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GOLF Stock Analysis: Top Mid-Cap Hold (Score 58.0/100) | Blank Capital Research | Blank Capital Research
GOLF
Acushnet Holdings Corp.
$97.79
-0.81 (-0.82%)
Score58.0
Data as of Apr 6, 2026
GOLF
Acushnet Holdings Corp.
Consumer DiscretionaryRecreation
$97.79
-0.81 (-0.82%)
Open $98.64High $98.70Low $97.47Prev $98.60Vol ---52W: $55.31 – $104.81
Hold
Composite score
01234567890123456789.0123456789
Global rank
#435
Percentile
Top 10%
Business quality
81st
percentile
Exceptional capital efficiency and structural profitability. This enterprise generates superior returns on invested capital compared to industry peers.
Relative to Consumer Discretionary Sector Median (N=442)
Metric
GOLF
Benchmark
P/E Ratio
30.8x
+26%
EV/EBITDA
20.8x
+324%
Price / Book
7.5x
Implied Value Audit
OVERVALUED
Implied Fair Value (vs Sector)
-78.4%
$21.16Spot: $97.79
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Consumer Discretionary sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 80.9GRADE A
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
24.5%
Sector: 6.2%
Dividend Analysis audit
GROWTH
1.17%
Trailing Yield
$1.17
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
36%SAFE
Analyst Projections
Analyst Consensus
Unlock Valuation Tools
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Based on our 6-factor quantitative model, Acushnet Holdings Corp. (GOLF) receives a "Hold" rating with a composite score of 58.0/100, ranked #435 out of 4446 stocks. Key factor scores: Quality 81/100, Value 42/100, Momentum 63/100. This is quantitative analysis only — not investment advice.
Acushnet Holdings Corp. (GOLF) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Acushnet Holdings Corp. Do?
Acushnet Holdings Corp. designs, develops, manufactures, and distributes golf products in the United States, Europe, the Middle East, Africa, Japan, Korea, and internationally. The company operates through four segments: Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear, and FootJoy Golf Wear. It offers golf balls under the Titleist brand; golf clubs, such as drivers, fairways, hybrids, and irons under the Titleist brand name; wedges under the Vokey Design brand; and putters under the Scotty Cameron brand. The company also provides golf bags, headwear, golf gloves, travel products, head covers, and other golf accessories, as well as offers customization and personalization of products in Titleist golf gear. In addition, it offers golf shoes, gloves, golf outerwear, and men's and women's golf apparels under the FootJoy brand; and ski, golf, and lifestyle apparels under the KJUS brand name. It sells its products through on-course golf shops and golf specialty retailers, as well as through representatives, other retailers, and online. The company was formerly known as Alexandria Holdings Corp. and changed its name to Acushnet Holdings Corp. in March 2016. Acushnet Holdings Corp. was founded in 1910 and is headquartered in Fairhaven, Massachusetts. Acushnet Holdings Corp. (GOLF) is classified as a mid-cap stock in the Consumer Discretionary sector, specifically within the Recreation industry. The company is led by CEO David Maher and employs approximately 7,300 people, headquartered in FAIRHAVEN, Massachusetts. With a market capitalization of $5.5B, GOLF is one of the notable companies in the Consumer Discretionary sector.
Acushnet Holdings Corp. (GOLF) Stock Rating — Hold (April 2026)
As of April 2026, Acushnet Holdings Corp. receives a Hold rating with a composite score of 58.0/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.GOLF ranks #435 out of 4,446 stocks in our coverage universe. Within the Consumer Discretionary sector, Acushnet Holdings Corp. ranks #24 of 442 stocks, placing it in the top 10% of its Consumer Discretionary peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
GOLF Stock Price and 52-Week Range
Acushnet Holdings Corp. (GOLF) currently trades at $97.79. The stock lost $0.81 (0.8%) in the most recent trading session. The 52-week high for GOLF is $104.81, which means the stock is currently trading -6.7% from its annual peak. The 52-week low is $55.31, putting the stock 76.8% above its annual trough. Recent trading volume was 214K shares, suggesting relatively thin trading activity.
Is GOLF Overvalued or Undervalued? — Valuation Analysis
Acushnet Holdings Corp. (GOLF) carries a value factor score of 42/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 30.81x, compared to the Consumer Discretionary sector average of 24.47x — a premium of 26%. The price-to-book ratio stands at 7.54x, versus the sector average of 1.99x. The price-to-sales ratio is 2.25x, compared to 0.27x for the average Consumer Discretionary stock. On an enterprise value basis, GOLF trades at 20.82x EV/EBITDA, versus 4.91x for the sector.
Overall, GOLF's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Acushnet Holdings Corp. Profitability — ROE, Margins, and Quality Score
Acushnet Holdings Corp. (GOLF) earns a quality factor score of 81/100, reflecting elite profitability and capital efficiency that places it among the highest-quality businesses in the market. The return on equity (ROE) is 24.5%, compared to the Consumer Discretionary sector average of 6.2%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 8.6% versus the sector average of 2.5%.
On a margin basis, Acushnet Holdings Corp. reports gross margins of 48.5%, compared to 36.9% for the sector. The operating margin is 15.2% (sector: 3.8%). Net profit margin stands at 10.6%, versus 2.1% for the average Consumer Discretionary stock. Revenue growth is running at -23.1% on a trailing basis, compared to 3.3% for the sector. These metrics collectively paint a picture of a highly profitable business with durable competitive advantages.
GOLF Debt, Balance Sheet, and Financial Health
Acushnet Holdings Corp. has a debt-to-equity ratio of 100.0%, compared to the Consumer Discretionary sector average of 89.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. Total debt on the balance sheet is $764M. Cash and equivalents stand at $53M.
GOLF has a beta of 0.96, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Acushnet Holdings Corp. is 73/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
Acushnet Holdings Corp. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Acushnet Holdings Corp. reported revenue of $2.56B and earnings per share (EPS) of $3.38. Net income for the quarter was $187M. Gross margin was 48.5%. Operating income came in at $317M.
In FY 2024, Acushnet Holdings Corp. reported revenue of N/A and earnings per share (EPS) of $3.38. Operating income came in at $304M.
In Q4 2025, Acushnet Holdings Corp. reported revenue of $477M. Net income for the quarter was $-35M.
In FY 2025, Acushnet Holdings Corp. reported revenue of $2.56B and earnings per share (EPS) of $3.13. Net income for the quarter was $187M. Gross margin was 47.7%. Operating income came in at $299M.
Over the past 8 quarters, Acushnet Holdings Corp. has demonstrated a growth trajectory, with revenue expanding from $1.42B to $2.56B. Investors analyzing GOLF stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
GOLF Dividend Yield and Income Analysis
Acushnet Holdings Corp. (GOLF) currently pays a dividend yield of 1.2%. At this yield, a $10,000 investment in GOLF stock would generate approximately $$117.00 in annual dividend income. The net margin of 10.6% provides reasonable coverage for the dividend, though investors should monitor payout sustainability.
GOLF Momentum and Technical Analysis Profile
Acushnet Holdings Corp. (GOLF) has a momentum factor score of 63/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 38/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 6/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
GOLF vs Competitors — Consumer Discretionary Sector Ranking and Peer Comparison
Comparing GOLF against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full GOLF vs S&P 500 (SPY) comparison to assess how Acushnet Holdings Corp. stacks up against the broader market across all factor dimensions.
GOLF Next Earnings Date
No upcoming earnings date has been announced for Acushnet Holdings Corp. (GOLF) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy GOLF? — Investment Thesis Summary
Acushnet Holdings Corp. presents a balanced picture with arguments on both sides. The quality score of 81/100 indicates above-average profitability and business fundamentals. Price momentum is positive at 63/100, suggesting the trend favors buyers. Low volatility (stability score 73/100) reduces downside risk.
In summary, Acushnet Holdings Corp. (GOLF) earns a Hold rating with a composite score of 58.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on GOLF stock.
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Institutional Research Dossier
Acushnet Holdings Corp. (GOLF) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Acushnet Holdings Corp. (GOLF) receives a Hold rating, driven by a balanced assessment of its strong brand equity and profitability against a backdrop of declining revenue growth and a relatively high valuation compared to its sector. While Acushnet boasts impressive margins and returns on equity, its recent revenue contraction and elevated EV/EBITDA multiple raise concerns about future performance and valuation sustainability.
The company's dominant position in the golf ball and footwear markets, coupled with its robust profitability metrics, provides a degree of downside protection. However, the current valuation appears to already reflect these strengths, leaving limited upside potential in the near term. Investors should closely monitor revenue trends and capital allocation decisions to assess whether Acushnet can reignite growth and justify its premium valuation.
Business Strategy & Overview
Acushnet Holdings Corp. operates as a global leader in the design, development, manufacturing, and distribution of golf products. The company's revenue streams are primarily derived from its four segments: Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear, and FootJoy Golf Wear. Titleist golf balls represent a significant portion of the company's sales, benefiting from the brand's reputation for quality and performance among both professional and amateur golfers. Titleist golf clubs, including drivers, fairways, hybrids, irons, wedges (Vokey Design), and putters (Scotty Cameron), cater to a wide range of golfers, from beginners to advanced players.
