Acushnet Holding Financials
Acushnet Holding (GOLF) reported $2.6B in revenue for fiscal year 2025, up 4.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Sales are still advancing, but cash generation is shrinking as shareholder returns lean on a more leveraged balance sheet.
From FY2023 to FY2025, free cash flow fell from$296M to$120M even as revenue moved higher, so each extra sales dollar is producing less cash that management can redeploy. Meanwhile, buybacks plus dividends in FY2024-FY2025 reached about$495M against only$291M of cumulative free cash flow, which helps explain why long-term debt rose to$926M while cash stayed near$50M .
The margin pattern points to limited operating leverage, not a broken top line: FY2025 gross margin eased to
The company still looks liquid in the near term with a 2.4x current ratio, but the balance sheet is inventory-heavy and more levered: FY2025 inventory was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Acushnet Holding's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Acushnet Holding has an operating margin of 11.7%, meaning the company retains $12 of operating profit per $100 of revenue. This strong profitability earns a score of 82/100, reflecting efficient cost management and pricing power. This is down from 12.4% the prior year.
Acushnet Holding's revenue grew a modest 4.1% year-over-year to $2.6B. This slow but positive growth earns a score of 44/100.
Acushnet Holding has elevated debt relative to equity (D/E of 1.18), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 25/100, reflecting increased financial risk.
With a current ratio of 2.38, Acushnet Holding holds $2.38 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 66/100.
Acushnet Holding has a free cash flow margin of 4.7%, earning a moderate score of 56/100. The company generates positive cash flow after capital investments, but with room for improvement.
Acushnet Holding earns a strong 24.1% return on equity (ROE), meaning it generates $24 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 89/100. This is down from 28.0% the prior year.
Acushnet Holding scores 3.92, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($5.2B) relative to total liabilities ($1.6B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Acushnet Holding passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Acushnet Holding generates $1.03 in operating cash flow ($194.4M OCF vs $188.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Acushnet Holding generated $2.6B in revenue in fiscal year 2025. This represents an increase of 4.1% from the prior year.
Acushnet Holding's EBITDA was $354.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.5% from the prior year.
Acushnet Holding reported $188.5M in net income in fiscal year 2025. This represents a decrease of 12.0% from the prior year.
Acushnet Holding earned $3.11 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 7.7% from the prior year.
Cash & Balance Sheet
Acushnet Holding generated $120.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 29.6% from the prior year.
Acushnet Holding held $50.1M in cash against $926.2M in long-term debt as of fiscal year 2025.
Acushnet Holding paid $0.94 per share in dividends in fiscal year 2025. This represents an increase of 9.3% from the prior year.
Margins & Returns
Acushnet Holding's gross margin was 47.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.6 percentage points from the prior year.
Acushnet Holding's operating margin was 11.7% in fiscal year 2025, reflecting core business profitability. This is down 0.7 percentage points from the prior year.
Acushnet Holding's net profit margin was 7.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.3 percentage points from the prior year.
Acushnet Holding's ROE was 24.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.9 percentage points from the prior year.
Capital Allocation
Acushnet Holding invested $76.5M in research and development in fiscal year 2025. This represents an increase of 12.8% from the prior year.
Acushnet Holding spent $211.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 22.4% from the prior year.
Acushnet Holding invested $74.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 0.4% from the prior year.
