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JOUT

Johnson Outdoors NasdaqGS:JOUT Stock Report

Last Price

US$51.38

Market Cap

US$518.3m

7D

0.7%

1Y

-53.4%

Updated

03 Oct, 2022

Data

Company Financials +
JOUT fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance1/6
Financial Health6/6
Dividends2/6

JOUT Stock Overview

Johnson Outdoors Inc. designs, manufactures, and markets seasonal and outdoor recreational products for fishing worldwide.

Johnson Outdoors Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Johnson Outdoors
Historical stock prices
Current Share PriceUS$51.38
52 Week HighUS$117.99
52 Week LowUS$48.31
Beta0.88
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 IPO138.98%

Recent News & Updates

Oct 02
Johnson Outdoors (NASDAQ:JOUT) Is Paying Out A Larger Dividend Than Last Year

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...

Sep 29

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.

Sep 16

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.

Sep 02
Is There Now An Opportunity In Johnson Outdoors Inc. (NASDAQ:JOUT)?

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...

Shareholder Returns

JOUTUS LeisureUS Market
7D0.7%-1.6%1.0%
1Y-53.4%-49.1%-20.0%

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.

Price Volatility

Is JOUT's price volatile compared to industry and market?
JOUT volatility
JOUT Average Weekly Movement4.8%
Leisure Industry Average Movement8.1%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

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

FoundedEmployeesCEOWebsite
19701,400Helen Johnson-Leipoldhttps://www.johnsonoutdoors.com

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

How do Johnson Outdoors's earnings and revenue compare to its market cap?
JOUT fundamental statistics
Market CapUS$518.32m
Earnings (TTM)US$41.76m
Revenue (TTM)US$713.23m

12.4x

P/E Ratio

0.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
JOUT income statement (TTM)
RevenueUS$713.23m
Cost of RevenueUS$442.17m
Gross ProfitUS$271.06m
Other ExpensesUS$229.29m
EarningsUS$41.76m

Last Reported Earnings

Jul 01, 2022

Next Earnings Date

n/a

Earnings per share (EPS)4.14
Gross Margin38.00%
Net Profit Margin5.86%
Debt/Equity Ratio0%

How did JOUT perform over the long term?

See historical performance and comparison

Dividends

2.4%

Current Dividend Yield

29%

Payout Ratio

Does JOUT pay a reliable dividends?

See JOUT dividend history and benchmarks
When do you need to buy JOUT by to receive an upcoming dividend?
Johnson Outdoors dividend dates
Ex Dividend DateOct 12 2022
Dividend Pay DateOct 27 2022
Days until Ex dividend8 days
Days until Dividend pay date23 days

Does JOUT pay a reliable dividends?

See JOUT dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

Is JOUT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

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

  • Analyst Forecast

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.

JOUT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.6x
Enterprise Value/EBITDA5.9x
PEG Ratio0.4x

Price to Earnings Ratio vs Peers

How does JOUT's PE Ratio compare to its peers?

JOUT PE Ratio vs Peers
The above table shows the PE ratio for JOUT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.8x
SWBI Smith & Wesson Brands
3.8x-12.8%US$465.5m
CLAR Clarus
18x26.0%US$497.5m
MCFT MasterCraft Boat Holdings
5.9x12.6%US$345.2m
RGR Sturm Ruger
7.3xn/aUS$905.9m
JOUT Johnson Outdoors
12.4x31.1%US$518.3m

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.

JOUT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.4x
Fair PE Ratio14.3x

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.


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Future Growth

How is Johnson Outdoors forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


31.1%

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

Past Performance

How has Johnson Outdoors performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


15.1%

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

Financial Health

How is Johnson Outdoors's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

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.


Balance Sheet


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Dividend

What is Johnson Outdoors's current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


2.41%

Current Dividend Yield

Upcoming Dividend Payment

TodayOct 04 2022Ex Dividend DateOct 12 2022Dividend Pay DateOct 27 202215 days from Ex DividendBuy in the next 8 days to receive the upcoming dividend

Dividend Yield vs Market

Johnson Outdoors Dividend Yield vs Market
How does Johnson Outdoors dividend yield compare to the market?
SegmentDividend Yield
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

Management

How experienced are the management team and are they aligned to shareholders interests?

