Acushnet Holdings Corp.
GOLFdata completeness 100%12 fiscal years on fileAcushnet Holdings Corp. earns about 9% on invested capital, barely covering its ~9% cost of capital, and has bought back 20% of its shares over 5 years. The estimate methods put fair value between $7.04 and $33.95 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $2.15B1 | $2.27B2 | $2.38B3 | $2.46B3 | $2.56B3 |
| Net income | $178.9M4 | $199.3M5 | $198.4M6 | $214.3M6 | $188.5M6 |
| Operating cash flow | $314.1M7 | −$67.8M8 | $371.8M9 | $245.1M9 | $194.4M9 |
| Capital expenditure | $37.6M10 | $61.4M11 | $75.4M12 | $74.6M12 | $74.3M12 |
| Free cash flow (derived) | $276.5M7 | −$129.2M8 | $296.5M9 | $170.5M9 | $120M9 |
| Total debt | $630M13 | $1.09B14 | $1.38B15 | $1.52B16 | $1.88B16 |
| Cash & equivalents | $281.7M17 | $58.9M18 | $65.4M18 | $53.1M18 | $50.1M18 |
| Diluted shares | 75.3M | 72.6M | 67.5M | 63.6M | 60.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $129.37 of net worth that earned you $31.13 and generated $19.82 of cash last year, against $309.78 of debt.
It earned about 9% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is down 20% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 198% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $7.04 and $33.95 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$170.5M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$170.5M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$198.4M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $10.06 |
| Base | 0.0% | $10.06 |
| Bull | 5.0% | $19.8 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001672013-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001672013-25-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001672013-26-000057 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001672013-24-000008 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001672013-25-000009 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001672013-26-000057 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001672013-24-000008 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001672013-25-000009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001672013-26-000057 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001672013-24-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001672013-25-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001672013-26-000057 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001672013-23-000011 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001672013-24-000008 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001672013-25-000009 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001672013-26-000057 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001672013-25-000009 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0001672013-26-000057 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)