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olivLaw · US equity research

Johnson Outdoors Inc. JOUT

Sporting & Athletic Goods, NEC · SIC 3949 · Vertical: Sporting & Athletic Goods, NEC (SIC 3949)

48.95USD+4.86% · 1 dayClose 04 Nov 2026

Johnson Outdoors is a global maker of outdoor recreation gear, with brands such as Minn Kota, Humminbird and SCUBAPRO across fishing, diving, paddling and camping. In fiscal 2026 the company showed a recovery in its first three quarters, with net sales of $525.1 million, but it remains sensitive to trade tariffs and consumer demand.

At the close of 04 Nov 2026, Johnson Outdoors Inc. (JOUT) stock was 48.95 USD (+4.86% on the day), with P/E 51.4 on diluted EPS of 0.95 USD over the last 12 months, beta 0.79, 52-week range 36.94–53.50 USD. Latest reported quarter (Q3 2026): revenue of 189.7 m USD (+5.0% YoY), net income of 14.9 m USD (+93.1% YoY).

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
51.4
Diluted EPS TTM 0.95 · TTM to 03 Oct 2014
E/P (TTM)
1.95%
TTM to 03 Oct 2014
Dividend yield
unavailable
Beta (2y)
0.79
Volatility (1y) 36%
52-week range
36.9453.50

Price history

Loading chart…

Technical reading

RSI (14)
68.0
strong (55–70)
Bollinger (20, 2)
41.13 – 48.20
above the upper band · %B 1.11 · band width 15.8%
SMA 50 / 200
44.68 / 46.50
mixed trend
MACD (12, 26, 9)
0.82 / 0.32
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+10.0%−1.1%+11.1 pp—
3 months+0.8%−0.5%+1.3 pp—
6 months−7.6%+4.4%−11.9 pp—
Year to date+15.3%+12.3%+3.0 pp—
1 year+23.3%+13.5%+9.8 pp+2.1%
3 years−2.7%+76.4%−79.1 pp−3.5%
5 years−57.8%+63.7%−121.4 pp—
Max drawdown (1y)
−26.3%
07 May 2026 → 13 May 2026
Max drawdown (5y)
−81.1%
08 Nov 2021 → 16 Apr 2025
Compound annual growth (5y)
−15.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 03 Jul 2026

Revenue
189.7 m USD
+5.0% YoY
Net income
14.9 m USD
+93.1% YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
7.9% / 9.7%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue105.9 m107.6 m168.3 m180.7 m135.8 m140.9 m194.5 m189.7 m
Cost of revenue81.0 m75.5 m109.5 m112.7 m86.6 m89.3 m119.0 m103.8 m
Gross profit24.9 m32.2 m58.9 m67.9 m49.1 m51.6 m75.5 m85.9 m
Research & development7.6 m7.6 m8.1 m7.6 m8.9 m7.9 m8.6 m8.7 m
Operating income-42.8 m-20.2 m4.9 m7.3 m-8.2 m-2.9 m10.3 m18.3 m
Depreciation & amortisation—4.8 m4.8 m5.3 m5.3 m5.1 m5.0 m4.9 m
Interest expense37.0 k47.0 k68.0 k49.0 k60.0 k57.0 k48.0 k50.0 k
Pre-tax income-39.7 m-18.9 m4.2 m10.5 m-5.0 m-1.3 m10.2 m23.3 m
Income tax-5.4 m-3.6 m1.9 m2.8 m24.0 m2.0 m798.0 k8.3 m
Net income-34.3 m-15.3 m2.3 m7.7 m-29.1 m-3.3 m9.4 m14.9 m
Operating cash flow19.1 m-36.9 m-1.7 m ≈71.4 m ≈23.4 m-38.4 m-12.3 m ≈77.7 m ≈
Capex5.6 m4.1 m3.3 m ≈4.4 m ≈4.1 m4.3 m6.2 m ≈5.9 m ≈
Dividends paid3.4 m3.4 m3.4 m ≈3.4 m ≈3.4 m3.4 m3.4 m ≈3.4 m ≈
Share repurchases195.0 k88.0 k0 ≈0 ≈33.0 k80.0 k5.0 k ≈0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue544.3 m562.4 m594.2 m751.7 m743.4 m663.8 m592.8 m592.4 m
Revenue YoY+10.9%+3.3%+5.7%+26.5%−1.1%−10.7%−10.7%−0.1%
Net income40.7 m51.4 m55.2 m83.4 m44.5 m19.5 m-26.5 m-34.3 m
Net income YoY+15.7%+26.4%+7.4%+51.0%−46.6%−56.1%−235.8%unavailable
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %7.5%9.1%9.3%11.1%6.0%2.9%-4.5%-5.8%
Free cash flow44.2 m29.1 m45.9 m36.9 m-93.8 m19.0 m19.0 m40.2 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 03 Oct 2025

