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Acushnet Holdings Corp.（GOLF）与晨星（MORN）财务数据对比。点击上方公司名可切换其他公司
晨星的季度营收约是Acushnet Holdings Corp.的1.3倍（$641.1M vs $477.2M），晨星净利率更高（18.0% vs -7.3%，领先25.3%），晨星同比增速更快（8.5% vs 7.2%），晨星自由现金流更多（$161.3M vs $-23.3M），过去两年晨星的营收复合增速更高（8.7% 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。
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
GOLF vs MORN — 直观对比
营收规模更大
MORN
是对方的1.3倍
$477.2M
营收增速更快
MORN
高出1.3%
7.2%
净利率更高
MORN
高出25.3%
-7.3%
自由现金流更多
MORN
多$184.6M
$-23.3M
两年增速更快
MORN
近两年复合增速
-17.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $477.2M | $641.1M |
| 净利润 | $-34.9M | $115.1M |
| 毛利率 | 44.1% | 61.1% |
| 营业利润率 | -3.8% | 24.9% |
| 净利率 | -7.3% | 18.0% |
| 营收同比 | 7.2% | 8.5% |
| 净利润同比 | -3027.3% | -1.5% |
| 每股收益（稀释后） | $-0.57 | $2.79 |
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GOLFMORN
| Q4 25 | $477.2M | $641.1M | ||
| Q3 25 | $657.7M | $617.4M | ||
| Q2 25 | $720.5M | $605.1M | ||
| Q1 25 | $703.4M | $581.9M | ||
| Q4 24 | $445.2M | $591.0M | ||
| Q3 24 | $620.5M | $569.4M | ||
| Q2 24 | $683.9M | $571.9M | ||
| Q1 24 | $707.6M | $542.8M |
净利润GOLFMORN
| Q4 25 | $-34.9M | $115.1M | ||
| Q3 25 | $48.5M | $91.6M | ||
| Q2 25 | $75.6M | $89.0M | ||
| Q1 25 | $99.4M | $78.5M | ||
| Q4 24 | $-1.1M | $116.9M | ||
| Q3 24 | $56.2M | $119.7M | ||
| Q2 24 | $71.4M | $69.1M | ||
| Q1 24 | $87.8M | $64.2M |
毛利率GOLFMORN
| Q4 25 | 44.1% | 61.1% | ||
| Q3 25 | 48.5% | 60.9% | ||
| Q2 25 | 49.2% | 61.9% | ||
| Q1 25 | 47.9% | 60.2% | ||
| Q4 24 | 22.6% | 60.7% | ||
| Q3 24 | 54.4% | 60.9% | ||
| Q2 24 | 54.4% | 61.1% | ||
| Q1 24 | 53.4% | 59.8% |
营业利润率GOLFMORN
| Q4 25 | -3.8% | 24.9% | ||
| Q3 25 | 14.1% | 20.7% | ||
| Q2 25 | 15.2% | 20.7% | ||
| Q1 25 | 16.3% | 19.6% | ||
| Q4 24 | -1.2% | 28.5% | ||
| Q3 24 | 13.2% | 20.3% | ||
| Q2 24 | 15.5% | 19.0% | ||
| Q1 24 | 17.2% | 17.1% |
净利率GOLFMORN
| Q4 25 | -7.3% | 18.0% | ||
| Q3 25 | 7.4% | 14.8% | ||
| Q2 25 | 10.5% | 14.7% | ||
| Q1 25 | 14.1% | 13.5% | ||
| Q4 24 | -0.3% | 19.8% | ||
| Q3 24 | 9.1% | 21.0% | ||
| Q2 24 | 10.4% | 12.1% | ||
| Q1 24 | 12.4% | 11.8% |
每股收益（稀释后）GOLFMORN
| Q4 25 | $-0.57 | $2.79 | ||
| Q3 25 | $0.81 | $2.17 | ||
| Q2 25 | $1.25 | $2.09 | ||
| Q1 25 | $1.62 | $1.82 | ||
| Q4 24 | $0.02 | $2.72 | ||
| Q3 24 | $0.89 | $2.77 | ||
| Q2 24 | $1.11 | $1.60 | ||
| Q1 24 | $1.35 | $1.49 |
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 | — | $528.7M |
| 总债务越低越好 | $926.2M | — |
| 股东权益账面价值 | $783.6M | $1.2B |
| 总资产 | $2.3B | $3.6B |
| 负债/权益比越低杠杆越低 | 1.18× | — |
8季度趋势，按日历期对齐
现金及短期投资GOLFMORN
| Q4 25 | — | $528.7M | ||
| Q3 25 | — | $40.3M | ||
| Q2 25 | — | $38.1M | ||
| Q1 25 | — | $47.7M | ||
| Q4 24 | — | $551.0M | ||
| Q3 24 | — | $48.8M | ||
| Q2 24 | — | $48.0M | ||
| Q1 24 | — | $55.4M |
总债务GOLFMORN
| Q4 25 | $926.2M | — | ||
