Johnson Outdoors

JOUT · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

JOUT · Last close · November 6, 2026

$47.28

Johnson Outdoors' revenue fell 0.1% to $592 million in fiscal 2025. Its operating margin was −2.7%, up from −7.3% a year earlier. Free cash flow was $40 million, up 112.1%. It paid out $14 million in dividends and buybacks, 34% of free cash flow. The diluted share count rose 0.4%.

Johnson Outdoors Inc. Latest fiscal year ended October 3, 2025 10-K filed December 12, 2025 · 0001140361-25-045348 Updated November 9, 2026

Revenue

$592M

0.1%

Operating margin

−2.7%

4.6 pts

Net income

−$34M

Free cash flow

$40M

112.1%

Return on capital

−4.7%

5.7 pts

Market cap

$492M

Nov 6 close

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Johnson Outdoors does

Johnson Outdoors makes and markets branded seasonal outdoor recreation products, used mostly for fishing from a boat, diving, paddling, hiking and camping. It is controlled by its chairman and chief executive, Helen P. Johnson-Leipold, members of her family and related entities.

Its Fishing segment includes Minn Kota electric trolling motors, marine battery chargers and shallow water anchors, Humminbird sonar and GPS equipment, and Cannon downriggers. Most sales are in North America, through outdoor specialty retailers such as Bass Pro Shops and Scheels, large store chains, distributors and boat makers such as Tracker, Skeeter and Ranger, and its websites. Its Camping & Watercraft segment includes Jetboil portable cooking systems, Old Town canoes and kayaks and Carlisle paddles. Its Diving segment sells SCUBAPRO diving equipment to dive training centers, resorts, internet retailers and public safety units.

It makes the Minn Kota and Cannon products mainly in Mankato, Minnesota, and the Humminbird products in Eufaula, Alabama and Alpharetta, Georgia. It reaches markets outside North America through independent international distributors, and it hires temporary employees to handle the peaks of its seasonal manufacturing.

Its biggest risks, as it describes them

Failing to design and market new products that appeal to consumers.
Uncertainty over global tariffs and their financial impact.
Competition, consolidation and financial distress among its retail customers and rivals.
Product recalls and other claims, and intellectual property disputes.
Raw material price swings and shortages of components, plus supply chain trouble among its suppliers.

From Johnson Outdoors's annual report on Form 10-K, filed December 12, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2023, net income grew 5.4% a year; the filings' structured data doesn't give diluted earnings per share. Johnson Outdoors then lost money in fiscal 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	240	130	139	162	176
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−240	−130	−139	−162	−176
Net debt to EBITDA	−1.9x	−1.6x	−4.9x	—	−39.8x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	767.5x	433.4x	77.2x	−286.3x	−72.3x
Current ratio	3.6x	4.2x	4.4x	4.7x	3.9x
Quick ratio	2.4x	2.0x	1.9x	2.4x	2.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Johnson Outdoors' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Johnson Outdoors' projections

Insider trades

No officer, director or 10% owner of Johnson Outdoors reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	3 of 9	4 of 9
Rule of 40	−7.8%	−7.5%	6.7%
Altman Z''	8.37	7.76	7.23
Accruals ratio	−3.3%	−10.2%	−14.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 9	3 of 9	4 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Johnson Outdoors side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Johnson Outdoors	FY25	−0.1%	−2.7%	6.8%	−4.7%	−39.8x	4
JAKKS Pacific	FY25	−17.4%	2.5%	−0.2%	5.2%	−2.1x	4	Compare
Sturm Ruger & Co	FY25	1.9%	−2.2%	7.0%	—	—	—	Compare
Latham Group	FY25	7.3%	5.6%	7.0%	4.1%	2.6x	7	Compare
Smith & Wesson Brands	FY26	10.4%	5.6%	17.3%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	434	491	544	562	594	752	743	664	593	592
Revenue growth	0.8%	13.1%	10.9%	3.3%	5.7%	26.5%	−1.1%	−10.7%	−10.7%	−0.1%
Gross profit	176	211	242	250	265	334	271	244	201	208
Research and development	18	19	20	22	25	26	28	31	31	32
Operating income	23	46	63	64	71	111	66	12	−44	−16
Net income	14	35	41	51	55	83	44	20	−26	−34
Diluted EPS (US$)	—	—	—	—	—	—	—	—	—	—
Diluted shares (millions)	10	10	10	10	10	10	10	10	10	10
Cash flow
Cash from operations	43	46	63	46	62	58	−62	42	41	56
Capital expenditure	12	12	19	17	16	21	32	23	22	16
Free cash flow	32	35	44	29	46	37	−94	19	19	40
Dividends paid	3	4	4	6	7	8	12	13	13	14
Share buybacks	2	1	1	1	0	0	0	0	0	0
Acquisitions	9	0	0	0	0	0	0	0	0	12
Stock-based compensation	2	2	2	2	3	4	4	2	1	2
Balance sheet at fiscal year end
Cash and short-term investments	87	110	151	172	212	240	130	139	162	176
Debt incl. finance leases	7	0	0	0	0	0	0	0	0	0
Total assets	310	354	396	436	546	674	680	682	635	604
Total liabilities	103	111	117	112	168	216	192	182	172	186
Shareholders' equity	208	243	279	324	378	458	488	500	463	418
Margins and ratios
Gross margin	40.7%	43.0%	44.4%	44.4%	44.6%	44.5%	36.5%	36.8%	33.9%	35.1%
Operating margin	5.3%	9.3%	11.6%	11.3%	12.0%	14.8%	8.9%	1.8%	−7.3%	−2.7%
Net margin	3.1%	7.2%	7.5%	9.1%	9.3%	11.1%	6.0%	2.9%	−4.5%	−5.8%
Free cash flow margin	7.3%	7.1%	8.1%	5.2%	7.7%	4.9%	−12.6%	2.9%	3.2%	6.8%
Rule of 40 (growth + FCF margin)	8.1%	20.2%	19.1%	8.5%	13.4%	31.4%	−13.7%	−7.8%	−7.5%	6.7%
Return on capital	9.9%	25.6%	28.8%	35.1%	33.5%	42.8%	17.4%	2.5%	−10.4%	−4.7%
Return on equity	6.7%	15.6%	15.6%	17.0%	15.7%	19.9%	9.4%	4.0%	−5.5%	−7.8%
Return on assets	4.4%	10.6%	10.8%	12.3%	11.2%	13.7%	6.6%	2.9%	−4.0%	−5.5%
Net debt to EBITDA	−2.3x	−1.9x	−2.0x	−2.2x	−2.5x	−1.9x	−1.6x	−4.9x	—	−39.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Johnson Outdoors' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Johnson Outdoors.