olivLaw · US equity research
Acushnet Holdings Corp. GOLF
Sporting & Athletic Goods, NEC · SIC 3949 · Vertical: Sporting & Athletic Goods, NEC (SIC 3949)
Acushnet Holdings Corp. is the global leader in designing and distributing performance golf products under the Titleist and FootJoy brands. Net sales for fiscal 2025 reached 2,558.7 million USD, and in mid-2026 the company raised its sales outlook, making its trajectory closely watched by investors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Acushnet Holdings Corp. (GOLF) stock was 83.62 USD (−2.63% on the day), with market capitalisation 4.8 bn USD, P/E 22.7 on diluted EPS of 3.69 USD over the last 12 months, dividend yield 1.20%, beta 0.79, 52-week range 77.55–118.53 USD. Latest reported quarter (Q3 2026): revenue of 649.2 m USD (−1.3% YoY), net income of 49.2 m USD (+1.4% YoY), diluted EPS 0.83 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 50.1
- neutral
- Bollinger (20, 2)
- 76.46 – 88.26
- in the upper half of the band · %B 0.61 · band width 14.3%
- SMA 50 / 200
- 83.22 / 94.10
- mixed trend
- MACD (12, 26, 9)
- 0.80 / 0.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.8% | −5.9% | +6.7 pp | — |
| 3 months | −10.9% | −4.6% | −6.3 pp | — |
| 6 months | −6.6% | +0.2% | −6.8 pp | — |
| Year to date | +4.8% | +7.4% | −2.7 pp | — |
| 1 year | +6.8% | +8.2% | −1.4 pp | +13.2% |
| 3 years | +50.4% | +68.4% | −18.0 pp | −9.6% |
| 5 years | +45.6% | +56.5% | −10.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 445.2 m | 703.4 m | 720.5 m | 657.7 m | 477.2 m | 753.0 m | 820.0 m | 649.2 m |
| Cost of revenue | 237.5 m | 366.2 m | 366.2 m | 338.5 m | 266.6 m | 397.7 m | 374.1 m | 327.2 m |
| Gross profit | 207.7 m | 337.2 m | 354.3 m | 319.1 m | 210.7 m | 355.3 m | 445.8 m | 322.0 m |
| Research & development | 16.3 m | 18.9 m | 18.9 m | 18.6 m | 20.1 m | 19.2 m | 20.8 m | 19.4 m |
| SG&A | 193.1 m | 200.3 m | 222.0 m | 204.9 m | 206.2 m | 213.7 m | 246.2 m | 217.3 m |
| Operating income | -5.2 m | 114.5 m | 109.9 m | 92.9 m | -17.9 m | 120.1 m | 176.6 m | 80.3 m |
| Depreciation & amortisation | 14.2 m | 14.3 m | 14.9 m ≈ | 13.0 m ≈ | 13.1 m | 12.9 m | 13.4 m ≈ | 15.9 m ≈ |
| Pre-tax income | -18.1 m | 120.6 m | 93.7 m | 76.7 m | -51.4 m | 105.3 m | 164.0 m | 67.4 m |
| Income tax | -10.0 m | 21.6 m | 18.6 m | 28.6 m | -16.4 m | 24.1 m | 38.7 m | 17.2 m |
| Net income | -1.1 m | 99.4 m | 75.6 m | 48.5 m | -34.9 m | 81.4 m | 124.8 m | 49.2 m |
| Diluted EPS | -0.02 ≈ | 1.62 | 1.25 | 0.81 | -0.58 ≈ | 1.36 | 2.08 | 0.83 |
| Operating cash flow | -1.1 m | -120.3 m | 151.9 m ≈ | 163.1 m ≈ | -338.0 k | -143.7 m | 251.1 m ≈ | 211.5 m ≈ |
| Capex | 32.1 m | 11.3 m | 13.9 m ≈ | 26.2 m ≈ | 23.0 m | 19.2 m | 18.1 m ≈ | 20.1 m ≈ |
| Dividends paid | 13.0 m | 14.8 m | 13.8 m ≈ | 13.8 m ≈ | 13.7 m | 15.9 m | 14.9 m ≈ | 14.6 m ≈ |
| Share repurchases | 30.5 m | 35.7 m | 89.3 m ≈ | 62.5 m ≈ | 24.0 m | 10.0 m | 16.0 m ≈ | 55.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 75 percentile of its own 40-quarter history (min 14.8, median 19.9, max 58.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.7 bn | 1.6 bn | 2.1 bn | 2.3 bn | 2.4 bn | 2.5 bn | 2.6 bn |
