Acushnet Holdings Corp. (GOLF): Business Model Canvas [Dec-2025 Updated]

You're looking for the real mechanics behind the golf giant's success, and honestly, it boils down to a laser focus on the dedicated player, backed by serious capital commitment. As a former head analyst, I see a model built on high-equity brands where they are pouring money into R&D-think $18.9 million in Q1 2025 alone-to maintain that performance edge. This premium play is reflected in their projected 2025 net sales guidance of $2.52 billion to $2.54 billion, even while managing significant costs like a projected $30 million tariff impact and planning $70 million in CapEx for the year. So, if you want to see exactly how they turn premium R&D and distribution into those sales figures, check out the full Business Model Canvas below; it maps out every key partnership and revenue stream.

Acushnet Holdings Corp. (GOLF) - Canvas Business Model: Key Partnerships

Trade partners, which include golf shops and retailers, form the backbone of Acushnet Holdings Corp.'s global distribution network.

The company's focus remains on its core consumers and these essential trade partners across the globe, as noted in their Q2 2025 commentary. The scale of this distribution network can be inferred from the regional net sales reported for the third quarter of 2025:

The total consolidated net sales for the third quarter of 2025 reached $657.7 million.

Professional golfers and influencers are critical for brand endorsement, as Acushnet Holdings Corp. is relentlessly focused on earning the trust and endorsement of the pyramid of influence. The company continues to invest in initiatives that support its brands, which is reflected in Selling, General, and Administrative (SG&A) expenses. For the third quarter of 2025, SG&A expense was $205 million, which included investments in A&P (Advertising & Promotion) to support new product launches and future growth initiatives.

Global suppliers and logistics providers are managed through a focus on supply chain resilience. Acushnet Holdings Corp. leverages its durable and regionally diverse supply chain and manufacturing capabilities to manage risks like tariffs. The company anticipated an incremental full-year gross tariff cost of $30 million for fiscal year 2025. Inventory levels were up 3 percent when compared to the third quarter of 2024, reflecting some advancement of inventory ahead of tariff deadlines.

Investments in operational infrastructure supporting logistics and fulfillment include:

• Capital Expenditures (CapEx) were $51 million in the first nine months of 2025.
• Full-year 2025 CapEx spend was expected to be approximately $75 million.
• For the six months ended June 30, 2025, costs related to the optimization of distribution and custom fulfillment capabilities were $0.3 million.

The company's full-year 2025 consolidated net sales guidance was updated to a range of approximately $2,520 to $2,540 million.

Acushnet Holdings Corp. (GOLF) - Canvas Business Model: Key Activities

You're looking at the core engine of Acushnet Holdings Corp., the activities that turn innovation into revenue, especially as they navigate the current trade environment. Here's a breakdown of what they are actively doing to keep the Titleist and FootJoy brands leading the market as of late 2025.

Research and development (R&D) of new golf products

Acushnet Holdings Corp. pours significant resources into R&D to maintain its premium positioning, which is evident in the quarterly spending figures. This activity directly supports the launch cycle for flagship products like golf balls and clubs. For instance, the company cited growth in Q1 2025 driven by successful launches of new Pro V1 and Pro V1X golf ball models and GT Metals hybrids and metals. The focus remains on proprietary product designs and engineering.

Here are the reported R&D expenses for 2025:

The year-to-date spend through Q3 2025 shows an increase in investment compared to the same period in 2024. This activity is crucial for supporting the healthy demand seen in Titleist golf equipment.

Manufacturing of golf balls and clubs (Titleist)

The manufacturing backbone for Titleist is substantial, involving high-volume, precision operations. Acushnet Holdings Corp. operates three state-of-the-art golf ball manufacturing facilities, which demonstrate significant production scale by producing over 1 million golf balls daily. To manage global distribution, the company notes that it produces approximately two-thirds of golf balls in the US, with a factory in Thailand supplying Pro V1 models to all other regions. This regional diversification is a direct response to supply chain risks.

The sales performance of these manufactured goods in the first half of 2025 reflects this activity:

• Titleist Golf Ball sales grew by 4.0% on a constant-currency basis in Q1 2025, reaching $213.3 million.
• Titleist Golf Club sales increased by 3.5% to $207.8 million in Q1 2025.
• Titleist golf equipment net sales saw a 6.8% increase (or 7.7% constant currency) in Q3 2025.

Global supply chain management and tariff mitigation

Managing the global flow of components and finished goods is a major ongoing activity, heavily influenced by trade policy in 2025. Acushnet Holdings Corp. is actively working to offset the financial impact of tariffs. The estimated gross impact for the full year 2025 was initially cited at $75 million in Q1, though later reports suggested a revised or expected impact of approximately $35 million for the full year. The company expects to offset more than 50% of this cost through its actions. In Q2 2025, tariff policies added roughly $5 million in costs for that quarter alone. The initial tariff exposure was heavily weighted, with approximately 70% of the $75 million estimate related to the China import tariff rate of 145%. The company's strategy involves leveraging its durable and regionally diverse supply chain.

Running a global fitting network for custom equipment

Connecting the product to the dedicated golfer requires a robust physical and service presence, which is reflected in selling, general, and administrative (SG&A) expenses. Acushnet Holdings Corp. continues to invest in this area, as evidenced by the SG&A increase in Q2 2025. Specifically, SG&A expense in Q2 2025 was $222 million, an increase of $14 million from 2024, as the company continues to invest in its fitting network, IT systems, and advertising and promotion (A&P) to support new product launches. The CEO noted that the focus on quality and fitting services is resonating with golfers and contributing to performance. The company is confident its brands are well positioned in golf shops around the globe due to these fitting initiatives fueling demand.

Finance: draft 13-week cash view by Friday.

Acushnet Holdings Corp. (GOLF) - Canvas Business Model: Key Resources

The foundation of Acushnet Holdings Corp.'s business model rests on irreplaceable tangible and intangible assets that drive its premium market positioning.

Iconic, high-equity brands: Titleist and FootJoy

• The company's market capitalization as of November 25, 2025, was approximately $4.96 billion.
• As of October 30, 2025, the market capitalization was $4.6B.
• Titleist golf equipment sales for the third quarter ended September 30, 2025, were $427.6 million, a 5.7 percent increase year-over-year.
• FootJoy golf wear net sales for the third quarter of 2025 increased by a rate described as higher average selling prices across all product categories.

The financial scale supporting these brands through the first nine months of 2025 included:

Proprietary golf ball and club manufacturing facilities

Acushnet Holdings Corp. maintains significant internal production capacity, which is a direct operational resource.

• Operates three state-of-the-art golf ball manufacturing facilities.
• These facilities produce over 1 million golf balls daily.
• Manufacturing and sourcing locations include the United States, China, Thailand, the United Kingdom, and Japan.

Intellectual property (IP) and product design patents

The company's reliance on technical innovation is a core asset, protected by its IP portfolio, though specific patent counts are not publicly detailed in recent filings.

• The company's strategy centers on technical innovation and high-quality products.
• The ability to adequately enforce and protect intellectual property rights is noted as an important factor for the business.

Dedicated global sales and fitting specialist teams

The human capital supporting distribution and consumer engagement is substantial, operating across a wide geographic footprint.

• Total employees were reported as 7,300 as of 2024.
• Geographic reach extends to over 100 countries, including the US, Europe, Japan, and South Korea.
• The company sells products through on-course golf pro shops, select off-course golf specialty stores, sporting goods stores, and other qualified retailers.

Acushnet Holdings Corp. (GOLF) - Canvas Business Model: Value Propositions

You're looking at the core reasons why dedicated golfers choose Acushnet Holdings Corp. products over the competition. It's all about delivering measurable performance gains, which is why the company focuses so heavily on innovation and direct service to the serious player.

Performance-driven golf products for dedicated golfers

Acushnet Holdings Corp. targets the game's dedicated golfer, a segment management views as healthy and resilient. The overall business reflects this focus, with year-to-date (nine months ended September 30, 2025) consolidated net sales reaching $2,081.5 million, representing a 3.5% increase year-over-year.

The company's full-year 2025 consolidated net sales guidance is set between $2,520 to $2,540 million. This performance is underpinned by a commitment to product excellence across its brands.

Here's a look at the segment net sales performance through the first nine months of 2025:

Market-leading golf ball technology (e.g., Pro V1 franchise)

The flagship golf ball franchise remains a cornerstone value proposition, directly tied to elite performance metrics. The 2025 Pro V1 and Pro V1x models were launched promising more speed and more control, marking 25 years since the original Pro V1 debuted.

The dominance of this technology on the professional stage is stark:

• Pro V1 and Pro V1x balls comprised a mind-blowing 73% of all golf balls teed up in 2025.
• This usage rate is seven times that of their nearest rival.
• Half of all PGA Tour events in 2025 were won with a Titleist golf ball.

This success is translating to the bottom line; Titleist golf equipment sales saw higher sales volumes for the 2025 Pro V1 golf ball models in Q3 2025.

Premium, high-quality golf wear and footwear (FootJoy)

FootJoy delivers premium quality in apparel and footwear, though performance has seen some variability. In the second quarter of 2025, FootJoy golf wear saw a 1.3% decrease in net sales (a 2.0% decrease in constant currency), largely due to lower sales volumes in footwear.

However, the third quarter showed a rebound in net sales for FootJoy golf wear, driven by higher average selling prices across all product categories. The company also planned line extensions to popular lines like FJ Hyperflex and Quantum golf shoes for the second half of 2025.

The value proposition here is premium quality that resonates even when overall segment sales fluctuate, supported by pricing power:

• Higher average selling prices (ASPs) were a key driver for FootJoy sales growth in Q3 2025.
• The company transitioned FootJoy footwear production to a new facility in Vietnam during 2024 to strengthen its global supply chain position.

Custom fitting services for optimized equipment performance

Acushnet Holdings Corp. views its expansive global club-fitting network as a valuable service that helps dedicated golfers optimize their equipment performance. The CEO specifically noted that the focus on product innovation, quality, and fitting services is resonating with golfers.

For 2025, the company planned to continue strategic investment in this area, specifically by expanding its global fitting network. This service complements high-tech equipment launches, such as the new Titleist GT drivers and fairways, which deliver more speed and optimized launch characteristics.

The commitment to service is also seen in logistics, where a new 500,000 square foot distribution and custom embroidery center opened in Lakeville, Massachusetts, in 2024 to improve efficiency for stock and custom products.

Acushnet Holdings Corp. (GOLF) - Canvas Business Model: Customer Relationships

You're looking at how Acushnet Holdings Corp. maintains its connection with the dedicated golfer, which is central to its premium positioning. The relationship strategy hinges on high-touch service, channel support, and product validation at the highest levels of the sport.

Personal assistance via the global fitting network

Acushnet Holdings Corp. emphasizes fitting services as a key driver of demand, especially for its premium equipment. Management noted that 'fitting initiatives fueling demand' contributed to the strong sell-through trends seen in Q2 2025. This personalized approach helps ensure the dedicated consumer gets the right product, which supports the premium pricing strategy that underpins revenue growth. For instance, Titleist golf equipment sales grew 5.7% to $427.6 million in the third quarter of 2025.

Long-term relationships with trade partners (golf shops)

The company explicitly focuses on the 'golf shops that serve them'. Maintaining strong relationships with these trade partners is crucial for product placement and consumer access. The CEO specifically thanked 'trade partners' during the Q1 2025 call, indicating their importance in the distribution network. The Golf Gear segment, which includes accessories often sold through these channels, saw net sales climb 14.2% year-over-year in Q3 2025.

Brand loyalty driven by professional tour validation

Loyalty is heavily reinforced by performance validation on professional tours. The success of new product launches, such as the new T-Series irons and the latest generation Pro V1 golf ball models, demonstrates this link, as these products resonated with the core consumer base. The Titleist Golf Equipment segment, which houses these premium products, grew 5.7% in Q3 2025. The company believes its focus on 'product innovation, quality and fitting services are resonating with golfers'.

Direct-to-consumer (DTC) engagement via e-commerce

While the core channel remains the golf shop, engagement with the 'dedicated golfer core consumer' is healthy and resilient. The company's overall financial performance reflects this strong consumer base. For the first nine months of 2025, consolidated net sales were expected to reach between $2,520 and $2,540 million. The company also returned capital to shareholders, demonstrating confidence in its ongoing cash generation from this consumer base, with $187.5 million spent on share repurchases in the first nine months of 2025.

