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Leisure · Consumer Cyclical · Fiscal year ends Dec 31
Acushnet reported revenue of $2.6B in the fiscal year ended Dec 2025, up 4.1% from the year before. Operating income was $299M, an operating margin of 11.7%, and net income was $189M. Operating cash flow of $194M less capital expenditure of $74M left free cash flow of $120M. Net debt was $877M.
Ranks among the 21 leisure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,148 | 2,270 | 2,382 | 2,457 | 2,559 |
| Cost of revenue | 1,029 | 1,222 | 1,262 | 1,269 | 1,337 |
| Gross profit | 1,118 | 1,049 | 1,120 | 1,188 | 1,221 |
| Research & development | 55.3 | 56.4 | 64.8 | 67.8 | 76.5 |
| Selling, general & admin | 795 | 703 | 756 | 802 | 833 |
| Operating income | 260 | 282 | 285 | 304 | 299 |
| Net interest incomeBanks | −7.7 | −13.3 | −41.3 | – | – |
| Pre-tax income | 248 | 259 | 242 | 250 | 240 |
| Income tax | 63.6 | 54.4 | 43.0 | 47.8 | 52.4 |
| Net income | 179 | 199 | 198 | 214 | 189 |
| Diluted EPS | 2.38 | 2.75 | 2.94 | 3.37 | 3.11 |
| Diluted shares | 75.3 | 72.6 | 67.5 | 63.6 | 60.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 282 | 58.9 | 65.4 | 53.1 | 50.1 |
| Receivables | 174 | 217 | 201 | 218 | 217 |
| Inventory | 413 | 675 | 616 | 576 | 609 |
| Current assets | 969 | 1,059 | 997 | 974 | 1,025 |
| Net PP&E | 232 | 254 | 295 | 326 | 357 |
| Goodwill | 210 | 225 | 225 | 220 | 224 |
| Total assets | 2,006 | 2,194 | 2,197 | 2,180 | 2,343 |
| Payables | 164 | 167 | 151 | 150 | 157 |
| Current liabilities | 483 | 549 | 451 | 473 | 430 |
| Short-term debt | 17.5 | 0.0 | 0.4 | 0.7 | 0.7 |
| Long-term debt | 297 | 528 | 672 | 753 | 926 |
| Total liabilities | 922 | 1,210 | 1,284 | 1,383 | 1,557 |
| Shareholders' equity | 1,043 | 939 | 864 | 765 | 784 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 314 | −67.8 | 372 | 245 | 194 |
| Capital expenditure | 37.6 | 61.4 | 75.4 | 74.6 | 74.3 |
| Free cash flow | 277 | −129 | 296 | 170 | 120 |
| Depreciation & amortisation | 41.2 | 41.7 | 51.4 | 55.9 | 55.3 |
| Stock-based compensation | 27.6 | 24.1 | 29.7 | 30.8 | 28.6 |
| Acquisitions | 0.0 | 18.4 | 0.0 | 0.0 | – |
| Share buybacks | 65.5 | 189 | 334 | 173 | 212 |
| Dividends paid | 49.2 | 52.2 | 52.5 | 54.3 | 56.2 |
| Dividend per share | 0.66 | 0.72 | 0.78 | 0.86 | 0.94 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.7% | 4.9% | 3.2% | 4.1% |
| Operating income growth (YoY) | – | 8.4% | 1.3% | 6.6% | −1.6% |
| EPS growth (YoY) | – | 15.5% | 6.9% | 14.6% | −7.7% |
| Gross margin | 52.1% | 46.2% | 47.0% | 48.3% | 47.7% |
| Operating margin | 12.1% | 12.4% | 12.0% | 12.4% | 11.7% |
| Net margin | 8.3% | 8.8% | 8.3% | 8.7% | 7.4% |
| Return on equityBlank when equity is negative | 17.2% | 21.2% | 23.0% | 28.0% | 24.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.1% | 17.1% | 16.3% | 17.8% | 15.7% |
| Free cash flow margin | 12.9% | −5.7% | 12.4% | 6.9% | 4.7% |
| Cash conversion (CFO ÷ net income) | 1.76x | −0.34x | 1.87x | 1.14x | 1.03x |
| Receivable days | 30 | 35 | 31 | 32 | 31 |
| Inventory days | 147 | 202 | 178 | 166 | 166 |
| Payable days | 58 | 50 | 44 | 43 | 43 |
| Debt ÷ equity | 0.30x | 0.56x | 0.78x | 0.99x | 1.18x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 33.2 | 469 | 607 | 701 | 877 |
| Current ratio | 2.01x | 1.93x | 2.21x | 2.06x | 2.38x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.