Cash
176.4 m USD
Financial debt
0 USD
Net debt
-176.4 m USD
Equity
418.4 m USD
Total assets
604.1 m USD
Debt / equity
0.00x
Current ratio
3.91x
ROE
-7.8%
ROA
-5.5%
FCF margin
6.8%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
663.8 m
2024
592.8 m
2025
592.4 m

SEC (XBRL)· 12 Dec 2025verified

Cost of revenue
2023
419.8 m
2024
391.9 m
2025
384.3 m

SEC (XBRL)· 12 Dec 2025verified

Gross profit
2023
244.1 m
2024
201.0 m
2025
208.1 m

SEC (XBRL)· 12 Dec 2025verified

Research & development
2023
31.4 m
2024
31.1 m
2025
32.2 m

SEC (XBRL)· 12 Dec 2025verified

Operating income
2023
11.7 m
2024
-43.5 m
2025
-16.2 m

SEC (XBRL)· 12 Dec 2025verified

Depreciation & amortisation
2023
16.3 m
2024
19.6 m
2025
20.6 m

SEC (XBRL)· 12 Dec 2025verified

EBITDA
2023
28.0 m ≈
2024
-23.9 m ≈
2025
4.4 m ≈

SEC (XBRL)· 12 Dec 2025derived

Interest expense
2023
152.0 k
2024
152.0 k
2025
224.0 k

SEC (XBRL)· 12 Dec 2025verified

Pre-tax income
2023
25.8 m
2024
-29.9 m
2025
-9.3 m

SEC (XBRL)· 12 Dec 2025verified

Income tax
2023
6.3 m
2024
-3.3 m
2025
25.0 m

SEC (XBRL)· 12 Dec 2025verified

Net income
2023
19.5 m
2024
-26.5 m
2025
-34.3 m

SEC (XBRL)· 12 Dec 2025verified

Weighted average diluted shares
2023
10.2 m
2024
10.2 m
2025
10.3 m

SEC (XBRL)· 12 Dec 2025verified

Balance sheet · USD

Cash
2023
111.9 m
2024
145.5 m
2025
176.4 m

SEC (XBRL)· 12 Dec 2025verified

Receivables
2023
43.2 m
2024
40.6 m
2025
50.5 m

SEC (XBRL)· 12 Dec 2025verified

Inventories
2023
261.5 m
2024
209.8 m
2025
170.7 m

SEC (XBRL)· 12 Dec 2025verified

Current assets
2023
458.7 m
2024
428.7 m
2025
408.8 m

SEC (XBRL)· 12 Dec 2025verified

Property, plant & equipment, net
2023
94.4 m
2024
96.9 m
2025
93.7 m

SEC (XBRL)· 12 Dec 2025verified

Goodwill
2023
11.2 m
2024
0
2025
10.5 m

SEC (XBRL)· 12 Dec 2025verified

Intangibles (excl. goodwill)
2023
8.5 m
2024
8.3 m
2025
9.5 m

SEC (XBRL)· 12 Dec 2025verified

Total assets
2023
681.6 m
2024
635.2 m
2025
604.1 m

SEC (XBRL)· 12 Dec 2025verified

Accounts payable
2023
42.7 m
2024
36.1 m
2025
40.1 m

SEC (XBRL)· 12 Dec 2025verified

Long-term debt
2023
0
2024
0
2025
0

SEC (XBRL)· 12 Dec 2025verified

Current liabilities
2023
104.0 m
2024
90.4 m
2025
104.6 m

SEC (XBRL)· 12 Dec 2025verified

Total liabilities
2023
181.9 m
2024
171.8 m
2025
185.7 m

SEC (XBRL)· 12 Dec 2025verified

Equity
2023
499.7 m †
2024
463.4 m †
2025
418.4 m †

SEC (XBRL)· 12 Dec 2025verified

Cash flow · USD

Operating cash flow
2023
41.7 m
2024
41.0 m
2025
56.2 m

SEC (XBRL)· 12 Dec 2025verified

Capex
2023
22.7 m
2024
22.0 m
2025
16.0 m

SEC (XBRL)· 12 Dec 2025verified

Free cash flow
2023
19.0 m ≈
2024
19.0 m ≈
2025
40.2 m ≈

SEC (XBRL)· 12 Dec 2025derived

Investing cash flow
2023
-48.4 m
2024
5.0 m
2025
-11.9 m

SEC (XBRL)· 12 Dec 2025verified

Financing cash flow
2023
-12.7 m
2024
-13.7 m
2025
-13.6 m

SEC (XBRL)· 12 Dec 2025verified

Dividends paid
2023
12.6 m
2024
13.4 m
2025
13.5 m

SEC (XBRL)· 12 Dec 2025verified

Share repurchases
2023
444.0 k
2024
436.0 k
2025
121.0 k

SEC (XBRL)· 12 Dec 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-0.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
-7.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-0.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
112.1%
computed by olivLawFY 2025

