Tearsheet

Acushnet (GOLF)

Market Price (12/23/2025): $81.94 | Market Cap: $4.9 Bil
Sector: Consumer Discretionary | Industry: Leisure Products

Acushnet (GOLF)

Market Price (12/23/2025): $81.94
Market Cap: $4.9 Bil
Sector: Consumer Discretionary
Industry: Leisure Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%	Trading close to highs Dist 52W High is -4.2%, Dist 3Y High is -4.2%	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 25x
1	Low stock price volatility Vol 12M is 33%	Weak multi-year price returns 2Y Excs Rtn is -10.0%	Key risks GOLF key risks include [1] significant margin pressure from a looming $70 million annualized tariff cliff, Show more.
2	Megatrend and thematic drivers Megatrends include Sports & Outdoor Recreation, Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Premium Sports Equipment, Show more.	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.19

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%
1	Low stock price volatility Vol 12M is 33%
2	Megatrend and thematic drivers Megatrends include Sports & Outdoor Recreation, Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Premium Sports Equipment, Show more.
3	Trading close to highs Dist 52W High is -4.2%, Dist 3Y High is -4.2%
4	Weak multi-year price returns 2Y Excs Rtn is -10.0%
5	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.19
6	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 25x
7	Key risks GOLF key risks include [1] significant margin pressure from a looming $70 million annualized tariff cliff, Show more.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$81.94	$70.19	$61.59	$40.78	$50.16
Market Cap CYE ($ Bil)	4.9	4.3	4.0	2.8	3.7
Total Debt ($ Bil)	0.9	0.8	0.7	0.6	0.3
Total Cash ($ Bil)	0.1	0.1	0.1	0.1	0.3
Enterprise Value ($ Bil)	5.7	5.1	4.7	3.4	4.0
Valuation Ratios
P/S TTM	1.9	1.8	1.8	1.3	1.8
P/EBIT TTM	14.8	14.8	14.9	11.2	15.5
P/E TTM	22.1	21.0	21.3	15.3	22.1
P/FCF TTM	44.5	26.4	15.6	-15.7	14.3
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.9	1.4
P/EBIT TTM (Sector)	7.7	8.3	7.7	6.5	8.2
P/E TTM (Sector)	10.3	11.1	10.3	8.4	10.6
P/FCF TTM (Sector)	11.3	12.4	9.5	7.3	10.4

	12/23/25	2024	2023
Share Price CYE	$81.94	$70.19	$61.59
Market Cap CYE ($ Bil)	4.9	4.3	4.0
Total Debt ($ Bil)	0.9	0.8	0.7
Total Cash ($ Bil)	0.1	0.1	0.1
Enterprise Value ($ Bil)	5.7	5.1	4.7
Valuation Ratios
P/S TTM	1.9	1.8	1.8
P/EBIT TTM	14.8	14.8	14.9
P/E TTM	22.1	21.0	21.3
P/FCF TTM	44.5	26.4	15.6
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.7	8.3	7.7
P/E TTM (Sector)	10.3	11.1	10.3
P/FCF TTM (Sector)	11.3	12.4	9.5

	GOLF	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	2.5
Rev Chg Q	6.0%	7.3%
Rev Chg LTM	4.2%	6.0%
Rev Chg 3Y Avg	4.1%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	12.4%	18.8%
CFO/Rev LTM	7.7%	20.4%
Net Inc Mgn	8.8%	13.1%
VALUATION	HIGH
P/S	1.9	3.2
P/CFO	25.3	15.5
P/FCF	44.5	20.7
P/E	22.1	23.5
STABILITY	GOOD
Debt/Equity	0.18	0.21
Cash/Assets	0.04	0.07

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Metric	Value	Date	Source
Titleist Golf Balls Market Share	No. 1 ball in golf	12312024	Link
Active U.S. Utility Patents - Golf Balls	Nearly 900	12312022	Link
Active U.S. Utility Patents - Golf Clubs, Wedges and Putters	Nearly 500	12312022	Link
Active Patents - Golf Shoes and Gloves (Worldwide)	Nearly 350	12312022	Link
Total Patent Portfolio (Applications and Grants)	8688	11072025	Link
U.S. Patent Applications Filed in 2022	Over 200	12312022	Link
Worldwide Patent Applications Filed in 2022	Over 400	12312022	Link

Recent
12/05/2025	Dividend	Amount: $0.23 Payment On: 12/19/2025
Upcoming
2/26/2026	Earnings Release	Rev: - EPS: -

GOLF Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Acushnet (GOLF) experienced a 7.6% stock movement during the approximate period from August 31, 2025, to December 23, 2025, influenced by several key factors:

1. Strong Financial Performance and Upgraded Outlook: Acushnet reported solid Q2 2025 results with a 5% increase in worldwide net sales, driven by strong performance in Titleist Golf Equipment and Gear segments. This was followed by Q3 2025 results that exceeded sales estimates, reporting $657.7 million in revenue. Despite rising costs leading to a 13.7% decrease in Q3 net income, adjusted EBITDA saw a 10.4% jump, and management raised its full-year revenue and EBITDA outlook, signaling underlying operational strength and investor confidence.

2. Favorable Debt Restructuring: In November 2025, Acushnet Company strategically offered $500 million in senior notes due 2033 at a lower interest rate of 5.625%. The proceeds were primarily used to redeem existing 7.375% Senior Notes due 2028, a move that could be viewed positively by investors as it optimizes the company's debt structure and potentially reduces future interest expenses.

Show more Acushnet (GOLF) experienced a 7.6% stock movement during the approximate period from August 31, 2025, to December 23, 2025, influenced by several key factors:

1. Strong Financial Performance and Upgraded Outlook: Acushnet reported solid Q2 2025 results with a 5% increase in worldwide net sales, driven by strong performance in Titleist Golf Equipment and Gear segments. This was followed by Q3 2025 results that exceeded sales estimates, reporting $657.7 million in revenue. Despite rising costs leading to a 13.7% decrease in Q3 net income, adjusted EBITDA saw a 10.4% jump, and management raised its full-year revenue and EBITDA outlook, signaling underlying operational strength and investor confidence.

