Acushnet Holdings Corp.

Acushnet (Titleist/FootJoy) is a dominant, IP-rich golf-equipment franchise with top-decile operating margin and strong ROE.

Strengths

• Top-decile operating margin (100th pct), ROA 91.7th, net margin 91.7th, ROE 75th pct (24%)
• Wide moat: category-leading Pro V1 golf-ball franchise and the largest golf patent portfolio, with $120M FCF

Risks

• Elevated leverage (debt-to-equity 1.18, 90th pct) and weak quick ratio (25th pct)
• Demand tied to rounds played/weather, Rules-of-Golf distance changes, and controlled-company governance under Magnus

Notable findings

• Buying back stockNet buyback — share count -3%/yr over 4y