Acushnet Holdings Corp. GOLF
We are the global leader in the design, development, manufacture and distribution of performance‑driven golf products, and these products are widely recognized for their quality excellence. Our mission—to be the performance and quality leader in every golf product category in which we compete—has remained consistent since we entered the golf ball business in 1932. Today, we are the steward of two of the most revered brands in golf—Titleist, one of golf's leading performance equipment brands, and FootJoy, one of golf's leading performance wearable brands. Titleist has been the #1 ball in professional golf for over 75 years and FootJoy has been the #1 shoe on the PGA Tour for eight decades.
Our target market is dedicated golfers, who are the cornerstone of the worldwide golf industry. These dedicated golfers are avid and skill‑biased, prioritize performance and commit the time, effort and money to improve their game. We believe our focus on innovation and process excellence yields golf products that represent superior performance and consistent product quality, which are the key attributes sought after by dedicated golfers. Many of the game's professional players, who represent the most dedicated golfers, prefer our products, thereby validating our performance and quality promise while also driving brand awareness. We seek to leverage a pyramid of influence product and promotion strategy, whereby our products are the most played by the world's best players, creating aspirational appeal for a broad range of golfers who want to emulate the performance of the game's best players.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.56B | $2.46B | $2.38B | $2.27B | $2.15B | $1.61B | $1.68B | $1.63B | $1.56B | $1.57B |
| Cost of revenue | $1.34B | $1.27B | $1.26B | $1.22B | $1.03B | $782.3M | $809.1M | $791.4M | $758.4M | $773.3M |
| Gross profit | $1.22B | $1.19B | $1.12B | $1.05B | $1.12B | $829.8M | $872.2M | $842.4M | $801.9M | $799.0M |
| R&D | $76.5M | $67.8M | $64.8M | $56.4M | $55.3M | $48.9M | $51.6M | $51.5M | $47.2M | $48.1M |
| SG&A | $833.4M | $801.6M | $755.7M | $702.9M | $795.4M | $610.6M | $627.5M | $611.9M | $578.3M | $600.1M |
| Operating income | $299.4M | $304.3M | $285.3M | $281.5M | $259.8M | $145.5M | $185.7M | $172.3M | $169.8M | $142.5M |
| Interest expense | — | — | $41.3M | $13.3M | $7.7M | $15.6M | $19.6M | $18.4M | $15.7M | $49.9M |
| Pre-tax income | $239.5M | $249.7M | $241.6M | $259.4M | $247.8M | $113.0M | $165.2M | $150.3M | $151.7M | $89.2M |
| Income tax | $52.4M | $47.8M | $43.0M | $54.4M | $63.6M | $13.0M | $40.6M | $47.2M | $48.5M | $39.7M |
| Net income | $188.5M | $214.3M | $198.4M | $199.3M | $178.9M | $96.0M | $121.1M | $99.9M | $98.7M | $45.0M |
| EPS, basic | 3.13 | 3.38 | 2.96 | 2.77 | 2.40 | 1.29 | 1.61 | 1.34 | 1.33 | 0.74 |
| EPS, diluted | 3.11 | 3.37 | 2.94 | 2.75 | 2.38 | 1.28 | 1.60 | 1.32 | 1.32 | 0.62 |
| Shares, diluted (wtd. avg.) | $60.6M | $63.6M | $67.5M | $72.6M | $75.3M | $75.1M | $75.8M | $75.5M | $74.6M | $64.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $50.1M | $53.1M | $65.4M | $58.9M | $281.7M | $151.5M | $34.2M | $31.0M | $47.7M | $79.1M |
| Receivables | $217.5M | $218.4M | $201.4M | $216.7M | $174.4M | $201.5M | $215.4M | $186.1M | $190.9M | $177.5M |
| Inventory | $608.6M | $576.0M | $615.5M | $674.7M | $413.3M | $357.7M | $398.4M | $361.2M | $364.0M | $323.3M |
| Total current assets | $1.03B | $973.9M | $996.7M | $1.06B | $969.2M | $799.8M | $742.8M | $664.0M | $687.1M | $664.5M |
| Property, plant and equipment | — | — | — | — | — | — | — | $228.4M | $228.9M | $239.7M |
| Goodwill | $224.3M | $220.1M | $225.3M | $224.8M | $210.4M | $215.2M | $214.1M | $209.7M | $203.4M | $196.7M |
| Other intangibles | $511.4M | $523.1M | $537.4M | $525.9M | $465.3M | $473.5M | $480.8M | $478.3M | $481.2M | $490.0M |
| Total assets | $2.34B | $2.18B | $2.20B | $2.19B | $2.01B | $1.87B | $1.82B | $1.69B | $1.73B | $1.74B |
| Accounts payable | $157.0M | $150.3M | $150.5M | $167.0M | $163.6M | $112.9M | $102.3M | $86.0M | $92.8M | $87.6M |
| Short-term debt | $661.0K | $722.0K | $351.0K | $0 | $17.5M | $17.5M | $17.5M | $35.6M | $26.7M | $18.8M |
| Total current liabilities | $430.2M | $472.7M | $451.1M | $548.6M | $483.0M | $357.7M | $359.1M | $294.9M | $306.8M | $462.1M |
| Long-term debt | $926.2M | $753.1M | $671.8M | $527.5M | $297.4M | $313.6M | $330.7M | $347.0M | $446.6M | $370.3M |
| Total liabilities | $1.56B | $1.38B | $1.28B | $1.21B | $922.3M | $849.2M | $865.4M | $764.6M | $879.9M | $967.3M |
| Retained earnings | $142.0M | $180.3M | $159.9M | $473.1M | $325.0M | $199.8M | $151.0M | $72.9M | $8.2M | -$54.0M |
| Total equity | $783.6M | $765.2M | $903.1M | $976.7M | $1.08B | $1.02B | $950.8M | $927.0M | $854.0M | $768.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $194.4M | $245.1M | $371.8M | -$67.8M | $314.1M | $264.4M | $134.3M | $163.7M | -$27.0M | $104.3M |
| Depreciation and amortisation | $55.3M | $55.9M | $51.4M | $41.7M | $41.2M | $45.4M | $43.0M | $40.5M | $40.9M | $40.8M |
| Stock-based compensation | $28.6M | $30.8M | $29.7M | $24.1M | $27.6M | $16.0M | $11.0M | $18.6M | $15.3M | $14.5M |
| Capital expenditure | $74.3M | $74.6M | $75.4M | $61.4M | $37.6M | $24.7M | $33.0M | $32.8M | $18.8M | $19.2M |
| Investing cash flow | -$74.3M | -$74.6M | -$101.5M | -$140.2M | -$37.6M | -$24.7M | -$61.1M | -$49.7M | -$18.8M | -$19.2M |
| Financing cash flow | -$124.8M | -$179.7M | -$264.7M | -$8.6M | -$140.3M | -$128.6M | -$70.3M | -$128.9M | $9.3M | -$62.7M |
| Dividends paid | $56.2M | $54.3M | $52.5M | $52.2M | $49.2M | $46.1M | $43.5M | $39.1M | $35.7M | $0 |
| Buybacks | $211.5M | $172.8M | $334.1M | $189.1M | $65.5M | $7.0M | $29.4M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001672013-26-000106.
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| AOUT | American Outdoor Brands, Inc. | $182.8M | — | -14.3% |
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| TRUG | TruGolf Holdings, Inc. | $347.1K | — | -11.3% |