Business Description
Acushnet Holdings Corp. is a global manufacturer and distributor of performance-driven golf products, operating primarily under the Titleist and FootJoy brands. The company produces a wide range of golf equipment, including balls, clubs, shoes, and apparel, serving both professional and amateur golfers. It is distinguished by its vertically integrated manufacturing processes and the long-standing market leadership of its Titleist golf balls.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 2,558,730 | 2,457,091 | 2,381,995 | 2,270,336 |
| Cost of Sales | 1,337,476 | 1,269,364 | 1,261,958 | 1,221,647 |
| Gross Profit | 1,221,254 | 1,187,727 | 1,120,037 | 1,048,689 |
| Selling, General & Administrative Expenses | 833,419 | 801,600 | 755,671 | 702,878 |
| Depreciation & Amortization Expenses | 11,901 | 14,024 | 14,222 | 7,885 |
| Research & Development Expenses | 76,506 | 67,841 | 64,839 | 56,393 |
| Operating Profit | 299,428 | 304,262 | 285,305 | 281,533 |
| Interest Expense | (58,288) | (52,637) | (41,288) | (13,269) |
| Non-Operating Income | (1,614) | (1,958) | (2,417) | (8,829) |
| Total Non-Operating Income | (59,902) | (54,595) | (43,705) | (22,098) |
| Income Before Provision for Income Taxes | 239,526 | 249,667 | 241,600 | 259,435 |
| Provision for Income Taxes | 52,366 | 47,825 | 42,993 | 54,351 |
| Consolidated Net Income | 187,160 | 201,842 | 198,607 | 205,084 |
| Net Income Attributable to Minority Interests and Other | (1,385) | (12,456) | 178 | 5,806 |
| Net Income Attributable to Common Shareholders | 188,545 | 214,298 | 198,429 | 199,278 |
| Basic EPS | 3.13 | 3.38 | 2.96 | 2.77 |
| Diluted EPS | 3.11 | 3.37 | 2.94 | 2.75 |
| Basic Weighted Average Shares Outstanding | 60,299 | 63,346 | 67,064 | 71,959 |
| Diluted Weighted Average Shares Outstanding | 60,568 | 63,648 | 67,517 | 72,560 |
| Shares Outstanding | 58,372 | 60,279 | 61,428 | 67,429 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 50,088 | 53,059 | 65,435 | 58,904 |
| Total Cash and Cash Equivalents | 50,088 | 53,059 | 65,435 | 58,904 |
| Accounts Receivable | 217,480 | 218,368 | 201,352 | 216,695 |
| Total Trade Receivables | 217,480 | 218,368 | 201,352 | 216,695 |
| Inventories | 608,571 | 575,964 | 615,535 | 674,684 |
| Other Current Assets | 149,232 | 126,482 | 114,370 | 108,793 |
| Total Current Assets | 1,025,371 | 973,873 | 996,692 | 1,059,076 |
| Net Property, Plant & Equipment | 356,575 | 325,747 | 295,343 | 254,472 |
| Net Intangible Assets | 511,430 | 523,131 | 537,407 | 525,903 |
| Goodwill | 224,258 | 220,136 | 225,302 | 224,814 |
| Other Long-Term Assets | 225,065 | 137,319 | 141,933 | 129,542 |
| Total Assets | 2,342,699 | 2,180,206 | 2,196,677 | 2,193,807 |
| Accounts Payable | 156,984 | 150,322 | 150,514 | 166,998 |
| Accrued Expenses | 256,504 | 311,503 | 271,273 | 341,291 |
| Short-Term Debt | 16,005 | 10,160 | 28,997 | 40,336 |
| Current Portion of Long-Term Debt | 661 | 722 | 351 | — |
| Total Current Liabilities | 430,154 | 472,707 | 451,135 | 548,625 |
| Long-Term Debt | 926,244 | 753,081 | 671,819 | 527,509 |
| Other Long-Term Liabilities | 200,965 | 157,254 | 160,851 | 134,307 |
| Total Long-Term Liabilities | 1,127,209 | 910,335 | 832,670 | 661,816 |
| Total Liabilities | 1,557,363 | 1,383,042 | 1,283,805 | 1,210,441 |
| Common Stock | 58 | 61 | 63 | 76 |
