdoor segment FY2025 net sales $2,054.1M, operating income $690.4M (highest segment margin at 33.6%).","excerpt_en":"Outdoor net sales $2,054.1M, operating income $690.4M (33.6% margin)."}]},{"direction":"revenue","counterparty":"마린 최종수요(레저 보트·해양 소비자, 익명)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"oi_musd":251.3,"rev_musd":1182.6,"share_pct":16.3},"note":"차트플로터·소나·오토파일럿의 최종수요(익명) — FY2025 매출 $1,182.6M·영업이익 $251.3M(21.2% 마진). 레저 보트 수요에 연동돼 소비 사이클·가처분소득에 민감하나, JL오디오 등 인수로 프리미엄 오디오까지 넓힌 부문이다.","note_en":"End demand for chartplotters, sonar and autopilots (undisclosed) — FY2025 revenue $1,182.6M, operating income $251.3M (21.2% margin). Tied to leisure-boating demand and sensitive to the consumer cycle and disposable income, but broadened into premium audio via acquisitions such as JL Audio.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm","title":"Garmin 10-K FY2025","title_en":"Garmin 10-K FY2025","excerpt":"Marine segment FY2025 net sales $1,182.6M, operating income $251.3M. Audio brands Fusion and JL Audio serve marine and powersports.","excerpt_en":"Marine net sales $1,182.6M, operating income $251.3M."}]},{"direction":"investment","counterparty":"유가증권 포트폴리오·전략적 인수($4.1B)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"yield_pct":3.3,"cash_and_securities_musd":4100},"note":"현금·유가증권 약 $4.1B(2025-12-27)를 이사회 승인 투자정책에 따라 운용(2025 평균 수익률 3.3%) — 저부채·요새형 대차대조표로 배당·자사주·볼트온 인수(JL오디오 등)를 조달한다. 자본 여력이 AI·단일고객 리스크와 무관한 다각화 컴파운더 전략의 방어 축이다.","note_en":"Runs ~$4.1B of cash and marketable securities (Dec 27, 2025) under a board-approved investment policy (3.3% average return in 2025) — a low-debt, fortress balance sheet funding dividends, buybacks and bolt-on acquisitions (e.g., JL Audio). This capital capacity is the defensive pillar of a diversified compounder strategy uncorrelated with AI-cycle or single-customer risk.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm","title":"Garmin 10-K FY2025","title_en":"Garmin 10-K FY2025","excerpt":"As of Dec 27, 2025, ~$4.1B of cash, cash equivalents and marketable securities; average interest return 3.3% in 2025; cash used in investing $645.2M partly on increased acquisitions and capex.","excerpt_en":"~$4.1B cash and marketable securities (3.3% return); investing cash $645.2M incl. acquisitions."}]},{"direction":"cost","counterparty":"반도체·디스플레이·전자부품 공급사(GNSS칩·AMOLED·센서, 익명)","counterparty_slug":null,"confidence":"mid","metric":{"fy":2025,"inputs":"gnss_chips_amoled_sensors_memory"},"note":"GNSS/GPS 수신칩·AMOLED 디스플레이·센서·메모리 등 전자부품을 외부에서 조달한다(공급처 미공시, 일부 한정 공급). 부품 가격·공급이 원가·납기의 변수이며, 항공용은 GPS·SBAS(WAAS 등) 위성증강 신호 의존도 구조적 노출이다.","note_en":"Sources electronic components — GNSS/GPS receiver chips, AMOLED displays, sensors, memory — from outside suppliers (undisclosed, some limited-source). Component prices and supply are cost/lead-time variables, and aviation products carry structural exposure to GPS and SBAS (e.g., WAAS) augmentation signals.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm","title":"Garmin 10-K FY2025","title_en":"Garmin 10-K FY2025","excerpt":"Products feature GPS/GNSS navigation and AMOLED displays; some products rely on SBAS (WAAS, EGNOS, MSAS) and regional satellite systems, whose curtailment could impact aviation products.","excerpt_en":"Products use GPS/GNSS chips and AMOLED displays; aviation depends on SBAS augmentation signals."