At a glance
Acushnet Holdings Corp is worth $4.87B, about 27 times its fiscal 2025 earnings. Revenue grew 4.1% to $2.56B in fiscal 2025, with 7.4% kept as profit; over 5 years it has grown 9.7% a year. It pays a 1.22% dividend yield, raised every year for at least 9 years, and returned $1.24B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +4.1% over the past year with dividends reinvested and +12.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.7% in the 2020 crash (S&P 500: 33.7%) and 27.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 3 months after the lows.
The business in plain English
Acushnet designs, makes and sells golf equipment and golf wear under two well-known brands. Titleist covers golf balls, clubs, Vokey Design wedges and Scotty Cameron putters. FootJoy covers golf shoes and other golf wear. Its target customer is the "dedicated golfer," an avid player who spends time and money to improve. Its marketing rests on a "pyramid of influence": everyday golfers copy what top players use. The company says Titleist has been the #1 ball in professional golf for over 75 years.
Its main sales channel is premium golf shops, such as on-course pro shops and golf specialty stores. It also sells through other retailers and its own websites. Golf balls and gloves get used up and replaced. They made up nearly 40% of 2025 net sales. Clubs, shoes, apparel and gear made up over 60%. The company owns or controls design, manufacturing and distribution for most of its products.
In the fiscal year ended December 31, 2025, net sales were $2.56 billion and net income was $188.5 million. Titleist golf equipment brought in 62.4% of sales, FootJoy golf wear 22.3% and golf gear 9.6%. By region, the United States made up 59.5%, Europe, the Middle East and Africa 13.9%, Korea 10.8%, Japan 5.1% and the rest of the world 10.6%.
Price history
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GOLF +4.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Titleist golf equipment | $1.60B | 62.4% |
| FootJoy Golf Wear | $569.9M | 22.3% |
| Golf Gear | $244.9M | 9.6% |
By geography
| UNITED STATES | $1.52B | 59.5% |
| EMEA | $356.8M | 13.9% |
| Korea | $275.5M | 10.8% |
| Rest of World | $272.0M | 10.6% |
| Japan | $131.1M | 5.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $820.0M, up 13.8% from a year earlier, and net income was $124.8M (+65.2%).
- For fiscal 2025, revenue was $2.56B (+4.1% year over year; +9.7% a year from FY2020 to FY2025) with a 7.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.7% good |
|---|---|
| Operating margin | 11.7% watch |
| Free cash flow margin | 4.7% watch |
| Return on equity (FY2025) | 24.1% good |
| Return on assets (FY2025) | 8% good |
| Net cash (cash minus debt) | $-892.1M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.61B | $96.0M | $239.8M |
| FY2021 | $2.15B | $178.9M | $276.5M |
| FY2022 | $2.27B | $199.3M | $-129.2M |
| FY2023 | $2.38B | $198.4M | $296.5M |
| FY2024 | $2.46B | $214.3M | $170.5M |
| FY2025 | $2.56B | $188.5M | $120.0M |
Valuation snapshot
| Market value | $4.87B |
|---|---|
| P/E ratio | 26.8 |
| Dividend yield | 1.22% |
Rank among 1514 US companies
Market value at each year end
Acushnet Holdings’s market value went from $1.46B at the end of 2016 to $4.87B on Oct 28, 2026, about 3.3 times as much; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.87B | +4.0% |
| 2025 | $4.68B | +8.3% |
| 2024 | $4.32B | +4.6% |
| 2023 | $4.13B | +38.5% |
| 2022 | $2.98B | -23.7% |
| 2021 | $3.91B | +29.6% |
| 2020 | $3.02B | +23.4% |
| 2019 | $2.44B | +55.1% |
| 2018 | $1.58B | +0.3% |
| 2017 | $1.57B | +7.5% |
| 2016 | $1.46B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GOLF price data to Oct 28, 2026 | +5.4% | +4.1% | +20.5% | +12.5% | +18.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.4% |
| 2025 | +14.1% |
| 2024 | +14.0% |
| 2023 | +51.1% |
| 2022 | -18.7% |
| 2021 | +32.8% |
| 2020 | +27.3% |
| 2019 | +57.6% |
| 2018 | +2.1% |
| 2017 | +9.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29% over that stretch · deepest drop along the way 29.7%, back to its old high 1.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.3% over that stretch · deepest drop along the way 27.2%, back to its old high 2.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($1.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 27, 2026 | Steven Francis Pelisek President-Titleist Golf Clubs | sell | $1.3M |
| Jun 11, 2026 | Nicholas N Mohamed Principal Accounting Officer | sell | $50K |
| May 27, 2026 | Steven Francis Pelisek President-Titleist Golf Clubs | sell | $45K |
Who owns it
Large shareholders (13G filings)
| Kayne Anderson Rudnick Investment Management, LLC | 9.3% | Jun 30, 2026 |
| BlackRock, Inc. | 6.9% | Mar 31, 2025 |
ETFs with the most weight in GOLF
| SURE AdvisorShares Insider Advantage ETF | 0.92% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.79% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.57% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 0.37% |
| FLQS Franklin U.S. Small Cap Multifactor Index ETF | 0.34% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.34% |
| ROSC Hartford Multifactor Small Cap ETF | 0.3% |
| TPSC Timothy Plan US Small Cap Core ETF | 0.26% |
What could go wrong
- Changes to golf's equipment rules. Golf's governing bodies write the Rules of Golf, including limits on equipment. Rule changes could force Titleist to redesign balls or clubs, or make current products less appealing, hurting sales and profits.
