Garmin

Garmin built its name in GPS navigation and has since spread across fitness wearables, aviation and marine electronics, and outdoor and automotive devices. The Switzerland-domiciled company is known for designing and manufacturing much of its own hardware and for a debt-free balance sheet, which gives it unusual financial flexibility for a consumer technology firm. Garmin has paid and generally raised its dividend for well over two decades, occasionally lifting it in larger steps, funded by strong margins and abundant free cash flow. The yield is on the lower side, reflecting a share price that rewards the growth side of the story, but coverage is very comfortable and the balance sheet leaves ample room. It offers a dependable, well-supported dividend rather than a high-yield one.