| Q3 25 | — | $848.9M | ||
| Q2 25 | — | $838.8M | ||
| Q1 25 | — | $803.7M | ||
| Q4 24 | $753.1M | $698.6M | ||
| Q3 24 | — | $864.7M | ||
| Q2 24 | — | $899.6M | ||
| Q1 24 | — | $917.3M |
股东权益GOLFMORN
| Q4 25 | $783.6M | $1.2B | ||
| Q3 25 | $852.3M | $1.5B | ||
| Q2 25 | $808.5M | $1.6B | ||
| Q1 25 | $780.3M | $1.6B | ||
| Q4 24 | $765.2M | $1.6B | ||
| Q3 24 | $863.9M | $1.6B | ||
| Q2 24 | $863.7M | $1.4B | ||
| Q1 24 | $883.7M | $1.4B |
总资产GOLFMORN
| Q4 25 | $2.3B | $3.6B | ||
| Q3 25 | $2.4B | $3.6B | ||
| Q2 25 | $2.4B | $3.6B | ||
| Q1 25 | $2.4B | $3.6B | ||
| Q4 24 | $2.2B | $3.5B | ||
| Q3 24 | $2.3B | $3.6B | ||
| Q2 24 | $2.3B | $3.4B | ||
| Q1 24 | $2.4B | $3.4B |
负债/权益比GOLFMORN
| Q4 25 | 1.18× | — | ||
| Q3 25 | — | 0.56× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | 0.98× | 0.43× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.66× |
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 | $204.0M |
| 自由现金流经营现金流 - 资本支出 | $-23.3M | $161.3M |
| 自由现金流率自由现金流/营收 | -4.9% | 25.2% |
| 资本支出强度资本支出/营收 | 4.8% | 6.7% |
| 现金转化率经营现金流/净利润 | — | 1.77× |
| 过去12个月自由现金流最近4个季度 | $120.0M | $442.6M |
8季度趋势，按日历期对齐
经营现金流GOLFMORN
| Q4 25 | $-338.0K | $204.0M | ||
| Q3 25 | $163.1M | $195.7M | ||
| Q2 25 | $151.9M | $99.0M | ||
| Q1 25 | $-120.3M | $91.0M | ||
| Q4 24 | $-1.1M | $153.4M | ||
| Q3 24 | $144.1M | $191.9M | ||
| Q2 24 | $211.6M | $152.7M | ||
| Q1 24 | $-109.5M | $93.6M |
自由现金流GOLFMORN
| Q4 25 | $-23.3M | $161.3M | ||
| Q3 25 | $136.9M | $160.1M | ||
| Q2 25 | $138.0M | $62.4M | ||
| Q1 25 | $-131.5M | $58.8M | ||
| Q4 24 | $-33.2M | $112.8M | ||
| Q3 24 | $123.7M | $155.8M | ||
| Q2 24 | $196.8M | $120.8M | ||
| Q1 24 | $-116.8M | $59.5M |
自由现金流率GOLFMORN
| Q4 25 | -4.9% | 25.2% | ||
| Q3 25 | 20.8% | 25.9% | ||
| Q2 25 | 19.2% | 10.3% | ||
| Q1 25 | -18.7% | 10.1% | ||
| Q4 24 | -7.5% | 19.1% | ||
| Q3 24 | 19.9% | 27.4% | ||
| Q2 24 | 28.8% | 21.1% | ||
| Q1 24 | -16.5% | 11.0% |
资本支出强度GOLFMORN
| Q4 25 | 4.8% | 6.7% | ||
| Q3 25 | 4.0% | 5.8% | ||
| Q2 25 | 1.9% | 6.0% | ||
| Q1 25 | 1.6% | 5.5% | ||
| Q4 24 | 7.2% | 6.9% | ||
| Q3 24 | 3.3% | 6.3% | ||
| Q2 24 | 2.2% | 5.6% | ||
| Q1 24 | 1.0% | 6.3% |
现金转化率GOLFMORN
| Q4 25 | — | 1.77× | ||
| Q3 25 | 3.36× | 2.14× | ||
| Q2 25 | 2.01× | 1.11× | ||
| Q1 25 | -1.21× | 1.16× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | 2.56× | 1.60× | ||
| Q2 24 | 2.96× | 2.21× | ||
| Q1 24 | -1.25× | 1.46× |
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% |
MORN
| Pitch Book Segment | $172.6M | 27% |
| Morningstar Credit Segment | $166.7M | 26% |
| Transaction Based | $113.1M | 18% |
| Asset Based | $90.2M | 14% |
| Morningstar Retirement Segment | $38.1M | 6% |
| Morningstar Sustainalytics | $27.8M | 4% |
| Morningstar Indexes | $22.5M | 4% |
| Morningstar Wealth Segment | $2.3M | 0% |