| Revenue YoY | +4.7% | +2.9% | −4.1% | +33.2% | +5.7% | +4.9% | +3.2% | +4.1% |
| Net income | 99.9 m | 121.1 m | 96.0 m | 178.9 m | 199.3 m | 198.4 m | 214.3 m | 188.5 m |
| Net income YoY | +1.2% | +21.2% | −20.7% | +86.3% | +11.4% | −0.4% | +8.0% | −12.0% |
| Diluted EPS | 1.32 | 1.60 | 1.28 | 2.38 | 2.75 | 2.94 | 3.37 | 3.11 |
| Diluted EPS YoY | 0.0% | +21.2% | −20.0% | +85.9% | +15.5% | +6.9% | +14.6% | −7.7% |
| net % | 6.1% | 7.2% | 6.0% | 8.3% | 8.8% | 8.3% | 8.7% | 7.4% |
| Free cash flow | 130.9 m | 101.3 m | 239.8 m | 276.5 m | -129.2 m | 296.5 m | 170.5 m | 120.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 50.1 m USD
- Financial debt
- 942.2 m USD
- Net debt
- 892.2 m USD
- Equity
- 783.6 m USD
- Total assets
- 2.3 bn USD
- Debt / equity
- 1.20x
- Current ratio
- 2.38x
- ROE
- 23.9%
- ROA
- 8.3%
- FCF margin
- 4.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 2.1 bn | 2.3 bn | 2.4 bn | 2.5 bn | 2.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 782.3 m | 1.0 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 829.8 m | 1.1 bn | 1.0 bn | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 48.9 m | 55.3 m | 56.4 m | 64.8 m | 67.8 m | 76.5 m | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 610.6 m | 795.4 m | 702.9 m | 755.7 m | 801.6 m | 833.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 145.5 m | 259.8 m | 281.5 m | 285.3 m | 304.3 m | 299.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 45.4 m | 41.2 m | 41.7 m | 51.4 m | 55.9 m | 55.3 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 190.9 m ≈ | 301.1 m ≈ | 323.2 m ≈ | 336.7 m ≈ | 360.2 m ≈ | 354.7 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | 113.0 m | 247.8 m | 259.4 m | 241.6 m | 249.7 m | 239.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 13.0 m | 63.6 m | 54.4 m | 43.0 m | 47.8 m | 52.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 96.0 m | 178.9 m | 199.3 m | 198.4 m | 214.3 m | 188.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 1.28 | 2.38 | 2.75 | 2.94 | 3.37 | 3.11 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 75.1 m | 75.3 m | 72.6 m | 67.5 m | 63.6 m | 60.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 0.62 | 0.66 | 0.72 | 0.78 | 0.86 | 0.94 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 151.5 m | 281.7 m | 58.9 m | 65.4 m | 53.1 m | 50.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 201.5 m | 174.4 m | 216.7 m | 201.4 m | 218.4 m | 217.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 357.7 m | 413.3 m | 674.7 m | 615.5 m | 576.0 m | 608.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 799.8 m | 969.2 m | 1.1 bn | 996.7 m | 973.9 m | 1.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 215.2 m | 210.4 m | 224.8 m | 225.3 m | 220.1 m | 224.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 473.5 m | 465.3 m | 525.9 m | 537.4 m | 523.1 m | 511.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 1.9 bn | 2.0 bn | 2.2 bn | 2.2 bn | 2.2 bn | 2.