Profitability

Gross margin
39.7%
computed by olivLawTTM to 03 Jul 2026
EBITDA margin
5.7%
computed by olivLawTTM to 03 Jul 2026
EBIT margin
2.7%
computed by olivLawTTM to 03 Jul 2026
Net margin
-1.2%
computed by olivLawTTM to 03 Jul 2026
FCF margin
4.5%
computed by olivLawTTM to 03 Jul 2026

Returns

ROE
-1.8%
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
ROA
-1.2%
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
ROIC
5.4%
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
ROCE
3.4%
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
45.6%
computed by olivLawTTM to 03 Jul 2026

Balance sheet

Net debt
-175.2 m USD
computed by olivLawbalance sheet at 03 Jul 2026
Net debt / EBITDA
-4.6x
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
Debt / equity
0.0x
computed by olivLawbalance sheet at 03 Jul 2026
Interest coverage
81.8x
computed by olivLawTTM to 03 Jul 2026

Liquidity

Current ratio
3.4x
computed by olivLawbalance sheet at 03 Jul 2026
Quick ratio
2.0x
computed by olivLawbalance sheet at 03 Jul 2026
Cash ratio
1.3x
computed by olivLawbalance sheet at 03 Jul 2026

Cash

Operating cash flow
50.4 m USD
computed by olivLawTTM to 03 Jul 2026
Capital expenditure
20.5 m USD
computed by olivLawTTM to 03 Jul 2026
Free cash flow
29.9 m USD
computed by olivLawTTM to 03 Jul 2026
FCF conversion
unavailable
insufficient data
Cash conversion
132.8%
computed by olivLawTTM to 03 Jul 2026

Efficiency

Days sales outstanding
44 days
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
Days inventory outstanding
161 days
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
Days payables outstanding
44 days
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
Cash conversion cycle
161 days
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 50.0% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

48.95 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-1.8%
computed by olivLawTTM to 03 Jul 2026 · balance sheet at 03 Jul 2026
Net margin
-1.2%
computed by olivLawTTM to 03 Jul 2026
Revenue growth (YoY)
-0.1%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 03 Jul 2026
Latest balance sheet date: 03 Jul 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 2443derived 130

Score by group

50% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · input data missing
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical: Sporting & Athletic Goods, NEC (SIC 3949)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality5.4%40 (vs peers)21%
Net margin · Quality-1.2%64 (vs peers)13%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-7.3%0 (on a fixed band)17%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet-4.6x100 (vs peers)21%
Interest coverage · Balance sheet81.8x100 (on a fixed band)13%
Current ratio · Balance sheet3.4x100 (on a fixed band)8%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returns45.6%100 (on a fixed band)8%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet100/100 · 3/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality49/100 · 2/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Johnson Outdoors Inc. (JOUT). Latest full fiscal year: 2025; data up to 2026-07-03.

Figures computed from the financial statements: revenue 592.4 m USD in 2025; YoY growth -0.1%; net margin -1.2%; ROE -1.8%; net debt/EBITDA -4.6x.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net debt / EBITDA: -4.6x
  • Interest coverage: 81.8x
  • Current ratio: 3.4x
  • Payout ratio (FCF): 45.6%

What contradicts it

  • Revenue CAGR 3Y: -7.3%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).