The Titleist Golf Gear segment encompasses a variety of accessories, such as golf bags, headwear, gloves, and travel products, further expanding the company's revenue base. FootJoy Golf Wear, another key segment, offers golf shoes, gloves, outerwear, and apparel for both men and women. The company's multi-brand strategy, focusing on both performance (Titleist) and comfort/style (FootJoy), allows it to capture a broader share of the golf market. Acushnet distributes its products through on-course golf shops, golf specialty retailers, representatives, other retailers, and online channels, ensuring widespread availability to its target customer base.
Acushnet's strategic positioning revolves around maintaining its leadership in the premium golf equipment market. This involves continuous investment in research and development to innovate and improve its product offerings. The company also focuses on brand building through sponsorships of professional golfers and participation in major golf tournaments. Furthermore, Acushnet emphasizes customization and personalization of its products, particularly within the Titleist golf gear segment, to enhance customer engagement and loyalty. The KJUS brand, offering ski, golf, and lifestyle apparel, represents a diversification effort to tap into adjacent markets.
The golf industry is characterized by seasonality, with peak sales typically occurring during the spring and summer months. Competition is intense, with major players such as Callaway, TaylorMade, and PING vying for market share. Acushnet differentiates itself through its focus on quality, performance, and brand heritage. The company's ability to maintain its premium pricing and market leadership depends on its continued innovation and effective marketing strategies. The industry is also influenced by macroeconomic factors, such as consumer spending and disposable income, as well as demographic trends, such as the aging population and the increasing popularity of golf among younger generations.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-23.1%
Sector: 3.3%
-801% VS SCTR
Economic Moat Analysis
Acushnet possesses a Narrow economic moat, primarily derived from its strong brand intangible assets, particularly the Titleist and FootJoy brands. These brands command significant recognition and loyalty within the golf community, allowing Acushnet to maintain premium pricing and market share. The Titleist brand, in particular, is synonymous with high-performance golf balls and clubs, often preferred by professional golfers and serious amateurs. This association with excellence creates a powerful competitive advantage.
The FootJoy brand also benefits from strong brand recognition and a reputation for quality and comfort in golf footwear and apparel. The company's long history and consistent focus on product innovation have further solidified its brand equity. However, the moat is not considered wide due to the presence of strong competitors such as Callaway and TaylorMade, who also invest heavily in research and development and brand building. These competitors have the resources and capabilities to challenge Acushnet's market leadership.
While Acushnet benefits from some degree of switching costs, particularly for golfers who are accustomed to the feel and performance of Titleist golf balls and clubs, these costs are not prohibitive. Golfers can easily switch to competing brands without incurring significant financial or operational disadvantages. Furthermore, the golf equipment market is characterized by frequent product launches and technological advancements, which can erode brand loyalty and create opportunities for competitors to gain market share.
Acushnet does not appear to possess significant cost advantages or efficient scale. The company's manufacturing processes are likely comparable to those of its major competitors, and the golf equipment market is not characterized by significant economies of scale. While Acushnet's distribution network is extensive, it does not represent a unique or insurmountable barrier to entry for new competitors. Therefore, the primary source of Acushnet's economic moat is its brand intangible assets, which provide a narrow but defensible competitive advantage.
Financial Health & Profitability
Acushnet's financial health presents a mixed picture. The company exhibits strong profitability metrics, with a gross margin of 48.5%, an operating margin of 15.2%, and a net margin of 10.6%. These margins are significantly higher than the sector averages, indicating Acushnet's ability to command premium pricing and efficiently manage its operations. The company's return on equity (ROE) of 24.5% is also substantially higher than the sector average, demonstrating its effective use of shareholder capital.
However, the company's revenue growth has been a concern. The most recent TTM revenue shows a decline of 23.1% compared to the sector's average growth of 3.2%. This contraction raises questions about the company's ability to sustain its profitability in the long term. Analyzing the quarterly financial history reveals fluctuating revenue and net income figures. While Q1 and Q2 of FY2025 showed strong revenue and net income, the Q4 FY2025 results were notably weak, with a significant net loss. This volatility suggests potential challenges in maintaining consistent performance.
Acushnet's balance sheet reveals a relatively high level of debt. With total debt of $763.96 million and total cash of $53.06 million, the company's debt-to-equity ratio is 100.00, which is slightly higher than the sector average of 91.00. This level of leverage could pose a risk if the company's revenue continues to decline. The current ratio is not available, preventing a full assessment of the company's short-term liquidity. The company's free cash flow (FCF) data is incomplete, making it difficult to assess its cash flow generation capabilities. However, the available quarterly FCF figures show significant fluctuations, suggesting potential variability in the company's cash flow.
Overall, Acushnet's financial health is characterized by strong profitability but tempered by declining revenue growth and a relatively high level of debt. The company's ability to reignite revenue growth and manage its debt burden will be crucial for its long-term financial stability. Investors should closely monitor the company's financial performance and capital allocation decisions.
