Acushnet Holdings Corp. (GOLF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-41.5%

$51.95

vs $88.84 price

Levered DCF

$32.90

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.9

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	25.58×	21.03×	21.34×	15.33×	22.12×	31.43×	20.19×	15.72×
P/B	6.1×	5.88×	4.9×	3.25×	3.79×	3.07×	2.67×	1.76×
P/S	1.87×	1.83×	1.78×	1.35×	1.84×	1.87×	1.46×	0.96×
EV / EBITDA	16.38×	14.47×	14.48×	11.31×	13.49×	18.7×	12.38×	9.18×
Gross margin	47.3%	48.3%	52.6%	51.9%	52.1%	51.5%	51.9%	51.6%
Operating margin	11.5%	12.4%	12.0%	12.4%	12.1%	9.0%	11.0%	10.5%
Net margin	7.4%	8.7%	8.3%	8.8%	8.3%	6.0%	7.2%	6.1%
Current ratio	2.38×	2.06×	2.21×	1.93×	2.01×	2.24×	2.07×	2.25×
Debt / equity	1.37×	1×	0.81×	0.6×	0.3×	0.34×	0.44×	0.43×
Interest coverage	4.97×	5.56×	6.54×	20.09×	38.61×	11.37×	9.53×	8.99×
Dividend yield	1.2%	1.2%	1.2%	1.7%	1.2%	1.5%	1.8%	2.5%
Payout ratio	29.8%	25.3%	26.4%	26.2%	27.5%	48.0%	35.9%	39.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.1%	28.0%	23.0%	21.2%	17.2%	9.8%	13.2%	11.2%
Return on invested capital	11.8%	14.3%	13.2%	13.2%	12.5%	8.4%	9.2%	8.2%
Return on assets	8.0%	9.8%	9.0%	9.1%	8.9%	5.1%	6.7%	5.9%
Free cash flow yield	2.5%	3.8%	6.4%	-6.4%	7.0%	7.9%	4.1%	8.3%
Earnings yield	3.9%	4.8%	4.7%	6.5%	4.5%	3.2%	4.9%	6.3%
Enterprise value	$5.8B	$5.2B	$4.9B	$3.6B	$4B	$3.2B	$2.8B	$1.9B
Net debt / EBITDA	2.89×	1.97×	1.89×	1.61×	0.11×	1.07×	1.62×	1.68×
Cash conversion cycle (days)	153	155	181	205	118	160	180	168