Johnson Outdoors Inc. — Earnings Quality Grade F
JOUT · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 31 days, change +6 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -0.1%, CFFO 37.1%. Cash follows revenue
Expense Quality
Inventory -18.6% vs COGS -1.9%. Normal
CapEx growth -27.4% vs revenue -0.1%. Normal
SG&A/Gross Profit = 92.3%, exceeds 70%
Gross margin 35.1%, change +1.2pp. Stable
Cash Flow Quality
CFFO/NI = -1.64. Below 1.0
FCF $0.0B, FCF/NI = -1.17
Accruals ratio = -15.0%. Low accruals
Cash $0.2B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 5% of equity. Manageable
Debt/EBITDA = 4.2x (>4x). Interest coverage = -72.3x (<2x). Financial stress
Other assets 6.6% vs revenue -0.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 140% YoY
Manipulation Score
M-Score = -3.07 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25