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