JOUT Stock Overview
Johnson Outdoors Inc. designs, manufactures, and markets seasonal and outdoor recreational products for fishing worldwide.
Johnson Outdoors Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$51.38|
|52 Week High||US$117.99|
|52 Week Low||US$48.31|
|1 Month Change||-13.33%|
|3 Month Change||-19.05%|
|1 Year Change||-53.45%|
|3 Year Change||-13.59%|
|5 Year Change||-29.05%|
|Change since IPO||138.98%|
Recent News & Updates
Johnson Outdoors (NASDAQ:JOUT) Is Paying Out A Larger Dividend Than Last Year
Johnson Outdoors Inc. ( NASDAQ:JOUT ) has announced that it will be increasing its periodic dividend on the 27th of...
Johnson Outdoors raises dividend by 3.3%
Johnson Outdoors (NASDAQ:JOUT) declares $0.31/share quarterly dividend for Class A holders, 3.3% increase from prior dividend of $0.30. It also declared a $0.2818/share quarterly dividend for Class B holders, 3.3% increase from prior dividend of $0.2727. Forward yield 2.39% Payable Oct. 27; for shareholders of record Oct. 13; ex-div Oct. 12. See JOUT Dividend Scorecard, Yield Chart, & Dividend Growth.
Johnson Outdoors: Pain Persists, But So Does Potential
Summary Johnson Outdoors has had a tough time recently, not only from a share price perspective but when it comes to fundamentals as well. Even though this is the case, shares look attractively priced at this time, particularly should financial performance revert back to 2021 levels. A failure to return to prior performance would still create a favorable risk-to-reward opportunity for investors. Buying stock in a company that is undergoing a bit of pain can be a profitable endeavor. That is especially true if you can buy shares on the cheap with the idea that market conditions will eventually improve. At the same time, this strategy can also lead to some unfavorable results in the short run. For instance, if financial performance at the said company continues to deteriorate, irrespective of what the long-term outlook should be, additional pain could be experienced in the near term. A great example of this, in my opinion, can be seen by looking at Johnson Outdoors (JOUT), an enterprise that focuses on the production and sale of outdoor recreational products. Recently, shares have fallen, largely because of a weakening in the company's profitability. For the foreseeable future, that trend might very well continue. But even if it does, it's difficult to imagine the company looking overvalued. And once the business does return to more normal levels, shares might experience a nice bit of upside. More pain The last time I wrote an article about Johnson Outdoors was in June of this year. In that article, I talked about the solid operating history that the company has demonstrated over the years. At the same time, I also acknowledged that it was experiencing a bit of pain so far this year. I was disappointed by that but still believed that the firm warranted some attention at that moment. This was because shares were trading cheap and, even if the painful trend persisted, I felt the worst-case scenario was that shares should be fairly valued. Ultimately, these conclusions led me to rate the enterprise a 'buy', reflecting my belief that returns for the business should ultimately come in stronger than what the market should see for the foreseeable future. Since then, things have not gone precisely as planned. While the S&P 500 has experienced an upside of 4.9%, shares of Johnson Outdoors have overseen a loss of 11.1%. Author - SEC EDGAR Data Given this significant return disparity, you might think that there is a fundamental cause that has been the driver. In this case, you would be absolutely right. When I last wrote about the company, we only had data covering through the second quarter of its 2022 fiscal year. Today, that data now extends for one additional quarter through the third quarter. During that quarter, sales for the business came in at $203.8 million. That's down slightly from the $213.6 million generated one year earlier. Interestingly, the company actually experienced strength in most product categories. For instance, watercraft recreation sales for the business grew by 10.1% year over year, while sales associated with diving increased by 7.4%. The real winner, however, was the camping category. Sales there jumped by 32.2% year