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Acushnet Holdings Corp.（GOLF）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
Acushnet Holdings Corp.的季度营收约是ROYAL GOLD INC的1.3倍（$477.2M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs -7.3%，领先32.3%），ROYAL GOLD INC同比增速更快（85.3% vs 7.2%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
GOLF vs RGLD — 直观对比
营收规模更大
GOLF
是对方的1.3倍
$375.3M
营收增速更快
RGLD
高出78.1%
7.2%
净利率更高
RGLD
高出32.3%
-7.3%
两年增速更快
RGLD
近两年复合增速
-17.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $477.2M | $375.3M |
| 净利润 | $-34.9M | $93.6M |
| 毛利率 | 44.1% | 64.6% |
| 营业利润率 | -3.8% | 56.2% |
| 净利率 | -7.3% | 24.9% |
| 营收同比 | 7.2% | 85.3% |
| 净利润同比 | -3027.3% | -12.8% |
| 每股收益（稀释后） | $-0.57 | $1.04 |
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GOLFRGLD
| Q4 25 | $477.2M | $375.3M | ||
| Q3 25 | $657.7M | $252.1M | ||
| Q2 25 | $720.5M | $209.6M | ||
| Q1 25 | $703.4M | $193.4M | ||
| Q4 24 | $445.2M | $202.6M | ||
| Q3 24 | $620.5M | $193.8M | ||
| Q2 24 | $683.9M | $174.1M | ||
| Q1 24 | $707.6M | $148.9M |
净利润GOLFRGLD
| Q4 25 | $-34.9M | $93.6M | ||
| Q3 25 | $48.5M | $126.8M | ||
| Q2 25 | $75.6M | $132.3M | ||
| Q1 25 | $99.4M | $113.5M | ||
| Q4 24 | $-1.1M | $107.4M | ||
| Q3 24 | $56.2M | $96.2M | ||
| Q2 24 | $71.4M | $81.2M | ||
| Q1 24 | $87.8M | $47.2M |
毛利率GOLFRGLD
| Q4 25 | 44.1% | 64.6% | ||
| Q3 25 | 48.5% | 73.6% | ||
| Q2 25 | 49.2% | 72.6% | ||
| Q1 25 | 47.9% | 69.4% | ||
| Q4 24 | 22.6% | 70.3% | ||
| Q3 24 | 54.4% | 66.6% | ||
| Q2 24 | 54.4% | 64.7% | ||
| Q1 24 | 53.4% | 58.4% |
营业利润率GOLFRGLD
| Q4 25 | -3.8% | 56.2% | ||
| Q3 25 | 14.1% | 64.4% | ||
| Q2 25 | 15.2% | 67.7% | ||
| Q1 25 | 16.3% | 63.6% | ||
| Q4 24 | -1.2% | 65.9% | ||
| Q3 24 | 13.2% | 61.3% | ||
| Q2 24 | 15.5% | 58.6% | ||
| Q1 24 | 17.2% | 50.7% |
净利率GOLFRGLD
| Q4 25 | -7.3% | 24.9% | ||
| Q3 25 | 7.4% | 50.3% | ||
| Q2 25 | 10.5% | 63.1% | ||
| Q1 25 | 14.1% | 58.7% | ||
| Q4 24 | -0.3% | 53.0% | ||
| Q3 24 | 9.1% | 49.7% | ||
| Q2 24 | 10.4% | 46.6% | ||
| Q1 24 | 12.4% | 31.7% |
每股收益（稀释后）GOLFRGLD
| Q4 25 | $-0.57 | $1.04 | ||
| Q3 25 | $0.81 | $1.92 | ||
| Q2 25 | $1.25 | $2.01 | ||
| Q1 25 | $1.62 | $1.72 | ||
| Q4 24 | $0.02 | $1.63 | ||
| Q3 24 | $0.89 | $1.46 | ||
| Q2 24 | $1.11 | $1.23 | ||
| Q1 24 | $1.35 | $0.72 |
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 | — | $233.7M |
| 总债务越低越好 | $926.2M | — |
| 股东权益账面价值 | $783.6M | $7.2B |
| 总资产 | $2.3B | $9.5B |
| 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GOLFRGLD
| Q4 25 | — | $233.7M | ||
| Q3 25 | — | $172.8M | ||
| Q2 25 | — | $248.2M | ||
| Q1 25 | — | $240.8M | ||
| Q4 24 | — | $195.5M | ||
| Q3 24 | — | $127.9M | ||
| Q2 24 | — | $74.2M | ||
| Q1 24 | — | $137.9M |
总债务GOLFRGLD
| Q4 25 | $926.2M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $753.1M | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益GOLFRGLD
| Q4 25 | $783.6M | $7.2B | ||
| Q3 25 | $852.3M | $3.4B | ||
| Q2 25 | $808.5M | $3.3B | ||
| Q1 25 | $780.3M | $3.2B | ||
| Q4 24 | $765.2M | $3.1B | ||
| Q3 24 | $863.9M | $3.0B | ||
| Q2 24 | $863.7M | $3.0B | ||
| Q1 24 | $883.7M | $2.9B |
总资产GOLFRGLD
| Q4 25 | $2.3B | $9.5B | ||
| Q3 25 | $2.4B | $4.5B | ||
| Q2 25 | $2.4B | $3.6B | ||
| Q1 25 | $2.4B | $3.5B | ||
| Q4 24 | $2.2B | $3.4B | ||
| Q3 24 | $2.3B | $3.3B | ||
| Q2 24 | $2.3B | $3.3B | ||
| Q1 24 | $2.4B | $3.3B |
负债/权益比GOLFRGLD
| Q4 25 | 1.18× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.98× | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| Q1 24 | — | — |
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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $-23.3M | — |
| 自由现金流率自由现金流/营收 | -4.9% | — |
| 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 | — | 2.58× |
| 过去12个月自由现金流最近4个季度 | $120.0M | — |
8季度趋势，按日历期对齐
经营现金流GOLFRGLD
| Q4 25 | $-338.0K | $241.7M | ||
| Q3 25 | $163.1M | $174.0M | ||
| Q2 25 | $151.9M | $152.8M | ||
| Q1 25 | $-120.3M | $136.4M | ||
| Q4 24 | $-1.1M | $141.1M | ||
| Q3 24 | $144.1M | $136.7M | ||
| Q2 24 | $211.6M | $113.5M | ||
| Q1 24 | $-109.5M | $138.3M |
自由现金流GOLFRGLD
| Q4 25 | $-23.3M | — | ||
| Q3 25 | $136.9M | — | ||
| Q2 25 | $138.0M | — | ||
| Q1 25 | $-131.5M | — | ||
| Q4 24 | $-33.2M | — | ||
| Q3 24 | $123.7M | — | ||
| Q2 24 | $196.8M | — | ||
| Q1 24 | $-116.8M | — |
自由现金流率GOLFRGLD
| Q4 25 | -4.9% | — | ||
| Q3 25 | 20.8% | — | ||
| Q2 25 | 19.2% | — | ||
| Q1 25 | -18.7% | — | ||
| Q4 24 | -7.5% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 28.8% | — | ||
| Q1 24 | -16.5% | — |
资本支出强度GOLFRGLD
| Q4 25 | 4.8% | — | ||
| Q3 25 | 4.0% | — | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 7.2% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 1.0% | — |
现金转化率GOLFRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | 3.36× | 1.37× | ||
| Q2 25 | 2.01× | 1.15× | ||
| Q1 25 | -1.21× | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | 2.56× | 1.42× | ||
| Q2 24 | 2.96× | 1.40× | ||
| Q1 24 | -1.25× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
