Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>The Acushnet Company reported strong financial performance for the second quarter and first half of 2026, driven primarily by growth in its Titleist Golf Equipment segment alongside steady gains in FootJoy and Golf Gear.</li><li>Worldwide net sales increased 14% year-over-year in the second quarter to $820 million, resulting in a 46% increase in adjusted EBITDA to $209 million.</li><li>For the first half, net sales rose 10% to $1.57 billion, with adjusted EBITDA up 25% to $353 million.</li></ul>

The Acushnet Company reported strong financial performance for the second quarter and first half of 2026, driven primarily by growth in its Titleist Golf Equipment segment alongside steady gains in FootJoy and Golf Gear.Worldwide net sales increased 14% year-over-year in the second quarter to $820 million, resulting in a 46% increase in adjusted EBITDA to $209 million.For the first half, net sales rose 10% to $1.57 billion, with adjusted EBITDA up 25% to $353 million.

Acushnet Company Unlocks A New Growth Engine With Titleist GTS!

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<div><ul><li>GOLF reported 1Q26 GAAP EPS of $1.36 versus $1.62 in 1Q25. </li><li>We note that while the company provides adjusted EBITDA, it does not adjust EPS for one-time items, nor does it discuss EPS in its quarterly commentary or outlook.</li><li>If we apply the GAAP tax rate to adjusted pretax income, EPS was $1.42 versus $1.39, a penny below our $1.43 estimate.</li></ul></div>

GOLF reported 1Q26 GAAP EPS of $1.36 versus $1.62 in 1Q25. We note that while the company provides adjusted EBITDA, it does not adjust EPS for one-time items, nor does it discuss EPS in its quarterly commentary or outlook.If we apply the GAAP tax rate to adjusted pretax income, EPS was $1.42 versus $1.39, a penny below our $1.43 estimate.

GOLF: Fundamental Execution More Than Offsetting Macro Crosswinds

<ul><li>Acushnet Holdings Company, known for its leading golf brands Titleist and FootJoy, reported a robust financial performance for the 2025 fiscal year.</li><li>The company posted net sales of $2.56 billion, marking a 4% increase compared to the previous year.</li><li>Adjusted EBITDA was reported at $410 million, reflecting a growth of 1.5%.</li></ul>

Acushnet Holdings Company, known for its leading golf brands Titleist and FootJoy, reported a robust financial performance for the 2025 fiscal year.The company posted net sales of $2.56 billion, marking a 4% increase compared to the previous year.Adjusted EBITDA was reported at $410 million, reflecting a growth of 1.5%.

Acushnet Holdings: Can Titleist Equipment Growth Offset $70 Million Tariff Pressure?

<div><ul><li>GOLF reported 4Q25 GAAP EPS of ($0.58) versus ($0.02) in the company’s seasonally smallest quarter. </li><li>We note that while the company provides adjusted EBITDA, it does not adjust EPS for one-time items, nor does it discuss EPS in its quarterly commentary or outlook.</li><li>If we apply the GAAP tax rate to adjusted pretax income, EPS was ($0.26) versus ($0.04), below our ($0.17) estimate.</li></ul></div>

GOLF reported 4Q25 GAAP EPS of ($0.58) versus ($0.02) in the company’s seasonally smallest quarter. We note that while the company provides adjusted EBITDA, it does not adjust EPS for one-time items, nor does it discuss EPS in its quarterly commentary or outlook.If we apply the GAAP tax rate to adjusted pretax income, EPS was ($0.26) versus ($0.04), below our ($0.17) estimate.

GOLF: 4Q Review; Strong Top-Line Beat; Expect 2026 to Be Peak Investment Year

<ul><li>Acushnet Holdings Corp. reported a solid performance for the third quarter of 2025, with net sales totaling $658 million, representing a 5% increase on a constant currency basis compared to the previous year.</li><li>This growth was observed across all segments.</li><li>The company's adjusted EBITDA reached $119 million, which marks a 10% increase from the prior year, with year-to-date net sales amounting to $2.08 billion, reflecting a 4% growth.</li></ul>

Acushnet Holdings Corp. reported a solid performance for the third quarter of 2025, with net sales totaling $658 million, representing a 5% increase on a constant currency basis compared to the previous year.This growth was observed across all segments.The company's adjusted EBITDA reached $119 million, which marks a 10% increase from the prior year, with year-to-date net sales amounting to $2.08 billion, reflecting a 4% growth.

Acushnet Is Expanding Worldwide—How Will Its Global Power Push Reshape the Golf Market?

United States

Acushnet Holdings Corp. operates as a holding company. The Company, through its subsidiaries, designs, develops, manufactures, and distributes golf products. Acushnet Holdings sells its products primarily to on-course golf pro shops, selected off-course golf specialty and sporting goods stores, and other retailers worldwide.

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Acushnet Holdings (GOLF US)

Acushnet Company Unlocks A New Growth Engine With Titleist GTS!

The Acushnet Company reported strong financial performance for the second quarter and first half of 2026, driven primarily by growth in its...

Baptista Research

GOLF: Fundamental Execution More Than Offsetting Macro Crosswinds

1Q26 sales increased 7.1% to $753.0MM, above our $722.8MM estimate, up 2.8%, and consensus of $722.0MM. Ex-currency, sales increased...

Water Tower Research

Acushnet Holdings: Can Titleist Equipment Growth Offset $70 Million Tariff Pressure?

Acushnet Holdings Company, known for its leading golf brands Titleist and FootJoy, reported a robust financial performance for the 2025 fiscal...

Baptista Research

GOLF: 4Q Review; Strong Top-Line Beat; Expect 2026 to Be Peak Investment Year

We note that while the company provides adjusted EBITDA, it does not adjust EPS for one-time items, nor does it discuss EPS in its quarterly...

Water Tower Research

Acushnet Is Expanding Worldwide—How Will Its Global Power Push Reshape the Golf Market?

Acushnet Holdings Corp. reported a solid performance for the third quarter of 2025, with net sales totaling $658 million, representing a 5%...

Baptista Research

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