Quality Investor

Johnson Outdoors Inc.

Rank #199StartupWatchlistCompare with other stocks

JOUT · Nasdaq · Consumer Cyclical

Johnson Outdoors Inc. (JOUT) — Rank #199 by gross profitability (GP/assets 0.32) · ROE -8.0% · Piotroski F-Score 4 / 9.

As-of 2026-10-30 · 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

Company Snapshot

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

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

1,300

Industry

Leisure

Exchange

Nasdaq

10/11

Flags passed

JOUT fails 1 critical flag

Passes 10 of 11 quality flags

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin

Strengths Revenue growth accelerating

No data Valuation — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

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%

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

Profitability

Does it make money well?

Warning: Revenue declining YoY · GP/assets 0.32

Gross profitability (GP / assets)

0.32

Primary signal (Novy-Marx).

5th of 6 SIC 39 peers

Return on equity

-8.0%

Gross margin

35.1%

4th of 6 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)

-0.1%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 217% above net income

Free cash flow

$40.23M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

217.3%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.3%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net cash $175.25M, F-Score 4/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.51

4th of 5 SIC 39 peers (best = lowest)

Current ratio

3.37×

2nd of 6 SIC 39 peers

Quick ratio

1.89×

Net cash

$175.25M

Cash & equivalents minus total debt.

Piotroski F-Score

4 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No data

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

Capital allocation quality

Composite score

3.7 / 5

Good
Share count trend
0.4%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency
10 yr5/5 Strong
Net debt trajectory(deleveraging)
2.4%4/5 Strong

Lifecycle Phase History

20202025
Capital Return
Op. Leverage
Value
Decline
Startup

Price History

JOUT-54.0% · -14.3% CAGRSPY+82.9% · +12.8% CAGR