| Treasury Stock | — | (62,500) | — | (385,167) |
| Additional Paid-in Capital | 763,828 | 787,725 | 808,615 | 960,685 |
| Accumulated Other Comprehensive Income | (122,281) | (140,315) | (104,349) | (109,668) |
| Retained Earnings | 141,961 | 180,276 | 159,906 | 473,130 |
| Total Common Shareholders' Equity | 783,566 | 765,247 | 864,235 | 939,056 |
| Minority Interests and Other | 1,770 | 31,917 | 48,637 | 44,310 |
| Total Shareholders' Equity | 785,336 | 797,164 | 912,872 | 983,366 |
| Total Liabilities and Shareholders' Equity | 2,342,699 | 2,180,206 | 2,196,677 | 2,193,807 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 187,160 | 201,842 | 198,607 | 205,084 |
| Depreciation & Amortization | 55,292 | 55,888 | 51,356 | 41,706 |
| Share-Based Compensation Expense | 28,580 | 30,792 | 29,709 | 24,083 |
| Other Adjustments | 10,796 | 715 | 17,946 | 21,334 |
| Changes in Trade Receivables | 11,962 | (26,799) | 13,785 | (58,893) |
| Changes in Inventories | (20,393) | 21,659 | 58,897 | (275,973) |
| Changes in Accounts Payable | (1,672) | 1,875 | (12,105) | 8,840 |
| Changes in Income Taxes Payable | (5,086) | (8,222) | 6,221 | (11,427) |
| Changes in Other Operating Activities | (72,269) | (32,642) | 7,411 | (22,541) |
| Cash from Operating Activities | 194,370 | 245,108 | 371,827 | (67,787) |
| Capital Expenditure | (74,342) | (74,624) | (75,364) | (61,364) |
| Purchases of Intangible Assets | — | — | (25,235) | (65,000) |
| Payments for Business Acquisitions | — | — | — | (18,400) |
| Other Investing Activities | — | — | (887) | 4,542 |
| Cash from Investing Activities | (74,342) | (74,624) | (101,486) | (140,222) |
| Net Issuance / (Repayments) of Short-Term Debt | — | — | — | 3,362 |
| Issuance of Long-Term Debt | 2,280,933 | 1,243,120 | 1,877,896 | 976,953 |
| Repayments of Long-Term Debt | (2,102,274) | (1,178,799) | (1,739,308) | (729,104) |
| Net Issuance / (Repayments) of Long-Term Debt | 178,659 | 64,321 | 138,588 | 247,849 |
| Repurchases of Common Shares | (211,524) | (172,799) | (334,088) | (189,111) |
| Net Issuance / (Repurchases) of Common Shares | (211,524) | (172,799) | (334,088) | (189,111) |
| Common Share Dividends Paid | (56,156) | (54,291) | (52,480) | (52,239) |
| Other Financing Activities | (35,802) | (16,914) | (16,745) | (18,445) |
| Cash from Financing Activities | (124,823) | (179,683) | (264,725) | (8,584) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,824 | (3,177) | 915 | (6,180) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (2,971) | (12,376) | 6,531 | (222,773) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $4.66B |
| P/E | 25.67x |
| P/S | 1.82x |
| EV/EBITDA | 15.66x |
| Return on Equity | 23.7% |
| Return on Invested Capital | 13.2% |
| Current Ratio | 2.38x |
| Dividend Yield | 1.2% |
| Free Cash Flow Margin | 4.7% |
Margins
Gross margin
47.7%
Operating margin
11.7%
Net margin
7.3%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $753M | +7.1% | 16.0% | $120M |
| Q4 2025 | $477M | +7.2% | -3.8% | $-18M |
| Q3 2025 | $658M | +6.0% | 14.1% | $93M |
| Q2 2025 | $720M | +5.4% | 15.2% | $110M |
| Q1 2025 | $703M | — | 16.3% | $115M |
| Q4 2024 | $445M | — | -1.2% | $-5M |
| Q3 2024 | $621M | — | 13.2% | $82M |
| Q2 2024 | $684M | — | 15.5% | $106M |
More on Acushnet Holdings Corp.
Figures compiled from public company filings.
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