Acushnet
GOLF Consumer Cyclical Leisure
Acushnet’s revenue for fiscal 2025 (year ended December 2025) was $2.6 billion, up 4.14% from fiscal 2024. In the quarter to June 2026, revenue grew 13.8%, EPS grew 65.9%, free cash flow grew 68.9% and total debt rose 2.95%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Acushnet (GOLF) Altman Z-score
Acushnet's Altman Z-score for fiscal 2025 is 3.76, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.76 | (0.17) |
| FY2024 | 3.93 | 0.05 |
| FY2023 | 3.88 | 0.33 |
| FY2022 | 3.55 | (1.04) |
| FY2021 | 4.58 | 0.89 |
| FY2020 | 3.69 | 0.36 |
| FY2019 | 3.33 | 0.47 |
| FY2018 | 2.86 | 0.30 |
| FY2017 | 2.56 | 0.91 |
| FY2016 | 1.65 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.30 | |
| Retained earnings / total assets | 0.06 | — | 0.08 | |
| EBIT / total assets | 0.13 | — | 0.42 | |
| Market value of equity / total liabilities | 3.09 | — | 1.85 | |
| Sales / total assets | 1.09 | — | 1.09 | |
| Altman Z-score | Safe zone | 3.76 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.25 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| OSW OneSpaWorld Holdings Limited compare | 9.2× |
| YETI YETI Holdings, Inc. compare | 6.9× |
| GOLF Acushnet | 3.8× |
| MAT Mattel, Inc. compare | 3.1× |
| HAS Hasbro, Inc. compare | 2.8× |
| PLNT Planet Fitness, Inc. compare | 2.0× |
| LTH Life Time Group Holdings, Inc. compare | 1.2× |
| CALY Callaway Golf Company compare | 0.7× |
| PTON Peloton Interactive, Inc. compare | −1.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets