Acushnet vs Mattel
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The short version
- Mattel is the larger business, with $5.3B of revenue in fiscal 2025 against $2.6B for Acushnet, about 2.1 times as much.
- Acushnet grew revenue faster (4.1%, against −0.6%).
- Acushnet kept more of each dollar of sales as operating profit (11.7% operating margin, against 10.2%).
- Mattel turned more of its sales into free cash flow (9.0% FCF margin, against 4.7%).
- Acushnet earned a higher return on the capital invested in it (14.7%, against 13.5%).
- Investors pay more for each dollar of Acushnet’s earnings: a P/E of 22.1x against 12.1x for Mattel.
| Latest fiscal year | GOLF · FY25 | MAT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.9B | $4.7B |
| Revenue | $2.6B | $5.3B |
| Free cash flow | $120M | $483M |
| Net income | $189M | $398M |
| Growth | ||
| Revenue growth | 4.1% | −0.6% |
| 5-year growth | 9.7% | 3.1% |
| Share count change | −4.8% | −6.3% |
| Profitability | ||
| Gross margin | 47.7% | 48.7% |
| Operating margin | 11.7% | 10.2% |
| Net margin | 7.4% | 7.4% |
| FCF margin | 4.7% | 9.0% |
| Return on capital | 14.7% | 13.5% |
| Return on equity | 24.4% | 17.7% |
| Balance sheet | ||
| Net debt | $901M | $1.1B |
| Net debt / EBITDA | 2.5x | 1.5x |
| Dividends and buybacks | $268M | $600M |
| Valuation & quality | ||
| P/E | 22.1x | 12.1x |
| Piotroski F-score | 6 | 5 |
Revenue
FY16
GOLF $1.6B
MAT $5.5B
FY17
GOLF $1.6B
MAT $4.9B
FY18
GOLF $1.6B
MAT $4.5B
FY19
GOLF $1.7B
MAT $4.5B
FY20
GOLF $1.6B
MAT $4.6B
FY21
GOLF $2.1B
MAT $5.5B
FY22
GOLF $2.3B
MAT $5.4B
FY23
GOLF $2.4B
MAT $5.4B
FY24
GOLF $2.5B
MAT $5.4B
FY25
GOLF $2.6B
MAT $5.3B
GOLF
MAT
Operating margin
FY16
GOLF 9.1%
MAT 9.5%
FY17
GOLF 10.9%
MAT −6.9%
FY18
GOLF 10.6%
MAT −5.2%
FY19
GOLF 11.0%
MAT 0.8%
FY20
GOLF 9.0%
MAT 8.2%
FY21
GOLF 12.1%
MAT 13.4%
FY22
GOLF 12.4%
MAT 12.4%
FY23
GOLF 12.0%
MAT 10.3%
FY24
GOLF 12.4%
MAT 12.9%
FY25
GOLF 11.7%
MAT 10.2%
GOLF
MAT
Free cash flow
FY16
GOLF $85.1M
MAT $454M
FY17
GOLF −$45.9M
MAT −$157M
FY18
GOLF $131M
MAT −$102M
FY19
GOLF $101M
MAT $118M
FY20
GOLF $240M
MAT $226M
FY21
GOLF $277M
MAT $408M
FY22
GOLF −$129M
MAT $337M
FY23
GOLF $296M
MAT $784M
FY24
GOLF $170M
MAT $665M
FY25
GOLF $120M
MAT $483M
GOLF
MAT
Return on capital
FY16
GOLF 10.4%
MAT 10.5%
FY17
GOLF 9.7%
MAT −7.4%
FY18
GOLF 9.3%
MAT −5.9%
FY19
GOLF 10.8%
MAT 1.0%
FY20
GOLF 10.2%
MAT 8.7%
FY21
GOLF 16.7%
MAT 23.9%
FY22
GOLF 17.1%
MAT 14.0%
FY23
GOLF 15.5%
MAT 8.2%
FY24
GOLF 16.1%
MAT 17.9%
FY25
GOLF 14.7%
MAT 13.5%
GOLF
MAT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.