over year. Instead, the pain had to do with the company's largest category: fishing. Sales there plummeted by 12.1% year over year, dropping from $155.3 million to $136.6 million. Management claimed that this decline came even in light of solid consumer and customer demand. Instead, the pain was because of supply chain disruptions and the resulting unavailability of certain necessary components that ultimately led to reduced sales. In particular, the company was hindered by the technical and electronic nature of certain products within this category and the supply chain problems centered around these types of products. Author - SEC EDGAR Data With revenue falling, profitability followed suit. Net income for the company plunged from $28.8 million in the third quarter of 2021 to $14.1 million the same time this year. This was driven almost entirely by the operating profits of the fishing category plunging by 58% from $39.4 million to $16.6 million. Higher raw material costs impacted the company across the board. But those cost items were particularly bad for the fishing category because of supply chain problems. This drop in net income also translated to weaker profits in other ways. Operating cash flow, for instance, dropped from $69.6 million in the third quarter of 2021 to $18.2 million the same time this year. Even if we adjust for changes in working capital, it would have fallen from $32.8 million to $18.7 million. Meanwhile, EBITDA for the company also took a beating, dropping from $41.2 million to $27.3 million. And as can be seen in one of the charts of this article, the weakness on both the top and bottom lines for the visitors also translated to weaker overall performance for the first three quarters of the 2022 fiscal year as a whole. Unfortunately, we don't really know what to anticipate for the entirety of the 2022 fiscal year. It is clear, however, that 2022 will not be anywhere near as positive as 2021 was. If we were to project out, using results seen for the first three quarters of the year, then we might anticipate net income of $37.9 million, operating cash flow of around $54.7 million, and EBITDA of roughly $71.4 million. These estimates are slightly greater than the prior estimates I calculated in my last article of $36.4 million, $53.5 million, and $65.9 million, respectively. Given these numbers, shares of Johnson Outdoors should be trading at a forward price to earnings multiple of 15.7, at a forward price to operating cash flow multiple of 10.7, and at an EV to EBITDA multiple of 6.7, respectively. Author - SEC EDGAR Data To put this in context, these multiples, using data from 2021, were 7.1, 6, and 3.9, respectively. And if the company were to revert back to the levels of profitability it achieved in the 2020 fiscal year, these numbers should be 10.8, 7.8, and 5.8, respectively. As part of my analysis, I also compare the company to five similar firms. On a price-to-earnings basis, using forward estimates, the range of these companies was from 3.9 to 25.5. Our prospect was cheaper than all but one of the companies and was tied with one another. Using the price to operating cash flow approach, only four firms had positive results, with a range of between 4 and 14.8. Two of the four were cheaper than Johnson Outdoors in this case. And when it comes to the EV to EBITDA approach, the range was between 3.3 and 9.8, with two of the companies being cheaper and another one being tied with it.
Is There Now An Opportunity In Johnson Outdoors Inc. (NASDAQ:JOUT)?
While Johnson Outdoors Inc. ( NASDAQ:JOUT ) might not be the most widely known stock at the moment, it received a lot...
|JOUT||US Leisure||US Market|
Return vs Industry: JOUT underperformed the US Leisure industry which returned -51.2% over the past year.
Return vs Market: JOUT underperformed the US Market which returned -23.2% over the past year.
|JOUT Average Weekly Movement||4.8%|
|Leisure Industry Average Movement||8.1%|
|Market Average Movement||6.8%|
|10% most volatile stocks in US Market||15.5%|
|10% least volatile stocks in US Market||2.8%|
Stable Share Price: JOUT is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.
Volatility Over Time: JOUT's weekly volatility (5%) has been stable over the past year.
About the Company
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.
