The golf industry has seen a serious revival since 2020, when pandemic-related lifestyle shifts - like remote work, flexible schedules, and more free time - led to an 8% global surge in rounds played two years in a row. That momentum didn’t fade: U.S. rounds in 2022 and 2023 were up 16% and 20% compared to 2019, and 2024 added another 2% on top of that, putting rounds played 22% above pre-pandemic levels. It’s a sustained shift driven by a mix of dedicated older players and a wave of new participants, especially among millennials, Gen Z, women, and juniors. In 2024, 47.2 million Americans played golf either on-course or off (+4.66% YoY), with younger adults (18–34) making up the largest segment.
Meanwhile, 3.7 million juniors (35% of them girls) picked up clubs, and nearly 8 million women played on-course - up 41% since 2019. Beyond actual play, an estimated 138 million Americans engaged with the game in some way, showing how much it’s grown in cultural relevance. On the business side, the global golf equipment market reached $15.7 billion, thanks to strong demand from dedicated golfers - mostly Gen X, boomers, and millennials - who continue to spend on premium gear, especially when economic conditions are good. The biggest wild card remains supply chains - most equipment is produced in Southeast Asia, where disruptions have affected inventory. Golf, with growing diversity, strong spending power, and millions of Americans saying they’re “very interested” in picking up the sport, golf looks set to stay relevant and keep expanding in the coming years.
National Golf Foundation (NGF) – January 2025
The group benefits from a strong brands portfolio:
- Titleist – The core brand of Acushnet, Titleist designs top-tier golf balls, clubs, and gear.
- FootJoy (FJ) – The #1 golf shoe and glove brand, leading on the PGA Tour for decades. It also produces technical outerwear and performance apparel.
- Scotty Cameron – Renowned for precision-milled putters favored by top professionals.
- Vokey Design – The most played wedge brand on tour.
- Club Glove – Industry leader in high-end golf travel gear, including travel bags, duffels, and luggage.
- TPI (Titleist Performance Institute) – A golf fitness and performance hub that studies how the body influences the golf swing. Provides training and education to help players optimize movement, power, and injury prevention.
- KJUS – Premium technical brand offering golf, ski, and lifestyle apparel.
Acushnet is doubling up on core golf business and investing in new ventures. It's investing $120M to increase the production of Pro V1 and V1x and introducing fitting programs to connect more intensely with serious golfers. FootJoy is launching models like HyperFlex and Quantum, backed by demos in key markets. The company also keeps growing in equipment and apparel - Club Glove debuts travel accessories, Links & Kings launches luxury leather goods, and KJUS innovates premium high-performance outerwear. Geographically, Titleist apparel is tailored for Asia, and Acushnet is building retail, talent, and digital infrastructure throughout EMEA and Asia-Pacific to meet growing global demand.
Titleist leads the way, with over 60% of 2024 revenue coming from balls, clubs, and accessories. The Pro V1 and V1x were once again the dominant force this year—73% of pros played them—and new additions like the 2025 Pro V1s and AVX show attention to precision for swing types. Radar-optimized RCT balls and imprinting technology are among the custom features that have made Titleist a favorite with fitters and simulators.
On the equipment side, GT drivers, T-Series irons, and Vokey wedges deliver tour-level technology with profound customization—Vokey alone offers 27 loft-grind combinations. Scotty Cameron putters offer high-end feel with custom options via its Studio Store. FootJoy is the number one golf shoe and glove brand, with lines like HyperFlex and MyJoys. Its apparel line is growing rapidly in Korea, Europe, and the U.S., which rounds out Acushnet's high-end profile across categories.
Acushnet Holdings implements a premium-positioning business model centered on performance-driven products that command higher price points and margins. The company derives, in 2023, 32% of revenue from golf ball sales, 28% from golf clubs, 25% from FootJoy, and 9% from gear and accessories, and 6% from other. The group holds leading positions in golf’s largest markets and realize most of its sales from the US (57%) while 43% of it are made outside of the US with EMEA representing 13%, Rest of World 11%, followed by Korea with 13% and then Japan with 6%.
