Earnings quality is obscured by extreme seasonal volatility, as evidenced by the OCF/NI ratio swinging from -1.31 in 2026Q2 to 45.41 in 2024Q3 due to inventory management cycles.
| Metric | TTM | Oct'25 | Sep'24 | Sep'23 | Sep'22 | Oct'21 | Oct'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 44.07M | 56.21M | 40.98M | 41.71M | -62.14M | 58.32M | 61.49M | 45.84M | 63.36M | 46.35M | 43.43M | 18.06M | 33.22M | 30M | 31.76M | 30.98M | 19.75M | 30.61M | 4.9M | 1.39M | 7.53M | 26.26M | 22.16M | -3.48M | 33.8M | 15.47M | 1.68M | 27.8M | 20.5M | 20M | -6.5M |
| Operating CF Margin % | - | 9.49% | 6.91% | 6.28% | -8.36% | 7.76% | 10.35% | 8.15% | 11.64% | 9.45% | 10.01% | 4.19% | 7.81% | 7.04% | 7.7% | 7.6% | 5.16% | 8.59% | 1.16% | 0.32% | 1.9% | 6.9% | 6.24% | -1.1% | 9.87% | 4.48% | 0.48% | 7.63% | 6.24% | 6.6% | -1.89% |
| Operating CF Growth % | -626% | 37.14% | -1.75% | 167.12% | -206.56% | -5.16% | 34.14% | -27.64% | 36.69% | 6.71% | 140.55% | -45.64% | 10.72% | -5.54% | 2.53% | 56.85% | -35.49% | 524.8% | 251.51% | -81.49% | -71.32% | 18.5% | 736.15% | -110.3% | 118.48% | 823.7% | -93.97% | 35.61% | 2.5% | 407.69% | -3.17% |
| Net Income | -15.2M | -34.29M | -26.53M | 19.53M | 44.49M | 83.38M | 55.23M | 51.41M | 40.67M | 35.16M | 13.5M | 10.62M | 9.12M | 19.33M | 10.13M | 32.64M | 6.54M | -9.67M | -71.03M | 9.23M | 8.71M | 7.1M | 8.69M | 5.42M | 7.93M | 5.37M | -16.98M | 7M | 5.2M | 2.1M | -11.4M |
| Depreciation & Amortization | 20.68M | 20.63M | 19.61M | 16.3M | 14.23M | 13.4M | 14.93M | 13.96M | 13.11M | 13.08M | 11.83M | 11.7M | 10.74M | 9.76M | 11.53M | 10.57M | 9.98M | 11.88M | 10.06M | 9.4M | 9.16M | 9.5M | 8.71M | 8.2M | 9.1M | 13.52M | 12.52M | 15.1M | 14M | 11.9M | 10.6M |
| Stock-Based Compensation | 1.04M | 1.5M | 1.29M | 2.45M | 4.13M | 4.16M | 2.69M | 2.35M | 2.3M | 1.99M | 1.83M | 1.61M | 1.74M | 1.49M | 1.67M | 1.44M | 956K | 428K | 711K | 651K | 686K | 403K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 25.82M | 20.6M | -5.09M | -6.92M | 1.85M | -2.28M | 486K | 213K | 10.77M | -2.78M | -2.22M | -1.49M | 2.67M | 1.61M | 6.99M | -22M | 415K | -2.16M | 20.65M | -88K | 3.75M | -555K | 97K | -358K | 4.03M | -2.92M | -374K | 200K | -3.4M | -4.1M | -6.8M |
| Other Non-Cash Items | 3.28M | 2.29M | 23.23M | 4.03M | 4.46M | 850K | 3.04M | 2.07M | -8.23M | 2.59M | 10.02M | 2.71M | 10.06M | 2.41M | 5.56M | 5.39M | 4.79M | 8.6M | 47.86M | 2.69M | 2.9M | 883K | 2.3M | 4.51M | -1.14M | 4.76M | 19.95M | 3.1M | 1.3M | -100K | -100K |
| Working Capital Changes | 8.44M | 45.48M | 28.48M | 6.34M | -131.31M | -41.2M | -14.88M | -24.16M | 4.74M | -3.68M | 8.47M | -7.1M | -1.12M | -4.59M | -4.11M | 2.93M | -2.93M | 21.53M | -3.34M | -20.49M | -17.69M | 8.92M | 2.36M | -21.26M | 13.89M | -5.25M | -13.44M | 2.4M | 3.4M | 8.2M | -17.6M |
| Change in Receivables | -10.56M | -10.32M | -272K | 48.29M | -22.03M | -3.95M | -24.63M | -6.1M | 5.41M | -5.36M | 3.39M | -2.53M | -1.48M | -3.14M | 4.59M | -581K | -4.86M | 8.79M | 7.08M | -3.06M | -3.59M | 379K | -16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -6.19M | 40.9M | 42.11M | -28.38M | -89.26M | -69.64M | -2.87M | -7.36M | -10.49M | -11.41M | 8.52M | -18M | 7.82M | -8.12M | -1.51M | 588K | -12.56M | 23.31M | -577K | -22.55M | -10.62M | 7.83M | -3.57M | -8.98M | 4.82M | 124K | -8.36M | 4.1M | 6.6M | 13.1M | -17.6M |
| Change in Payables | 16.17M | 11.07M | -14.66M | -10.8M | -21.72M | 32.76M | 12.32M | -10.63M | 9.59M | 15.9M | -2.51M | 12.74M | -3.83M | 3.34M | -2.95M | 3.1M | 13.11M | -11.78M | -15.81M | 5.37M | 1.17M | -1.16M | 2.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -14.58M | -11.86M | 5.03M | -48.37M | -31.68M | -21.38M | -15.59M | 11.99M | 48K | -58.01M | -20.74M | -10.39M | -11.89M | -31.75M | -10.79M | -13.32M | -9.27M | -15.92M | -18.22M | -22.75M | -18.59M | -6.38M | -35.5M | -9.58M | 56.78M | -9.61M | 20.02M | -27.2M | -24.3M | -31.5M | -7.1M |