Versus the vertical median

Sporting & Athletic Goods, NEC (SIC 3949) · same industry (4-digit SIC) · compared with 11 companies

Multiples and returns vs the median

P/E
—
vertical median 22.2x
EV/EBITDA
—
vertical median 11.1x
P/S
—
vertical median 1.3x
P/B
—
vertical median 1.4x
ROE
-1.8%
vertical median -9.6%
above median
Net margin
-1.2%
vertical median -3.1%
above median
EBIT margin
2.7%
vertical median -2.2%
above median
Revenue YoY
-0.1%
vertical median -1.3%
above median
Net debt/EBITDA
-4.6x
vertical median 0.1x
below median (−3,393.3%)
Dividend yield
—
vertical median 2.3%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
GOLFAcushnet Holdings Corp.4.9 bn23.325.7%8.2%+4.1%+2% / +52%
YETIYETI Holdings, Inc.3.5 bn21.125.3%9.2%unavailable+17% / +13%
CALYCallaway Golf Company3.0 bn—-11.3%-12.4%−0.8%+29% / +35%
ESCAEscalade, Incorporated290.7 m12.113.5%10.0%−4.5%+59% / +14%
AOUTAmerican Outdoor Brands, Inc.226.2 m—-2.4%-2.0%−14.3%+150% / +109%
CLARClarus Corporation169.2 m—-14.9%-12.4%−5.2%+23% / −22%
KBSXFST Corp.62.2 m—-7.8%-3.1%+31.4%−1% / −87%
GMEXGmex Robotics Corporation10.7 m—-91.5%-308.0%+7.9%−100% / −100%
NWTGNewton Golf Company, Inc.4.9 m—-2,023.2%-124.4%+136.1%−45% / −100%
TRUGTrugolf Holdings, Inc.586.0 k—-349.3%-55.7%−13.6%−100% / −100%
PTONPeloton Interactive, Inc.—39.0—2.6%−1.8%−20% / −4%
JOUTJohnson Outdoors Inc.——-1.8%-1.2%−0.1%+23% / −3%

1- and 3-year price returns: for JOUT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Johnson Outdoors is a global maker of outdoor recreation gear, with brands such as Minn Kota, Humminbird and SCUBAPRO across fishing, diving, paddling and camping. In fiscal 2026 the company showed a recovery in its first three quarters, with net sales of $525.1 million 3, but it remains sensitive to trade tariffs and consumer demand.

SWOT

Strengths

  • The company owns brands with strong market positions, such as Minn Kota and Humminbird, supported by innovation and marketing 1.
  • The company returned to growth in fiscal 2026, with higher sales and margins over the first three quarters 3.
  • The company holds a solid cash position, giving it flexibility through seasonal swings 3.

Weaknesses

  • Sales are highly seasonal, and the company has at times relied on credit facilities for working capital 1.
  • The Camping & Watercraft Recreation segment remained weak and posted sales declines 23.
  • The company reported a net loss in fiscal 2025, with profitability hit by costs and a goodwill write-off 1.

Opportunities

  • New Fishing products and Jetboil launches could support growth if consumers respond well 1.
  • Expanding direct online sales and digital presence could improve margins and customer relationships 12.
  • A recovery in diving and fishing demand could support further sales gains 3.

Threats

  • Trade policy and tariffs can raise costs and complicate supply planning 1.
  • Uncertain economic conditions and shifting consumer preferences could reduce demand for discretionary products 2.
  • Competition in fishing and diving, where many rivals operate, could pressure prices and innovation 1.

Risks

  • Trade tariffshigh

    Changes in tariffs can affect production costs and the supply chain, and the company cannot assure it will keep offsetting their impact 1.

  • Consumer demandhigh

    If new products fail to gain acceptance or preferences shift, sales and profitability could decline 1.

  • Credit conditionsmedium

    The company has relied on credit lines for working capital in the past, and restrictions on them could limit operations 1.

  • Asset impairmentmedium

    Goodwill write-downs affected past results, and further impairments could arise if performance weakens 12.

  • Inventory managementlow

    Inventory above demand can bring storage costs and write-downs for obsolete or excess stock 13.

Investment thesis

What would need to be true (bull case)

  • Higher sales and margins over the first three quarters of fiscal 2026 suggest the product strategy and pricing can work 3.
  • Category-leading brands such as Minn Kota and Humminbird give a solid base for innovation and repeat sales 1.
  • If demand in the camping segment recovers, the company could benefit from a diversified product range 2.

What would break the thesis

  • The tariff refund benefit is one-off and may not reflect durable operating performance 3.
  • The camping and watercraft segment stayed weak, showing the vulnerability of certain product lines 23.
  • The company posted a net loss in fiscal 2025, so the recovery depends on sustaining growth 1.

What to watch

  • Gross margin trend excluding tariff refundsQ4 2026
  • Performance of the Camping & Watercraft Recreation segmentnext 10-K
  • Impact of tariff policy on costs2027
  • Inventory levels and working capitalQ1 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Johnson Outdoors designs, manufactures and markets seasonal outdoor recreation products used mainly for fishing from a boat, diving, paddling, hiking and camping 1. The company has three reportable segments: Fishing, Camping & Watercraft Recreation and Diving 1. It was incorporated in Wisconsin in 1987 and is controlled by its Chairman and Chief Executive Officer together with her family and related entities 1.

