Operating margins remain highly unstable, swinging from a negative 40.4% in 2024Q4 to a positive 5.3% in 2026Q2, reflecting limited pricing power and high fixed overhead costs.
| 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 |
|---|
| Sales/Revenue | 651.83M | 592.41M | 592.85M | 663.84M | 743.36M | 751.65M | 594.21M | 562.42M | 544.27M | 490.56M | 433.73M | 430.49M | 425.41M | 426.46M | 412.29M | 407.42M | 382.43M | 356.52M | 420.79M | 432.06M | 395.79M | 380.69M | 355.27M | 315.89M | 342.53M | 345.64M | 347.29M | 364.3M | 328.5M | 303.1M | 344.4M |
| Revenue Growth % | 17.59% | -0.07% | -10.7% | -10.7% | -1.1% | 26.5% | 5.65% | 3.33% | 10.95% | 13.1% | 0.75% | 1.19% | -0.25% | 3.44% | 1.2% | 6.53% | 7.27% | -15.27% | -2.61% | 9.16% | 3.97% | 7.15% | 12.47% | -7.78% | -0.9% | -0.48% | -4.67% | 10.9% | 8.38% | -11.99% | -0.81% |
| Cost of Goods Sold | 407.69M | 384.32M | 391.87M | 419.76M | 472.02M | 417.53M | 329.22M | 312.66M | 302.41M | 279.63M | 257.26M | 258.76M | 256.8M | 255.41M | 247.97M | 244.29M | 228.91M | 223.74M | 261.24M | 255.11M | 228.67M | 224.34M | 207.66M | 187.9M | 201.48M | 208.93M | 212.08M | 184.42M | 154.9M | 182.5M | 216.5M |
| COGS % of Revenue | - | 64.87% | 66.1% | 63.23% | 63.5% | 55.55% | 55.4% | 55.59% | 55.56% | 57% | 59.31% | 60.11% | 60.36% | 59.89% | 60.14% | 59.96% | 59.86% | 62.76% | 62.08% | 59.04% | 57.78% | 58.93% | 58.45% | 59.48% | 58.82% | 60.45% | 61.07% | 50.62% | 47.15% | 60.21% | 62.86% |
| Gross Profit | 244.14M | 208.09M | 200.98M | 244.09M | 271.33M | 334.13M | 264.99M | 249.76M | 241.86M | 210.94M | 176.46M | 171.73M | 168.61M | 171.05M | 164.32M | 163.13M | 153.52M | 132.78M | 159.55M | 175.5M | 165.28M | 156.35M | 147.62M | 127.99M | 141.05M | 136.7M | 142.81M | 125.77M | 115.12M | 120.6M | 127.9M |
| Gross Margin % | 37.45% | 35.13% | 33.9% | 36.77% | 36.5% | 44.45% | 44.6% | 44.41% | 44.44% | 43% | 40.69% | 39.89% | 39.64% | 40.11% | 39.86% | 40.04% | 40.14% | 37.24% | 37.92% | 40.62% | 41.76% | 41.07% | 41.55% | 40.52% | 41.18% | 39.55% | 41.12% | 34.52% | 35.04% | 39.79% | 37.14% |
| Gross Profit Growth % | - | 3.54% | -17.66% | -10.04% | -18.79% | 26.09% | 6.1% | 3.26% | 14.66% | 19.54% | 2.75% | 1.85% | -1.42% | 4.09% | 0.73% | 6.26% | 15.62% | -16.78% | -9.09% | 6.18% | 5.71% | 5.92% | 15.34% | -9.26% | 3.18% | -4.28% | 13.55% | 9.25% | -4.54% | -5.71% | -11.49% |
| Operating Expenses | 237.56M | 224.28M | 244.5M | 232.35M | 205.02M | 222.84M | 193.92M | 185.98M | 178.84M | 165.35M | 153.57M | 153.88M | 151.92M | 145.46M | 142.91M | 145.47M | 138.97M | 132.51M | 197.6M | 155.47M | 141.92M | 140.71M | 128.27M | 116.38M | 121.3M | 120.98M | 118.09M | 106.26M | 96.76M | 108.3M | 122.5M |
| OpEx % of Revenue | - | 37.86% | 41.24% | 35% | 27.58% | 29.65% | 32.64% | 33.07% | 32.86% | 33.71% | 35.41% | 35.75% | 35.71% | 34.11% | 34.66% | 35.7% | 36.34% | 37.17% | 46.96% | 35.98% | 35.86% | 36.96% | 36.1% | 36.84% | 35.41% | 35% | 34% | 29.17% | 29.46% | 35.73% | 35.57% |
