Acushnet Holdings Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Acushnet Holdings Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,572	1,560	1,634	1,681	1,612	2,148	2,270	2,382	2,457	2,559
Cost of revenue	773	758	791	809	782	1,029	1,222	1,262	1,269	1,337
Gross profit	799	802	842	872	830	1,118	1,049	1,120	1,188	1,221
Research and development	48.1	47.2	51.5	51.6	48.9	55.3	56.4	64.8	67.8	76.5
Selling, general and administrative	600	578	612	628	611	795	703	756	802	833
Operating income	143	170	172	186	145	260	282	285	304	299
Interest expense	49.9			0.4
Interest income	1.35	1.2	1.25	0.85	0.48	0.59	0.74	1.65	1.2	1.12
Other non-operating income	-3.37	-2.44	-3.63	-0.88	-16.8	-4.28	-8.83	-2.42	-1.96	15.4
Pre-tax income	165	152	150	165	113	248	259	242	250	240
Income tax	39.7	48.5	47.2	40.6	13	63.6	54.4	43	47.8	52.4
Net income to minority interests	4.5	4.51	3.2	3.5	4.01	5.37	5.81	0.18	-12.5	-1.39
Net income	45	98.7	99.9	121	96	179	199	198	214	189
EBITDA	183	211	213	229	191	301	323	337	360	355
EPS, basic	0.74	1.33	1.34	1.61	1.29	2.40	2.77	2.96	3.38	3.13
EPS, diluted	0.62	1.32	1.32	1.60	1.28	2.38	2.75	2.94	3.37	3.11
Shares, basic (weighted)	31.2	74.4	74.8	75.4	74.5	74.5	72	67.1	63.3	60.3
Shares, diluted (weighted)	64.3	74.6	75.5	75.8	75.1	75.3	72.6	67.5	63.6	60.6
Dividend per share	0.00	0.48	0.52	0.56	0.62	0.66	0.72	0.78	0.86	0.94