Acushnet closed 2024 on a strong note, delivering $2.46 billion in net sales - up 3.2% year over year and 3.9% in constant currency - driven largely by Titleist golf equipment, which saw a 6.2% sales increase thanks to the successful launches of GT drivers, SM10 wedges, and continued demand for its main products. Gross margin expanded 130 basis points to 48.3%, while net income rose 8% to $214.3 million. Adjusted EBITDA grew 7.5% to $404.4 million, supported by stronger volumes and pricing in Golf gear and FootJoy apparel, despite some softness in FootJoy footwear. The U.S. market performed especially well, led by Titleist clubs and gear, while international sales slipped 2.1%, mainly due to declines in Japan. Acushnet also increased its dividend by 9.3% and continued returning capital to shareholders with $30 million in share repurchases during Q4, and benefits from record U.S. rounds played and strong interest across all player segments.
Acushnet’s Q1 2025 results showed solid underlying momentum despite a slight top-line decline, with net sales down 0.6% year over year to $703.4 million - but up 1.2% in constant currency. Titleist golf equipment remained the main driver, with strong demand for the latest core products and Scotty Cameron Studio Style putters pushing segment sales up 2.2%. While FootJoy golf wear fell 6.6% due to softer footwear and apparel volumes, higher average selling prices in gloves helped offset the decline. Net income rose 13.2% to $99.4 million, boosted by a $20.9 million non-cash gain related to the FootJoy JV, while adjusted EBITDA dropped 9.6% to $138.9 million, reflecting higher operating costs and sales mix. Regionally, U.S. sales grew 1.4% to $424.2 million, while EMEA led international growth with a 4.4% increase. Japan and Korea saw declines, down 2.4% and 3.9% respectively, mainly due to weakness in FootJoy. Acushnet also returned capital to shareholders, paying a $0.235 dividend and repurchasing over $99 million in stock during the quarter, underscoring confidence in long-term fundamentals heading into peak golf season.
Acushnet Holdings shows strong profitability, with a ROE of 25.27% and ROA of 9.79% in 2024. Free cash flow reached $235.6 million for the year. Since 2016, margins have improved: net margin increased from 2.86% to 8.72%, operating margin from 8.96% to 12.38%, and EBITDA margin from 14.53% to 16.46%. However, the free cash flow margin has declined from 12.45% in 2023 to 6.94% in the second half of 2024, with forecasts suggesting a recovery to 8.57% by 2026. The company’s debt metrics for 2024 stand at 4.17x debt-to-FCF and 1.76x debt-to-EBITDA.
From a valuation standpoint, Acushnet trades at a P/E ratio of 21.1x, slightly below its 9-year average of 21.9x. This compares to 28.7x for Topgolf Callaway Brands (2023), 23.5x for Puma (2024), 55.3x for Adidas (2024), 28.3x for Lululemon (2024), 25.5x for Nike (2024), and just 4.35x for Mizuno (2025). Its EV/Revenue and EV/EBITDA multiples stand at 2.05x and 12.4x, both modestly above the company’s 9-year averages of 1.6x and 10.9x, suggesting a slight valuation premium.
Acushnet has grown its earnings per share from $0.62 in 2016 to $3.37 in 2024, with analysts projecting it to reach $3.76 by 2027. In terms of capital allocation, the company returned $384 million to shareholders in 2023 - $52 million through dividends, which have increased annually since 2017, and $332 million through share buybacks.
Acushnet competes primarily with Topgolf Callaway Brands, its closest rival in the golf equipment space, offering clubs, balls, apparel, and golf entertainment. While Acushnet dominates in golf balls and traditional equipment through Titleist, Callaway holds strong positions in clubs and off-course experiences via Topgolf. Other competitors include Puma (Cobra Puma Golf), Adidas, Lululemon and Nike, which compete more directly with FootJoy and KJUS in golf apparel and footwear. Mizuno also remains a key player in clubs and balls, particularly in Japan.
Acushnet faces pressure in high-margin drivers due to slower product cycles and lags behind in off-course venues and digital engagement, especially with younger golfers. Growth opportunities exist in Asia’s rising middle class, increased play among women and juniors, and demand for sustainable, tech-driven gear. But risks remain: fast-paced innovation strains margins, DTC rivals squeeze distribution, climate shifts affect play, and heavy reliance on Southeast Asia leaves the supply chain exposed to geopolitical shocks.
