AS vs GOLF: Amer Sports and Acushnet Holdings compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Amer Sports is the larger company, worth $16.4B, about 3.4 times Acushnet Holdings.
- Amer Sports grew revenue faster over the last year (+28.5% vs +13.8%).
- Acushnet Holdings keeps more of each dollar of revenue as operating profit (13.7% vs 10.7%).
- On earnings, Acushnet Holdings is the cheaper stock (28.7x vs 37.1x).
- Acushnet Holdings's price assumes faster free cash flow growth: about 14% a year, against 13% for Amer Sports (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AS | GOLF |
|---|---|---|
| Market cap | $16.4B | $4.8B |
| Share price | $28.14 | $79.18 |
| Revenue (last fiscal year) | $6.6B | $2.6B |
| Free cash flow (last fiscal year) | $446M | $120M |
| Revenue growth, last year | +28.5% | +13.8% |
| Revenue growth per year, last 5 fiscal years | +21.0% | +4.5% |
| Operating margin | 10.7% | 13.7% |
| Net margin | 6.5% | 8.1% |
| Return on equity | 7.4% | 23.8% |
| P/E (trailing) | 37.1x | 28.7x |
| Price / free cash flow | 32.6x | 40.0x |
| EV / EBITDA | 19.9x | 17.0x |
| FCF growth the price implies | 13.0% | 14.1% |
| Dividend yield | — | 1.2% |
| Debt / equity | 0.73x | 1.78x |
| Fundamental grade | C | C |
| Superinvestors holding it | 3 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Amer Sports
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.1B | $174M | 6.1% |
| 2022 | $3.6B | -$202M | 1.4% |
| 2023 | $4.4B | $63M | 6.9% |
| 2024 | $5.2B | $149M | 9.1% |
| 2025 | $6.6B | $446M | 10.7% |
Acushnet Holdings
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.1B | $277M | 12.1% |
| 2022 | $2.3B | -$129M | 12.4% |
| 2023 | $2.4B | $296M | 12.0% |
| 2024 | $2.5B | $170M | 12.4% |
| 2025 | $2.6B | $120M | 11.7% |
Where the revenue comes from
Amer Sports · by segments, 2025
Technical Apparel$2.9B43%
Outdoor Performance$2.4B37%
Ball & Racquet Sports$1.3B20%
Acushnet Holdings · by segments, 2025
Titleist golf equipment$1.6B66%
FootJoy Golf Wear$570M24%
Golf Gear$245M10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AS in InvestinglyQuestions
Which is bigger, Amer Sports or Acushnet Holdings?
Amer Sports (AS), at $16.4B against $4.8B.
Is AS or GOLF cheaper?
By trailing P/E, Acushnet Holdings (28.7x) is cheaper than Amer Sports (37.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, AS or GOLF?
Amer Sports: revenue grew +28.5% over the last year, against +13.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.