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1. Company Snapshot

1.a. Company Description

Johnson Outdoors Inc.designs, manufactures, and markets seasonal and outdoor recreational products for fishing worldwide.It operates through four segments: Fishing, Camping, Watercraft Recreation, and Diving.


The Fishing segment offers electric motors for trolling, 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 and Internet retailers, retail store chains, original equipment manufacturers, and distributors.The Camping segment provides consumer, commercial, and military tents and accessories; camping furniture and stoves; other recreational camping products; and portable outdoor cooking systems, as well as manufactures fabric floors and insulated thermal liners and a subcontract manufacturer of military tents.


This segment sells its products under the Eureka! and Jetboil brands through independent sales representatives and Internet retailers.The Watercraft Recreation segment offers kayaks, canoes, and paddles for family recreation, touring, angling, and tripping through independent specialty and outdoor retailers under the Ocean Kayaks, 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 name.


This segment also provides regular maintenance, product repair, diving education, and travel program services; and sells diving gear to dive training centers, resorts, public safety units, and armed forces.It sells its products through Websites.The company was founded in 1970 and is headquartered in Racine, Wisconsin.

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1.b. Last Insights on JOUT

Johnson Outdoors' recent performance was negatively impacted by dismal market demand trends and competitive risks. The company's Q1 fiscal 2025 results reflected weak sales, partly due to the challenging market conditions for outdoor recreation products. Additionally, the acquisition of a diving equipment business for $12 million has weakened the company's balance sheet, exacerbating the poor expense control. The lack of progress on excess inventory is also a concern, indicating a need for improved operational efficiency.

1.c. Company Highlights

2. Johnson Outdoors' Q4 2025 Earnings: A Strong Finish to a Transformative Year

Johnson Outdoors reported a loss before income taxes of $9.3 million, significantly improved from the $29.9 million pretax loss in fiscal 2024. Gross margin expanded to 35.1%, and operating expenses decreased by 8% or $20.2 million from the prior fiscal year. The actual EPS loss was $0.31, beating estimates of a loss of $0.68. Revenue performance was not explicitly stated, but the company's cash flow from operations remained positive for the third consecutive year, and the balance sheet stayed debt-free with a healthy cash position.

Publication Date: Dec -20

📋 Highlights
  • Operating Loss Improvement:: Fiscal 2025 operating loss narrowed to $16.2M, down from $29.9M in 2024.
  • Fishing Segment Success:: Humminbird’s XPLORE Series and MEGA Live 2 fishfinders drove demand, winning awards at ICAST.
  • Camping & Watercraft Performance:: Segment declined due to Eureka! inventory closeout, but jetboil and Old Town kayaks showed strong growth, excluding Eureka! sales (2% growth).
  • Diving Sales Growth:: Sales increased from regional market improvements, aided by the successful launch of Hydros Pro 2 buoyancy control device.
  • Financial Strength:: Gross margin improved to 35.1%, operating expenses reduced by $20.2M (8%), and positive cash flow sustained for three consecutive years with a debt-free balance sheet.

Segment Performance

The company's fishing segment drove growth, with demand exceeding expectations for Humminbird's new XPLORE Series and MEGA Live 2 fishfinders. The Camping and Watercraft segment saw a 2% growth, excluding the impact of Eureka! inventory closeout, driven by strong demand for JetBoil's new fast boil cooking systems and Old Town's fishing kayak line. The Diving segment also reported sales growth, fueled by modest regional market improvements and the successful launch of the Hydros Pro 2 buoyancy control device.

Operational Highlights and Outlook

The company made significant progress in inventory management and achieved operational efficiencies. As CFO Dave Johnson reviewed the financial highlights, it was clear that the company's focus on new product innovation and cost management paid off. With a robust product pipeline and a healthy cash position, Johnson Outdoors is poised for future success. Analysts estimate revenue growth of 10.0% for the next year, indicating a positive outlook.

Valuation and Return Metrics

With a P/S Ratio of 0.76 and a P/B Ratio of 1.08, Johnson Outdoors' valuation appears reasonable. However, the EV/EBITDA ratio of 23.22 suggests that the market is pricing in significant future growth. Return metrics, such as ROIC and ROE, are negative due to the company's recent losses, but the improving trend is encouraging. The Dividend Yield of 3.0% and Free Cash Flow Yield of 17.46% are attractive, indicating a potentially undervalued stock.

