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Callaway Golf

CALY NYSE Leisure Products Financials FY2016–FY2025

Callaway Golf's revenue fell 0.8% to $2.1 billion in fiscal 2025. Its operating margin was 6.2%, down from 7.4% a year earlier. Free cash flow was $302 million, down 9.3%. It paid out $4 million in dividends and buybacks, 1% of free cash flow. The diluted share count fell 6.8%.

Last close · Oct 23, 2026

$14.13

1.6%
Value it Compare
Revenue Total sales reported in the income statement.
$2.1B
0.8% vs prior year
Operating margin Operating income as a share of revenue.
6.2%
1.1 pts
Net income Profit after all expenses, interest and tax.
−$409M
Free cash flow Cash from operations minus capital spending.
$302M
9.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
2.1%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Callaway Golf does

Callaway Golf designs, makes and sells golf clubs, golf balls, apparel, bags and accessories. Its brands are Callaway Golf, Odyssey (putters), TravisMathew (apparel) and OGIO (bags and gear). It sells through golf course pro shops, off-course and sporting goods retailers, online retailers, distributors and mass merchants, and directly to consumers through its websites and some stores in Japan and Korea. It generates a large majority of its revenue from golf-related products.

It reports two segments: Golf Equipment, which makes clubs and balls, and Apparel, Gear and Other. It assembles clubs mainly in Monterrey, Mexico, and makes balls in Chicopee, Massachusetts, and it also uses contract manufacturers in Asia.

The company changed shape in 2025 and early 2026. It sold its Jack Wolfskin outdoor apparel business on May 31, 2025. Effective January 1, 2026, it sold a 60% ownership interest in its Topgolf and Toptracer businesses to funds managed by Leonard Green & Partners, and it kept a 40% stake in Topgolf. On January 15, 2026 it changed its name back from Topgolf Callaway Brands to Callaway Golf, and its stock ticker changed from MODG to CALY. Both sold businesses are shown as discontinued operations.

Legal name
Callaway Golf Company
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 27, 2026
Accession · CIK
0000837465-26-000010
0000837465

Revenue and margins

Callaway Golf had $2.1B of revenue in fiscal 2025, down 0.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $302M in fiscal 2025, 14.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Callaway Golf returned $3.7M to shareholders in fiscal 2025, 1% of free cash flow. The diluted share count fell 6.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Callaway Golf yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$558M and divides by 185.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Callaway Golf can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $352M$180M$394M$445M$903M
Debt incl. finance leases $1.2B$1.6B$1.6B$1.5B$1.5B
Net debt / EBITDA 2.3x3.2x5.0x5.1x3.2x
Debt / equity 0.3x0.4x0.4x0.6x0.7x
Interest coverage 1.8x1.8x0.9x2.4x2.1x
Current ratio 1.4x1.3x1.7x1.9x1.4x
Quick ratio 0.7x0.5x0.9x1.2x1.2x
Total assets $7.7B$8.6B$9.1B$7.6B$7.3B
Total liabilities $4.1B$4.8B$5.2B$5.2B$5.2B
Shareholders' equity $3.7B$3.8B$3.9B$2.4B$2.1B
Net debt (− = net cash) $836M$1.5B$1.2B$1.0B$558M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$152M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 Oliver G Brewer IIIPresident and CEO, Director Sold 1,400 $18.00 $0.0M Form 4
Aug 6, 2026 Glenn F. HickeyEVP & Pres., Callaway Sales Sold 28,843 $18.74 $0.5M Form 4
Aug 6, 2026 Oliver G Brewer IIIPresident and CEO, Director Sold 67,474 $18.30 $1.2M Form 4
May 12, 2026 Erik J AndersonDirector Sold 25,000 $15.74 $0.4M Form 4
May 11, 2026 Erik J AndersonDirector Sold 75,000 $17.12 $1.3M Form 4
Feb 23, 2026 Erik J AndersonDirector Sold 10,000 $13.82 $0.1M Form 4
Feb 19, 2026 Erik J AndersonDirector Sold 10,000 $13.98 $0.1M Form 4
Feb 18, 2026 Erik J AndersonDirector Sold 20,000 $13.64 $0.3M Form 4
Feb 17, 2026 Erik J AndersonDirector Sold 40,000 $13.43 $0.5M Form 4
Jan 27, 2026 Michael J Dominguez10% owner Sold 10,000,000 $14.70 $147M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — ✕ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 85 / 95 / 9
Accruals ratio −3.1%−21.8%−10.0%
Altman Z'' 1.751.071.54

