Johnson Outdoors Inc.

JOUT

Consumer CyclicalLeisureNASDAQ

$39.43

Market Cap: $413.02M

Johnson Outdoors Inc. (JOUT) Valuation Summary

Updated Apr 6, 2026 22:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$4.19 – $158.21	$48.36	+1.4%
Revenue DCF 10Y	$4.45 – $103.49	$28.03	-41.3%
▸ Trading Multiples
EV/Revenue	$59.50 – $184.17	$88.30	+85.1%

Valuation History

DCF Analysis

Johnson Outdoors Inc. (JOUT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$28.03

Market Price

$39.43

Upside / Downside

-28.9%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -2.7% to a target of 7.7% over 5 years, discounted at a WACC of 7.8%, Johnson Outdoors Inc. (JOUT) has an intrinsic value of $28.03 per share (range: $4.45 – $103.49).

Key Assumptions

Current Operating Margin

-2.7%

Target Operating Margin

7.7%

WACC

7.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.4%

Target CapEx/Rev

6.0%

D&A/Revenue

2.6%

Tax Rate

25.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	649	9.5%	-0.6%	-4	-4	17	(24)	38	-49	-47
2027	673	3.7%	1.4%	10	7	17	(26)	8	-10	-9
2028	634	-5.8%	3.5%	22	17	16	(26)	-13	20	17
2029	597	-5.8%	5.6%	34	25	15	(26)	-12	27	20
2030	563	-5.8%	7.7%	43	33	15	(26)	-12	32	23
2031	538	-4.3%	7.7%	42	31	14	(27)	-8	27	18
2032	523	-2.9%	7.7%	40	30	14	(27)	-5	22	13
2033	516	-1.4%	7.7%	40	30	13	(28)	-2	17	10
2034	516	0.1%	7.7%	40	30	13	(30)	0	14	7
2035	524	1.5%	7.7%	40	30	14	(31)	3	10	5

Enterprise Value Bridge

Sum of PV(FCFF)57

Terminal Value (Gordon Growth at 3.0%)210

PV of Terminal Value103

Enterprise Value160

(–) Net Debt-128

Equity Value288

(÷) Shares Outstanding10

Fair Value per Share$28.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.8%	$4	$12	$40	$72	$103
6.8%	$5	$12	$32	$56	$79
7.8%	$5	$11	$28	$47	$65
8.8%	$5	$11	$25	$41	$56
9.8%	$5	$11	$23	$36	$49

Current price: $39.43. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 33.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Johnson Outdoors Inc. (JOUT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$48.36

Market Price

$39.43

Upside / Downside

+22.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-2.7%

Target Operating Margin

7.7%

WACC

7.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.4%

Target CapEx/Rev

6.0%

D&A/Revenue

2.6%

Tax Rate

25.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	649	9.5%	-0.6%	-4	-4	17	(25)	38	-51	-49
2027	673	3.7%	1.4%	10	7	17	(30)	8	-13	-12
2028	634	-5.8%	3.5%	22	17	16	(31)	-13	15	12
2029	597	-5.8%	5.6%	34	25	15	(33)	-12	20	16
2030	563	-5.8%	7.7%	43	33	15	(34)	-12	25	18

Enterprise Value Bridge

Sum of PV(FCFF)-15

Terminal Value (Gordon Growth at 3.0%)538

PV of Terminal Value383

Enterprise Value369

(–) Net Debt-128

Equity Value496

(÷) Shares Outstanding10

Fair Value per Share$48.36

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.8%	$4	$42	$81	$120	$158
6.8%	$4	$32	$60	$89	$117
7.8%	$4	$26	$48	$71	$93
8.8%	$4	$22	$41	$59	$77
9.8%	$4	$20	$35	$50	$66

Current price: $39.43. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 33.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$88.30

Market Price

$39.43

Upside / Downside

+124.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Johnson Outdoors Inc. (JOUT) has a fair value of $88.30 based on 10 comparable companies in the Leisure industry.