| Selling, General & Admin | 178.11M | 192.08M | 202.21M | 200.94M | 177.31M | 197.14M | 169.3M | 164.06M | 158.4M | 146.18M | 128.94M | 137.4M | 126.98M | 130.11M | 131.68M | 130.65M | 125.52M | 120.61M | 143.92M | 140.74M | 129.5M | 130.14M | 119.14M | 109.39M | 114.2M | 108.13M | 99.69M | 105.7M | 95M | 90.9M | 105.4M |
| SG&A % of Revenue | - | 32.42% | 34.11% | 30.27% | 23.85% | 26.23% | 28.49% | 29.17% | 29.1% | 29.8% | 29.73% | 31.92% | 29.85% | 30.51% | 31.94% | 32.07% | 32.82% | 33.83% | 34.2% | 32.57% | 32.72% | 34.19% | 33.54% | 34.63% | 33.34% | 31.28% | 28.7% | 29.01% | 28.92% | 29.99% | 30.6% |
| Research & Development | 32.98M | 32.2M | 31.12M | 31.4M | 27.71M | 25.7M | 24.62M | 21.93M | 20.44M | 19.17M | 18.43M | 16.48M | 16.47M | 15.35M | 14.73M | 14.82M | 13.45M | 11.1M | 12.49M | 12.25M | 11.2M | 10.48M | 9.02M | 6.68M | 6.73M | 7.57M | 7.85M | 6.88M | 5.61M | 5.5M | 6.5M |
| R&D % of Revenue | - | 5.44% | 5.25% | 4.73% | 3.73% | 3.42% | 4.14% | 3.9% | 3.76% | 3.91% | 4.25% | 3.83% | 3.87% | 3.6% | 3.57% | 3.64% | 3.52% | 3.11% | 2.97% | 2.84% | 2.83% | 2.75% | 2.54% | 2.12% | 1.96% | 2.19% | 2.26% | 1.89% | 1.71% | 1.81% | 1.89% |
| Other Operating Expenses | 2M | 0 | 11.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.2M | 0 | 8.47M | 0 | -3.5M | 0 | 0 | 0 | 41.19M | 3.75M | 3.53M | 2.34M | 2.12M | 304K | 374K | 5.29M | 2.95M | 2.91M | 10.81M | 11.9M | 10.6M |
| Operating Income | 6.58M | -16.19M | -43.52M | 11.74M | 66.31M | 111.28M | 71.07M | 63.77M | 63.02M | 45.59M | 22.89M | 17.85M | 16.69M | 25.59M | 21.41M | 17.67M | 14.55M | 272K | -38.05M | 20.03M | 23.36M | 15.64M | 19.35M | 11.61M | 19.75M | 15.72M | 24.72M | 19.51M | 18.36M | 12.3M | 5.4M |
| Operating Margin % | 1.01% | -2.73% | -7.34% | 1.77% | 8.92% | 14.81% | 11.96% | 11.34% | 11.58% | 9.29% | 5.28% | 4.15% | 3.92% | 6% | 5.19% | 4.34% | 3.81% | 0.08% | -9.04% | 4.63% | 5.9% | 4.11% | 5.45% | 3.68% | 5.77% | 4.55% | 7.12% | 5.36% | 5.59% | 4.06% | 1.57% |
| Operating Income Growth % | - | 62.8% | -470.72% | -82.3% | -40.41% | 56.58% | 11.44% | 1.19% | 38.23% | 99.14% | 28.24% | 6.96% | -34.78% | 19.51% | 21.18% | 21.41% | 5250.74% | 100.71% | -290.02% | -14.27% | 49.32% | -19.15% | 66.62% | -41.2% | 25.66% | -36.41% | 26.68% | 6.3% | 49.24% | 127.78% | -77.31% |
| EBITDA | 27.27M | 4.44M | -23.91M | 28.04M | 80.54M | 124.68M | 86M | 77.74M | 76.13M | 58.67M | 34.73M | 29.55M | 27.43M | 35.35M | 32.94M | 28.24M | 24.53M | 12.16M | -28M | 29.43M | 32.52M | 25.15M | 28.06M | 19.81M | 28.85M | 29.23M | 37.24M | 34.61M | 32.36M | 24.2M | 16M |
