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Acushnet Holdings Corp.（GOLF）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是Acushnet Holdings Corp.的12.6倍（$6.0B vs $477.2M）。3M净利率更高（10.8% vs -7.3%，领先18.1%）。Acushnet Holdings Corp.同比增速更快（7.2% vs 1.3%）。3M自由现金流更多（$2.0B vs $-23.3M）。过去两年3M的营收复合增速更高（-1.8% vs -17.9%）
Acushnet Holdings Corp.是一家专注于高尔夫赛道的美国企业，旗下运营多个知名品牌，产品品类覆盖高尔夫专业器材、运动服饰及相关配件，为全球高尔夫运动爱好者提供多元化的相关产品选择。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
GOLF vs MMM — 直观对比
营收规模更大
MMM
是对方的12.6倍
$477.2M
营收增速更快
GOLF
高出5.9%
1.3%
净利率更高
MMM
高出18.1%
-7.3%
自由现金流更多
MMM
多$2.0B
$-23.3M
两年增速更快
MMM
近两年复合增速
-17.9%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $477.2M | $6.0B |
| 净利润 | $-34.9M | $653.0M |
| 毛利率 | 44.1% | 40.7% |
| 营业利润率 | -3.8% | 23.2% |
| 净利率 | -7.3% | 10.8% |
| 营收同比 | 7.2% | 1.3% |
| 净利润同比 | -3027.3% | -41.5% |
| 每股收益（稀释后） | $-0.57 | $1.23 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收GOLFMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $477.2M | $6.1B | ||
| Q3 25 | $657.7M | $6.5B | ||
| Q2 25 | $720.5M | $6.3B | ||
| Q1 25 | $703.4M | $6.0B | ||
| Q4 24 | $445.2M | $6.0B | ||
| Q3 24 | $620.5M | $6.3B | ||
| Q2 24 | $683.9M | $6.3B |
净利润GOLFMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $-34.9M | $577.0M | ||
| Q3 25 | $48.5M | $834.0M | ||
| Q2 25 | $75.6M | $723.0M | ||
| Q1 25 | $99.4M | $1.1B | ||
| Q4 24 | $-1.1M | $728.0M | ||
| Q3 24 | $56.2M | $1.4B | ||
| Q2 24 | $71.4M | $1.1B |
毛利率GOLFMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | 44.1% | 33.6% | ||
| Q3 25 | 48.5% | 41.8% | ||
| Q2 25 | 49.2% | 42.5% | ||
| Q1 25 | 47.9% | 41.6% | ||
| Q4 24 | 22.6% | 51.7% | ||
| Q3 24 | 54.4% | 42.1% | ||
| Q2 24 | 54.4% | 42.9% |
营业利润率GOLFMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | -3.8% | 13.0% | ||
| Q3 25 | 14.1% | 22.2% | ||
| Q2 25 | 15.2% | 18.0% | ||
| Q1 25 | 16.3% | 20.9% | ||
| Q4 24 | -1.2% | 12.2% | ||
| Q3 24 | 13.2% | 20.9% | ||
| Q2 24 | 15.5% | 20.3% |
净利率GOLFMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | -7.3% | 9.4% | ||
| Q3 25 | 7.4% | 12.8% | ||
| Q2 25 | 10.5% | 11.4% | ||
| Q1 25 | 14.1% | 18.7% | ||
| Q4 24 | -0.3% | 12.1% | ||
| Q3 24 | 9.1% | 21.8% | ||
| Q2 24 | 10.4% | 18.3% |
每股收益（稀释后）GOLFMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $-0.57 | $1.07 | ||
| Q3 25 | $0.81 | $1.55 | ||
| Q2 25 | $1.25 | $1.34 | ||
| Q1 25 | $1.62 | $2.04 | ||
| Q4 24 | $0.02 | $1.33 | ||
| Q3 24 | $0.89 | $2.48 | ||
| Q2 24 | $1.11 | $2.07 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $3.7B |
| 总债务越低越好 | $926.2M | $10.9B |
| 股东权益账面价值 | $783.6M | $3.3B |
| 总资产 | $2.3B | $35.4B |
| 负债/权益比越低杠杆越低 | 1.18× | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资GOLFMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