2. Favorable Debt Restructuring: In November 2025, Acushnet Company strategically offered $500 million in senior notes due 2033 at a lower interest rate of 5.625%. The proceeds were primarily used to redeem existing 7.375% Senior Notes due 2028, a move that could be viewed positively by investors as it optimizes the company's debt structure and potentially reduces future interest expenses.

3. Positive Analyst Ratings and Price Target Adjustments: Throughout the period, Acushnet's stock benefited from several analyst price target upgrades. Firms such as KeyCorp, Truist Financial, and JPMorgan Chase & Co. raised their price targets, with some maintaining "overweight" or "hold" ratings, indicating increased analyst confidence in the company's valuation and future prospects.

4. Significant Institutional Investment: During Q2 2025, notable institutional activity was observed, including Norges Bank acquiring a new position in Acushnet valued at approximately $20.96 million. Other institutional investors like Dimensional Fund Advisors and Bank of America Corp DE also increased their holdings during the second quarter, suggesting growing institutional interest and confidence in the company.

5. Insider Selling Exceeding $5 Million: Over a 90-day period leading up to December 2025, corporate insiders collectively sold approximately $5.79 million worth of Acushnet shares. This included a transaction by CEO David Eugene Maher, who sold shares valued at over $2.1 million in November. While not necessarily indicative of a negative outlook, significant insider selling can sometimes be perceived as a less positive signal by the market. Show less

Stock Movement Drivers

Fundamental Drivers

The 10.3% change in GOLF stock from 9/22/2025 to 12/22/2025 was primarily driven by a 13.6% change in the company's P/E Multiple.

	9222025	12222025	Change
Stock Price ($)	74.32	81.96	10.28%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2489.52	2526.68	1.49%
Net Income Margin (%)	9.24%	8.80%	-4.77%
P/E Multiple	19.43	22.07	13.57%
Shares Outstanding (Mil)	60.16	59.88	0.46%
Cumulative Contribution			10.28%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
GOLF	10.3%
Market (SPY)	2.7%	57.8%
Sector (XLY)	1.9%	51.2%

Fundamental Drivers

The 13.6% change in GOLF stock from 6/23/2025 to 12/22/2025 was primarily driven by a 12.7% change in the company's P/E Multiple.

	6232025	12222025	Change
Stock Price ($)	72.12	81.96	13.64%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2452.91	2526.68	3.01%
Net Income Margin (%)	9.21%	8.80%	-4.46%
P/E Multiple	19.58	22.07	12.74%
Shares Outstanding (Mil)	61.33	59.88	2.36%
Cumulative Contribution			13.57%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
GOLF	13.6%
Market (SPY)	14.4%	51.8%
Sector (XLY)	14.3%	53.9%

Fundamental Drivers

The 18.7% change in GOLF stock from 12/22/2024 to 12/22/2025 was primarily driven by a 13.1% change in the company's Net Income Margin (%).

	12222024	12222025	Change
Stock Price ($)	69.04	81.96	18.71%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2424.88	2526.68	4.20%
Net Income Margin (%)	7.78%	8.80%	13.13%
P/E Multiple	23.02	22.07	-4.13%
Shares Outstanding (Mil)	62.89	59.88	4.80%
Cumulative Contribution			18.44%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
GOLF	18.7%
Market (SPY)	16.9%	51.5%
Sector (XLY)	7.8%	53.9%

Fundamental Drivers

The 97.2% change in GOLF stock from 12/23/2022 to 12/22/2025 was primarily driven by a 28.0% change in the company's P/E Multiple.

	12232022	12222025	Change
Stock Price ($)	41.57	81.96	97.17%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2243.50	2526.68	12.62%
Net Income Margin (%)	7.71%	8.80%	14.18%
P/E Multiple	17.24	22.07	28.04%
Shares Outstanding (Mil)	71.71	59.88	16.50%
Cumulative Contribution			91.81%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
GOLF	33.2%
Market (SPY)	47.7%	46.4%
Sector (XLY)	38.4%	47.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
GOLF Return	27%	33%	-19%	51%	14%	17%	177%
Peers Return	�	�	�	�	�	4%	�
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
GOLF Win Rate	67%	58%	33%	58%	50%	50%
Peers Win Rate	�	�	�	�	52%	50%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
GOLF Max Drawdown	-35%	-3%	-28%	0%	-5%	-21%
Peers Max Drawdown	�	�	�	�	�	-34%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MODG, NKE, AS, DKS, LULU.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	GOLF	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-33.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	51.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	428 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-35.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	55.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	65 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-26.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	36.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	261 days	120 days

Compare to HAS, BC, MAT, THO, DOO

In The Past

Acushnet's stock fell -33.8% during the 2022 Inflation Shock from a high on 11/5/2021. A -33.8% loss requires a 51.2% gain to breakeven.

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About Acushnet (GOLF)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Acushnet Holdings Corp. designs, develops, manufactures, and distributes golf products in the United States, Europe, the Middle East, Africa, Japan, Korea, and internationally. The company operates through four segments: Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear, and FootJoy Golf Wear. It offers golf balls under the Titleist brand; golf clubs, such as drivers, fairways, hybrids, and irons under the Titleist brand name; wedges under the Vokey Design brand; and putters under the Scotty Cameron brand. The company also provides golf bags, headwear, golf gloves, travel products, head covers, and other golf accessories, as well as offers customization and personalization of products in Titleist golf gear. In addition, it offers golf shoes, gloves, golf outerwear, and men's and women's golf apparels under the FootJoy brand; and ski, golf, and lifestyle apparels under the KJUS brand name. It sells its products through on-course golf shops and golf specialty retailers, as well as through representatives, other retailers, and online. The company was formerly known as Alexandria Holdings Corp. and changed its name to Acushnet Holdings Corp. in March 2016. Acushnet Holdings Corp. was founded in 1910 and is headquartered in Fairhaven, Massachusetts.

