Amer Sports, Inc. (AS) vs Acushnet (GOLF)

Amer Sports, Inc. and Acushnet are both Leisure companies. Amer Sports, Inc. is the larger, with a market value of $15.6B against $4.8B — 3.2× the size. Acushnet trades at the lower P/E: 22.6× against 28.6×. Amer Sports, Inc. grew revenue faster over the last twelve months: 30.5% against 8.77%. Acushnet has the higher net margin (8.12% vs 7.35%) and the higher return on invested capital (12.8% vs 8.43%). Across the 20 metrics below, Amer Sports, Inc. leads on 10 and Acushnet on 10.

Valuation

Metric AS GOLF Leisure median
P/E 28.57 22.56 17.42
P/S 2.17 1.83 1.02
P/B 2.34 5.36 2.13
Price to free cash flow 25.43 31.30 11.49
EV/EBITDA 11.70 13.75 9.97
EV/Sales 2.20 2.16 2.00
Earnings yield 3.50% 4.43% 2.85%
Free cash flow yield 3.93% 3.20% 3.64%

Profitability

Metric AS GOLF Leisure median
Gross margin 59.81% 49.15% 48.02%
Operating margin 12.87% 13.73% 3.08%
Net margin 7.35% 8.12% 2.58%
Free cash flow margin 8.54% 6.79% 2.13%
Return on equity 8.80% 25.36% 0.00%
Return on assets 5.68% 8.84% 0.05%
Return on invested capital 8.43% 12.79% 3.95%

Growth

Metric AS GOLF Leisure median
Revenue growth (TTM) 30.49% 8.77% 3.28%
EPS growth (last fiscal year) 442.86% (7.72%) —
Revenue growth, 5-year CAGR — 9.68% 4.22%
Net income growth, 5-year CAGR — 14.45% 0.00%

Health

Metric AS GOLF Leisure median
Debt to equity 0.13 1.04 0.02
Current ratio 1.76 2.55 1.76
Net debt to EBITDA 0.87 2.50 1.85

Dividend

Metric AS GOLF Leisure median
Dividend yield — 1.18% 2.86%
Payout ratio — 0.23 0.00

Size

Metric AS GOLF Leisure median
Market cap 15.58b 4.81b 293.27m

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