Debt-to-equity improved to 1.04 in Q2 2026 from 1.39 in Q1 2026, with total debt down 20% to $960.1M, while equity grew 14% to $924.4M and current ratio strengthened to 2.55.
Acushnet Holdings Corp. (GOLF) balance sheet — 12-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Total Current Assets | 1.27B | 1.03B | 973.87M | 996.69M | 1.06B | 969.18M | 799.81M | 742.82M | 664M | 687.08M | 664.53M | 671.52M | 636.79M |
| Cash & Short-Term Investments | 0 | 50.09M | 53.06M | 65.44M | 58.9M | 281.68M | 151.45M | 34.18M | 31.01M | 47.72M | 76.06M | 54.41M | 47.67M |
| Cash Only | 0 | 50.09M | 53.06M | 65.44M | 58.9M | 281.68M | 151.45M | 34.18M | 31.01M | 47.72M | 76.06M | 54.41M | 47.67M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 489.38M | 217.48M | 218.37M | 201.35M | 216.69M | 174.44M | 201.52M | 215.43M | 186.11M | 190.85M | 177.51M | 192.38M | 197.68M |
| Days Sales Outstanding | 53.06 | 31.02 | 32.44 | 30.85 | 34.84 | 29.64 | 45.62 | 46.77 | 41.58 | 44.65 | 41.21 | 46.72 | 46.92 |
| Inventory | 532.21M | 608.57M | 575.96M | 615.53M | 674.68M | 413.31M | 357.68M | 398.37M | 361.21M | 363.96M | 323.29M | 326.36M | 291.14M |
| Days Inventory Outstanding | 147.52 | 164.32 | 165.62 | 198.91 | 225.7 | 146.54 | 166.88 | 179.71 | 166.6 | 174.92 | 152.54 | 163.83 | 136.3 |
| Other Current Assets | 67.94M | 149.23M | 126.48M | 114.37M | 108.79M | 0 | 0 | 94.84M | 85.67M | 84.54M | 87.68M | 98.37M | 100.31M |
| Total Non-Current Assets | 1.31B | 1.32B | 1.21B | 1.2B | 1.13B | 1.04B | 1.07B | 1.07B | 1.03B | 1.04B | 1.07B | 1.09B | 1.13B |
| Property, Plant & Equipment | 368.49M | 482.23M | 325.75M | 295.34M | 254.47M | 231.76M | 222.81M | 231.57M | 228.39M | 228.92M | 239.75M | 254.89M | 266.59M |
| Fixed Asset Turnover | 6.97x | 5.31x | 7.54x | 8.07x | 8.92x | 9.27x | 7.24x | 7.26x | 7.15x | 6.82x | 6.56x | 5.90x | 5.77x |
| Goodwill | 222.15M | 224.26M | 220.14M | 225.3M | 224.81M | 210.43M | 215.19M | 214.06M | 209.67M | 185.94M | 179.24M | 181.18M | 187.58M |
| Intangible Assets | 506.89M | 559.33M | 523.13M | 537.41M | 525.9M | 465.34M | 473.53M | 480.79M | 478.26M | 481.23M | 489.99M | 499.49M | 509.41M |
| Long-Term Investments | 39.5M | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 9.91M | 9.26M | 8.3M | 6M | 0 |
| Other Non-Current Assets | 196.01M | 17.43M | 103.01M | 110.48M | 81.99M | 68.31M | 75.16M | 77.27M | 23.36M | 24.57M | 23.95M | 13.62M | 31.22M |
| Total Assets | 2.58B | 2.34B | 2.18B | 2.2B | 2.19B | 2.01B | 1.87B | 1.82B | 1.69B | 1.73B | 1.74B | 1.76B | 1.76B |
| Asset Turnover | 1.10x | 1.09x | 1.13x | 1.08x | 1.03x | 1.07x | 0.86x | 0.93x | 0.97x | 0.90x | 0.91x | 0.85x | 0.87x |
| Asset Growth % | 26.39% | 7.45% | -0.75% | 0.13% | 9.37% | 7.46% | 2.72% | 7.41% | -2.07% | -0.51% | -1.3% | -0.21% | - |
| Total Current Liabilities | 497.76M | 430.15M | 472.71M | 451.13M | 548.63M | 483.02M | 357.68M | 359.12M | 294.87M | 306.78M | 462.11M | 755.59M | 346.85M |
| Accounts Payable | 195.61M | 156.98M | 150.32M | 150.51M | 167M | 163.61M | 112.87M | 102.33M | 86.05M | 92.76M | 87.61M | 89.87M | 94.03M |
| Days Payables Outstanding | 45.8 | 42.39 | 43.22 | 48.64 | 55.86 | 58.01 | 52.66 | 46.16 | 39.69 | 44.58 | 41.34 | 45.11 | 44.02 |
| Short-Term Debt | 23.54M | 41.66M | 10.88M | 29.35M | 40.34M | 17.62M | 20.31M | 71.62M | 36.55M | 47.08M | 61.24M | 441.7M | 81.16M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.27M | 34.31M | 41.96M | 29.43M | 31.43M |