Here's a quick look at the financial metrics reflecting the health of the customer base through Q3 2025:

The performance across key customer-facing segments in Q3 2025 shows where the consumer engagement is strongest:

• Titleist Golf Equipment Net Sales: $427.6 million
• Golf Gear Net Sales Growth: 14.2% year-over-year
• FootJoy Golf Wear Net Sales: $136.5 million
• U.S. Regional Sales Growth: 6.1%

If onboarding takes 14+ days, churn risk rises, but Acushnet Holdings Corp. seems to be keeping its core consumer engaged through product cycle momentum.

Acushnet Holdings Corp. (GOLF) - Canvas Business Model: Channels

Acushnet Holdings Corp. relies on a multi-faceted distribution network to get its Titleist, FootJoy, and other products to the dedicated golfer. This network primarily funnels through established relationships with on-course and off-course specialty golf retailers, which remain a core component of the sales structure.

The company also actively develops its Direct-to-Consumer (DTC) e-commerce platforms to capture a greater share of the final sale price. Furthermore, Acushnet Holdings Corp. supports its premium product positioning through dedicated fitting centers and mobile fitting vans, ensuring high-touch service for equipment like Titleist clubs.

The effectiveness of these channels is clearly reflected in the geographic sales performance data for the 2025 fiscal year, as of the third quarter end.

International distribution remains a key focus area for Acushnet Holdings Corp., with performance varying significantly across major markets through the first nine months of 2025. The overall consolidated net sales guidance for the full year 2025 is set between $2,520 million and $2,540 million.

Here's the quick math on regional channel performance based on the latest available quarterly reports:

• The United States market showed strength, with Q2 net sales up 6.4%.
• EMEA demonstrated robust channel pull, showing a 14% increase in Q3 net sales.
• Net sales in regions outside the US increased 3.8% in Q2, or 2.3% on a constant currency basis.
• Japan experienced a significant channel contraction, with Q3 net sales down 13%.
• Korea saw a modest Q3 increase of 3%, following a Q2 decrease.
• Rest of World channels grew by 5% in Q3.

The company's commitment to its distribution partners is underscored by its capital deployment, including the declaration of a quarterly cash dividend of $0.235 per share for the third quarter of 2025. Also, through the first nine months of 2025, Acushnet Holdings Corp. repurchased 2,842,719 shares of its common stock for a total of $187.5 million.

Finance: draft 13-week cash view by Friday.

Acushnet Holdings Corp. (GOLF) - Canvas Business Model: Customer Segments

You're looking at the core groups Acushnet Holdings Corp. targets with its performance-driven golf products. The focus is clearly on the committed player, but the distribution and influence channels are just as vital to their $2,520 to $2,540 million full-year 2025 revenue outlook.

The dedicated and discerning golfers are the primary engine, evidenced by the strong performance of the Titleist equipment line, which is where the highest revenue concentration lies.

• The sport and business of golf continue to be vibrant, with increased participation globally.
• Worldwide rounds of play in 2025 are expected to match or exceed the record set in 2024.
• The company's focus remains on the game's dedicated golfer, whose commitment offsets macro uncertainties.

Professional and elite amateur golfers serve as the Pyramid of Influence, validating the performance claims of the core product line, especially the golf balls and clubs.

• Healthy demand for the 2025 Pro V1 golf ball models is a key driver.
• The successful launch of the new T-Series irons resonated well with this group.

Trade partners-golf course operators and specialty retailers-are the necessary conduit to reach the end consumer. Acushnet Holdings Corp. views these partners as strategic, noting they are, by and large, healthy and investing in their facilities.

The premium apparel segment, anchored by the KJUS brand, targets affluent consumers, though its direct financial contribution is often bundled within broader segment reporting. FootJoy golf wear performance gives some context to the apparel side of the business.

The company's success is tied to the ASPs (Average Selling Prices) across categories, which increased in Q3 2025 for Titleist equipment and across all product categories in Golf gear and FootJoy golf wear, reflecting the premium positioning sought by these customer groups. For instance, Titleist golf clubs saw higher ASPs in Q3 2025.

