Forensic Analysis · General / Diversified · as of Nov 10, 2026
Johnson Outdoors Inc (JOUT)
A forensic read on Johnson Outdoors Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
7.2
Distress distance
Clean
Earnings quality
3
Forensic signals
-7.8%
ROE
-0.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Johnson Outdoors Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 7.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3.5%
FY2025
Return on invested capital.Return on invested capital is -3.5% in the latest fiscal year, against 1.9% in FY2023, having run between -7.9% and 1.9% across FY2023–FY2025 with no direction held. After-tax operating profit was $9M in FY2023 and ($13M) in FY2025, with operating income at 1.8% of revenue in FY2023, -7.3% in FY2024 and -2.7% in FY2025. The capital base behind it came down -22% across FY2023–FY2025, from $466M to $361M, so this return is struck on a smaller base than it started on. FY2024's operating profit carried a $11M goodwill write-off that alone took about 2.0 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
31d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 25 to 31 days FY2024→FY2025 (receivables +24% vs revenue 0%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 24 → 25 → 31 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (+4%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
$11M
FY2024
Goodwill impairments.Took $11M of goodwill writedowns across 1 year (FY2024 ($11M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$592.4M
Revenue Growth YoY-0.1%
Revenue CAGR (2yr)-5.5%
Net Margin-5.8%
Free Cash Flow$40.2M
Return on Equity-7.8%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Johnson Outdoors Inc's actual 10-K/10-Q/8-K filings?