Garmin has experienced strong sales growth for its fitness trackers and watches. With specialized devices for cycling, running, rowing, and more, it's able to attract sports enthusiasts as well as amateur and professional athletes to its products.
Lower costs combined with its improved scale have helped it drive operating margins back toward relative highs over time. With its success in incorporating its advanced GPS and motion-tracking technology into its devices, it can continue to gain share over time.
5. Life Time Group Holdings
Life Time Group Holdings (LTH -0.19%) operates more than 185 luxury fitness centers in the U.S. and Canada. Over the last five years, Life Time has seen significant improvements in member engagement and revenue per member, driven by constant improvements and renovations. It recently capitalized on the growing interest in pickleball by dedicating space in its facilities to the sport.