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 112.9 m | 163.6 m | 167.0 m | 150.5 m | 150.3 m | 157.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 2.8 m | 116.0 k | 40.3 m | 29.0 m | 10.2 m | 16.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 313.6 m | 297.4 m | 527.5 m | 671.8 m | 753.1 m | 926.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 357.7 m | 483.0 m | 548.6 m | 451.1 m | 472.7 m | 430.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 849.2 m | 922.3 m | 1.2 bn | 1.3 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 1.0 bn | 1.1 bn | 976.7 m | 903.1 m | 793.1 m | 783.6 m | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 264.4 m | 314.1 m | -67.8 m | 371.8 m | 245.1 m | 194.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 24.7 m | 37.6 m | 61.4 m | 75.4 m | 74.6 m | 74.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 239.8 m ≈ | 276.5 m ≈ | -129.2 m ≈ | 296.5 m ≈ | 170.5 m ≈ | 120.0 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -24.7 m | -37.6 m | -140.2 m | -101.5 m | -74.6 m | -74.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -128.6 m | -140.3 m | -8.6 m | -264.7 m | -179.7 m | -124.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 46.1 m | 49.2 m | 52.2 m | 52.5 m | 54.3 m | 56.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 7.0 m | 65.5 m | 189.1 m | 334.1 m | 172.8 m | 211.5 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet29
- Returns69
- Quality86
- Growth31
- Valuation35
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.35 – 72.77 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA43.44 – 59.88 (Mid 47.18)3 companies used · median multiple 8.4x · quartiles 7.8x – 10.1xCALY, ESCA, YETI
- Peers: P/E56.54 – 72.77 (Mid 70.01)3 companies used · median multiple 19.0x · quartiles 15.3x – 19.7xESCA, PTON, YETI
- Dividend discount (DDM)12.35 – 16.61 (Mid 14.17)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.9% | 80 (vs peers) | 11% |
| Net margin · Quality | 8.2% | 82 (vs peers) | 7% |
| FCF conversion · Quality | 108.0% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 4.1% | 34 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 4.2% | 28 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 1.9x | 0 (vs peers) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 22.7x | 33 (on a fixed band) | 11% |
| EV/EBITDA · Valuation | 13.4x | 15 (on a fixed band) | 11% |
| FCF yield · Valuation | 5.0% | 62 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 3.4% | 49 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 24.8% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet29/100 · 2/3 factors with a value
- Growth31/100 · 2/2 factors with a value
- Quality86/100 · 3/3 factors with a value
- Returns69/100 · 2/2 factors with a value
- Valuation35/100 · 3/3 factors with a value
Memo
Acushnet Holdings Corp. (GOLF). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.6 bn USD in 2025; YoY growth 4.1%; net margin 8.2%; ROE 25.7%; net debt/EBITDA 1.9x.