- Fewer rounds, bad weather or tight budgets. Golf products are optional purchases people cut when money is tight. Sales also depend on how many rounds are played, which shifts with weather and demographics. Many on-course shops close in winter.
- Reliance on few suppliers and own factories. Many raw materials and components come from one or a few suppliers. A disruption at a supplier, or at Acushnet's own manufacturing, assembly or distribution sites, could delay products and raise costs.
- Tariffs, trade policy and currency swings. U.S. and foreign tariffs on imported goods could raise costs or cut demand. The 10-K warns the hit could be significant. Sales outside the U.S. also expose results to currency swings.
- Controlled company, fewer governance protections. Under New York Stock Exchange rules, Acushnet is a "controlled company" and may skip some shareholder-protecting governance requirements. The 10-K warns Magnus Holdings Co., Ltd. may have interests at odds with other holders.
- Debt and loan restrictions. Total debt was about $960 million as of June 30, 2026, versus about $68 million in cash and investments. Floating-rate debt costs more if rates rise, and loan terms restrict some business decisions.
Recent events
- Quarterly results released
- Shareholder vote results
- Major agreement signed
- Quarterly results released
- Quarterly results released
- Major agreement signed
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Other company announcement
- Investor presentation or announcement; Other company announcement
- Quarterly results released
For income and retirement investors
Acushnet pays a modest, growing dividend: the yield was 1.22% as of October 28, 2026. Dividends per share rose from $0.62 in fiscal 2020 to $0.94 in fiscal 2025, about 8.7% a year, with at least nine straight annual increases. The fiscal 2025 dividend used 29.8% of earnings and 46.8% of free cash flow (cash left after running and investing in the business). Free cash flow is uneven; it was negative in fiscal 2022. Share buybacks, where the company repurchases its own stock, are bigger: $973 million over fiscal 2021–2025, against $264 million in dividends. The share count fell 20.7% from October 2021 to July 2026.
In the 2020 COVID crash the shares fell 29.7% but regained their peak by May 20, 2020. In the 2022 bear market they fell 27.2% and regained their peak by August 12, 2022. Over the year to October 28, 2026, the deepest drop was 34%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Acushnet make money?
Acushnet makes money selling Titleist golf equipment and FootJoy golf wear, aimed mainly at avid golfers. In fiscal 2025, net sales were $2.56 billion. Titleist golf equipment, which includes golf balls, clubs, Vokey Design wedges and Scotty Cameron putters, made up 62.4% of sales; FootJoy golf wear 22.3%; and golf gear 9.6%. It sells through on-course golf shops, golf specialty retailers, other retailers and its own websites. The United States accounted for 59.5% of sales.
Does Acushnet raise its dividend every year?
Yes, through fiscal 2025. SEC filings going back to fiscal 2016 show at least nine straight annual increases, and the true streak may be longer. Dividends per share rose from $0.62 in fiscal 2020 to $0.94 in fiscal 2025, about 8.7% a year. The fiscal 2025 dividend used 29.8% of earnings. The yield was 1.22% as of October 28, 2026. The 10-K warns that dividends are not guaranteed and that its debt could limit them.
How has Acushnet (GOLF) stock performed over the long run?
The shares have gained substantially over 10 years, with sharp drops along the way. As of October 28, 2026, the price was up 452% over 10 years, about 18.6% a year, and 80% over five years, about 12.5% a year. These returns are based on the share price. The stock fell 18.71% in calendar 2022 and was down 19.1% over the three months to October 28, 2026. Its price-to-earnings ratio was 26.8, meaning the share price was 26.8 times fiscal 2025 earnings per share.
Is Acushnet a controlled company?
Yes. Acushnet says it is a "controlled company" under New York Stock Exchange rules, a status for companies where one holder or group controls a majority of the voting power. That lets it opt out of some governance requirements that protect other shareholders. The 10-K warns that the interests of Magnus Holdings Co., Ltd. and its affiliates may conflict with those of other holders. Large outside holders include Kayne Anderson Rudnick Investment Management, with 9.3% as of June 30, 2026, and BlackRock, with 6.9% as of March 31, 2025.
How much debt does Acushnet have?
About $960 million as of June 30, 2026, against about $68 million in cash and investments, so net debt was about $892 million. Shareholders' equity was about $924 million. Free cash flow, the cash left after running and investing in the business, was $120 million in fiscal 2025. The 10-K notes that variable-rate debt exposes it to interest-rate changes and that its credit agreement limits some business choices.