Acushnet Holdings Corp.

Consumer Discretionary
Recreational Games/Products/Toys
www.acushnetholdingscorp.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $3.91B
PE 19
Debt $767.67M
Cash $53.06M
EV $4.63B
FCF $170.48M

Earnings

loading chart...

Sales & Net Margins

loading chart...

Earnings	$201.84M
EBIT	$304.26M
ROE	25%
ROA	14%
FCF	$170.48M
Equity	$793.14M
Growth Stability	92%
PE	19.38
PEG	1.09
PB	4.93
P/FCF	22.94
P/S	1.59
Price/Cash	0.01
Debt/Equity	0.97
Debt/FCF	4.5
Net Margins	8%
Gross Margins	48%
Op. Margins	12%
Earnings CAGR	30%
Sales Growth YoY	8%
Sales Growth QoQ	-28%
Sales CAGR	6%
FCF CAGR	7%
Equity CAGR	7%
Earnings Stability	0.43
Earnings Growth YoY	-69%
Earnings Growth QoQ	-115%
Earnings CAGR 5Y	18%

Sales CAGR 5Y	10%
FCF CAGR 5Y	6%
Equity CAGR 5Y	-3%
Earnings CAGR 3Y	4%
Sales CAGR 3Y	4%
FCF CAGR 3Y	66%
Equity CAGR 3Y	-10%
Market Cap	$3.91B
Revenue	$2.46B
Dividend Yield	1%
Payout Ratio	27%
Assets	$2.18B
Total Debt	$767.67M
Cash	$53.06M
Shares Outstanding	59.72M
EV	4.63B
Earnings Score	61%
Moat Score	93%
Safety Score	85%
Final Score	80%
Working Capital	501.17M
Current Ratio	2.06
Gross Profit	$1.19B
Shares Growth 3y	-7%
Equity Growth QoQ	-12%
Equity Growth YoY	-12%

Assets & ROA

loading chart...

Stockholders Equity & ROE

loading chart...

Acushnet Holdings Corp is a US-based company engaged in the design, development, manufacture, and distribution of golf products. Its product category includes golf balls, golf shoes, golf clubs, wedges, putters, golf gloves, golf gear and golf wear, of which key revenue is derived from the sales of golf balls and golf gloves. The operating segments of the company are Titleist golf balls, Titleist golf clubs, Titleist golf gear and FootJoy golf wear. The company operates in the United States, EMEA, Japan, Korea and other countries, of which a majority of the revenue is generated from the operations in the United States.

SEC Filings

Direct access to Acushnet Holdings Corp. (GOLF) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Acushnet Holdings Corp. compare to its competitors?

Loading chart...

Peter Lynch's Chart

This chart shows the current pricing of Acushnet Holdings Corp. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 30%

Stability 43%

loading chart...

Acushnet Holdings Corp. Discounted Cash Flow

Fully customizable DCF calculator online for Acushnet Holdings Corp..

Years

Calculation mode

= $2.7B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$170M	$182M	$194M	$207M	$221M	$236M	$251M	$268M	$286M	$305M	$326M	$3.3B
DCF		$165M	$160M	$156M	$151M	$146M	$142M	$138M	$134M	$129M	$126M	$1.3B
Value	$2.7B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	-1%	1%	6%	6%	7%	6%	8%	9%	8%	8%	8%
ROA	-	10%	10%	10%	10%	8%	13%	13%	13%	14%	14%
ROE	-	3%	11%	11%	13%	9%	17%	20%	22%	25%	25%

Net Margins (8.21%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	5.02	-10.32	3.21	3.99	1.46	1.2	-4.4	2.38	4.5	4.5
Debt over Equity	4.32	0.56	0.56	0.45	0.43	0.34	0.31	0.58	0.78	0.97	0.97
Growth Stability	-	-	-	100%	100%	92%	100%	100%	100%	100%	92%

Bad Debt/FCF ratio (4.5)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.97)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (92%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	5%	-1%	5%	3%	-4%	33%	6%	5%	3%	10%
Earnings YoY growth	-	-257%	297%	8%	21%	-21%	86%	11%	-0%	2%	18%
Equity YoY growth	-	297%	10%	9%	3%	7%	6%	-10%	-8%	-12%	-3%
FCF YoY growth	-	25%	-153%	-385%	-23%	137%	15%	-147%	-330%	-42%	6%