| EBITDA Margin % | 4.18% | 0.75% | -4.03% | 4.22% | 10.84% | 16.59% | 14.47% | 13.82% | 13.99% | 11.96% | 8.01% | 6.87% | 6.45% | 8.29% | 7.99% | 6.93% | 6.41% | 3.41% | -6.65% | 6.81% | 8.22% | 6.61% | 7.9% | 6.27% | 8.42% | 8.46% | 10.72% | 9.5% | 9.85% | 7.98% | 4.65% |
| EBITDA Growth % | 170% | 118.55% | -185.3% | -65.19% | -35.4% | 44.99% | 10.62% | 2.12% | 29.75% | 68.95% | 17.5% | 7.73% | -22.38% | 7.29% | 16.65% | 15.13% | 101.78% | 143.42% | -195.14% | -9.52% | 29.33% | -10.37% | 41.62% | -31.32% | -1.32% | -21.5% | 7.6% | 6.98% | 33.7% | 51.25% | -50.16% |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 14.75M | -9.05M | -29.71M | 25.98M | 59.04M | 113.07M | 73.84M | 66.68M | 68.31M | 48.97M | 24.38M | 16.62M | 18.21M | 25.95M | 22.18M | 15.47M | 14.25M | -129K | -38.6M | 20.96M | 23.49M | 16.89M | 20.02M | 11.61M | 19.75M | 15.72M | 24.72M | 19.51M | 18.36M | 12.3M | 5.4M |
| Net Interest Income | 3.77M | 3.56M | 4.69M | 4.39M | 654K | 221K | 1.27M | 1.94M | 963K | -441K | -646K | -801K | -703K | -1.19M | -2.12M | -3.13M | -5M | -9.76M | -4.93M | -4.42M | -4.49M | -4.34M | -4.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.98M | 3.78M | 4.84M | 4.54M | 807K | 366K | 1.41M | 2.11M | 1.17M | 316K | 81K | 64K | 85K | 91K | 140K | 90K | 62K | 193K | 766K | 738K | 504K | 455K | 464K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 214K | 224K | 152K | 152K | 153K | 145K | 143K | 172K | 203K | 757K | 727K | 865K | 788K | 1.28M | 2.26M | 3.22M | 5.06M | 9.95M | 5.7M | 5.16M | 4.99M | 4.68M | 5.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 7.86M | 6.91M | 13.66M | 14.08M | -7.42M | 1.64M | 2.63M | 2.73M | 5.08M | 2.62M | 761K | -2.1M | 731K | -931K | -1.49M | -5.42M | -5.36M | -10.39M | -6.24M | -6.32M | -4.86M | -3.43M | -4.39M | -1.91M | 20.74M | -9.63M | -9.64M | -9.49M | -9.09M | -8.3M | -16.6M |
| Pretax Income | 14.44M | -9.28M | -29.86M | 25.82M | 58.89M | 112.92M | 73.7M | 66.51M | 68.11M | 48.21M | 23.66M | 15.75M | 17.42M | 24.66M | 19.93M | 12.25M | 9.19M | -10.12M | -44.3M | 13.71M | 15.76M | 12.1M | 14.74M | 9.7M | 40.49M | 6.09M | 15.08M | 11.9M | 9.1M | 4M | -11.2M |
| Pretax Margin % | 2.22% | -1.57% | -5.04% | 3.89% | 7.92% | 15.02% | 12.4% | 11.83% | 12.51% | 9.83% | 5.45% | 3.66% | 4.1% | 5.78% | 4.83% | 3.01% | 2.4% | -2.84% | -10.53% | 3.17% | 3.98% | 3.18% | 4.15% | 3.07% | 11.82% | 1.76% | 4.34% | 3.27% | 2.77% | 1.32% | -3.25% |
| Income Tax | 29.64M | 25.02M | -3.33M | 6.29M | 14.4M | 29.54M | 18.47M | 15.09M | 27.44M | 13.05M | 10.15M | 5.14M | 8.3M | 5.33M | 9.79M | -20.39M | 2.65M | -407K | 24.18M | 4.47M | 7.05M | 5M | 6.05M | 4.28M | 10.19M | 2.48M | 6.71M | 4.9M | 3.9M | 1.9M | 200K |
| Effective Tax Rate % | 205.24% | -269.59% | 11.15% | 24.36% | 24.45% | 26.16% | 25.06% | 22.7% | 40.29% | 27.08% | 42.93% | 32.61% | 47.64% | 21.63% | 49.14% | -166.48% | 28.86% | 4.02% | -54.58% | 32.64% | 44.72% | 41.32% | 41.04% | 44.12% | 25.15% | 40.72% | 44.46% | 41.18% | 42.86% | 47.5% | -1.79% |