| Capital Expenditures | -19.09M | -15.97M | -22.02M | -22.67M | -31.69M | -21.41M | -15.6M | -16.79M | -19.15M | -11.61M | -11.7M | -10.41M | -13.26M | -16.33M | -12.03M | -9.37M | -9.97M | -8.32M | -12.42M | -13.42M | -8.87M | -6.8M | -7.84M | -9.77M | -7.7M | -9.77M | -14.07M | -27.9M | -27M | -10.8M | -10.7M |
| CapEx % of Revenue | 2.93% | 2.7% | 3.71% | 3.41% | 4.26% | 2.85% | 2.63% | 2.98% | 3.52% | 2.37% | 2.7% | 2.42% | 3.12% | 3.83% | 2.92% | 2.3% | 2.61% | 2.33% | 2.95% | 3.11% | 2.24% | 1.79% | 2.21% | 3.09% | 2.25% | 2.83% | 4.05% | 7.66% | 8.22% | 3.56% | 3.11% |
| Acquisitions | 21K | -12.2M | 2.25M | 14.99M | 12K | 28K | 13K | 16.79M | 19.15M | 212K | -9.15M | 0 | 0 | -15.42M | 0 | -3.97M | 0 | -1M | -6.33M | -9.41M | -9.86M | 0 | -28.19M | 0 | 0 | -573K | -864K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.73M | -17.84M | 212K | 113K | 15K | 1.38M | 0 | 1.24M | 13K | 695K | -6.6M | 534K | 78K | 139K | 422K | 532K | 187K | 64.48M | 730K | 34.96M | 700K | 2.7M | -20.7M | 3.6M |
| Cash from Financing | -13.58M | -13.56M | -13.7M | -12.73M | -12.23M | -9.03M | -7.11M | -6.19M | -4.93M | -11.55M | -4.74M | -3.99M | -3.5M | -1.04M | -5.26M | -8.65M | -7.57M | -32.72M | 15.53M | 5.25M | -12.82M | -14.99M | -7.68M | -6.05M | -8.43M | -7.86M | -12.52M | -900K | 7.8M | 6.9M | 17.6M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.38M | -332K | -360K | -542K | -528K | -6.11M | -8.84M | -7.88M | -32.26M | 17.2M | 5M | -12.99M | -16.22M | -9.57M | -8.04M | -9.97M | -7.93M | -12.62M | -941K | 8.71M | 7.2M | 17.6M |
| Equity Issued (Net) | 2K | -1K | -264K | -178K | -509K | -495K | -334K | -629K | -675K | -616K | -1.24M | -865K | 33K | -174K | 856K | 323K | 484K | 43K | 301K | 642K | 150K | 1.23M | 1.89M | 1.99M | 1.54M | 71K | 97K | 94K | -352K | -400K | 100K |
| Dividends Paid | -13.58M | -13.51M | -13.43M | -12.55M | -12.06M | -8.4M | -6.77M | -5.56M | -4.35M | -3.56M | -3.17M | -2.97M | -2.96M | 0 | 0 | 0 | 0 | -501K | -2M | -498K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -118K | -121K | -436K | -444K | -509K | -495K | -460K | -708K | -675K | -663K | -1.51M | -865K | -605K | -886K | -107K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -352K | -400K | 0 |
| Other Financing | 0 | -55K | 0 | 0 | 332K | -138K | 0 | 0 | 90K | 0 | 0 | 202K | -34K | -339K | 0 | -133K | -173K | 0 | 30K | 111K | 25K | 0 | 0 | 0 | 0 | 0 | 0 | -53K | -561K | 100K | -100K |
| Net Change in Cash | 18.24M | 30.9M | 33.64M | -17.95M | -110.64M | 28.01M | 40.05M | 50.51M | 58.07M | -23.48M | 18.14M | -1.63M | 15.1M | -3.21M | 14.39M | 11.2M | 5.42M | -13.9M | 2.56M | -12.46M | -20.42M | 2.54M | -19.34M | -11.92M | 84.76M | -1.29M | 7.39M | -900K | 4.3M | -5.6M | 3.7M |
| Free Cash Flow | 24.98M | 40.23M | 18.97M | 19.05M | -93.83M | 36.91M | 45.89M | 29.06M | 44.21M | 34.74M | 31.73M | 7.65M | 19.95M | 13.67M | 19.73M | 21.61M | 9.79M | 22.29M | -7.52M | -12.02M | -1.33M | 19.45M | 14.31M | -13.25M | 26.11M | 5.71M | -12.4M | -100K | -6.5M | 9.2M | -17.2M |
| FCF Margin % | 3.83% | 6.79% | 3.2% | 2.87% | -12.62% | 4.91% | 7.72% | 5.17% | 8.12% | 7.08% | 7.32% | 1.78% | 4.69% | 3.21% | 4.79% | 5.3% | 2.56% | 6.25% | -1.79% | -2.78% | -0.34% | 5.11% | 4.03% | -4.19% | 7.62% | 1.65% | -3.57% | -0.03% | -1.98% | 3.04% | -4.99% |
| FCF Growth % | -28.61% | 112.12% | -0.41% | 120.3% | -354.23% | -19.58% | 57.94% | -34.27% | 27.26% | 9.47% | 314.96% | -61.68% | 45.98% | -30.72% | -8.7% | 120.88% | -56.11% | 396.31% | 37.43% | -800.67% | -106.86% | 35.92% | 208.02% | -150.75% | 357.46% | 146.02% | -12300% | 98.46% | -170.65% | 153.49% | 63.01% |
| FCF per Share | 2.41 | 3.92 | 1.86 | 1.87 | -9.24 | 3.65 | 4.56 | 2.90 | 4.42 | 3.48 | 3.22 | 0.79 | 2.07 | 1.38 | 1.99 | 2.33 | 1.06 | 2.43 | -0.83 | -1.30 | -0.15 | 2.21 | 1.63 | -1.54 | 3.10 | 0.70 | -1.53 | -0.01 | -0.80 | 1.10 | -2.11 |