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1. The Nike or Adidas of golf equipment and apparel.

2. The Rolex of golf gear.

3. Like Estee Lauder for golf, owning top-tier brands such as Titleist and FootJoy.

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Titleist Golf Balls: Acushnet manufactures high-performance golf balls, including popular lines such as the Pro V1 and Pro V1x.
Titleist Golf Clubs: The company produces a wide array of golf clubs, including drivers, irons, wedges (Vokey Design), and hybrids.
Scotty Cameron Putters: Acushnet designs and manufactures premium, precision-milled putters under the Scotty Cameron brand.
FootJoy Golf Shoes: The company offers high-quality golf shoes known for their performance, comfort, and style.
FootJoy Golf Gloves & Apparel: Acushnet also produces a range of golf gloves and golf apparel including shirts, outerwear, and accessories.

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Acushnet (GOLF) primarily sells its products to other companies, specifically a global network of golf specialty retailers, on-course pro shops, and sporting goods retailers. While the company's 10-K filings indicate that its largest customer accounted for approximately 11.2% of consolidated net sales and its second largest customer accounted for approximately 9.3% of consolidated net sales in 2023, Acushnet does not publicly disclose the names of these specific customers.

However, based on their significant market presence and distribution channels, major customers for Acushnet's brands (Titleist, FootJoy, Scotty Cameron, etc.) are highly likely to include:

Dick's Sporting Goods (Symbol: DKS): A leading omni-channel sporting goods retailer in the United States, which operates Golf Galaxy, a prominent golf specialty retailer.
Amazon (Symbol: AMZN): A global e-commerce giant that is a significant retailer of sporting goods, including golf equipment and apparel.
PGA Tour Superstore (privately held): While not a public company, PGA Tour Superstore is one of the largest dedicated golf specialty retailers in the United States and is a significant distribution partner for golf brands.

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David Maher, President & Chief Executive Officer

David Maher joined Acushnet Company in 1991 and was appointed President and Chief Executive Officer in January 2018. Prior to his CEO role, Mr. Maher held various positions at the company from 2001 through 2017, including Vice President, Titleist U.S. Sales; Senior Vice President, Titleist Worldwide Sales and Global Operations; and Chief Operating Officer. Earlier in his career, he served as a Titleist Sales Representative and Northwest Regional Director and participated in the company's professional development program, gaining experience in golf ball operations, the FootJoy factory, and golf club operations. Mr. Maher has served on Acushnet's Board of Directors since March 2018.

Sean Sullivan, Executive Vice President & Chief Financial Officer

Sean Sullivan joined Acushnet Company and was appointed Executive Vice President and Chief Financial Officer in June 2023. Before this role, he served on Acushnet's Board of Directors from 2016 to 2023. Mr. Sullivan's prior experience includes serving as Executive Vice President and Chief Financial Officer of SiriusXM Holdings, Inc. and Executive Vice President and Chief Financial Officer of AMC Networks, Inc. from 2011 to September 2020. He also held roles as Chief Corporate Officer of RMH from 2010 to 2011 and Chief Financial Officer of HiT Entertainment from 2009 to 2010.

Mary Lou Bohn, President, Titleist Golf Balls

Mary Lou Bohn joined Acushnet Company in 1987 and was appointed President, Titleist Golf Balls in 2016. Her extensive career at the company includes previous roles as Executive Vice President, Titleist Golf Balls and Communications; Vice President, Golf Ball Marketing and Titleist Communications; Vice President, Advertising & Communications; and Director, Titleist Advertising.

Steven Pelisek, President, Titleist Golf Clubs

Steven Pelisek joined Acushnet Company in 1993 and was appointed President, Titleist Golf Clubs in 2016.

Christopher Lindner, President, FootJoy

Christopher Lindner joined Acushnet Company and was appointed President, FootJoy in 2016. Prior to joining Acushnet, Mr. Lindner held positions at Wolverine Worldwide Inc. from 2010 to 2016, where he was President of Keds and Chief Marketing Officer and Senior Vice President of North America Sales for Saucony. Before 2010, he held various leadership positions with Nike, Inc., including Vice President of Global Marketing for Converse and Vice President of Global Marketing for Bauer Hockey, and also worked at Electronic Arts.

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The key risks to Acushnet's business include:

Tariffs and Supply Chain Disruptions: Acushnet faces significant headwinds from global trade tariffs, with an estimated incremental gross tariff cost of approximately $30 million for fiscal year 2025. This has already led to a 50 basis point drop in gross margin in the third quarter of 2025. The company anticipates a "2026 cliff" with a projected full, annualized tariff impact of roughly $70 million, representing a substantial guaranteed cost increase. While mitigation efforts like shifting sourcing and cost-sharing are underway, a significant unmitigated portion is expected to continue pressuring margins.
Dependence on Product Cycle Success and Intense Competition: Acushnet's business is heavily reliant on the successful launch and market acceptance of its new product cycles, such as the Titleist Golf Equipment segment's new Pro V1 franchise and T-Series irons. If the next generation of clubs or balls does not resonate with consumers, sales momentum could stall. The golf industry is also highly competitive, with numerous established and emerging brands vying for market share. This competitive landscape, combined with the company's already significant share in certain product categories, could limit opportunities for future growth and potentially erode premium pricing power if tariffs need to be passed on in a softening market.
High Leverage and Sensitivity to Consumer Spending: Acushnet carries a high level of debt, as evidenced by a recent US$500 million senior notes offering. This high leverage is identified as a key risk. The company's performance is also susceptible to economic cyclicality and fluctuations in consumer discretionary spending. A slowdown in global golf participation and demand for golf products could exacerbate the risks associated with the company's substantial debt, impacting its financial flexibility and investment narrative.