GOLF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.7B | $2.6B+4.1% | $2.5B+3.2% | $2.4B+4.9% | $2.3B+5.7% | $2.1B+33.2% | $1.6B-4.1% | $1.7B+2.9% | $1.6B+4.7% | $1.6B-0.8% | $1.6B+4.6% | $1.5B-2.3% | $1.5B |
| Cost of Revenue | $1.4B | $1.3B+5.4% | $1.3B+0.6% | $1.3B+3.3% | $1.2B+18.7% | $1.0B+31.6% | $782.3M-3.3% | $809.1M+2.2% | $791.4M+4.3% | $758.4M-1.9% | $773.3M+6.3% | $727.1M-6.7% | $779.7M |
| Gross Profit | $1.3B | $1.2B+2.8% | $1.2B+6.0% | $1.1B+6.8% | $1.0B-6.2% | $1.1B+34.8% | $829.8M-4.9% | $872.2M+3.5% | $842.4M+5.1% | $801.9M+0.4% | $799.0M+3.0% | $775.8M+2.4% | $757.9M |
| R&D Expenses | $78.7M | $76.5M+12.8% | $67.8M+4.6% | $64.8M+15.0% | $56.4M+1.9% | $55.3M+13.1% | $48.9M-5.2% | $51.6M+0.2% | $51.5M+9.0% | $47.2M-1.8% | $48.1M+4.7% | $46.0M+3.9% | $44.2M |
| SG&A Expenses | $871.1M | $833.4M+4.0% | $801.6M+6.1% | $755.7M+7.5% | $702.9M-11.6% | $795.4M+30.3% | $610.6M-2.7% | $627.5M+2.6% | $611.9M+5.8% | $578.3M-3.6% | $600.1M-0.6% | $604.0M+0.2% | $602.8M |
| Operating Income | $371.7M | $299.4M-1.6% | $304.3M+6.6% | $285.3M+1.3% | $281.5M+8.4% | $259.8M+78.6% | $145.5M-21.7% | $185.7M+7.7% | $172.3M+1.5% | $169.8M+19.2% | $142.5M+21.2% | $117.6M+12.8% | $104.2M |
| Interest Expense | N/A | N/A | N/A | -$41.3M-211.2% | -$13.3M-72.1% | -$7.7M+50.7% | -$15.6M-4007.5% | $400K+102.2% | -$18.4M-17.1% | -$15.7M-131.5% | $49.9M-17.2% | $60.3M-5.1% | $63.5M |
| Income Tax | $75.0M | $52.4M+9.5% | $47.8M+11.2% | $43.0M-20.9% | $54.4M-14.5% | $63.6M+387.7% | $13.0M-67.9% | $40.6M-14.0% | $47.2M-2.6% | $48.5M+22.1% | $39.7M+41.8% | $28.0M+67.6% | $16.7M |
| Net Income | $219.9M | $188.5M-12.0% | $214.3M+8.0% | $198.4M-0.4% | $199.3M+11.4% | $178.9M+86.3% | $96.0M-20.7% | $121.1M+21.2% | $99.9M+1.2% | $98.7M+119.3% | $45.0M+4759.6% | -$966K-104.5% | $21.6M |
| EPS (Diluted) | — | $3.11-7.7% | $3.37+14.6% | $2.94+6.9% | $2.75+15.5% | $2.38+85.9% | $1.28-20.0% | $1.60+21.2% | $1.320.0% | $1.32+112.9% | $0.62 | -$0.74 | $0.23 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
GOLF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.3B+7.5% | $2.2B-0.7% | $2.2B+0.1% | $2.2B+9.4% | $2.0B+7.5% | $1.9B+2.7% | $1.8B+7.4% | $1.7B-2.4% | $1.7B-0.1% | $1.7B-1.3% | $1.8B | N/A |
| Current Assets | $1.0B+5.3% | $973.9M-2.3% | $996.7M-5.9% | $1.1B+9.3% | $969.2M+21.2% | $799.8M+7.7% | $742.8M+11.9% | $664.0M-3.4% | $687.1M+3.4% | $664.5M-1.0% | $671.5M | N/A |
| Cash & Equivalents | $50.1M-5.6% | $53.1M-18.9% | $65.4M+11.1% | $58.9M-79.1% | $281.7M+86.0% | $151.5M+343.0% | $34.2M+10.2% | $31.0M-35.0% | $47.7M-37.3% | $76.1M+39.8% | $54.4M+14.1% | $47.7M |
| Inventory | $608.6M+5.7% | $576.0M-6.4% | $615.5M-8.8% | $674.7M+63.2% | $413.3M+15.6% | $357.7M-10.2% | $398.4M+10.3% | $361.2M-0.8% | $364.0M+12.6% | $323.3M-0.9% | $326.4M | N/A |
| Accounts Receivable | $217.5M-0.4% | $218.4M+8.5% | $201.4M-7.1% | $216.7M+24.2% | $174.4M-13.4% | $201.5M-6.5% | $215.4M+15.8% | $186.1M-2.5% | $190.9M+7.5% | $177.5M-7.7% | $192.4M | N/A |
| Goodwill | $224.3M+1.9% | $220.1M-2.3% | $225.3M+0.2% | $224.8M+6.8% | $210.4M-2.2% | $215.2M+0.5% | $214.1M+2.1% | $209.7M+3.1% | $203.4M+3.4% | $196.7M+8.6% | $181.2M-3.4% | $187.6M |
| Total Liabilities | $1.6B+12.6% | $1.4B+7.7% | $1.3B+6.1% | $1.2B+31.2% | $922.3M+8.6% | $849.2M-1.9% | $865.4M+13.2% | $764.6M-13.1% | $879.9M-9.0% | $967.3M-32.6% | $1.4B | N/A |
