Johnson Outdoors Inc.
Rank #208StartupJOUT · 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.
Show moreShow less
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
- Website
- johnsonoutdoors.com
Price History
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
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passTerry Smith quality gate
Passes 0/5 Terry Smith thresholds2 of 5 thresholds not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
-0.1%
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.
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
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.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| 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.
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
FCF / net income
2.17
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.3%
Stock-based comp intensity.
Dividend safety
Composite score
2.8 / 5
Piotroski F-Score
F-Score
4 / 9
Fundamental-strength score (0-9).
Lifecycle Phase History
Lynch sell alert: Turnaround stalled
Classified startup for 2 consecutive fiscal years (2024-09-27, 2025-10-03) with no recovery to a healthier phase -- Lynch's turnaround rule: if it hasn't turned around by now, assume it isn't going to.