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Acushnet Holdings Corp. (GOLF) operates in several key addressable markets for its main golf products and services. The primary product categories include golf balls, golf clubs, golf footwear, and golf apparel.

Addressable Market Sizes for Acushnet's Main Products:

Golf Balls:
- The global golf ball market was valued at approximately USD 1.34 billion in 2023 and is projected to reach USD 1.58 billion by 2030, with a compound annual growth rate (CAGR) of 2.4% from 2023 to 2030.
- North America represented the largest market, accounting for 37.9% of the global revenue in 2022.
Golf Clubs:
- The golf club segment constitutes a significant portion of the overall global golf equipment market. In 2022, golf clubs held approximately 45.7% of the global golf equipment market share.
- Given that the global golf equipment market was valued at USD 7.48 billion in 2022, the golf club market size for that year can be estimated at approximately USD 3.42 billion globally.
Golf Footwear (Shoes):
- The global golf shoes market size was estimated at USD 8.96 billion in 2023 and is projected to reach USD 12.48 billion by 2030, growing at a CAGR of 4.8% from 2024 to 2030.
- North America accounted for over 28.85% of the golf shoes market revenue.
Golf Apparel (including gloves):
- The global golf apparel market size was valued at USD 9.07 billion in 2024 and is projected to grow from USD 9.47 billion in 2025 to USD 13.28 billion by 2032, exhibiting a CAGR of 4.95%.
- In the United States, the golf apparel market generated a revenue of USD 1,671.1 million in 2024 and is expected to reach USD 2,499.8 million by 2030, with a CAGR of 6.9% from 2025 to 2030.
- North America dominated the global golf apparel market with a 55.57% market share in 2024.

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Acushnet (symbol: GOLF) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

Continued New Product Launches: Acushnet consistently introduces new, performance-driven golf equipment under its Titleist brand. Recent successful launches include the new T-Series irons and Vokey SM10 wedges in Q3 2025, and the Titleist GT drivers and fairway metals, along with the latest generation of Pro V1 and Pro V1x golf balls, in late 2024 and early 2025. This ongoing innovation and refreshed product pipeline across golf balls, clubs, and wedges are crucial for sustaining demand and market leadership.
Growth in Golf Participation and the Dedicated Golfer Market: The company continues to emphasize the importance and resilience of global golf participation trends, particularly among dedicated golfers. This segment is considered a core driver of sustained demand for Acushnet's premium products.
Strategic Pricing and Increased Average Selling Prices (ASP): Acushnet has seen higher net sales partly due to increased average selling prices across its product categories, including Titleist golf equipment, golf gear, and FootJoy golf wear. The company may continue to implement pricing actions, also as a strategy to mitigate tariff impacts.
Expansion in Key Geographic Regions: Growth in specific geographic markets is contributing significantly to revenue. The EMEA (Europe, Middle East, and Africa) region has shown strong performance, with a 14% gain in Q3 2025 and 8% year-to-date, benefiting from favorable weather conditions. The United States market also continues to be a leader in growth across various product categories.
Enhanced Distribution and Customization Capabilities: Acushnet is investing in improving its distribution and customization services. This includes operating a new state-of-the-art golf ball customization technology to expand throughput, increase efficiency, and provide faster lead times for custom-imprinted Titleist golf balls. Additionally, the company is expanding its distribution and custom embroidery centers, which will initially fulfill wholesale demand and later support direct-to-consumer (DTC) sales and additional product groups.

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Share Repurchases

Acushnet repurchased approximately $65.50 million in common stock during 2021.
The company executed approximately $190.77 million in share repurchases in 2022.
Share repurchases totaled approximately $332.43 million in 2023.
In 2024, Acushnet repurchased approximately $172.80 million in common stock. Additionally, an agreement was made in December 2024 to repurchase up to $62.5 million of common stock from Magnus Holdings Co., Ltd., with the pricing determined by open market repurchases between January 2, 2025, and June 30, 2025. A new agreement was also entered into on June 14, 2024, to purchase up to an aggregate of $62.5 million from Magnus between July 1, 2024, and December 31, 2024.
As of February 15, 2024, Acushnet had a total share repurchase authorization of $1.0 billion.

Share Issuance

No significant share issuances for capital raising purposes by Acushnet were identified in the last 3-5 years. The number of shares outstanding has generally decreased due to repurchases.

Inbound Investments

No significant inbound investments made in Acushnet by third-parties were identified in the last 3-5 years.

Outbound Investments

No significant outbound investments or acquisitions made by Acushnet in other companies were identified in the last 3-5 years.

Capital Expenditures

Capital expenditures were approximately $37.6 million in 2021.
Capital expenditures were approximately $61.36 million in 2022 and $75.36 million in 2023.
In 2024, capital expenditures were approximately $74.62 million, with an estimated $72.2 million forecasted for 2025, primarily focused on capital investments related to the company's performance-driven golf product operations.

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F (7.8% | 0.3x)

Ford Motor

CCL (45.9% | 1.6x)

Carnival

CPNG (18.4% | 1.2x)

Coupang

TSCO (4.5% | 1.8x)

Tractor Supply

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GOLF: 4.1% | 15.7x)

GM (8.6% | 9.7x)

General Motors

F (7.8% | 14.8x)

Ford Motor

CCL (45.9% | 9.8x)

Carnival

LULU (14.2% | 10.3x)

Lululemon Athletica

PHM (5.4% | 6.9x)

PulteGroup

Higher Rev Chg LTM (Value for GOLF: 4.2%)

MELI (36.9%)

MercadoLibre

BKNG (13.0%)

Booking

AMZN (10.9%)

Amazon.com

HD (7.5%)

Home Depot

TJX (4.5%)

TJX Companies

Higher Rev Chg 3Y Avg (Value for GOLF: 4.1%)

BKNG (17.8%)

Booking

AMZN (11.3%)

Amazon.com

TSLA (9.3%)

Tesla

TJX (6.2%)