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	76.1	47.7	31	34.2	151	282	58.9	65.4	53.1	50.1
Receivables	178	191	186	215	202	174	217	201	218	217
Inventory	323	364	361	398	358	413	675	616	576	609
Other current assets	84.6	84.5	85.7	94.8	89.2	99.8	109	114	126	149
Total current assets	665	687	664	743	800	969	1,059	997	974	1,025
Property, plant and equipment	240	229	228	232	223	232	254	295	326	357
Lease right-of-use assets				44.4	53.9	45.9	57.6	88.8	75.7	126
Goodwill	197	203	210	214	215	210	225	225	220	224
Intangible assets	490	481	478	481	474	465	526	537	523	511
Other non-current assets	32.2	33.8	33.3	77.3	75.2	68.3	82	110	103	204
Total assets	1,736	1,734	1,692	1,817	1,867	2,006	2,194	2,197	2,180	2,343
Accounts payable	87.6	92.8	86	102	113	164	167	151	150	157
Accrued liabilities	224	80.2	77.2	72.5	82.3	113	98.2	111	95.1	101
Short-term debt	18.8	26.7	35.6	17.5	17.5	17.5	0	0.35	0.72	0.66
Total current liabilities	462	307	295	359	358	483	549	451	473	430
Long-term debt	348	417	347	331	314	297	528	672	753	926
Lease liabilities				34.1	41	35.9	44.8	73.3	60.2	105
Other non-current liabilities	14.1	16.7	16.1	51.9	52.1	43.2	54.2	84.1	74.7	125
Total liabilities	967	880	765	865	849	922	1,210	1,284	1,383	1,557
Total debt	370	447	385	350	333	315	526	677	758	933
Paid-in capital	881	895	911	911	925	948	961	809	788	764
Retained earnings	-54	8.2	72.9	151	200	325	473	160	180	142
Treasury stock			0	-31.2	-45.1	-131	-385	0	-62.5	0
Other comprehensive income	-90.8	-81.7	-89	-112	-96.2	-99.6	-110	-104	-140	-122
Shareholders' equity	736	821	895	918	984	1,043	939	864	765	784
Minority interests	33	32.7	32.1	32.4	33.3	37.4	37.6	38.9	27.9	0
Total equity	769	854	927	951	1,017	1,080	977	903	793	784
Total liabilities and equity	1,736	1,734	1,692	1,817	1,867	2,006	2,194	2,197	2,180	2,343
Shares outstanding	74.1	74.5	74.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	49.5	103	103	125	100	184	205	199	202	187
Depreciation and amortization	40.8	40.9	40.5	43	45.4	41.2	41.7	51.4	55.9	55.3
Stock-based compensation	14.5	15.3	18.6	11	16	27.6	24.1	29.7	30.8	28.6
Deferred income tax	7.85	21.3	15.5	8.47	-3.98	12	9.06	15.4	0.92	13.9
Change in receivables	12.6	-2.59	0.57	-27.1	22.7	16.7	-58.9	13.8	-26.8	12
Change in inventory	-2.38	-28.4	0.81	-25.2	49	-64.2	-276	58.9	21.7	-20.4
Change in payables	1.97	0.97	-5.79	10.9	9.95	48.8	8.84	-12.1	1.88	-1.67
Cash from operations	104	-27	164	134	264	314	-67.8	372	245	194
Capital expenditures	-19.2	-18.8	-32.8	-33	-24.7	-37.6	-61.4	-75.4	-74.6	-74.3
Acquisitions	0	0	-16.9	-28.1	0	0	-18.4	0	0
Cash from investing	-19.2	-18.8	-49.7	-61.1	-24.7	-37.6	-140	-101	-74.6	-74.3
Debt issued	375	0	0
Debt repaid	-4.69	-18.8	-21.1		-17.5	-17.5	-315	0	0
Share buybacks		0	0	-29.4	-6.98	-65.5	-189	-334	-173	-212
Dividends paid	0	-35.7	-39.1	-43.5	-46.1	-49.2	-52.2	-52.5	-54.3	-56.2
Cash from financing	-62.7	9.26	-129	-70.3	-129	-140	-8.58	-265	-180	-125
Exchange rate effect		5.21	-1.86	0.28	6.11	-5.97	-6.18	0.92	-3.18	1.82
Net change in cash	20	-31.4	-16.7	3.17	117	130	-223	6.53	-12.4	-2.97
Free cash flow	85.1	-45.9	131	101	240	277	-129	296	170	120
Interest paid	27.2	15.5	18.3	18.2	15	6.89	11.6	36.4	53.4	60.2
Income taxes paid	16.6	35.9	27.4	31.3	29.8	28.9	56.4	33.6	49.4	37.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $83.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.1%	Gross profit / revenue.
Operating margin	13.7%	Operating income / revenue.
EBITDA margin	15.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.9%	Pre-tax income / revenue.
Net margin	8.1%	Net income / revenue.
FCF margin	6.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.0%	Cash from operations / revenue.
Effective tax rate	25.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.5%	Net income / average total assets.
Return on invested capital (ROIC)	15.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.9%	Research and development expense / revenue.
SG&A / revenue	32.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-1.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-12.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-1.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	14.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-7.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-20.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-6.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-29.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-12.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	9.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.55x	Current assets / current liabilities.
Quick ratio	1.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.4%	Total debt / total assets.
Liabilities / assets	64.0%	Total liabilities / total assets.
Net debt	$869.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.05x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$771.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	28.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$195.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.05x	Revenue / average total assets.
Fixed asset turnover	7.35x	Revenue / average property, plant and equipment.
Inventory turnover	2.59x	Cost of revenue / average inventory.
Days inventory	141 days	365 x average inventory / cost of revenue.
Receivables turnover	5.53x	Revenue / average receivables.
Days sales outstanding	66 days	365 x average receivables / revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	155 days	Days inventory + days sales outstanding - days payables.
FCF conversion	83.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	32.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.67	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$45.18	Revenue / diluted weighted shares.
FCF per share	$3.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.51	Cash from operations / diluted weighted shares.
Book value per share	$15.42	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.26	Tangible book value / shares outstanding.
Cash per share	$1.13	(Cash + short-term investments) / shares outstanding.
Payout ratio	26.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	31.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	61.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.85B	Share price x shares outstanding.
Enterprise value	$5.72B	Market cap + total debt - cash - short-term investments.
P/E	22.1x	Market cap / net income. Only when net income is positive.
P/S	1.79x	Market cap / revenue.
P/B	5.25x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	24.8x	Market cap / tangible book value, when positive.
P/FCF	26.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.9x	Market cap / cash from operations, when positive.
EV/Sales	2.11x	Enterprise value / revenue.
EV/EBIT	15.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	31.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.8%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	3.5%	(Dividends paid + share buybacks) / market cap.
PEG	5.27x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Acushnet Holdings Corp.'s revenue in fiscal 2025?

Acushnet Holdings Corp. reported revenue of $2.56B for fiscal 2025, 4.1% higher than the year before.

Was Acushnet Holdings Corp. profitable in fiscal 2025?

Yes. Net income was $188.5M, a net margin of 7.4%.

How much free cash flow did Acushnet Holdings Corp. generate in fiscal 2025?

Cash from operations of $194.4M minus capital expenditures of $74.3M left free cash flow of $120.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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