One-glance verdict
Undervalued
$116.59 our estimate vs market $44.43
Wall Street consensus: $57.00 (-51.1% lower than our fair-value estimate)
62% below our estimate, below the bear case
Fundamentals snapshot
Johnson Outdoors Inc.
JOUT · NMS · Consumer Cyclical · Leisure
Current price
$44.43
52-week range
$35.65 - $53.54
Market cap
$465.61M
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 3.0% 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 creates popular equipment for outdoor hobbies, with its Fishing division's brands like Minn Kota motors and Humminbird fish finders bringing in the most money. Since the company sells physical goods for seasonal activities, its success relies heavily on people having extra money for recreation and its ability to manage its supply chain (the entire process of building and shipping products to stores).
How the company got here
Johnson Outdoors was started in 1970 by Samuel C. Johnson, whose family is also behind the household products company S.C. Johnson & Son (makers of brands like Windex and Ziploc). Initially a part of the family's larger business, it was formed by acquiring smaller companies that made well-known outdoor gear. The company became its own publicly traded entity in 1987 but has remained controlled by the Johnson family. Over the years, it has grown by purchasing established brands in fishing, camping, watercraft, and diving to build the portfolio of products it offers today.
What it actually does
Johnson Outdoors makes and sells a variety of equipment for outdoor activities. Think of them as a company that owns a collection of specialized brands for enthusiasts of fishing, diving, camping, and paddling. Their products range from high-tech fish-finding electronics and quiet electric boat motors to scuba diving gear, portable camping stoves, and canoes or kayaks. You would find their gear in specialty outdoor stores, large retail chains, and online.
Fishing
This is the company's largest and most important business area. It includes well-known brands like Minn Kota, which makes electric trolling motors for boats, and Humminbird, which produces fish-finding sonar (a technology that uses sound to locate fish) and GPS navigation equipment. Anglers and boat owners buy these products to gain an edge in finding and catching fish. This segment consistently brings in the majority of the company's sales.
Diving
Through its SCUBAPRO brand, the company provides a full range of equipment for underwater scuba diving. This includes everything from regulators (the breathing devices), masks, and fins to dive computers that monitor depth and time. These products are sold through specialty dive shops and are trusted by both recreational and serious divers for safety and performance. The diving business also gives the company a significant international presence, especially in Europe.
Camping & Watercraft Recreation
This combined segment covers two popular outdoor activities. For camping, the key brand is Jetboil, which makes compact and fast-boiling cooking systems for backpackers and campers. In watercraft, the company owns Old Town, a historic brand famous for its canoes and kayaks designed for fishing and recreational paddling. People who enjoy camping, hiking, and paddling are the main customers for these products.
What management is betting on now
The company's main focus is on creating new and better products to stay ahead of the competition, a strategy they call innovation. They are also investing heavily in their digital presence, meaning they are improving their websites and online stores to connect with customers directly. Finally, they are working on making their operations more efficient, which means finding ways to lower costs in making and shipping their products to protect their profitability (the ability to make a profit).
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
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Sources
Revenue
$105.87M
Net income
$-34.27M
Diluted EPS
—
Operating cash flow
$19.09M
Free cash flow
$13.52M
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Sources
Is it cheap or expensive?
Fair value $116.59 vs current price $44.43
Wall Street consensus is the average analyst price target: $57.00 (-51.1% lower than our fair-value estimate).
Our most-likely fair value is $116.59 a share — about 162.4% above today's price of $44.43, 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 $176.75M 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 $17.15M 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 3.0% 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
31.51x
P/B
1.06x
P/S
0.70x
EV/EBITDA
8.82x
PEG ratio
2.22x
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
3.0%
Payout ratio
272.3%
Last ex-div date
2026-10-09