Acushnet Holdings Corp. (GOLF) - Canvas Business Model: Cost Structure

You know that making premium golf equipment means the cost of the stuff you sell (Cost of Goods Sold or COGS) is naturally high. Acushnet Holdings Corp. uses premium materials for its Titleist line, which keeps that COGS line item substantial to maintain the quality golfers expect.

Then you have the Selling, General, and Administrative (SG&A) expenses. These cover everything from running the offices to marketing those high-end products. For the first quarter of 2025, the SG&A expense was reported at $200 million, which is a key operational cost to watch. Honestly, keeping that number in check while supporting global sales is a constant balancing act.

Here's a quick look at some of the major reported and projected cost elements for the 2025 fiscal year:

Acushnet Holdings Corp. has to keep investing heavily in the future, which shows up in R&D. You saw that in the first quarter of 2025, where the company spent $18.9 million on Research & Development. That spend fuels the next generation of Pro V1 balls and Titleist clubs, which is critical for maintaining that premium price point.

For physical investments, Capital Expenditures (CapEx) for the full year 2025 are projected to land around $70 million. That's down from an earlier estimate, which should help cash flow a bit. Through the first half of 2025, the company had already spent $25 million on CapEx.

A major external cost factor is tariffs. For the full year 2025, the projected gross impact from tariffs is set at $30 million. Management is actively working to offset a meaningful portion of this headwind through supply chain adjustments and cost programs, but it remains a direct hit to the cost base.

The main drivers hitting the cost structure this year include:

• Premium raw material procurement for performance products.
• Marketing and advertising spend to support brand equity.
• Investment in new product development and testing cycles.
• Costs associated with global supply chain optimization efforts.
• Direct financial impact from import duties and tariffs.

Finance: review the Q4 2025 SG&A forecast against the Q1 and Q3 actuals by next Tuesday.

Acushnet Holdings Corp. (GOLF) - Canvas Business Model: Revenue Streams

You're looking at the core ways Acushnet Holdings Corp. brings in money as of late 2025. It's heavily reliant on premium golf equipment and apparel, with pricing power being a key lever for growth.

The company has set its sights high for the full year, projecting consolidated net sales guidance of $2.52 billion to $2.54 billion for fiscal 2025. This follows year-to-date net sales through the third quarter reaching $2,081.5 million.

Titleist Golf Balls (e.g., Pro V1) sales volumes and price increases

Revenue from Titleist golf balls remains a cornerstone. The company cited higher sales volumes of our 2025 Pro V1 golf ball models as a primary driver for the Titleist golf equipment segment's growth in the third quarter of 2025. For the first quarter of 2025, net sales for Titleist golf equipment saw a 2.2% increase, largely due to higher sales volumes of the latest generation Pro V1 and Pro V1x golf balls.

Titleist Golf Clubs (woods, irons, wedges, putters) sales

Titleist golf clubs contribute significantly, with revenue growth in the third quarter of 2025 driven by higher average selling prices in golf clubs. The successful launch of new products, such as the T-Series irons, also fueled this stream. In 2023, Acushnet invested $64.2 million in R&D for golf club technology.

FootJoy Golf Wear (footwear and apparel) sales

The FootJoy segment generates revenue from both footwear and apparel. In the U.S. market during the third quarter of 2025, FootJoy Golf Wear sales increased by $2.4 million. While the footwear side saw lower sales volumes in the second quarter, the apparel side posted higher sales volumes. The brand is executing on its premium performance strategy.

Custom logo golf ball sales to corporate customers

Acushnet Holdings Corp. secures revenue through custom logo golf ball sales directed at corporate clients. This business is integrated within the overall Titleist golf ball revenue stream, capitalizing on the brand's premium positioning.

Here's a look at the segment performance contributing to the overall revenue picture as of the third quarter of 2025:

The company's revenue generation is also supported by its established product lines, which command premium pricing:

• Titleist Pro V1 golf balls held 47.2% market share in the premium segment in 2023.
• Scotty Cameron putters generated $187.4 million in annual revenue in 2023.

The business relies on maintaining high average selling prices across its product categories, which was a primary factor in net sales increases for both Titleist golf equipment and FootJoy golf wear in the first nine months of 2025.