Johnson Outdoors Inc.

JOUT

Consumer CyclicalLeisureNASDAQ

$51.41

Market Cap: $537.34M

Johnson Outdoors Inc. (JOUT) Valuation Summary

Updated May 11, 2026 20:32

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$4.05 – $166.15	$49.65	-3.4%
Revenue DCF 10Y	$4.29 – $108.07	$28.45	-44.6%
▸ Trading Multiples
EV/Revenue	$62.69 – $185.11	$99.75	+94.0%

Valuation History

DCF Analysis

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

REVENUE DCF FAIR VALUE

$28.45

Market Price

$51.41

Upside / Downside

-44.6%

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 7.7%, Johnson Outdoors Inc. (JOUT) has an intrinsic value of $28.45 per share (range: $4.29 – $108.07).

Key Assumptions

Current Operating Margin

-2.7%

Target Operating Margin

7.7%

WACC

7.7%

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	651	9.9%	-0.6%	-4	-4	17	(24)	39	-50	-48
2027	676	3.9%	1.4%	10	7	17	(26)	9	-10	-9
2028	637	-5.8%	3.5%	23	17	16	(27)	-13	20	17
2029	600	-5.8%	5.6%	34	25	16	(27)	-12	27	21
2030	566	-5.8%	7.7%	44	33	15	(27)	-12	33	23
2031	541	-4.3%	7.7%	42	31	14	(27)	-8	27	18
2032	526	-2.9%	7.7%	41	30	14	(27)	-5	22	14
2033	518	-1.4%	7.7%	40	30	13	(28)	-2	18	10
2034	519	0.1%	7.7%	40	30	13	(30)	0	14	7
2035	527	1.5%	7.7%	41	30	14	(32)	3	10	5

Enterprise Value Bridge

Sum of PV(FCFF)57

Terminal Value (Gordon Growth at 3.0%)217

PV of Terminal Value107

Enterprise Value164

(–) Net Debt-128

Equity Value292

(÷) Shares Outstanding10

Fair Value per Share$28.45

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.7%	$4	$12	$41	$75	$108
6.7%	$4	$12	$33	$58	$82
7.7%	$5	$11	$28	$48	$67
8.7%	$5	$11	$25	$41	$57
9.7%	$5	$11	$23	$37	$50

Current price: $51.41. 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

$49.65

Market Price

$51.41

Upside / Downside

-3.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-2.7%

Target Operating Margin

7.7%

WACC

7.7%

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	651	9.9%	-0.6%	-4	-4	17	(25)	39	-51	-50
2027	676	3.9%	1.4%	10	7	17	(30)	9	-14	-12
2028	637	-5.8%	3.5%	23	17	16	(32)	-13	15	12
2029	600	-5.8%	5.6%	34	25	16	(33)	-12	20	16
2030	566	-5.8%	7.7%	44	33	15	(34)	-12	25	18

Enterprise Value Bridge

Sum of PV(FCFF)-16

Terminal Value (Gordon Growth at 3.0%)554

PV of Terminal Value397

Enterprise Value382

(–) Net Debt-128

Equity Value510

(÷) Shares Outstanding10

Fair Value per Share$49.65

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.7%	$4	$44	$85	$126	$166
6.7%	$4	$33	$62	$92	$121
7.7%	$4	$27	$50	$73	$95
8.7%	$4	$23	$41	$60	$79
9.7%	$4	$20	$36	$51	$67

Current price: $51.41. 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

$99.75

Market Price

$51.41

Upside / Downside

+94.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Johnson Outdoors Inc. (JOUT) has a fair value of $99.75 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	528	0.7x	0.6x
VinFast Auto Ltd.VFS	9,990	1.1x	0.6x
Ranpak Holdings Corp.PACK	557	2.3x	2.7x
Monro, Inc.MNRO	532	0.9x	0.9x
Caleres, Inc.CAL	456	0.5x	0.5x
Hyliion Holdings Corp.HYLN	439	120.9x	112.0x
Nathan's Famous, Inc.NATH	415	3.0x	—
Genesco Inc.GCO	379	0.3x	0.3x
Holley Inc.HLLY	338	1.3x	1.3x
Kingsway Financial Services Inc.KFS	338	2.9x	1.0x
Innoviz Technologies Ltd.INVZ	157	3.9x	3.7x
Industry Median		1.8x	1.0x
(*) Revenue		592	689
= Enterprise Value		1,090	702
(-) Net Debt		-128	-128
Equity Value		1,218	830
(/) Outstanding shares		10	10
Fair Price		$119	$81

Selected Fair Value (avg of trailing + forward)

$99.75

+94.0%

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

$4.05 – $166.15

$49.65

-3.4%

Revenue DCF 10Y

$4.29 – $108.07

$28.45

-44.6%

▸ Trading Multiples

EV/Revenue

$62.69 – $185.11

$99.75

+94.0%

DCF Analysis

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

REVENUE DCF FAIR VALUE

$28.45

Market Price

$51.41

Upside / Downside

-44.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-2.7%

Target Operating Margin

7.7%

WACC

7.7%

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	651	9.9%	-0.6%	-4	-4	17	(24)	39	-50	-48
2027	676	3.9%	1.4%	10	7	17	(26)	9	-10	-9
2028	637	-5.8%	3.5%	23	17	16	(27)	-13	20	17
2029	600	-5.8%	5.6%	34	25	16	(27)	-12	27	21
2030	566	-5.8%	7.7%	44	33	15	(27)	-12	33	23
2031	541	-4.3%	7.7%	42	31	14	(27)	-8	27	18
2032	526	-2.9%	7.7%	41	30	14	(27)	-5	22	14
2033	518	-1.4%	7.7%	40	30	13	(28)	-2	18	10
2034	519	0.1%	7.7%	40	30	13	(30)	0	14	7
2035	527	1.5%	7.7%	41	30	14	(32)	3	10	5

Enterprise Value Bridge

Sum of PV(FCFF)57

Terminal Value (Gordon Growth at 3.0%)217

PV of Terminal Value107

Enterprise Value164

(–) Net Debt-128

Equity Value292

(÷) Shares Outstanding10

Fair Value per Share$28.45

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.7%	$4	$12	$41	$75	$108
6.7%	$4	$12	$33	$58	$82
7.7%	$5	$11	$28	$48	$67
8.7%	$5	$11	$25	$41	$57
9.7%	$5	$11	$23	$37	$50

Current price: $51.41. 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

$99.75

Market Price

$51.41

Upside / Downside

+94.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Johnson Outdoors Inc. (JOUT) has a fair value of $99.75 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	528	0.7x	0.6x
VinFast Auto Ltd.VFS	9,990	1.1x	0.6x
Ranpak Holdings Corp.PACK	557	2.3x	2.7x
Monro, Inc.MNRO	532	0.9x	0.9x
Caleres, Inc.CAL	456	0.5x	0.5x
Hyliion Holdings Corp.HYLN	439	120.9x	112.0x
Nathan's Famous, Inc.NATH	415	3.0x	—
Genesco Inc.GCO	379	0.3x	0.3x
Holley Inc.HLLY	338	1.3x	1.3x
Kingsway Financial Services Inc.KFS	338	2.9x	1.0x
Innoviz Technologies Ltd.INVZ	157	3.9x	3.7x
Industry Median		1.8x	1.0x
(*) Revenue		592	689
= Enterprise Value		1,090	702
(-) Net Debt		-128	-128
Equity Value		1,218	830
(/) Outstanding shares		10	10
Fair Price		$119	$81

Selected Fair Value (avg of trailing + forward)

$99.75

+94.0%