The estimated value range is 43.44–59.88 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 47.18 USD, the price of 83.62 USD leaves a potential of -43.6% (value / price − 1) and a margin of safety of -77.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 16.9%
- Net margin: 8.2%
- FCF conversion: 108.0%
- Current ratio: 2.0x
- Payout ratio (FCF): 24.8%
What contradicts it
- EPS CAGR 3Y: 4.2%
- Net debt / EBITDA: 1.9x
- EV/EBITDA: 13.4x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Sporting & Athletic Goods, NEC (SIC 3949) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOLFAcushnet Holdings Corp. | 4.8 bn | 22.7 | 25.7% | 8.2% | +4.1% | +7% / +50% |
| YETIYETI Holdings, Inc. | 3.4 bn | 20.5 | 25.3% | 9.2% | unavailable | +13% / +10% |
| CALYCallaway Golf Company | 2.8 bn | — | -8.7% | -9.6% | −0.8% | +24% / +30% |
| ESCAEscalade, Incorporated | 280.5 m | 11.7 | 13.5% | 10.0% | −4.5% | +54% / +10% |
| AOUTAmerican Outdoor Brands, Inc. | 217.7 m | — | -2.4% | -2.0% | −14.3% | +141% / +101% |
| CLARClarus Corporation | 162.7 m | — | -12.5% | -10.4% | −5.2% | +19% / −25% |
| KBSXFST Corp. | 61.3 m | — | -7.8% | -3.1% | +31.4% | −3% / −88% |
| GMEXGmex Robotics Corporation | 9.4 m | — | -91.5% | -308.0% | +7.9% | −100% / −100% |
| NWTGNewton Golf Company, Inc. | 4.1 m | — | -2,023.2% | -124.4% | +136.1% | −55% / −100% |
| TRUGTrugolf Holdings, Inc. | 528.4 k | — | -349.3% | -55.7% | −13.6% | −100% / −100% |
| PTONPeloton Interactive, Inc. | — | 19.0 | — | 5.9% | −1.8% | −17% / 0% |
| JOUTJohnson Outdoors Inc. | — | — | -1.8% | -1.2% | −0.1% | +16% / −10% |
1- and 3-year price returns: for GOLF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 51.40 Total return -38% · Per year -38% | 90.88 Total return 10% · Per year 10% | 136.92 Total return 65% · Per year 65% |
| 3 years | 49.45 Total return -38% · Per year -15% | 98.42 Total return 22% · Per year 7% | 162.87 Total return 100% · Per year 26% |
| 5 years | 47.57 Total return -38% · Per year -9% | 106.59 Total return 35% · Per year 6% | 193.75 Total return 141% · Per year 19% |
- Exit P/E± 24.61
- Net margin± 17.22
- Annual revenue growth± 14.20
- Annual dilution± 1.45
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Acushnet Holdings Corp. is the global leader in designing and distributing performance golf products under the Titleist and FootJoy brands. Net sales for fiscal 2025 reached 2,558.7 million USD 1, and in mid-2026 the company raised its sales outlook, making its trajectory closely watched by investors 3.
SWOT
Strengths
- The Titleist brand leads the balls used on professional tours, and FootJoy is recognised in golf footwear 1.
- The mix of consumable and durable products reduces reliance on one type of sale and supports revenue through the year 1.
- The company controls design, sourcing and manufacturing of most products, which supports consistent quality 1.
Weaknesses
- Sales are sensitive to weather and seasonality, and winter months and late-season periods can be weak 1.
- Demand depends on discretionary spending, so an economic slowdown can quickly reduce sales of premium products 1.
- The company carries significant debt, which limits financial flexibility in difficult periods 1.
Opportunities
Threats
- Changes to the Rules of Golf on balls and clubs could make current products nonconforming and reduce sales 1.
- US trade policy and tariffs could raise import costs and provoke retaliation from other countries 12.
- Currency fluctuations can affect reported results, because a large part of revenue comes from outside the United States 1.
Risks
- Fewer rounds of golfhigh
If participation or the number of rounds played declines, demand for the company's products could fall significantly 1.
- Tariffs and international tradehigh
Tariffs and partners' retaliatory measures can raise costs and compress margins if they cannot be offset 12.
- Changes to the Rules of Golfmedium
Proposed testing changes for balls and drivers could make current products nonconforming and require added research spending 1.
- High leveragemedium
The level of debt limits the ability to fund new investment and to respond quickly to industry changes 1.
- Supplier and production dependencemedium
Many raw materials and components come from a small number of suppliers, and a production disruption could seriously affect results 1.
Investment thesis
What would need to be true (bull case)
- Sales growth in the first half of 2026 and the raised outlook suggest that new launches and tax refunds can support results 23.
- Leadership in balls on professional tours and brand recognition give the company an advantage that is hard to replicate in the industry 1.
- A balanced product mix and expansion into adjacent categories could reduce dependence on one type of demand 1.
What would break the thesis
- Some first-half 2026 benefits come from tariff refunds, which the company itself treats as non-recurring, so future results could be weaker 23.