Valuation Assessment
Acushnet's valuation presents a mixed picture. The company's price-to-earnings (P/E) ratio of 26.4x is slightly lower than the sector average of 28.0x, suggesting that the stock is not significantly overvalued based on earnings. However, the company's enterprise value-to-EBITDA (EV/EBITDA) ratio of 19.1x is substantially higher than the sector average of 5.3x. This elevated EV/EBITDA multiple indicates that the market is assigning a premium valuation to Acushnet relative to its earnings before interest, taxes, depreciation, and amortization.
The high EV/EBITDA multiple could be justified by Acushnet's strong brand equity, high profitability, and leading market position. However, the company's recent revenue decline raises concerns about whether it can sustain its premium valuation. A declining revenue base could erode the company's earnings and EBITDA, making the current valuation unsustainable. The lack of available free cash flow (FCF) data makes it difficult to assess the company's valuation based on cash flow generation.
Compared to its historical valuation, Acushnet's current multiples may be considered relatively high, given the recent revenue contraction. The market appears to be pricing in a recovery in revenue growth and continued strong profitability. However, if the company fails to meet these expectations, the stock could be vulnerable to a valuation correction. The Hold rating reflects the balanced assessment of Acushnet's strengths and weaknesses. While the company's brand equity and profitability provide a degree of downside protection, the high valuation and declining revenue growth limit the upside potential.
Investors should closely monitor the company's revenue trends and capital allocation decisions to assess whether it can justify its premium valuation. A sustained recovery in revenue growth and continued strong profitability would support the current valuation. However, further revenue declines or margin erosion could lead to a downward revision in the stock's valuation.
Risk & Uncertainty
Acushnet faces several specific risks that could negatively impact its business and financial performance. One significant risk is the intense competition in the golf equipment market. Major players such as Callaway, TaylorMade, and PING are constantly innovating and launching new products, which could erode Acushnet's market share and pricing power. The company's ability to maintain its leading position depends on its continued investment in research and development and effective marketing strategies.
Another risk is the potential for fluctuations in consumer spending and disposable income. The golf equipment market is sensitive to economic conditions, and a slowdown in the economy could lead to a decline in demand for Acushnet's products. The company's reliance on premium pricing also makes it vulnerable to competition from lower-priced alternatives during economic downturns. The high level of debt on Acushnet's balance sheet poses a financial risk. The company's ability to service its debt depends on its ability to generate sufficient cash flow. A decline in revenue or profitability could strain the company's financial resources and potentially lead to a credit downgrade.
Changes in consumer preferences and playing habits also represent a risk. The popularity of golf can fluctuate over time, and changes in demographics and lifestyle trends could impact the demand for golf equipment. The company's ability to adapt to these changes and cater to evolving consumer preferences is crucial for its long-term success. Supply chain disruptions and raw material price increases could also negatively impact Acushnet's profitability. The company's manufacturing processes rely on a global supply chain, and disruptions caused by geopolitical events, natural disasters, or other factors could lead to increased costs and delays in production.
Bulls Say / Bears Say
The Bull Case
BULL VIEWAcushnet's dominant brand equity, particularly Titleist and FootJoy, allows for premium pricing and sustained market leadership, ensuring consistent profitability.
BULL VIEWThe company's strong ROE and operating margins, significantly exceeding sector averages, demonstrate superior efficiency and effective capital allocation.
The Bear Case
BEAR VIEWAcushnet's recent revenue decline signals weakening demand and potential loss of market share to competitors, jeopardizing future earnings growth.
BEAR VIEWThe company's high EV/EBITDA multiple, significantly above the sector average, suggests overvaluation and limited upside potential given the revenue contraction.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score GOLF and 4,400+ other equities.
Acushnet Holdings Corp. exhibits a 341% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
8.6%
Sector: 2.5%
Gross Margin
Pricing power and cost efficiency
48.5%
Sector: 36.9%
Operating Margin
Core business profitability
15.2%
Sector: 3.8%
Net Margin
Bottom-line profitability
10.6%
Sector: 2.1%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $117 annually in dividends at the current trailing rate.
Acushnet’s Revenue Beat And Earnings Miss Might Change The Case For Investing In Acushnet Holdings (GOLF)
In its latest earnings release, Acushnet Holdings reported a 7.2% year-on-year revenue increase that surpassed analyst expectations by 5.1%, but earnings per share fell short of forecasts.
This combination of stronger-than-expected sales and weaker profitability highlights how Acushnet’s cost structure and margin trends are coming under closer investor scrutiny.
Next, we’ll examine how Acushnet’s revenue beat but earnings miss could reshape its investment narrative and expectations for...