}]},{"direction":"cost","counterparty":"이리듐","counterparty_slug":"iridium","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"이리듐 위성망을 쓰는 inReach 위성통신 기기 매출 — 이리듐에 망 이용료를 내는 구조의 반대편.","note_en":"Sells inReach satellite communicators running on the Iridium network.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm","title":"Garmin 10-K FY2025","title_en":"Garmin 10-K FY2025","excerpt":"FY2025 세그먼트 매출: 피트니스 $2.36B·아웃도어 $2.05B·마린 $1.18B·항공 $0.99B·차량OEM $0.66B, 합계 $7.25B. 10% 이상 단일 고객 없음.","excerpt_en":"FY2025 segments: Fitness $2.36B, Outdoor $2.05B, Marine $1.18B, Aviation $0.99B, Auto OEM $0.66B; no customer above 10%."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. Securities and Exchange Commission (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1418819/000141881926000009/irdm-20251231.htm","title":"Iridium Communications Inc. Form 10-K (FY2025)","title_en":"Iridium Communications Inc. Form 10-K (FY2025)","excerpt":"...we continue to support our VAMs and VARs, such as Garmin, in developing personal communication devices.","excerpt_en":"...we continue to support our VAMs and VARs, such as Garmin, in developing personal communication devices."},{"stance":"mentions","publisher":"서울경제","publisher_en":"Seoul Economic Daily","kind":"news","lang":"ko","published_at":"2024-01-15","url":"https://www.sedaily.com/NewsView/2D43FBFTHD","title":"위성-휴대폰 연결…D2D 통신시대 열린다","title_en":"Satellite-to-phone: the D2D communications era begins","excerpt":"이리듐은 66기의 위성을 보유하고 전 세계 220만 명에게 서비스를 제공 중이다. ... 지난해 1월 칩 제조사 퀄컴과 D2D 서비스인 '스냅드래곤 새틀라이트' 협업을 추진하다가 최근 중단하고 자체 서비스 출시로 방향을 선회했다.","excerpt_en":"Iridium operates 66 satellites and serves 2.2 million users worldwide... After pursuing the 'Snapdragon Satellite' D2D partnership with chipmaker Qualcomm from January last year, it recently halted it and pivoted to launching its own service."}]},{"direction":"revenue","counterparty":"텍스트론 애비에이션 (세스나)","counterparty_slug":"textron","confidence":"mid","metric":{"fy":2025,"aviation_segment_oi_musd":257.2,"aviation_segment_rev_musd":987.2},"note":"세스나 사이테이션 제트(CJ1·CJ2·XLS)의 올가민 항전 레트로핏 — OEM이 제공하는 STC 업그레이드 채널(공장 라인 장착이 아닌 애프터마켓).","note_en":"All-Garmin avionics retrofits for Cessna Citation jets (CJ1/CJ2/XLS), offered by the OEM via FAA STC - aftermarket, not factory-line installs.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm","title":"Garmin 10-K FY2025","title_en":"Garmin 10-K FY2025","excerpt":"Aviation segment FY2025 net sales $987.2M and operating income $257.2M (26.1% margin); avionics retrofits for business jets are an aftermarket channel within this high-margin segment.","excerpt_en":"Aviation net sales $987.2M, operating income $257.2M; retrofits are an aftermarket channel in this high-margin segment."},{"stance":"confirms","publisher":"Textron Aviation","publisher_en":"Textron Aviation","kind":"ir","lang":"en","published_at":"2025-08-05","url":"https://media.txtav.com/252846-textron-aviation-announces-additional-garmin-avionics-upgrade-option-for-cessna-citation-cj1/","title":"텍스트론 애비에이션, 세스나 사이테이션 가민 항전 업그레이드","title_en":"Textron Aviation announces Garmin avionics upgrade for Cessna Citation","excerpt":"Customers can now upgrade their Cessna Citation CJ1 with the all-Garmin retrofit solution following FAA supplemental type certification.","excerpt_en":"All-Garmin retrofit for the Cessna Citation CJ1 under FAA STC."}]}]}