TJX Companies

MCD (4.2%)

McDonald's

Higher Op Mgn LTM (Value for GOLF: 12.4%)

MCD (46.1%)

McDonald's

BKNG (34.5%)

Booking

ABNB (22.6%)

Airbnb

MAR (16.0%)

Marriott International

HD (13.0%)

Home Depot

Higher CFO/Rev LTM (Value for GOLF: 7.7%)

MCD (39.9%)

McDonald's

BKNG (33.2%)

Booking

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

HD (10.6%)

Home Depot

Higher FCF/Rev LTM (Value for GOLF: 4.4%)

BKNG (31.9%)

Booking

MCD (28.1%)

McDonald's

HD (8.4%)

Home Depot

TJX (7.5%)

TJX Companies

TSLA (7.1%)

Tesla

Higher Total Yield (Value for GOLF: 5.7%)

F (12.1%)

Ford Motor

DHI (9.5%)

D.R. Horton

LOW (6.9%)

Lowe's Companies

HD (6.9%)

Home Depot

MCD (6.0%)

McDonald's

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for GOLF: 4.1% | 1.9x)

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.3x)

Costco Wholesale

UNH (11.4% | 0.7x)

UnitedHealth

PGR (20.6% | 1.6x)

Progressive

HCA (6.6% | 1.6x)

HCA Healthcare

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GOLF: 4.1% | 15.7x)

UNH (11.4% | 11.2x)

UnitedHealth

DIS (4.5% | 14.6x)

Walt Disney

NEM (23.9% | 12.3x)

Newmont

HCA (6.6% | 10.2x)

HCA Healthcare

ENB (8.6% | 9.1x)

Enbridge

Higher Rev Chg LTM (Value for GOLF: 4.2%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for GOLF: 4.1%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for GOLF: 12.4%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for GOLF: 7.7%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for GOLF: 4.4%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for GOLF: 5.7%)

XOM (9.3%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

BAC (7.1%)

Bank of America

JPM (6.5%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

		Best Bets In Consumer Discretionary Sector
	GOLF	ABNB	BKNG	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH	YUM
What You Pay
P/E	22.1	31.8	34.7	26.8	30.4	22.1	12.1	25.2	21.0	17.6	29.8
P/EBIT	14.8	30.9	20.8	18.4	13.4	14.7	8.9	22.3	18.3	10.3	17.3
What You Get
Rev Chg Q	6.0%	9.7%	12.7%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%	8.4%
Rev Chg LTM	4.2%	10.2%	13.0%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%	11.6%
Rev Chg 3Y Avg	4.1%	14.2%	17.8%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%	6.4%
FCF/Rev 3Y Avg	6.6%	40.2%	35.6%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Acushnet Earnings Notes
2	Acushnet Earnings Notes
3	Is Acushnet Stock Built to Withstand a Pullback?	Return
4	Acushnet vs T-Mobile US: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Acushnet vs Expedia: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	How Does Acushnet Stock Stack Up Against Its Peers?	Peer Comparison
7	Better Bet Than GOLF Stock: Pay Less Than Acushnet To Get More From DIS, MRK
8	Better Bet Than GOLF Stock: Pay Less Than Acushnet To Get More From CCL, EXPE
9	Why Acushnet Stock Moved: GOLF Stock Has Gained 102% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
10	GOLF Dip Buy Analysis

	Title
0	ARTICLES

Trade Ideas

Select ideas related to GOLF. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	10.7%	10.7%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.9%	3.9%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.8%	3.8%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.9%	19.9%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.5%	7.5%	-1.6%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADEA	Adeia	1.8	30.5%	21.0%
AAOI	Applied Optoelectronics	2.5	24.8%	6.1%
QBTS	D-Wave Quantum	11.0	20.0%	283.2%
ZBIO	Zenas BioPharma	1.8	17.1%	416.8%
UNF	UniFirst	3.6	16.1%	16.4%
FLY	Firefly Aerospace	4.0	16.0%
UAMY	United States Antimony	0.7	16.0%	215.8%
RZLT	Rezolute	0.2	15.8%	-58.2%
RCAT	Red Cat	0.8	14.5%	-28.2%
KURA	Kura Oncology	1.0	14.5%	29.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	7.0	-66.3%	-72.5%
EWTX	Edgewise Therapeutics	2.2	-18.0%	-21.6%
DJT	Trump Media & Technology	4.0	-10.4%	-57.7%
AVO	Mission Produce	0.8	-9.7%	-17.0%
GTN-A	Gray Media	1.0	-8.0%	43.1%
ANGX	Angel Studios	0.8	-8.0%
DDS	Dillard's	9.6	-7.7%	48.3%
NKTR	Nektar Therapeutics	0.6	-7.2%	211.7%
MPLT	MapLight Therapeutics	0.8	-6.7%
TLRY	Tilray Brands	11.0	-6.6%	-21.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	2.0	50.1%	-8.1%
FBYD	Falcons Beyond Global	0.7	46.4%	129.2%
TE	T1 Energy	1.1	44.3%
HUT	Hut 8	5.3	42.2%	145.9%
FLY	Firefly Aerospace	4.0	40.5%
RKLB	Rocket Lab	39.9	40.0%	204.5%
DJT	Trump Media & Technology	4.0	37.8%	-57.7%
QBTS	D-Wave Quantum	11.0	35.6%	283.2%
EEX	Emerald	0.9	34.2%	-0.1%
AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-79.5%	-26.1%
TPL	Texas Pacific Land	7.0	-63.9%	-72.5%
LW	Lamb Weston	6.0	-28.0%	-34.3%
OLMA	Olema Pharmaceuticals	2.4	-21.4%	383.4%
FDMT	4D Molecular Therapeutics	0.5	-20.5%	56.4%
NKTR	Nektar Therapeutics	0.6	-18.4%	211.7%
INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Acushnet

Peers to compare with:

Financials

	GOLF	MODG	NKE	AS	DKS	LULU	Median
Name	Acushnet	Topgolf .	Nike	Amer Spo.	Dick's S.	Lululemo.
Mkt Price	81.96	11.82	57.22	38.12	211.16	212.37	69.59
Mkt Cap	4.9	2.2	84.5	21.2	18.0	25.2	19.6
Rev LTM	2,527	4,061	46,440	6,101	14,883	11,073	8,587
Op Inc LTM	312	202	3,420	679	1,512	2,440	1,096
FCF LTM	110	34	3,009	-	89	1,128	110
FCF 3Y Avg	161	-76	4,893	-	647	1,343	647
CFO LTM	194	313	3,526	-	1,119	1,861	1,119
CFO 3Y Avg	268	316	5,611	-	1,404	2,025	1,404

Growth & Margins

	GOLF	MODG	NKE	AS	DKS	LULU	Median
Name	Acushnet	Topgolf .	Nike	Amer Spo.	Dick's S.	Lululemo.
Rev Chg LTM	4.2%	-3.6%	-7.1%	25.1%	10.9%	8.8%	6.5%
Rev Chg 3Y Avg	4.1%	1.9%	-0.3%	-	7.1%	14.2%	4.1%
Rev Chg Q	6.0%	-7.8%	1.1%	29.7%	36.3%	7.1%	6.5%
QoQ Delta Rev Chg LTM	1.5%	-1.9%	0.3%	7.1%	8.1%	1.6%	1.5%
Op Mgn LTM	12.4%	5.0%	7.4%	11.1%	10.2%	22.0%	10.6%
Op Mgn 3Y Avg	12.5%	5.2%	10.2%	9.0%	10.5%	22.4%	10.3%
QoQ Delta Op Mgn LTM	0.3%	-0.1%	-0.6%	0.1%	-1.1%	-0.8%	-0.4%
CFO/Rev LTM	7.7%	7.7%	7.6%	-	7.5%	16.8%	7.7%
CFO/Rev 3Y Avg	10.9%	7.6%	11.3%	-	10.4%	20.1%	10.9%
FCF/Rev LTM	4.4%	0.8%	6.5%	-	0.6%	10.2%	4.4%
FCF/Rev 3Y Avg	6.6%	-1.8%	9.9%	-	5.0%	13.4%	6.6%

Valuation

	GOLF	MODG	NKE	AS	DKS	LULU	Median
Name	Acushnet	Topgolf .	Nike	Amer Spo.	Dick's S.	Lululemo.
Mkt Cap	4.9	2.2	84.5	21.2	18.0	25.2	19.6
P/S	1.9	0.5	1.8	3.5	1.2	2.3	1.9
P/EBIT	14.8	-1.7	24.7	33.7	12.7	10.3	13.7
P/E	22.1	-1.4	29.2	68.1	17.6	14.5	19.8
P/CFO	25.4	6.9	24.0	-	16.1	13.5	16.1
Total Yield	5.7%	-69.2%	3.4%	1.5%	6.2%	6.9%	4.5%
Dividend Yield	1.1%	0.0%	0.0%	0.0%	0.6%	0.0%	0.0%
FCF Yield 3Y Avg	4.0%	-2.2%	3.8%	-	5.9%	4.3%	4.0%
D/E	0.2	1.5	0.1	0.1	0.4	0.1	0.2
Net D/E	0.2	1.1	0.0	0.1	0.4	0.0	0.1

Returns

	GOLF	MODG	NKE	AS	DKS	LULU	Median
Name	Acushnet	Topgolf .	Nike	Amer Spo.	Dick's S.	Lululemo.
1M Rtn	2.4%	16.9%	-8.3%	11.9%	1.9%	26.3%	7.2%
3M Rtn	10.3%	28.2%	-19.2%	8.1%	-3.1%	22.5%	9.2%
6M Rtn	13.6%	40.5%	-4.8%	2.7%	21.4%	-5.8%	8.2%
12M Rtn	18.7%	58.7%	-23.9%	35.3%	-1.2%	-44.0%	8.8%
3Y Rtn	97.2%	-40.1%	-48.1%	-	104.6%	-31.8%	-31.8%
1M Excs Rtn	0.8%	16.3%	-11.5%	5.8%	-0.4%	23.8%	3.3%
3M Excs Rtn	7.0%	26.6%	-22.1%	7.8%	-10.5%	19.2%	7.4%
6M Excs Rtn	-0.0%	32.8%	-18.7%	-11.7%	6.8%	-21.7%	-5.9%
12M Excs Rtn	1.2%	40.0%	-41.0%	20.5%	-16.6%	-60.1%	-7.7%
3Y Excs Rtn	12.3%	-120.1%	-121.0%	-	23.6%	-111.3%	-111.3%

Comparison Analyses

	Title
0	How Does Acushnet Stock Stack Up Against Its Peers?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/27/2025	2/29/2024	3/1/2023	3/1/2022	2/25/2021	2/27/2020
Key Financials
Total Revenue	2,527	2,457	2,382	2,270	2,148	1,612	1,681
EBITDA	387	360	337	315	296	171	228
Operating Income	312	304	285	282	260	159	186
Net Income	222	214	198	199	179	96	121
EPS	3.67	3.38	2.96	2.77	2.40	1.29	1.61
Growth Rates
Total Revenue Growth	4.2%	3.2%	4.9%	5.7%	33.2%	-4.1%	2.9%
EBITDA Growth	14.4%	7.0%	6.8%	6.5%	72.7%	-24.8%	8.4%
Operating Income Growth	9.6%	6.6%	1.3%	8.4%	63.8%	-14.5%	7.7%
Net Income Growth	17.9%	8.0%	-0.4%	11.4%	86.3%	-20.7%	21.2%
Margins
EBITDA Margin	15.3%	14.7%	14.1%	13.9%	13.8%	10.6%	13.5%
Operating Income Margin	12.4%	12.4%	12.0%	12.4%	12.1%	9.8%	11.0%
Net Income Margin	8.8%	8.7%	8.3%	8.8%	8.3%	6.0%	7.2%
Cash & Debt
Total Cash	89	53	65	59	282	151	34
Total Debt	902	764	701	568	315	334	402
Net Debt / (Cash)	812	711	636	509	33	182	368
Cash Flows
Net Cash from Operations	194	245	372	-68	314	264	134
Free Cash from Operations	110	170	271	-194	277	240	101
Returns to Shareholders
Dividends	55	54	52	52	49	46	43
Share Repurchases	218	173	334	189	65	7	29