| FCF Conversion (FCF/Net Income) | -1.64x | -1.64x | -1.54x | 2.14x | -1.40x | 0.70x | 1.11x | 0.89x | 1.56x | 1.32x | 3.22x | 1.70x | 3.64x | 1.55x | 3.13x | 0.95x | 3.02x | -3.17x | -0.07x | 0.15x | 0.86x | 3.70x | 2.55x | -0.64x | 4.26x | 2.88x | -0.10x | 3.97x | 3.94x | 9.52x | 0.57x |
| Interest Paid | -53K | 171K | 115K | 114K | 113K | 114K | 112K | 144K | 143K | 493K | 732K | 754K | 672K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -1.58M | 0 | 2.06M | 17.13M | 19.09M | 26.54M | 19.24M | 16.75M | 14.42M | 13.75M | 14.5M | 2.27M | -6.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Seasonal working capital volatility
Based on reported financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -1.31 in 2026Q2 to 45.41 in 2024Q3, reflecting the company's extreme reliance on seasonal inventory build-ups and subsequent liquidation cycles.
The wide variance in cash conversion suggests that net income is a poor proxy for the company's underlying cash-generating capacity on a quarterly basis. Investors should monitor whether the persistent gap between accounting profit and cash flow indicates a structural inability to convert sales into liquidity during off-peak periods.
As reported in recent filings, JOUT's free cash flow trajectory remains deeply inconsistent, oscillating between a peak of $67.4 million in 2024Q3 and a trough of -$42.7 million in 2026Q1, which highlights the company's vulnerability to cyclical demand shifts in the marine electronics market.
The inability to maintain positive free cash flow throughout the fiscal year suggests that the company's cost structure is not sufficiently flexible to withstand seasonal revenue troughs. This volatility may force management to rely on its cash reserves to fund operations, potentially limiting the capital available for strategic growth initiatives.
According to quarterly cash flow statements, working capital changes are the primary determinant of liquidity, with a $70.9 million inflow in 2024Q3 contrasting sharply with a $42.6 million outflow in 2026Q1, underscoring the significant impact of seasonal inventory management on the firm's cash position.
The aggressive swings in working capital suggest that JOUT is highly sensitive to retail channel inventory levels, which may lead to periods of significant cash burn when retailers reduce their stocking commitments. This dynamic warrants further investigation into whether current inventory levels are sustainable or if they represent a buildup of obsolete product.
Based on financial disclosures, JOUT continues to prioritize dividend payments of approximately $3.4 million per quarter despite significant cash flow volatility, while share repurchases remain negligible, suggesting a management preference for maintaining a liquidity buffer over aggressive capital return or transformative M&A activity.
The commitment to dividends during periods of negative free cash flow may indicate management's confidence in the long-term durability of the business, yet it also raises questions about the efficiency of capital deployment. Investors should monitor whether this conservative stance is a strategic choice to preserve optionality or a sign of limited high-return investment opportunities.
Quick answers to the most common questions about buying JOUT stock.
Johnson Outdoors Inc. (JOUT) generated $56.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Johnson Outdoors Inc. (JOUT) generated $40.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Johnson Outdoors Inc. (JOUT) spent $16.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Johnson Outdoors Inc. (JOUT) returned $13.5M to shareholders via cash dividends and spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.