One-glance verdict
Undervalued
$137.04 our estimate vs market $47.29
Wall Street consensus: $57.00 (-58.4% lower than our fair-value estimate)
65% below our estimate, below the bear case
Fundamentals snapshot
Johnson Outdoors Inc.
JOUT · NMS · Consumer Cyclical · Leisure
Current price
$47.29
52-week range
$35.65 - $53.54
Market cap
$495.58M
Balance sheet
Healthy
-72.28x Concerning
Net cash $123.62M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 11.6% last year.
- Reward Free cash flow was positive in 9/10 years.
- Reward Dividend yield is 2.8% with 20-year payout history.
- Risk Return on equity was -1.8% last year — the company lost money on shareholders' equity.
What this company does
Johnson Outdoors Inc.
Johnson Outdoors Inc. makes gear for fishing, camping, and diving, with most of its money coming from selling fishing equipment like boat motors and fish finders. This matters because their focus on fishing products shows where their main customer base and revenue streams are, impacting their overall financial health.
How the company got here
Johnson Outdoors Inc. started in 1970, evolving from its roots to become a key player in the outdoor recreation market. The company has strategically grown by acquiring brands that are well-respected in their respective niches. This approach has allowed Johnson Outdoors to build a diverse portfolio of products catering to various outdoor activities. Over the decades, it has adapted to changing consumer interests in outdoor pursuits, solidifying its position in the industry.
What it actually does
Johnson Outdoors designs, makes, and sells gear for people who love spending time outdoors. Think of everything from fishing equipment that helps you find the best spots to tents and stoves for camping trips. They also make gear for water sports like kayaking and diving. Essentially, they provide the tools that make outdoor adventures more enjoyable and successful for consumers.
Fishing
This segment is all about helping anglers catch more fish and navigate the water. It includes electric trolling motors for boats, which allow for quiet movement on the water, and advanced sonar and GPS devices that help locate fish and map out waterways. They also offer downriggers to control fishing line depth. These products are sold under well-known brands like Minn Kota and Humminbird, reaching customers through specialty outdoor stores and online retailers. This is a significant part of Johnson Outdoors' business, providing essential tools for fishing enthusiasts.
Camping & Watercraft Recreation
This part of Johnson Outdoors focuses on making outdoor living and water activities more accessible and enjoyable. It includes portable cooking gear, like stoves and accessories under the Jetboil brand, perfect for campers and backpackers. Additionally, it encompasses kayaks, canoes, and paddles for recreational boating and fishing, sold under brands like Old Town. These products are available through camping and sporting goods stores, as well as directly to consumers online. This segment caters to a broad range of outdoor enthusiasts looking for both convenience and adventure.
Diving
The Diving segment provides a comprehensive range of equipment for underwater exploration. This includes essential gear such as regulators, buoyancy control devices, dive computers, masks, fins, and snorkels, all under the SCUBAPRO brand. Beyond just selling equipment, this segment also offers services like maintenance, repairs, and even diving education and travel programs. Their customers include dive shops, resorts, and training centers, as well as individual divers purchasing through online channels. This business line is dedicated to supporting the diving community with high-quality gear and related services.
What management is betting on now
Johnson Outdoors' management is focused on strengthening its position in key outdoor recreation markets. They aim to continue innovating within their existing product lines, offering consumers enhanced features and performance. A key strategy involves leveraging their strong brand portfolio to connect with outdoor enthusiasts. The company is also likely focused on efficient operations and reaching customers through both traditional retail channels and growing e-commerce platforms. This approach aims to ensure continued growth and relevance in the dynamic outdoor recreation industry.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$13.52M
FY2025 Q1
$-40.99M
FY2025 Q2
$-4.95M
FY2025 Q3
$66.93M
FY2025 Q4
$19.25M
FY2026 Q1
$-42.71M
FY2026 Q2
$-18.49M
FY2026 Q3
$71.84M
Revenue
$189.73M
Net income
$14.95M
Diluted EPS
—
Operating cash flow
$77.69M
Free cash flow
$71.84M
Fetching…
Sources
Revenue
$194.48M
Net income
$9.41M
Diluted EPS
—
Operating cash flow
$-12.29M
Free cash flow
$-18.49M
Fetching…
Sources
Revenue
$140.94M
Net income
$-3.30M
Diluted EPS
—
Operating cash flow
$-38.41M
Free cash flow
$-42.71M
Fetching…
Sources
Revenue
$135.76M
Net income
$-29.05M
Diluted EPS
—
Operating cash flow
$23.40M
Free cash flow
$19.25M
Fetching…
Sources
Revenue
$180.66M
Net income
$7.74M
Diluted EPS
—
Operating cash flow
$71.38M
Free cash flow
$66.93M
Fetching…
Sources
Revenue
$168.35M
Net income
$2.30M
Diluted EPS
—
Operating cash flow
$-1.66M
Free cash flow
$-4.95M
Fetching…
Sources
Revenue
$107.65M
Net income
$-15.29M
Diluted EPS
—
Operating cash flow
$-36.91M
Free cash flow
$-40.99M
Fetching…
Sources
Revenue
$105.87M
Net income
$-34.27M
Diluted EPS
—
Operating cash flow
$19.09M
Free cash flow
$13.52M
Fetching…
Sources
Is it cheap or expensive?
Fair value $137.04 vs current price $47.29
Wall Street consensus is the average analyst price target: $57.00 (-58.4% lower than our fair-value estimate).
Our most-likely fair value is $137.04 a share — about 189.8% above today's price of $47.29, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $123.6M - more cash than debt. Interest coverage -72.3x.
Net debt
$-123.62M
Interest coverage
-72.28x
Johnson Outdoors Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
JOUT
BASELINE
Johnson Outdoors Inc.
Total debt $51.63M Interest coverage -72.28x This is the baseline the peer rows are being compared against.
Total debt $183.38M Interest coverage 0.87x This peer still has a real interest-payment cushion, while JOUT does not.
Total debt $0.00 Interest coverage 41.56x This peer still has a real interest-payment cushion, while JOUT does not.
Total debt $32.01M Interest coverage -7.32x Neither company has much profit cushion over interest right now.
Total debt $17.53M Interest coverage -3.40x Neither company has much profit cushion over interest right now.
What you should know
The case for and against JOUT
3 Rewards
1 Risk
Rewards
-
Revenue grew 11.6% last year.
-
Free cash flow was positive in 9/10 years.
-
Dividend yield is 2.8% with 20-year payout history.
Risks
-
Return on equity was -1.8% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
33.54x
P/B
1.13x
P/S
0.75x
EV/EBITDA
9.76x
PEG ratio
2.40x
Profitability
How much profit each dollar creates
Gross margin
39.7%
Operating margin
9.7%
Net margin
-1.2%
ROE
-1.8%
ROA
1.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.12x
Current ratio
3.37x
Quick ratio
1.89x
Total debt
$51.63M
Total cash
$175.24M
Growth
How the business has been compounding
Revenue TTM
$660.91M
Revenue 5Y CAGR
40.2%
EPS TTM
-0.83
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$50.39M
Free CF TTM
$40.23M
FCF margin
6.1%
Dividend
Shareholder payout
Yield
2.8%
Payout ratio
278.3%
Last ex-div date
2026-10-09