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/7/2025	5/7/2025	2/27/2025	11/7/2024	8/6/2024	5/7/2024	2/29/2024	11/2/2023	8/3/2023	5/4/2023	3/1/2023
Key Financials Quarterly
Total Revenue	658	720	703	445	621	684	708	413	593	689	686	447
Ebitda	106	124	149	9	96	119	135	-12	91	119	137	14
Operating Income	93	110	115	-5	82	106	121	-25	79	106	125	12
Net Income	49	76	99	-1	56	71	88	-27	57	75	93	-0
EPS	0.81	1.26	1.62	-0.02	0.89	1.12	1.36	-0.36	0.86	1.09	1.37	-0.00
Key Financials TTM
Total Revenue TTM	2,527	2,490	2,453	2,457	2,425	2,398	2,403	2,382	2,416	2,381	2,351	2,270
Ebitda TTM	387	378	373	359	339	334	333	335	361	356	334	312
Operating Income TTM	312	301	297	304	285	281	282	285	322	319	301	282
Net Income TTM	222	230	226	214	189	190	193	198	225	220	212	199
Growth Rates Quarterly
Total Revenue Growth	6.0%	5.4%	-0.6%	7.8%	4.6%	-0.8%	3.1%	-7.7%	6.3%	4.7%	13.2%	6.4%
EBITDA Growth	10.3%	3.6%	10.3%	178.3%	5.1%	0.5%	-1.5%	-180.9%	6.0%	22.9%	19.6%	205.5%
Operating Income Growth	13.2%	3.6%	-5.6%	78.9%	4.4%	-0.4%	-2.8%	-312.8%	3.4%	20.3%	18.5%	152.9%
Net Income Growth	-13.7%	5.8%	13.2%	95.8%	-1.9%	-4.3%	-5.9%	-46120.7%	10.6%	12.3%	15.1%	99.8%
Margins Quarterly
EBITDA Margin	16.1%	17.2%	21.1%	2.0%	15.5%	17.5%	19.1%	-2.8%	15.4%	17.2%	19.9%	3.2%
Operating Income Margin	14.1%	15.2%	16.3%	-1.2%	13.2%	15.5%	17.2%	-6.0%	13.2%	15.4%	18.2%	2.6%
Net Income Margin	7.4%	10.5%	14.1%	-0.3%	9.1%	10.4%	12.4%	-6.5%	9.7%	10.8%	13.6%	-0.0%
Cash & Debt
Total Cash	89	60	41	53	99	80	49	65	57	63	57	59
Total Debt	902	933	944	764	730	752	864	701	593	682	829	568
Net Debt / (Cash)	812	872	904	711	631	672	816	636	536	619	772	509
Cash Flows Quarterly
FCF from Operations	163	152	-120	-1	144	212	-110	75	177	206	-86	-9
Cash Flows TTM
FCF from Operations TTM	194	175	234	245	321	354	349	372	288	142	10	-68
Returns to Shareholders Quarterly
Dividends	14	14	15	13	13	13	15	12	13	13	14	13
Share Repurchases	63	89	36	30	70	39	33	129	67	22	116	51
Return on Invested Capital (ROIC) Quarterly
ROIC	16.0%	25.3%	27.9%	-0.8%	21.3%	25.7%	25.4%	-5.4%	49.0%	53.8%	51.3%	4.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	16.8%	18.1%	18.2%	19.9%	18.1%	17.8%	15.2%	17.5%	48.4%	40.8%	30.2%	37.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Titleist Golf Equipment	1,420
FootJoy Golf Wear	590	618	581	415	442
Golf Gear	223
Other	149	159	156	121	104
Titleist golf balls		679	668	508	552
Titleist golf clubs		610	552	418	434
Titleist golf gear		205	193	149	150
Total	2,382	2,270	2,148	1,612	1,681

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Titleist Golf Equipment	251
Golf Gear	20
FootJoy Golf Wear	18	37	44	18	24
Other	-3	24	23	10	15
Titleist golf balls		113	106	72	93
Titleist golf clubs		101	75	40	39
Titleist golf gear		12	15	20	17
Total	285	287	264	160	189

Price Behavior

Price Behavior

Market Price	$81.96
Market Cap ($ Bil)	4.9
First Trading Date	10/28/2016
Distance from 52W High	-4.2%
	50 Days	200 Days
DMA Price	$81.04	$74.23
DMA Trend	up	up
Distance from DMA	1.1%	10.4%
	3M	1YR
Volatility	23.5%	33.6%
Downside Capture	77.69	91.62
Upside Capture	115.21	94.39
Correlation (SPY)	58.6%	51.7%

GOLF Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.31	1.16	1.20	1.36	0.90	0.90
Up Beta	1.25	1.21	1.57	1.77	1.01	0.95
Down Beta	0.82	1.31	1.16	1.29	0.68	0.76
Up Capture	212%	132%	126%	139%	96%	88%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	10	22	34	65	126	383
Down Capture	100%	93%	101%	115%	96%	97%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	19	28	60	122	366