Johnson Outdoors Fundamentals Summary
|JOUT fundamental statistics|
Is JOUT overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|JOUT income statement (TTM)|
|Cost of Revenue||US$442.17m|
Last Reported Earnings
Jul 01, 2022
Next Earnings Date
|Earnings per share (EPS)||4.14|
|Net Profit Margin||5.86%|
How did JOUT perform over the long term?See historical performance and comparison
2.4%Current Dividend Yield
Does JOUT pay a reliable dividends?See JOUT dividend history and benchmarks
|Johnson Outdoors dividend dates|
|Ex Dividend Date||Oct 12 2022|
|Dividend Pay Date||Oct 27 2022|
|Days until Ex dividend||8 days|
|Days until Dividend pay date||23 days|
Does JOUT pay a reliable dividends?See JOUT dividend history and benchmarks
Is JOUT undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 3/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for JOUT?
Other financial metrics that can be useful for relative valuation.
|What is JOUT's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does JOUT's PE Ratio compare to its peers?
|JOUT PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
SWBI Smith & Wesson Brands
MCFT MasterCraft Boat Holdings
RGR Sturm Ruger
JOUT Johnson Outdoors
Price-To-Earnings vs Peers: JOUT is expensive based on its Price-To-Earnings Ratio (12.4x) compared to the peer average (8.8x).
Price to Earnings Ratio vs Industry
How does JOUT's PE Ratio compare vs other companies in the North American Leisure Industry?
Price-To-Earnings vs Industry: JOUT is expensive based on its Price-To-Earnings Ratio (12.4x) compared to the North American Leisure industry average (8.4x)
Price to Earnings Ratio vs Fair Ratio
What is JOUT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||12.4x|
|Fair PE Ratio||14.3x|
Price-To-Earnings vs Fair Ratio: JOUT is good value based on its Price-To-Earnings Ratio (12.4x) compared to the estimated Fair Price-To-Earnings Ratio (14.3x).
Share Price vs Fair Value
What is the Fair Price of JOUT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: JOUT ($51.38) is trading below our estimate of fair value ($130.75)
Significantly Below Fair Value: JOUT is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Insufficient data to show price forecast.
Discover undervalued companies
How is Johnson Outdoors forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
Future Growth Score3/6
Future Growth Score 3/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: JOUT's forecast earnings growth (31.1% per year) is above the savings rate (1.9%).
Earnings vs Market: JOUT's earnings (31.1% per year) are forecast to grow faster than the US market (14.8% per year).
High Growth Earnings: JOUT's earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: JOUT's revenue (4% per year) is forecast to grow slower than the US market (7.7% per year).
High Growth Revenue: JOUT's revenue (4% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: JOUT's Return on Equity is forecast to be low in 3 years time (13.1%).
Discover growth companies
How has Johnson Outdoors performed over the past 5 years?
Past Performance Score1/6
Past Performance Score 1/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: JOUT has a high level of non-cash earnings.
Growing Profit Margin: JOUT's current net profit margins (5.9%) are lower than last year (12.3%).
Past Earnings Growth Analysis
Earnings Trend: JOUT's earnings have grown by 15.1% per year over the past 5 years.
Accelerating Growth: JOUT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: JOUT had negative earnings growth (-54.5%) over the past year, making it difficult to compare to the Leisure industry average (5.2%).
Return on Equity
High ROE: JOUT's Return on Equity (8.6%) is considered low.
Discover strong past performing companies
How is Johnson Outdoors's financial position?
Financial Health Score6/6
Financial Health Score 6/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: JOUT's short term assets ($481.2M) exceed its short term liabilities ($117.0M).
Long Term Liabilities: JOUT's short term assets ($481.2M) exceed its long term liabilities ($74.5M).
Debt to Equity History and Analysis
Debt Level: JOUT is debt free.
Reducing Debt: JOUT had no debt 5 years ago.
Debt Coverage: JOUT has no debt, therefore it does not need to be covered by operating cash flow.
Interest Coverage: JOUT has no debt, therefore coverage of interest payments is not a concern.
Discover healthy companies
What is Johnson Outdoors's current dividend yield, its reliability and sustainability?