| 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 |
| Net Margin % | -2.33% | -5.79% | -4.48% | 2.94% | 5.99% | 11.09% | 9.3% | 9.14% | 7.47% | 7.17% | 3.11% | 2.47% | 2.14% | 4.53% | 2.46% | 8.01% | 1.71% | -2.71% | -16.88% | 2.14% | 2.2% | 1.87% | 2.45% | 1.72% | 2.31% | 1.55% | -4.89% | 1.92% | 1.58% | 0.69% | -3.31% |
| Net Income Growth % | 66.69% | -29.25% | -235.83% | -56.09% | -46.64% | 50.96% | 7.43% | 26.42% | 15.68% | 160.4% | 27.18% | 16.37% | -52.8% | 90.71% | -68.96% | 399.22% | 167.61% | 86.39% | -869.27% | 5.96% | 22.73% | -18.28% | 60.28% | -31.61% | 47.75% | 131.59% | -342.61% | 34.62% | 147.62% | 118.42% | -212.87% |
| Net Income (Continuing) | -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 | -9.71M | -68.47M | 10.55M | 10.44M | 7.1M | 8.69M | 5.42M | 30.31M | 3.61M | 8.38M | 5.86M | 5.38M | 2.1M | -11.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.46 | -3.35 | -2.60 | 1.90 | 4.37 | 8.24 | 5.49 | 5.13 | 4.07 | 3.51 | 1.34 | 1.06 | 0.90 | 1.94 | 1.02 | 3.36 | 0.68 | -1.06 | -7.81 | 1.00 | 0.95 | 0.81 | 0.99 | 0.63 | 0.94 | 0.66 | -2.09 | 0.87 | 0.64 | 0.25 | -1.40 |
| EPS Growth % | 20.86% | -28.85% | -236.84% | -56.52% | -46.97% | 50.09% | 7.02% | 26.04% | 15.95% | 161.94% | 26.42% | 17.78% | -53.61% | 90.2% | -69.64% | 394.12% | 164.15% | 86.43% | -881% | 5.26% | 17.28% | -18.18% | 57.14% | -32.98% | 42.42% | 131.58% | -340.23% | 35.94% | 156% | 117.86% | -212% |
| EPS (Basic) | - | -3.35 | -2.60 | 1.93 | 4.44 | 8.37 | 5.57 | 5.20 | 4.14 | 3.52 | 1.36 | 1.08 | 0.93 | 1.94 | 1.02 | 3.40 | 0.69 | -1.06 | -7.81 | 1.03 | 1.18 | 0.82 | 1.01 | 0.64 | 0.96 | 0.66 | -2.09 | 0.87 | 0.64 | 0.25 | -1.40 |
| Diluted Shares Outstanding | 10.38M | 10.26M | 10.22M | 10.2M | 10.15M | 10.12M | 10.06M | 10.02M | 10M | 10M | 9.86M | 9.73M | 9.63M | 9.94M | 9.89M | 9.29M | 9.27M | 9.16M | 9.09M | 9.25M | 9.16M | 8.8M | 8.77M | 8.6M | 8.43M | 8.13M | 8.13M | 8.07M | 8.14M | 8.4M | 8.14M |
| Basic Shares Outstanding | 10.38M | 10.26M | 10.22M | 10.07M | 10.01M | 9.97M | 9.92M | 9.88M | 9.83M | 9.89M | 9.84M | 9.73M | 9.63M | 9.93M | 9.87M | 9.26M | 9.22M | 9.16M | 9.09M | 9.07M | 8.99M | 8.62M | 8.56M | 8.47M | 8.26M | 8.13M | 8.13M | 8.07M | 8.14M | 8.4M | 8.14M |
| Dividend Payout Ratio | - | - | - | 64.27% | 27.1% | 10.07% | 12.26% | 10.81% | 10.7% | 10.12% | 23.47% | 27.94% | 32.39% | - | - | - | - | - | - | 5.39% | - | - | - | - | - | - | - | - | - | - | - |
Cyclical demand and inventory
According to recent quarterly filings, JOUT experienced a 15.5% revenue increase in 2026Q2, yet this follows a period of erratic growth performance that suggests the company remains highly susceptible to seasonal retail stocking cycles rather than consistent, organic end-market demand expansion across its diverse product portfolio.