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of GOLF With Other Asset Classes (Last 1Y)
	GOLF	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.2%	3.1%	14.7%	67.3%	6.8%	-0.5%	-16.6%
Annualized Volatility	33.7%	24.7%	19.7%	19.3%	15.2%	17.6%	35.4%
Sharpe Ratio	0.41	0.07	0.57	2.54	0.23	-0.18	-0.25
Correlation With Other Assets		55.0%	52.5%	-0.1%	15.2%	53.7%	25.1%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of GOLF With Other Asset Classes (Last 5Y)
	GOLF	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	17.9%	10.2%	15.0%	18.9%	11.8%	5.1%	35.8%
Annualized Volatility	32.1%	23.8%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.57	0.39	0.71	0.98	0.51	0.18	0.63
Correlation With Other Assets		50.3%	50.0%	8.4%	10.3%	45.0%	19.2%

Based On 10-Year Data

		Comparison of GOLF With Other Asset Classes (Last 10Y)
	GOLF	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	20.3%	13.3%	14.9%	14.9%	6.7%	5.5%	69.9%
Annualized Volatility	31.5%	22.0%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.66	0.56	0.71	0.84	0.30	0.23	0.90
Correlation With Other Assets		51.7%	52.9%	3.5%	15.9%	44.5%	11.1%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	3,900,521
Short Interest: % Change Since 11152025	-3.8%
Average Daily Volume	295,686
Days-to-Cover Short Interest	13.19
Basic Shares Quantity	59,877,065
Short % of Basic Shares	6.5%

Returns Analyses

	Title
0	Is Acushnet Stock Built to Withstand a Pullback?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/5/2025	4.0%	6.3%	11.3%
8/7/2025	-3.2%	0.4%	-3.7%
2/27/2025	-1.9%	-0.0%	3.8%
11/7/2024	12.2%	8.4%	17.6%
8/6/2024	-0.1%	-0.8%	0.8%
2/29/2024	-6.9%	-6.7%	-4.3%
11/2/2023	9.4%	9.4%	16.6%
8/3/2023	-1.3%	-3.9%	-0.2%
...
SUMMARY STATS
# Positive	9	9	10
# Negative	11	11	10
Median Positive	6.5%	6.3%	10.2%
Median Negative	-1.9%	-2.8%	-3.1%
Max Positive	20.1%	16.5%	31.4%
Max Negative	-6.9%	-10.1%	-8.4%

	Forward Returns
11/5/2025	4.0%	6.3%	11.3%
8/7/2025	-3.2%	0.4%	-3.7%
2/27/2025	-1.9%	-0.0%	3.8%
11/7/2024	12.2%	8.4%	17.6%
8/6/2024	-0.1%	-0.8%	0.8%
2/29/2024	-6.9%	-6.7%	-4.3%
11/2/2023	9.4%	9.4%	16.6%
8/3/2023	-1.3%	-3.9%	-0.2%
3/1/2023	9.1%	6.6%	2.6%
11/3/2022	-2.2%	-2.8%	5.5%
8/4/2022	3.3%	3.0%	-0.7%
3/1/2022	-0.7%	-4.2%	-2.6%
11/4/2021	0.8%	1.9%	-1.8%
8/5/2021	-1.3%	-0.2%	-7.5%
5/6/2021	20.1%	16.5%	20.5%
2/25/2021	-0.7%	-8.5%	-4.9%
11/6/2020	6.5%	-0.3%	9.1%
8/5/2020	-6.0%	-10.1%	-8.4%
5/7/2020	0.7%	-1.1%	31.4%
2/27/2020	-4.9%	0.3%	-2.5%
SUMMARY STATS
# Positive	9	9	10
# Negative	11	11	10
Median Positive	6.5%	6.3%	10.2%
Median Negative	-1.9%	-2.8%	-3.1%
Max Positive	20.1%	16.5%	31.4%
Max Negative	-6.9%	-10.1%	-8.4%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2292024	null 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	3012023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Maher David Eugene	President and CEO	11172025	Sell	79.25	10,625	842,072	70,767,857	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Acushnet (GOLF)

Market Price (12/23/2025): $81.94 | Market Cap: $4.9 BilSector: Consumer Discretionary | Industry: Leisure Products

Acushnet (GOLF)

Market Price (12/23/2025): $81.94Market Cap: $4.9 BilSector: Consumer DiscretionaryIndustry: Leisure Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

GOLF Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Acushnet (GOLF)

Addressable Market Sizes for Acushnet's Main Products:

Share Repurchases

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Acushnet (GOLF)

INDUSTRY: Leisure Products

Higher Rev Chg LTM (Value for GOLF: 4.2%)

Higher Rev Chg 3Y Avg (Value for GOLF: 4.1%)

Higher Op Mgn LTM (Value for GOLF: 12.4%)

Higher CFO/Rev LTM (Value for GOLF: 7.7%)

Higher FCF/Rev LTM (Value for GOLF: 4.4%)

Higher Total Yield (Value for GOLF: 5.7%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for GOLF: 4.1% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GOLF: 4.1% | 15.7x)

Higher Rev Chg LTM (Value for GOLF: 4.2%)

Higher Rev Chg 3Y Avg (Value for GOLF: 4.1%)

Higher Op Mgn LTM (Value for GOLF: 12.4%)

Higher CFO/Rev LTM (Value for GOLF: 7.7%)

Higher FCF/Rev LTM (Value for GOLF: 4.4%)

Higher Total Yield (Value for GOLF: 5.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for GOLF: 4.1% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GOLF: 4.1% | 15.7x)

Higher Rev Chg LTM (Value for GOLF: 4.2%)

Higher Rev Chg 3Y Avg (Value for GOLF: 4.1%)

Higher Op Mgn LTM (Value for GOLF: 12.4%)

Higher CFO/Rev LTM (Value for GOLF: 7.7%)

Higher FCF/Rev LTM (Value for GOLF: 4.4%)

Higher Total Yield (Value for GOLF: 5.7%)

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Market Price (12/23/2025): $81.94 | Market Cap: $4.9 Bil
Sector: Consumer Discretionary | Industry: Leisure Products

Market Price (12/23/2025): $81.94
Market Cap: $4.9 Bil
Sector: Consumer Discretionary
Industry: Leisure Products