3. NewsRoom

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Johnson Outdoors Q1 Earnings Call Highlights

Feb -08

Source: defenseworld.net

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Johnson Outdoors Inc. (JOUT) Q1 2026 Earnings Call Transcript

Feb -06

Source: seekingalpha.com

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Johnson Outdoor (JOUT) Reports Q1 Loss, Tops Revenue Estimates

Feb -06

Source: zacks.com

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Johnson Outdoors Reports Fiscal First Quarter Results

Feb -06

Source: globenewswire.com

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Johnson Outdoors Inc. Annual Shareholders Meeting

Jan -30

Source: globenewswire.com

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Johnson Outdoors to Release Fiscal 2026 First Quarter Results on February 6, 2026

Jan -27

Source: globenewswire.com

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Financial Review: Newton Golf (NASDAQ:NWTG) vs. Johnson Outdoors (NASDAQ:JOUT)

Jan -07

Source: defenseworld.net

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Johnson Outdoors Inc. (JOUT) Q4 2025 Earnings Call Transcript

Dec -12

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.18%)

6. Segments

Fishing

Expected Growth: 4.83%

Johnson Outdoors Inc.'s 4.83% growth in Fishing segment is driven by increasing demand for recreational fishing, innovative product offerings, and strategic acquisitions. Expanding distribution channels, favorable government regulations, and growing popularity of outdoor activities also contribute to the growth. Additionally, the company's focus on sustainability and eco-friendly products resonates with environmentally conscious consumers, further boosting sales.

Diving

Expected Growth: 7.43%

Johnson Outdoors Inc.'s 7.43% growth is driven by increasing demand for outdoor recreational products, particularly in fishing and camping segments. Strong brand recognition, innovative product offerings, and strategic acquisitions have contributed to the company's growth. Additionally, the trend towards outdoor activities and wellness has boosted sales, while effective cost management has improved profitability.

Camping

Expected Growth: 4.83%

Johnson Outdoors Inc.'s Camping segment growth of 4.83% is driven by increasing outdoor recreation participation, particularly among millennials and Gen Z. Growing demand for camping gear and accessories, such as tents, sleeping bags, and backpacks, also contributes to this growth. Additionally, the company's strategic investments in e-commerce and digital marketing have expanded its online presence, further boosting sales.

Watercraft Recreation

Expected Growth: 5.15%

Johnson Outdoors Inc.'s Watercraft Recreation segment growth of 5.15% is driven by increasing consumer spending on outdoor activities, rising popularity of kayaking and paddleboarding, and the company's strategic expansion into new markets and product lines, such as fishing kayaks and stand-up paddleboards.

Other/Corporate

Expected Growth: 4.83%

Johnson Outdoors Inc.'s Other/Corporate segment growth of 4.83% is driven by strategic investments in digital marketing, expansion of e-commerce platforms, and cost savings initiatives. Additionally, the company's focus on innovation and new product development has contributed to increased sales and revenue growth.

7. Detailed Products

Fishing

Johnson Outdoors Inc. offers a wide range of fishing products, including rods, reels, lures, and other fishing gear under its brands such as Minn Kota, Humminbird, and Cannon.

Watercraft

The company designs and manufactures watercraft, including canoes, kayaks, and paddleboards, under its Old Town and Necky Kayaks brands.

Scuba Diving

Johnson Outdoors Inc. offers scuba diving gear and equipment, including regulators, BCDs, and dive computers, under its SCUBAPRO brand.

Marine Electronics

The company provides marine electronics, including fish finders, GPS, and chart plotters, under its Humminbird and Minn Kota brands.

8. Johnson Outdoors Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Johnson Outdoors Inc. is medium due to the availability of alternative outdoor recreational products and services.

Bargaining Power Of Customers

The bargaining power of customers for Johnson Outdoors Inc. is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Johnson Outdoors Inc. is medium due to the company's dependence on a few key suppliers for raw materials.

Threat Of New Entrants

The threat of new entrants for Johnson Outdoors Inc. is high due to the relatively low barriers to entry in the outdoor recreational products industry.

Intensity Of Rivalry

The intensity of rivalry for Johnson Outdoors Inc. is high due to the competitive nature of the outdoor recreational products industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.48%
Debt Cost 3.95%
Equity Weight 90.52%
Equity Cost 7.70%
WACC 7.34%
Leverage 10.47%

11. Quality Control: Johnson Outdoors Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Johnson Outdoors

A-Score: 5.8/10

Value: 8.9

Growth: 3.2

Quality: 3.5

Yield: 5.0

Momentum: 8.0

Volatility: 6.0

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JAKKS Pacific

A-Score: 4.5/10

Value: 6.3

Growth: 4.4

Quality: 4.6

Yield: 6.0

Momentum: 1.5

Volatility: 4.0

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Vista Outdoor

A-Score: 3.7/10

Value: 3.2

Growth: 4.9

Quality: 5.3

Yield: 0.0

Momentum: 6.0

Volatility: 2.7

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American Outdoor Brands

A-Score: 3.6/10

Value: 8.1

Growth: 4.2

Quality: 4.6

Yield: 0.0

Momentum: 1.0

Volatility: 3.7

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Xponential Fitness

A-Score: 3.5/10

Value: 8.5

Growth: 5.7

Quality: 5.2

Yield: 0.0

Momentum: 0.5

Volatility: 1.3

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Inspirato

A-Score: 3.4/10

Value: 9.5

Growth: 2.6

Quality: 4.7

Yield: 0.0

Momentum: 2.5

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

49.79$

Current Price

49.79$

Potential

-0.00%

Expected Cash-Flows