GOLFAcushnet Holdings Corp.

Sporting & Athletic Goods, NEC

Revenue: $2.6B; 4.1% YoY
Operating margin: 11.7%; 5.5% YoY
EBITDA: $355M; 1.5% YoY
Market cap: $6.4B
Employees: 7,300; $351K revenue each
Net debt / EBITDA: 2.4×; $850M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
103% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
138% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$351K · 44th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 41st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.1B	$2.3B	$2.4B	$2.5B	$2.6B	4.1%
Operating income	$260M	$282M	$285M	$304M	$299M	1.6%
Net income	$179M	$199M	$198M	$214M	$189M	12%
Operating cash flow	$314M	−$68M	$372M	$245M	$194M	21%
Capex	$38M	$61M	$75M	$75M	$74M	0.4%
Stock-based comp	$28M	$24M	$30M	$31M	$29M	7.2%
Buybacks	$65M	$189M	$334M	$173M	$212M	22%
Dividends	$49M	$52M	$52M	$54M	$56M	3.4%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 13
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$11M	$9M	211	89
FY2024	$10M	$12M	186	96
FY2023	$9M	$18M	163	103
FY2022	$6M	$3M	108	86
FY2021	$8M	$22M	133	122