Forensic Analysis · General / Diversified · as of Nov 9, 2026
Acushnet Holdings Corp. (GOLF)
A forensic read on Acushnet Holdings Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
3.3
Distress distance
Clean
Earnings quality
3
Forensic signals
24.3%
ROE
4.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Acushnet Holdings Corp. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
223% of FCF
FY2025
Shareholder returns.Returned $268M to shareholders (buybacks + dividends) in FY2025 — 223% of free cash flow. That is $148M (123%) more than free cash flow covered, and more than operating cash flow as well. The balance sheet covered it: cash fell $3M and total debt rose $173M over FY2025. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $29M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 247%.
+10.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +10.4% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by PP&E up +9% against revenue +4%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 0% of net operating assets, against an accruals ratio of 10.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
13.3%
FY2025
Return on invested capital.Return on invested capital is 13.3% in the latest fiscal year and steady across FY2023–FY2025, inside a 1.4-point range. After-tax operating profit was $235M in FY2023 and $234M in FY2025, with operating income at 12.0% of revenue in FY2023, 12.4% in FY2024 and 11.7% in FY2025. The capital base behind it went from $1.7B in FY2023 to $1.8B in FY2025 (+5%), while the revenue it carried went from $2.4B to $2.6B.
Key fundamentals
Latest Revenue$2.56B
Revenue Growth YoY+4.1%
Revenue CAGR (2yr)+3.6%
Net Margin7.4%
Free Cash Flow$120.0M
Return on Equity24.3%
Debt / Equity1.18x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Acushnet Holdings Corp.'s actual 10-K/10-Q/8-K filings?