Dividend Score 2/6
Cash Flow Coverage
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
|Johnson Outdoors Dividend Yield vs Market|
|Company (Johnson Outdoors)||2.4%|
|Market Bottom 25% (US)||1.6%|
|Market Top 25% (US)||4.6%|
|Industry Average (Leisure)||3.1%|
|Analyst forecast in 3 Years (Johnson Outdoors)||n/a|
Notable Dividend: JOUT's dividend (2.41%) is higher than the bottom 25% of dividend payers in the US market (1.67%).
High Dividend: JOUT's dividend (2.41%) is low compared to the top 25% of dividend payers in the US market (4.75%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, JOUT has been paying a dividend for less than 10 years.
Growing Dividend: JOUT's dividend payments have increased, but the company has only paid a dividend for 9 years.
Earnings Payout to Shareholders
Earnings Coverage: With its reasonably low payout ratio (29.1%), JOUT's dividend payments are well covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: JOUT is paying a dividend but the company has no free cash flows.
Discover strong dividend paying companies
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Helen Johnson-Leipold (66 yo)
Ms. Helen P. Johnson-Leipold serves as the Chairman and Chief Executive Officer of Johnson Outdoors Gear LLC. Ms. Johnson-Leipold has been the Chairman of the Board of Johnson Outdoors Inc. since 1994 and...
CEO Compensation Analysis
|Helen Johnson-Leipold's Compensation vs Johnson Outdoors Earnings|
|Date||Total Comp.||Salary||Company Earnings|
|Jul 01 2022||n/a||n/a|
|Apr 01 2022||n/a||n/a|
|Dec 31 2021||n/a||n/a|
|Oct 01 2021||US$3m||US$804k|
|Jul 02 2021||n/a||n/a|
|Apr 02 2021||n/a||n/a|
|Jan 01 2021||n/a||n/a|
|Oct 02 2020||US$3m||US$778k|
|Jun 26 2020||n/a||n/a|
|Mar 27 2020||n/a||n/a|
|Dec 27 2019||n/a||n/a|
|Sep 27 2019||US$3m||US$754k|
|Jun 28 2019||n/a||n/a|
|Mar 29 2019||n/a||n/a|
|Dec 28 2018||n/a||n/a|
|Sep 28 2018||US$3m||US$729k|
|Jun 29 2018||n/a||n/a|
|Mar 30 2018||n/a||n/a|
|Dec 29 2017||n/a||n/a|
|Sep 29 2017||US$2m||US$704k|
|Jun 30 2017||n/a||n/a|
|Mar 31 2017||n/a||n/a|
|Dec 30 2016||n/a||n/a|
|Sep 30 2016||US$2m||US$682k|
Compensation vs Market: Helen's total compensation ($USD3.23M) is about average for companies of similar size in the US market ($USD2.94M).
Compensation vs Earnings: Helen's compensation has been consistent with company performance over the past year.
Experienced Management: JOUT's management team is seasoned and experienced (16.4 years average tenure).
Experienced Board: JOUT's board of directors are considered experienced (8.1 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: JOUT insiders have only sold shares in the past 3 months.
Recent Insider Transactions
|12 Aug 22||SellUS$83,009||John Fahey||Individual||1,206||US$68.83|
|Owner Type||Number of Shares||Ownership Percentage|
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Johnson Outdoors Inc.'s employee growth, exchange listings and data sources
- Name: Johnson Outdoors Inc.
- Ticker: JOUT
- Exchange: NasdaqGS
- Founded: 1970
- Industry: Leisure Products
- Sector: Consumer Durables
- Implied Market Cap: US$518.319m
- Shares outstanding: 10.09m
- Website: https://www.johnsonoutdoors.com
Number of Employees
- Johnson Outdoors Inc.
- 555 Main Street
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|JOUT||NasdaqGS (Nasdaq Global Select)||Yes||Class A Shares||US||USD||Oct 1987|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/10/03 00:00|
|End of Day Share Price||2022/10/03 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.