| Other Current Liabilities | 0 | 96.32M | 95.06M | 111.14M | 98.25M | 113.45M | 82.29M | 72.47M | 56.83M | 40.67M | 43.07M | 53.58M | 33.62M |
| Current Ratio | 2.55x | 2.38x | 2.06x | 2.21x | 1.93x | 2.01x | 2.24x | 2.07x | 2.25x | 2.24x | 1.44x | 0.89x | 1.84x |
| Quick Ratio | 1.48x | 0.97x | 0.84x | 0.84x | 0.70x | 1.15x | 1.24x | 0.96x | 1.03x | 1.05x | 0.74x | 0.46x | 1.00x |
| Cash Conversion Cycle | 154.78 | 152.95 | 154.83 | 181.13 | 204.67 | 118.17 | 159.84 | 180.31 | 168.49 | 174.99 | 152.41 | 165.43 | 139.2 |
| Total Non-Current Liabilities | 1.15B | 1.13B | 910.34M | 832.67M | 661.82M | 439.25M | 491.5M | 506.3M | 469.77M | 573.15M | 505.24M | 678.84M | 1.1B |
| Long-Term Debt | 936.52M | 925.36M | 753.08M | 671.82M | 527.51M | 297.35M | 313.62M | 330.7M | 346.95M | 416.97M | 348.35M | 394.51M | 824.18M |
| Capital Lease Obligations | 106.26M | 106.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22K | 0 | -264.93M | -254.89M |
| Deferred Tax Liabilities | 49.02M | 7.6M | 8.11M | 7.08M | 5.9M | 4.95M | 3.82M | 4.84M | 4.63M | 9.32M | 7.45M | 7.11M | 6.76M |
| Other Non-Current Liabilities | 193.57M | 87.99M | 149.15M | 153.77M | 128.41M | 136.94M | 174.06M | 170.76M | 118.18M | 146.84M | 149.44M | 12.28M | 10.06M |
| Total Liabilities | 1.65B | 1.56B | 1.38B | 1.28B | 1.21B | 922.27M | 849.18M | 865.42M | 764.64M | 879.93M | 967.35M | 1.43B | 1.44B |
| Total Debt | 960.07M | 1.07B | 763.96M | 701.17M | 567.85M | 314.97M | 333.93M | 402.32M | 383.5M | 464.05M | 409.59M | 836.22M | 905.34M |
| Net Debt | 960.07M | 1.02B | 710.9M | 635.73M | 508.94M | 33.29M | 182.48M | 368.14M | 352.48M | 416.33M | 333.54M | 781.81M | 857.67M |
| Debt / Equity | 1.04x | 1.37x | 0.96x | 0.77x | 0.58x | 0.29x | 0.33x | 0.42x | 0.41x | 0.55x | 0.53x | 2.58x | 2.83x |
| Debt / EBITDA | 2.31x | 3.06x | 2.12x | 2.08x | 1.76x | 1.05x | 1.75x | 1.76x | 1.80x | 2.24x | 2.25x | 5.25x | 6.14x |
| Net Debt / EBITDA | 2.31x | 2.92x | 1.97x | 1.89x | 1.57x | 0.11x | 0.96x | 1.61x | 1.66x | 2.01x | 1.84x | 4.91x | 5.82x |
| Interest Coverage | 6.39x | 5.03x | 5.56x | 6.54x | 19.52x | 37.82x | 9.83x | 9.48x | 8.84x | 9.97x | 2.74x | 1.52x | 1.62x |
| Total Equity | 925.13M | 785.34M | 797.16M | 912.87M | 983.37M | 1.08B | 1.02B | 951.63M | 926.98M | 847.39M | 768.82M | 324.54M | 319.96M |
| Equity Growth % | 12.33% | -1.48% | -12.68% | -7.17% | -9.25% | 6.51% | 6.91% | 2.66% | 9.39% | 10.22% | 136.89% | 1.43% | - |
| Book Value per Share | 15.44 | 13.12 | 12.52 | 13.52 | 13.55 | 14.40 | 13.55 | 12.56 | 12.40 | 11.36 | 11.95 | 4.57 | 19.14 |
| Total Shareholders' Equity | 924.37M | 783.57M | 765.25M | 864.24M | 939.06M | 1.04B | 984.08M | 919.25M | 894.87M | 814.73M | 735.87M | 291.29M | 287.62M |
| Common Stock | 58K | 58K | 61K | 63K | 76K | 76K | 76K | 76K | 75K | 74K | 74K | 22K | 18K |
| Retained Earnings | 294.85M | 141.96M | 180.28M | 159.91M | 473.13M | 324.97M | 199.78M | 151.04M | 72.95M | 1.62M | -53.95M | -81.65M | -66.93M |
| Treasury Stock | 0 | 0 | -62.5M | 0 | -385.17M | -131.04M | -45.11M | -31.15M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -129.9M | -122.28M | -140.31M | -104.35M | -109.67M | -99.58M | -96.18M | -112.03M | -89.04M | -81.69M | -90.83M | -67.23M | -41.06M |
| Minority Interest | 761K | 1.77M | 31.92M | 48.64M | 44.31M | 40.72M | 33.3M | 32.39M | 32.11M | 32.66M | 32.96M | 33.26M | 32.33M |
Quick answers to the most common questions about buying GOLF stock.
