F

Acushnet Holdings Corp. — Earnings Quality Grade F

GOLF · Consumer Cyclical

Major red flags

Revenue
$2.6B
2025
Net Income
$189M
2025
Gross Margin
47.7%
Free Cash Flow
$120M
01

Screening Summary

14
Passed
1
Watch
2
Failed
-2.48
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 31 days, change -1 days YoY

A2AR vs Revenue Growth

AR growth -0.4% vs revenue growth 4.1%

A3Revenue vs CFFO

Revenue 4.1%, CFFO -20.7%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory 5.7% vs COGS 5.4%. Normal

B2CapEx vs Revenue

CapEx growth -0.4% vs revenue 4.1%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 68.2%. Normal

B4Gross Margin

Gross margin 47.7%, change -0.6pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.03. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 0.64

C3Accruals Ratio

Accruals ratio = -0.2%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 5% of debt $0.9B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.7B = 94% of equity. Over 50%

D2Leverage

Debt/EBITDA = 2.7x. Healthy

!
D3Soft Asset Growth

Other assets grew 98.0% vs revenue 4.1%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -1% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.48 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.48
-4.0 Clean-2.22 Grey-1.78 Danger0
0.956
DSRI
AR growing faster than revenue?
1.013
GMI
Gross margin declining?
1.015
AQI
Asset quality deteriorating?
1.041
SGI
Revenue growth rate
1.091
DEPI
Depreciation slowing?
0.998
SGAI
SG&A ratio changing?
-0.0025
TATA
Accruals level
1.03
LVGI
Leverage increasing?
05

Altman Z-Score

3.25
Safe Zone
0 Distress1.102.605.0+ Safe
0.2541
Liquidity
0.0606
Cumulative profit
0.1276
Operating efficiency
0.5031
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25