| Current Liabilities | $430.2M-9.0% | $472.7M+4.8% | $451.1M-17.8% | $548.6M+13.6% | $483.0M+35.0% | $357.7M-0.4% | $359.1M+21.8% | $294.9M-3.9% | $306.8M-33.6% | $462.1M-38.8% | $755.6M | N/A |
| Long-Term Debt | $926.2M+23.0% | $753.1M+12.1% | $671.8M+27.4% | $527.5M+77.4% | $297.4M-5.2% | $313.6M-5.2% | $330.7M-4.7% | $347.0M-16.8% | $417.0M+19.7% | $348.3M-11.7% | $394.5M | N/A |
| Total Equity | $783.6M+2.4% | $765.2M-11.5% | $864.2M-8.0% | $939.1M-10.0% | $1.0B+6.0% | $983.9M+7.1% | $918.4M+2.6% | $894.9M+9.0% | $821.3M+11.6% | $735.9M+359.2% | $160.3M+2.3% | $156.6M |
| Retained Earnings | $142.0M-21.3% | $180.3M+12.7% | $159.9M-66.2% | $473.1M+45.6% | $325.0M+62.7% | $199.8M+32.3% | $151.0M+107.1% | $72.9M+789.7% | $8.2M+115.2% | -$54.0M+33.9% | -$81.6M | N/A |
GOLF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $270.2M | $194.4M-20.7% | $245.1M-34.1% | $371.8M+648.5% | -$67.8M-121.6% | $314.1M+18.8% | $264.4M+96.9% | $134.3M-18.0% | $163.7M+705.6% | -$27.0M-125.9% | $104.3M+13.5% | $91.8M+69.7% | $54.1M |
| Capital Expenditures | $86.5M | $74.3M-0.4% | $74.6M-1.0% | $75.4M+22.8% | $61.4M+63.2% | $37.6M+52.4% | $24.7M-25.1% | $33.0M+0.5% | $32.8M+74.1% | $18.8M-1.7% | $19.2M-17.4% | $23.2M-1.4% | $23.5M |
| Free Cash Flow | $183.7M | $120.0M-29.6% | $170.5M-42.5% | $296.5M+329.5% | -$129.2M-146.7% | $276.5M+15.3% | $239.8M+136.6% | $101.3M-22.6% | $130.9M+385.4% | -$45.9M-153.9% | $85.1M+24.0% | $68.6M+124.4% | $30.6M |
| Investing Cash Flow | -$85.8M | -$74.3M+0.4% | -$74.6M+26.5% | -$101.5M+27.6% | -$140.2M-273.0% | -$37.6M-52.4% | -$24.7M+59.6% | -$61.1M-22.8% | -$49.7M-163.7% | -$18.8M+1.7% | -$19.2M+17.4% | -$23.2M | N/A |
| Financing Cash Flow | -$173.6M | -$124.8M+30.5% | -$179.7M+32.1% | -$264.7M-2983.9% | -$8.6M+93.9% | -$140.3M-9.1% | -$128.6M-82.8% | -$70.3M+45.4% | -$128.9M-1492.6% | $9.3M+114.8% | -$62.7M-4.3% | -$60.1M | N/A |
| Dividends Paid | $58.3M | $56.2M+3.4% | $54.3M+3.5% | $52.5M+0.5% | $52.2M+6.2% | $49.2M+6.7% | $46.1M+5.9% | $43.5M+11.4% | $39.1M+9.3% | $35.7M | $0 | N/A | N/A |
| Share Buybacks | $112.5M | $211.5M+22.4% | $172.8M-48.3% | $334.1M+76.7% | $189.1M+188.7% | $65.5M+838.9% | $7.0M-76.2% | $29.4M | $0 | $0 | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
GOLF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.7%-0.6pp | 48.3%+1.3pp | 47.0%+0.8pp | 46.2%-5.9pp | 52.1%+0.6pp | 51.5%-0.4pp | 51.9%+0.3pp | 51.6%+0.2pp | 51.4%+0.6pp | 50.8%-0.8pp | 51.6%+2.3pp | 49.3% |
| Operating Margin | 11.7%-0.7pp | 12.4%+0.4pp | 12.0%-0.4pp | 12.4%+0.3pp | 12.1%+3.1pp | 9.0%-2.0pp | 11.0%+0.5pp | 10.5%-0.3pp | 10.9%+1.8pp | 9.1%+1.2pp | 7.8%+1.0pp | 6.8% |
| Net Margin | 7.4%-1.3pp | 8.7%+0.4pp | 8.3%-0.5pp | 8.8%+0.5pp | 8.3%+2.4pp | 6.0%-1.2pp | 7.2%+1.1pp | 6.1%-0.2pp | 6.3%+3.5pp | 2.9%+2.9pp | -0.1%-1.5pp | 1.4% |
| Return on Equity | 24.1%-3.9pp | 28.0%+5.0pp | 23.0%+1.7pp | 21.2%+4.1pp | 17.2%+7.4pp | 9.8%-3.4pp | 13.2%+2.0pp | 11.2%-0.9pp | 12.0%+5.9pp | 6.1%+6.7pp | -0.6%-14.4pp | 13.8% |
| Return on Assets | 8.1%-1.8pp | 9.8%+0.8pp | 9.0%-0.1pp | 9.1%+0.2pp | 8.9%+3.8pp | 5.1%-1.5pp | 6.7%+0.8pp | 5.9%+0.2pp | 5.7%+3.1pp | 2.6%+2.6pp | -0.1% | N/A |
| Current Ratio | 2.38+0.3x | 2.06-0.1x | 2.21+0.3x | 1.93-0.1x | 2.01-0.2x | 2.24+0.2x | 2.07-0.2x | 2.250.0x | 2.24+0.8x | 1.44+0.5x | 0.89 | N/A |
| Debt-to-Equity | 1.18+0.2x | 0.98+0.2x | 0.78+0.2x | 0.56+0.3x | 0.290.0x | 0.320.0x | 0.360.0x | 0.39-0.1x | 0.510.0x | 0.47-2.0x | 2.46 | N/A |