Sales are seasonal, with the primary selling season in the quarters ending March and June, when customers build inventory 1. The company has tried to smooth seasonality by encouraging customers to buy more evenly through the year 1. Research and development takes place in several locations across the United States, Canada, Switzerland, South Africa and Italy 1.

Production is largely in-house for Minn Kota motors, Humminbird sonar and certain diving equipment, while many accessories and flotation devices are made by third-party suppliers in Asia and North America 1. The company had approximately 1,300 regular full-time employees at October 3, 2025 1.

Segments

Fishing

The Fishing segment includes Minn Kota electric motors, Humminbird sonar and GPS and Cannon downriggers, sold mainly in North America through outdoor specialty retailers and boat manufacturers 1. Segment net sales were $459.2 million in fiscal 2025 1 and rose in the first nine months of fiscal 2026, driven by Minn Kota and pricing actions 3.

Camping & Watercraft Recreation

This segment includes Jetboil cooking systems, Old Town canoes and kayaks and Carlisle paddles 1. Sales fell to $58.1 million in fiscal 2025 after the exit of the Eureka! brand 1, and in the third quarter of fiscal 2026 they declined again due to weak marketplace conditions 2.

Diving

The Diving segment sells SCUBAPRO equipment aimed at premium and technical divers, distributed through independent specialty dive stores 1. Sales were $75.5 million in fiscal 2025 1, and in the third quarter of fiscal 2026 they rose 10 percent, led by regulators and buoyancy compensators 3.

Market context

The outdoor recreation market is seasonal and sensitive to consumer discretionary spending, favorable weather and trade conditions 2. The company serves North America and, through independent distributors, markets outside it, with competition based on innovation, performance and marketing support 1.

Demand depends on discretionary consumer spending, and recent quarters show wide differences between segments: fishing grew while camping stayed weak 2. If economic conditions improve, demand for outdoor equipment could again support the weaker segments 2.

Trends

  • Trade tariffsmixed

    US tariffs have raised production costs and added supply chain risks, and the company received refunds of IEEPA tariffs it had paid 13. If tariff policy keeps changing, the benefit from refunds may not recur.

  • Consumer demandmixed

    Consumer preferences shift quickly, and new products must succeed for sales to hold 1. Growth in fishing shows innovation can support demand, while weakness in camping shows the risk of unstable demand 23.

  • Digital salestailwind

    The company is expanding its digital presence and direct-to-consumer sales through brand websites, which could reduce reliance on traditional retailers 12.

  • Input cost inflationheadwind

    Higher material and labor costs have weighed on margins, and the company has pointed to ongoing cost pressures 13.

Competitive position

Competition varies by segment: Minn Kota faces Lowrance, Garmin and Power-Pole, Humminbird faces Garmin and Lowrance, and Jetboil faces MSR 1. In kayaks and canoes the main rivals are Hobie, Pelican, Wenonah, Jackson Kayak and Legacy Paddlesports, and in diving they are Aqua Lung, Suunto, Oceanic, Cressi and Mares 1.

The company says it competes mainly on product innovation and performance, with price playing a smaller role 1. In general diving accessories, barriers to entry are low and many competitors operate 1.

  • Garmin

    Direct rival in sonar, GPS and marine electronics for the Fishing segment 1.

  • Lowrance

    Owned by Brunswick, a rival in electric motors and marine electronics 1.

  • Power-Pole

    Main rival in shallow water anchors and trolling motors 1.

  • Aqua Lung

    Competitor in diving equipment, including regulators and dive computers 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Current report25 Sept 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report07 Aug 2026
  • Current report07 Aug 2026
    Results of operations · Financial statements and exhibits
  • Current report22 Jun 2026
    Departure or appointment of officers · Financial statements and exhibits
  • Current report29 May 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report08 May 2026
  • Current report08 May 2026
    Results of operations · Financial statements and exhibits
  • Current report04 Mar 2026
    Departure or appointment of officers · Financial statements and exhibits
  • Current report27 Feb 2026
    Shareholder vote · Financial statements and exhibits
  • Current report27 Feb 2026
    Regulation FD disclosure · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2025-10-03 · SEC / Johnson Outdoors Inc. · 12 Dec 2025
  2. [2] Form 10-Q, quarter ended 2026-07-03 · SEC / Johnson Outdoors Inc. · 07 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Johnson Outdoors Inc. · 07 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.