The recent revenue acceleration appears heavily influenced by seasonal inventory replenishment rather than a fundamental shift in consumer purchasing behavior. Investors should monitor whether this growth is sustainable or merely a temporary rebound from the significant contraction observed in early 2025.
As reported in financial statements, gross margins have fluctuated between 23.5% and 38.8% over the last ten quarters, highlighting the company's limited pricing power and vulnerability to raw material cost volatility within its manufacturing-heavy cost structure for marine electronics and outdoor recreational equipment.
The wide variance in gross margins suggests that JOUT struggles to pass through inflationary costs during periods of soft demand. This lack of margin stability implies that the company's competitive moat in the 'One-Boat Network' may not be sufficient to insulate it from cyclical pricing pressures.
Based on JOUT's reported figures, the company has struggled to achieve consistent operating leverage, with operating margins swinging from a negative 40.4% in 2024Q4 to a positive 5.3% in 2026Q2, indicating that fixed overhead costs remain disproportionately high relative to current revenue generation levels.
The inability to maintain positive operating margins during lower-revenue quarters suggests that the company's cost base is not sufficiently flexible to adapt to cyclical downturns. This operational rigidity warrants further investigation into the company's long-term strategy for managing its domestic manufacturing footprint.
Data from recent filings indicates that JOUT's reliance on 'sell-in' revenue recognition creates a persistent risk of channel stuffing, where elevated inventory levels may necessitate aggressive promotional discounting that could permanently impair brand equity and compress future gross margins beyond current market expectations.
Short-term revenue gains may mask underlying demand weakness, as retailers potentially hold excess stock that could lead to future order cancellations. The market may be underestimating the potential for a significant inventory write-down if consumer discretionary spending continues to face macroeconomic headwinds.
Quick answers to the most common questions about buying JOUT stock.
For fiscal year 2025, Johnson Outdoors Inc. (JOUT) reported total revenue of $592.4M. This represents a 72.0% increase compared to $344.4M in 1996.
Johnson Outdoors Inc. (JOUT) reported a net loss of $34.3M for the fiscal year ending 2025.
Johnson Outdoors Inc. (JOUT) reported an operating income of $-16.2M, resulting in an operating profit margin of -2.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Johnson Outdoors Inc. (JOUT) generated $208.1M in gross profit for the year, representing a gross profit margin of 35.1%. This demonstrates the company's core pricing power and production efficiency.