| FCF Margin | 4.7%-2.3pp | 6.9%-5.5pp | 12.4%+18.1pp | -5.7%-18.6pp | 12.9%-2.0pp | 14.9%+8.8pp | 6.0%-2.0pp | 8.0%+10.9pp | -2.9%-8.3pp | 5.4%+0.8pp | 4.6%+2.6pp | 2.0% |
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Where Acushnet Holding Ranks
Frequently Asked Questions
What is Acushnet Holding's annual revenue?
Acushnet Holding (GOLF) reported $2.6B in total revenue for fiscal year 2025. This represents a 4.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Acushnet Holding's revenue growing?
Acushnet Holding (GOLF) revenue grew by 4.1% year-over-year, from $2.5B to $2.6B in fiscal year 2025.
Is Acushnet Holding profitable?
Yes, Acushnet Holding (GOLF) reported a net income of $188.5M in fiscal year 2025, with a net profit margin of 7.4%.
What is Acushnet Holding's EBITDA?
Acushnet Holding (GOLF) had EBITDA of $354.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Acushnet Holding have?
As of fiscal year 2025, Acushnet Holding (GOLF) had $50.1M in cash and equivalents against $926.2M in long-term debt.
What is Acushnet Holding's gross margin?
Acushnet Holding (GOLF) had a gross margin of 47.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Acushnet Holding's operating margin?
Acushnet Holding (GOLF) had an operating margin of 11.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Acushnet Holding's net profit margin?
Acushnet Holding (GOLF) had a net profit margin of 7.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Acushnet Holding pay dividends?
Yes, Acushnet Holding (GOLF) paid $0.94 per share in dividends during fiscal year 2025.
What is Acushnet Holding's return on equity (ROE)?
Acushnet Holding (GOLF) has a return on equity of 24.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Acushnet Holding's free cash flow?
Acushnet Holding (GOLF) generated $120.0M in free cash flow during fiscal year 2025. This represents a -29.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Acushnet Holding's operating cash flow?
Acushnet Holding (GOLF) generated $194.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Acushnet Holding's total assets?
Acushnet Holding (GOLF) had $2.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Acushnet Holding's capital expenditures?
Acushnet Holding (GOLF) invested $74.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Acushnet Holding spend on research and development?
Acushnet Holding (GOLF) invested $76.5M in research and development during fiscal year 2025.
What is Acushnet Holding's current ratio?
Acushnet Holding (GOLF) had a current ratio of 2.38 as of fiscal year 2025, which is generally considered healthy.
What is Acushnet Holding's debt-to-equity ratio?
Acushnet Holding (GOLF) had a debt-to-equity ratio of 1.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Acushnet Holding's return on assets (ROA)?
Acushnet Holding (GOLF) had a return on assets of 8.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Acushnet Holding's Altman Z-Score?
Acushnet Holding (GOLF) has an Altman Z-Score of 3.92, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Acushnet Holding's Piotroski F-Score?
Acushnet Holding (GOLF) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Acushnet Holding's earnings high quality?
Acushnet Holding (GOLF) has an earnings quality ratio of 1.03x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Acushnet Holding?
Acushnet Holding (GOLF) scores 60 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.