16.4yrs

Average management tenure


CEO

Helen Johnson-Leipold (66 yo)

28.75yrs

Tenure

US$3,231,701

Compensation

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
How has Helen Johnson-Leipold's remuneration changed compared to Johnson Outdoors's earnings?
DateTotal Comp.SalaryCompany Earnings
Jul 01 2022n/an/a

US$42m

Apr 01 2022n/an/a

US$56m

Dec 31 2021n/an/a

US$74m

Oct 01 2021US$3mUS$804k

US$83m

Jul 02 2021n/an/a

US$92m

Apr 02 2021n/an/a

US$76m

Jan 01 2021n/an/a

US$69m

Oct 02 2020US$3mUS$778k

US$55m

Jun 26 2020n/an/a

US$44m

Mar 27 2020n/an/a

US$53m

Dec 27 2019n/an/a

US$54m

Sep 27 2019US$3mUS$754k

US$51m

Jun 28 2019n/an/a

US$43m

Mar 29 2019n/an/a

US$44m

Dec 28 2018n/an/a

US$44m

Sep 28 2018US$3mUS$729k

US$41m

Jun 29 2018n/an/a

US$46m

Mar 30 2018n/an/a

US$39m

Dec 29 2017n/an/a

US$31m

Sep 29 2017US$2mUS$704k

US$35m

Jun 30 2017n/an/a

US$32m

Mar 31 2017n/an/a

US$23m

Dec 30 2016n/an/a

US$18m

Sep 30 2016US$2mUS$682k

US$14m

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.


Leadership Team

Experienced Management: JOUT's management team is seasoned and experienced (16.4 years average tenure).


Board Members

Experienced Board: JOUT's board of directors are considered experienced (8.1 years average tenure).


Ownership

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

NasdaqGS:JOUT Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
12 Aug 22SellUS$83,009John FaheyIndividual1,206US$68.83

Ownership Breakdown

What is the ownership structure of JOUT?
Owner TypeNumber of SharesOwnership Percentage
General Public184,9111.8%
Private Companies1,773,50717.6%
Individual Insiders2,971,73029.5%
Institutions5,157,80651.1%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 86.31% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
28.36%
Helen Johnson-Leipold
2,861,132$147.0m0%no data
16.55%
Johnson Financial Group, Inc.
1,669,143$85.8m0%no data
5.89%
Dimensional Fund Advisors LP
594,059$30.5m3.27%0.01%
5.15%
Royce & Associates, LP
520,000$26.7m2.56%0.21%
4.59%
BlackRock, Inc.
463,378$23.8m0.95%no data
2.88%
The Vanguard Group, Inc.
290,678$14.9m-1.48%no data
2.51%
Third Swedish National Pension Fund
253,316$13.0m0%0.1%
2.3%
Renaissance Technologies LLC
231,900$11.9m-12.46%0.02%
2.21%
LSV Asset Management
222,547$11.4m2.02%0.02%
1.66%
Fidelity International Ltd
167,873$8.6m0%no data
1.42%
Wallace Capital Management, Inc.
143,488$7.4m133.05%1.21%
1.39%
Hotchkis and Wiley Capital Management, LLC
140,590$7.2m13.84%0.03%
1.31%
Argenta Bank Luxembourg SA
132,628$6.8m12.16%0.21%
1.26%
State Street Global Advisors, Inc.
126,608$6.5m2.37%no data
1.25%
First Trust Advisors LP
125,745$6.5m13.32%0.01%
1.14%
Geode Capital Management, LLC
115,389$5.9m2.05%no data
0.97%
Allspring Global Investments, LLC
97,780$5.0m18.37%0.01%
0.9%
Estate of Samuel C. Johnson
91,256$4.7m0%no data
0.85%
Morgan Stanley, Investment Banking and Brokerage Investments
85,442$4.4m-4.57%no data
0.69%
North Star Investment Management Corporation
69,660$3.6m0.07%0.35%
0.68%
Healthcare of Ontario Pension Plan Trust Fund
68,400$3.5m-0.58%0.02%
0.63%
Peregrine Capital Management, LLC
63,317$3.3m19.83%0.09%
0.6%
Northern Trust Global Investments
60,252$3.1m-1.4%no data
0.59%
Crawford Investment Counsel, Inc.
59,253$3.0m10.44%0.07%
0.53%
Invenomic Capital Management, LP
53,469$2.7m95.29%0.48%

Company Information

Johnson Outdoors Inc.'s employee growth, exchange listings and data sources


Key Information

  • 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


Location

  • Johnson Outdoors Inc.
  • 555 Main Street
  • Racine
  • Wisconsin
  • 53403
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
JOUTNasdaqGS (Nasdaq Global Select)YesClass A SharesUSUSDOct 1987

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/03 00:00
End of Day Share Price2022/10/03 00:00
Earnings2022/07/01
Annual Earnings2021/10/01


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.