EV/Revenue Valuation — Leisure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Johnson Outdoors Inc.JOUT	405	0.5x	0.4x
VinFast Auto Ltd.VFS	10,177	1.1x	0.6x
Monro, Inc.MNRO	466	0.8x	0.8x
Nathan's Famous, Inc.NATH	413	3.0x	—
Caleres, Inc.CAL	376	0.4x	0.5x
Holley Inc.HLLY	361	1.4x	1.3x
Genesco Inc.GCO	321	0.3x	0.3x
Kingsway Financial Services Inc.KFS	307	2.7x	0.9x
Hyliion Holdings Corp.HYLN	302	81.6x	75.7x
Ranpak Holdings Corp.PACK	300	1.7x	2.0x
Innoviz Technologies Ltd.INVZ	142	3.6x	3.4x
Industry Median		1.5x	0.9x
(*) Revenue		592	689
= Enterprise Value		909	649
(-) Net Debt		-128	-128
Equity Value		1,036	776
(/) Outstanding shares		10	10
Fair Price		$101	$76

Selected Fair Value (avg of trailing + forward)

$88.30

+124.0%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$4.19 – $158.21

$48.36

+1.4%

Revenue DCF 10Y

$4.45 – $103.49

$28.03

-41.3%

▸ Trading Multiples

EV/Revenue

$59.50 – $184.17

$88.30

+85.1%

DCF Analysis

Johnson Outdoors Inc. (JOUT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$28.03

Market Price

$39.43

Upside / Downside

-28.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-2.7%

Target Operating Margin

7.7%

WACC

7.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.4%

Target CapEx/Rev

6.0%

D&A/Revenue

2.6%

Tax Rate

25.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	649	9.5%	-0.6%	-4	-4	17	(24)	38	-49	-47
2027	673	3.7%	1.4%	10	7	17	(26)	8	-10	-9
2028	634	-5.8%	3.5%	22	17	16	(26)	-13	20	17
2029	597	-5.8%	5.6%	34	25	15	(26)	-12	27	20
2030	563	-5.8%	7.7%	43	33	15	(26)	-12	32	23
2031	538	-4.3%	7.7%	42	31	14	(27)	-8	27	18
2032	523	-2.9%	7.7%	40	30	14	(27)	-5	22	13
2033	516	-1.4%	7.7%	40	30	13	(28)	-2	17	10
2034	516	0.1%	7.7%	40	30	13	(30)	0	14	7
2035	524	1.5%	7.7%	40	30	14	(31)	3	10	5

Enterprise Value Bridge

Sum of PV(FCFF)57

Terminal Value (Gordon Growth at 3.0%)210

PV of Terminal Value103

Enterprise Value160

(–) Net Debt-128

Equity Value288

(÷) Shares Outstanding10

Fair Value per Share$28.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.8%	$4	$12	$40	$72	$103
6.8%	$5	$12	$32	$56	$79
7.8%	$5	$11	$28	$47	$65
8.8%	$5	$11	$25	$41	$56
9.8%	$5	$11	$23	$36	$49

Current price: $39.43. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 33.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$88.30

Market Price

$39.43

Upside / Downside

+124.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Johnson Outdoors Inc. (JOUT) has a fair value of $88.30 based on 10 comparable companies in the Leisure industry.

EV/Revenue Valuation — Leisure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Johnson Outdoors Inc.JOUT	405	0.5x	0.4x
VinFast Auto Ltd.VFS	10,177	1.1x	0.6x
Monro, Inc.MNRO	466	0.8x	0.8x
Nathan's Famous, Inc.NATH	413	3.0x	—
Caleres, Inc.CAL	376	0.4x	0.5x
Holley Inc.HLLY	361	1.4x	1.3x
Genesco Inc.GCO	321	0.3x	0.3x
Kingsway Financial Services Inc.KFS	307	2.7x	0.9x
Hyliion Holdings Corp.HYLN	302	81.6x	75.7x
Ranpak Holdings Corp.PACK	300	1.7x	2.0x
Innoviz Technologies Ltd.INVZ	142	3.6x	3.4x
Industry Median		1.5x	0.9x
(*) Revenue		592	689
= Enterprise Value		909	649
(-) Net Debt		-128	-128
Equity Value		1,036	776
(/) Outstanding shares		10	10
Fair Price		$101	$76

Selected Fair Value (avg of trailing + forward)

$88.30

+124.0%