总债务GOLFMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | $926.2M | $12.6B | ||
| Q3 25 | — | $12.6B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.5B | ||
| Q4 24 | $753.1M | $13.0B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | $13.1B |
股东权益GOLFMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $783.6M | $4.7B | ||
| Q3 25 | $852.3M | $4.6B | ||
| Q2 25 | $808.5M | $4.3B | ||
| Q1 25 | $780.3M | $4.5B | ||
| Q4 24 | $765.2M | $3.8B | ||
| Q3 24 | $863.9M | $4.6B | ||
| Q2 24 | $863.7M | $3.9B |
总资产GOLFMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $2.3B | $37.7B | ||
| Q3 25 | $2.4B | $37.6B | ||
| Q2 25 | $2.4B | $38.0B | ||
| Q1 25 | $2.4B | $40.0B | ||
| Q4 24 | $2.2B | $39.9B | ||
| Q3 24 | $2.3B | $40.9B | ||
| Q2 24 | $2.3B | $43.4B |
负债/权益比GOLFMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | 1.18× | 2.68× | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | — | 3.06× | ||
| Q1 25 | — | 3.02× | ||
| Q4 24 | 0.98× | 3.40× | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | — | 3.34× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-338.0K | — |
| 自由现金流经营现金流 - 资本支出 | $-23.3M | $2.0B |
| 自由现金流率自由现金流/营收 | -4.9% | 33.6% |
| 资本支出强度资本支出/营收 | 4.8% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $120.0M | $3.7B |
8季度趋势，按日历期对齐
经营现金流GOLFMMM
| Q1 26 | — | — | ||
| Q4 25 | $-338.0K | $1.6B | ||
| Q3 25 | $163.1M | $1.8B | ||
| Q2 25 | $151.9M | $-954.0M | ||
| Q1 25 | $-120.3M | $-79.0M | ||
| Q4 24 | $-1.1M | $1.8B | ||
| Q3 24 | $144.1M | $-1.8B | ||
| Q2 24 | $211.6M | $1.0B |
自由现金流GOLFMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $-23.3M | $1.3B | ||
| Q3 25 | $136.9M | $1.5B | ||
| Q2 25 | $138.0M | $-1.2B | ||
| Q1 25 | $-131.5M | $-315.0M | ||
| Q4 24 | $-33.2M | $1.5B | ||
| Q3 24 | $123.7M | $-2.0B | ||
| Q2 24 | $196.8M | $752.0M |
自由现金流率GOLFMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | -4.9% | 21.8% | ||
| Q3 25 | 20.8% | 23.6% | ||
| Q2 25 | 19.2% | -18.3% | ||
| Q1 25 | -18.7% | -5.3% | ||
| Q4 24 | -7.5% | 25.4% | ||
| Q3 24 | 19.9% | -32.3% | ||
| Q2 24 | 28.8% | 12.0% |
资本支出强度GOLFMMM
| Q1 26 | — | — | ||
| Q4 25 | 4.8% | 4.0% | ||
| Q3 25 | 4.0% | 3.3% | ||
| Q2 25 | 1.9% | 3.3% | ||
| Q1 25 | 1.6% | 4.0% | ||
| Q4 24 | 7.2% | 4.8% | ||
| Q3 24 | 3.3% | 3.9% | ||
| Q2 24 | 2.2% | 4.3% |
现金转化率GOLFMMM
| Q1 26 | — | — | ||
| Q4 25 | — | 2.74× | ||
| Q3 25 | 3.36× | 2.11× | ||
| Q2 25 | 2.01× | -1.32× | ||
| Q1 25 | -1.21× | -0.07× | ||
| Q4 24 | — | 2.50× | ||
| Q3 24 | 2.56× | -1.30× | ||
| Q2 24 | 2.96× | 0.89× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
GOLF
| Titleist Golf Equipment | $293.8M | 62% |
| Footjoy Golf Wear | $102.0M | 21% |
| Other | $45.3M | 9% |
| Golf Gear | $36.1M | 8% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
