JOUTJOHNSON OUTDOORS INC

Sporting & Athletic Goods, NEC

Revenue: $592M; 0.1% YoY
Operating margin: -2.7%; 63% YoY
EBITDA: $4M; 119% YoY
Market cap: $473M
Employees: 2,009; $295K revenue each
Net debt / EBITDA: -39.5×; −$175M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
24% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$295K · 22nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 39.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$473M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$752M	$743M	$664M	$593M	$592M	0.1%
Operating income	$111M	$66M	$12M	−$44M	−$16M	63%
Net income	$83M	$44M	$20M	−$27M	−$34M	29%
Operating cash flow	$58M	−$62M	$42M	$41M	$56M	37%
Capex	$21M	$32M	$23M	$22M	$16M	27%
Stock-based comp	$4M	$4M	$2M	$1M	$1M	16%
Buybacks	$495K	$509K	$444K	$436K	$121K	72%
Dividends	$8M	$12M	$13M	$13M	$14M	0.6%

Deal filings

Filed	Form	Acquirer	Price	Premium
Feb 15, 2005	DEFM14A	JO Acquisition Corp.	$20.10	21.2%
Feb 15, 2005	SC 13E3/A	JO Acquisition Corp.	—	—
Feb 4, 2005	SC 13E3/A	JO Acquisition Corp.	—	—
Jan 10, 2005	SC 13E3/A	JO Acquisition Corp.	—	—
Nov 24, 2004	PREM14A	JO Acquisition Corp.	$20.10	20.1%
Nov 24, 2004	SC 13E3	JO Acquisition Corp.	—	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 8
Net: −$1M

Pay vs performance

No pay-versus-performance disclosure yet.