Quality Investor

Johnson Outdoors Inc.

Rank #208Startup

JOUT · Nasdaq · Consumer Cyclical

Johnson Outdoors Inc. (JOUT) — Rank #208 by gross profitability (GP/assets 0.32) · ROE -8.0% · Piotroski F-Score 4 / 9.

As-of 2026-09-15 · CIK 0000788329 · all metrics point-in-time as of the filing date.

About

Johnson Outdoors Inc. designs, manufactures, and markets seasonal and outdoor recreation products for fishing worldwide.

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It operates through Fishing; Camping & Watercraft Recreation; and Diving segments. The Fishing segment offers electric motors for quiet trolling or primary propulsion, marine battery chargers, and shallow water anchors; sonar and GPS equipment for fish finding, navigation and marine cartography; and downriggers for controlled-depth fishing. This segment sells its products under the Minn Kota, Humminbird, and Cannon brands through outdoor specialty retailers, retail store chains, internet dealers, original equipment manufacturers, and distributors. The Camping & Watercraft Recreation segment provides portable outdoor cooking systems, single burner and two burner stoves, and accessories under the Jetboil brand to camping and backpacking specialty stores, sporting goods stores, internet retailers, and direct customer through website and distributors; and kayaks, canoes, personal watercraft equipment and products, and paddles for family recreation, touring, and angling through independent specialty and outdoor retailers under Old Town and Carlisle brands. The Diving segment manufactures and markets underwater diving and snorkeling equipment, such as regulators, buoyancy compensators, dive computers and gauges, wetsuits, masks, fins, snorkels, and accessories through independent specialty dive stores and diving magazines under the SCUBAPRO brand. This segment also provides regular maintenance, product repair, diving education, and travel program services; and sells diving gear to dive training centers, resorts, and public safety units through websites and internet retailers.

The company was founded in 1970 and is headquartered in Racine, Wisconsin.

Industry
Leisure
Sector
Consumer Cyclical
State
WI
Filer Category
Accelerated filerSmaller reporting company
Fiscal Year End
October 2

Price History

JOUT-55.1% · -14.8% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens for pre-profit companies.

Market Cap

$466.14M

P/E (annual)

P/S (annual)

0.8

P/B

1.1

P/OCF (annual)

8.3

Shareholder Yield

2.5%

Employees

1,300

Industry

Leisure

Exchange

Nasdaq

Signal Flags

1 green1 red
Revenue growth acceleratingGrowth rate increasing year over year
Revenue declining YoYRevenue contracted year over year

Quality Profile

Profitability

1/1 pass
GP / assets
0.32
Return on equity
-8.0%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.51
Current ratio
3.37×
Net cash
$175.25M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.3%

Growth

1/2 pass
Revenue growth
-0.1%
Piotroski F-Score
4 / 9
Share dilution
0.4%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

-0.1%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 0.4% — per-share value needs a total required return of 0.3% once share-count change is priced in.

vs. own 6-year median revenue growth: -10.7%

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-3.9%

r = 10% (base)

-0.1%

r = 12%

3.2%

Net debt / market cap: -38.4%

Note: current FCF margin is 1.8σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $40.2M3Y mean FCF: $26.1M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

0.7xExpensive
0.4xmed 0.6x0.8x

P / B

Price / book value per share

1.0xFair
0.8xmed 1.0x1.2x

P / GP

Price / gross profit per share

2.1xExpensive
0.9xmed 1.6x2.1x

P / FCF

Price / free cash flow per share

10.7xFair
6.8xmed 13.5x26.3x

Burn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.

Profitability

Gross profitability (GP / assets)

0.32

Primary signal (Novy-Marx).

6th of 7 SIC 39 peers

Return on equity

-8.0%

Gross margin

35.1%

4th of 7 SIC 39 peers

Revenue growth (YoY)

-0.1%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-7.3%

Revenue CAGR (5Y)

Earnings CAGR (3Y)

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.51

5th of 6 SIC 39 peers (best = lowest)

Current ratio

3.37×

2nd of 7 SIC 39 peers

Quick ratio

1.89×

Net cash

$175.25M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$40.23M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

2.17

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.3%

Stock-based comp intensity.

Dividend safety

Composite score

2.8 / 5

Fair
Payout ratio
N/A0/5 Weak
FCF coverage
2.98×4/5 Strong
Dividend growth streak
10 yr5/5 Strong
Balance-sheet health
D/E 0.51 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

4 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20122025
Value
Decline
Startup