As of 2025, Acushnet Holdings Corp. (GOLF) had total assets of $2.34B including $1.03B in current assets.
Acushnet Holdings Corp. (GOLF) carries total debt of $1.07B, offset by $50.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Acushnet Holdings Corp. (GOLF) has total shareholders' equity (book value) of $783.6M ($13.12 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Acushnet Holdings Corp. (GOLF) reported a current ratio of 2.38x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Inventory normalization in apparel/gear
Metrics are mathematically derived from official filings.
Balance Sheet Strengthens with Earnings
Total assets grew to $2.6B in Q2 2026 from $2.3B a year earlier, while equity expanded 14% to $924.4M, reflecting retained earnings accumulation and improved profitability, as per recent SEC filings.
The sequential rise in equity from $825.1M in Q1 2026 to $924.4M in Q2 2026, coupled with a reduction in total debt from $1.2B to $960.1M, indicates that the company is using strong cash generation to deleverage and build book value. This trend suggests a strengthening balance sheet that supports the accelerating growth narrative from the income statement.
Leverage Declines Despite Seasonal Debt
Debt-to-equity fell to 1.04 in Q2 2026 from 1.39 in Q1 2026, as total debt dropped 20% to $960.1M, according to financial statements, indicating reduced leverage and improved financial flexibility.
The absolute debt reduction of $240M in one quarter, combined with a current ratio of 2.55, suggests that the company is not reliant on debt to fund operations. The D/E ratio remains moderate, but the downward trajectory implies that management is prioritizing balance sheet strength, which may reduce refinancing risk and interest expense sensitivity.
Asset Mix Reflects Brand-Led Model
Goodwill remained stable at $222.2M in Q2 2026, while PPE net rose to $368.5M, representing only 14% of total assets, as reported in financial statements, underscoring an asset-light model with intangible brand value.
The modest PPE relative to total assets indicates that Acushnet's competitive advantage lies in brand and intellectual property rather than heavy manufacturing assets. The stable goodwill suggests no major impairments, but investors should monitor the carrying value of intangibles, especially if the KJUS acquisition underperforms.
Retained Earnings Drive Equity Growth
Retained earnings surged to $294.9M in Q2 2026 from $142.0M in Q4 2025, a 108% increase, based on reported figures, reflecting strong profitability and a conservative payout policy.
The rapid accumulation of retained earnings, despite returning $30.9M to shareholders in Q2 2026, indicates that the company is reinvesting in growth while maintaining a healthy equity buffer. This supports the view that the balance sheet is strengthening, with equity now covering a larger portion of assets.
Liquidity Buffer Remains Robust
Current ratio improved to 2.55 in Q2 2026 from 2.06 in Q4 2024, while cash stood at $51.7M in Q1 2026, as per financial statements, indicating ample short-term coverage despite seasonal swings.
The current ratio above 2.5 suggests that Acushnet can comfortably meet short-term obligations, even with the seasonal inventory build typical in Q1. The cash position, though not disclosed for Q2 2026, was sufficient in prior quarters, and the strong operating cash flow of $251.1M in Q2 2026 provides additional liquidity to fund working capital needs and capital returns.
Inventory Normalization Could Pressure Margins
Despite strong Q2 2026 results, potential inventory normalization in apparel and gear may lead to promotional activity, which could compress gross margins, as noted in recent filings, warranting close monitoring.
The rapid growth in revenue and EBITDA may mask channel inventory dynamics, particularly in the FootJoy and gear segments. If retailers reduce orders to align inventory with end-demand, Acushnet might need to offer discounts, eroding the 54.4% gross margin achieved in Q2 2026. This risk is not yet visible in the balance sheet, but investors should watch inventory levels and receivables in upcoming quarters.