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We are the global leader in the design, development, manufacture and distribution of performance driven golf products, and these products are widely recognized for their quality excellence. Our mission to be the performance and quality leader in every golf product category in which we compete has remained consistent since we entered the golf ball business in 1932.
11.70% operating margin is respectable but not wide. ROIC at 14.25%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 4.1%, steady but not accelerating. Free cash flow declined 30% despite revenue growth, conversion is weakening.
Free cash flow declined 30% versus the prior year, cash generation momentum has weakened. Net debt of $1.02B represents 8.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.61B
▲ +4.1% YoY
Net Income (TTM)
$171M
▼ -12.0% YoY
Op. Margin
11.69%
▼ -0.7pp YoY
ROIC
13.65%
▼ -1.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$89M
▼ -29.6% YoY
Op. Cash Flow (TTM)
$171M
▼ -20.7% YoY
Net Debt
$1.10B
Cash & Equiv.
$52M
5Y CAGR: +9.7%
5Y CAGR: -12.9%
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