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Garmin's returns aren't as bright over the one-and-a-half-year stretch, but Fitbit's trend line declines even further: FIT data by YCharts . Since Fitbit appeared on the public markets, investors have worried about its ability to remain a leader in the fitness wearables market. Indeed, as competition intensifies, Fitbit's impressive revenue arc is beginning to flatten. In the first nine months of 2016, Fitbit's top line increased 39.2% versus the prior year. That's extremely rapid growth to be sure, but it's a marked slowdown from the revenue explosion of 205.5% the company posted in the first nine months of 2015 versus 2014. For the yet-to-be released fourth-quarter 2016 earnings report, Fitbit's management has provided revenue growth guidance of just 2%-5%. But reports of a retail inventory buildup during the crucial 2016 holiday season may portend that even this meager projection is optimistic. If Fitbit's market share in the wearables market is peaking, its reliance on hardware products and accessories in a single slice of that market -- fitness trackers -- makes it vulnerable to declining revenue and profits. Garmin, on the other hand, has gradually decreased a concentration in GPS automotive devices business, which once made it similarly vulnerable. As recently as five years ago, Garmin's auto segment represented 58% of total revenue.Management's attention to expanding other traditional segments, as well as evolving the fitness segment, has resulted in a more stable mix of revenue streams today.
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