Johnson Outdoors Inc. (JOUT) intrinsic value & 10-year financials
Johnson Outdoors Inc. (JOUT) has a Graham intrinsic value of $25.72 per share. At $43.44 on Oct 17, 2026, the stock trades 69% above that value. Over the last 10 fiscal years revenue grew 3.5% a year to $592.4M, with an average return on invested capital of 15.4%.
- Graham intrinsic value
- $25.72
- Share price (Oct 17, 2026)
- $43.44
- Price vs Graham value
- 69% above
- Market cap
- $445.9M
- Revenue (FY2025)
- $592.4M
- Revenue growth (10-yr CAGR)
- 3.5%
- ROIC (10-yr avg)
- 15.4%
- Free cash flow (FY2025)
- $40.2M
JOUT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $592.4M | -$34.3M | — | $40.2M | -2.7% | -5.0% |
| FY2024 | $592.8M | -$26.5M | — | $19.0M | -7.3% | -9.8% |
| FY2023 | $663.8M | $19.5M | — | $19.0M | 1.8% | 2.1% |
| FY2022 | $743.4M | $44.5M | — | -$93.8M | 8.9% | 14.9% |
| FY2021 | $751.7M | $83.4M | — | $36.9M | 14.8% | 35.5% |
| FY2020 | $594.2M | $55.2M | — | $45.9M | 12.0% | 30.2% |
| FY2019 | $562.4M | $51.4M | — | $29.1M | 11.3% | 31.9% |
| FY2018 | $544.3M | $40.7M | — | $44.2M | 11.6% | 22.4% |
| FY2017 | $490.6M | $35.2M | — | $34.7M | 9.3% | 21.7% |
| FY2016 | $433.7M | $13.5M | — | $31.7M | 5.3% | 10.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
JOHNSON OUTDOORS INC has demonstrated mature, steady growth, with revenue compounding at 3.5% annually over the past decade.
JOHNSON OUTDOORS INC has earned high returns on invested capital, averaging 15.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
JOHNSON OUTDOORS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, JOHNSON OUTDOORS INC is modeled at 3.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $25.72 per share.