- Sensitivity to weather, the economy and golf rules can make revenue volatile from year to year 1.
- Debt and higher import costs could limit margins if tariff pressure continues 12.
What to watch
- Details of the raised 2026 sales and adjusted EBITDA outlook presented at the investor callQ3 2026
- Sales trend for the GTS drivers and fairways after their early launchQ3 2026
- Effect of IEEPA refunds on margins and whether further material recoveries are recognisednext 10-K
- Decisions on Rules of Golf changes for balls and drivers and their impact on the product portfolio2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Acushnet operates three reportable segments: Titleist golf equipment, FootJoy golf wear and golf gear. Titleist is a leading performance brand in balls, clubs and accessories, while FootJoy leads in golf footwear and apparel. The company sells mainly through premium golf shops and its own eCommerce channels 1.
The strategy rests on a pyramid of influence: products used by the best players create aspirational demand among amateur golfers. The company aims to stay the leader through innovation, with about 200 research and development staff, and direct control over design and manufacturing of most products 1.
Based on fiscal 2025, the most important lines are Titleist balls and clubs, followed by FootJoy apparel and footwear. The mix of consumable and durable products is seen as an advantage because it reduces reliance on one type of demand 1.
Segments
Titleist golf equipment
This is the largest segment, with about 62% of fiscal 2025 net sales and revenue of 1,596.2 million USD. It includes Pro V1 and Pro V1x balls, as well as clubs, wedges and putters. In the first half of 2026 the segment grew strongly, helped by the new GTS drivers and fairways 12.
FootJoy golf wear
The segment covers footwear, gloves and apparel under the FootJoy brand. It represented about 22% of fiscal 2025 sales, and growth in the first half of 2026 was more moderate, mainly due to higher average selling prices while footwear and apparel volumes fell 12.
Golf gear
The segment includes golf bags, travel products and accessories under the Titleist, Club Glove and Links & Kings brands. It represented about 10% of fiscal 2025 sales and is viewed as an area for expansion as the company seeks greater penetration in adjacent categories 1.
Market context
Rounds of golf played rose modestly in 2025, by about 2% worldwide and about 1% in the United States, and the company expects resilient demand in 2026 1. Golf remains a discretionary activity, so sales depend on economic conditions, weather and the timing of product launches 1.
The market is centred on dedicated golfers willing to pay a premium for performance, and mature markets such as the United States, Japan, Korea and Europe drive near-term growth. Over 40% of sales come from outside the United States, which exposes the company to currency movements 1.
Trends
- Tariffs and IEEPA refundsmixed
US tariffs raised import costs, but after the February 2026 Supreme Court ruling the company received refunds of duties previously paid. These brought significant benefits in the first half of 2026, although the company says future recoveries should not be material 2. If tariffs stay high, margins could come under pressure again.
Competitive position
The golf equipment market is highly competitive, and Acushnet describes competition as intense in every product category. The company relies on brand strength and its leadership in balls on professional tours, where Titleist accounted for 72% of balls used in 2025 1.
Competition comes from equipment makers as well as apparel and accessory brands targeting the same dedicated golfers. Acushnet argues that brand loyalty and its relationships with premium shops protect its position, but losing market share could hurt sales and profitability 1.
- Golf equipment manufacturers
The sources describe competition in general terms and do not name specific companies.
- Golf apparel and footwear brands
Competition in apparel and footwear is mentioned as part of general risks, without company names in the sources.
- Premium golf retailers
Premium golf shops are both a distribution channel and an arena where competition for golfers' attention is strong.
- Direct online sellers
Direct sales through eCommerce are an in-house channel, but also an area where other sellers can compete for the same customers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report11 Jun 2026Shareholder vote
- Current report08 Jun 2026Material agreement · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement17 Apr 2026
- Annual report27 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Acushnet Holdings Corp. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Acushnet Holdings Corp. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Acushnet Holdings Corp. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.