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Callaway Golf CALY $2.7B −0.9% 6.2% 14.7% 2.1% — 5
Yeti YETI $3.2B 2.1% 11.4% 11.4% 32.1% 21.1x 6 Compare →
Peloton Interactive PTON $2.3B −1.8% 6.6% 15.4% — 38.4x 8 Compare →
Acushnet GOLF $4.9B 4.1% 11.7% 4.7% 14.7% 22.1x 6 Compare →
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10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $871M $1.0B $1.2B $1.7B $1.6B $3.1B $4.0B $2.1B $2.1B $2.1B
Gross profit $385M $480M $578M $767M $658M — — $927M $887M $868M
Research and development $33.3M $36.6M $40.8M $50.6M $46.3M $68.0M $76.4M $61.8M $64.1M $65.5M
Operating income $44.2M $78.8M $128M $133M −$106M $205M $257M $194M $153M $128M
Interest expense $2.4M $4.4M $5.5M $38.5M $46.9M $116M $143M $210M $63.0M $60.6M
Pretax income $58.4M $68.1M $131M $95.8M −$128M $351M $142M $130M $112M $87.6M
Income tax −$133M $26.4M $26.0M $16.5M −$0.6M $28.6M −$16.0M $30.0M $18.1M $48.8M
Net income $190M $40.8M $105M $79.4M −$127M $322M $158M $95.0M −$1.4B −$409M
Diluted EPS $1.98 $0.42 $1.08 $0.82 −$1.35 $1.82 $0.82 $0.50 −$7.23 −$2.20
Diluted shares 0.10B 0.10B 0.10B 0.10B 0.09B 0.18B 0.20B 0.20B 0.20B 0.19B
Cash flow
Cash from operations $77.7M $118M $92.3M $86.5M $228M $278M −$35.1M $365M $382M $334M
Capital expenditure $16.2M $26.2M $36.8M $54.7M $39.2M $322M $532M $50.0M $48.7M $31.8M
Free cash flow $61.6M $91.5M $55.5M $31.9M $189M −$44.0M −$567M $315M $333M $302M
Depreciation and amortization $16.6M $17.6M $19.9M $35.0M $39.5M $156M $193M $45.7M $44.5M $46.4M
Stock-based compensation $9.0M $12.6M $13.5M $12.9M $10.9M $38.7M $47.0M $33.3M $27.6M $23.8M
Acquisitions $0.0M $184M $0.0M $463M $0.0M $0.0M $0.0M $29.7M $23.3M $0.0M
Share buybacks $5.1M $16.6M $22.5M $28.1M $22.2M $38.2M $35.8M $56.0M $31.4M $3.7M
Dividends paid $3.8M $3.8M $3.8M $3.8M $1.9M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $8.9M $20.4M $26.2M $31.9M $24.1M $38.2M $35.8M $56.0M $31.4M $3.7M
Balance sheet
Cash and short-term investments $126M $85.7M $64.0M $107M $366M $352M $180M $394M $445M $903M
Total debt $0.0M $11.8M $9.6M $451M $687M $1.1B $1.4B $1.6B $1.5B $1.5B
Finance lease liabilities $0.0M $0.0M $0.0M $1.1M $0.7M $134M $228M — $0.6M $0.8M
Current assets $460M $466M $525M $789M $913M $1.2B $1.5B $1.6B $1.6B $5.9B
Current liabilities $187M $314M $303M $523M $391M $866M $1.2B $948M $826M $4.4B
Inventory $189M $263M $338M $457M $353M $534M $959M $794M $628M $625M
Property and equipment, net $54.5M $70.2M $88.5M $133M $147M $1.5B $1.8B $2.2B $176M $160M
Total assets $801M $991M $1.1B $2.0B $2.0B $7.7B $8.6B $9.1B $7.6B $7.3B
Total liabilities $193M $332M $319M $1.2B $1.3B $4.1B $4.8B $5.2B $5.2B $5.2B
Shareholders' equity $599M $650M $725M $767M $676M $3.7B $3.8B $3.9B $2.4B $2.1B
Margins
Gross margin 44.2% 45.8% 46.5% 45.1% 41.4% — — 43.5% 42.7% 42.1%
Operating margin 5.1% 7.5% 10.3% 7.8% −6.6% 6.5% 6.4% 9.1% 7.4% 6.2%
EBITDA margin 7.0% 9.2% 11.9% 9.9% −4.2% 11.5% 11.3% 11.2% 9.5% 8.5%
Net margin 21.8% 3.9% 8.4% 4.7% −8.0% 10.3% 4.0% 4.5% −69.7% −19.9%
FCF margin 7.1% 8.7% 4.5% 1.9% 11.9% −1.4% −14.2% 14.8% 16.0% 14.7%
Returns
Return on capital — 9.0% 16.3% 12.3% −7.9% 6.8% 5.3% 2.9% 3.0% 2.1%
Return on capital employed 8.3% 12.2% 18.0% 12.1% −7.0% 4.8% 3.6% 2.5% 2.0% 2.6%
Return on equity 37.5% 6.5% 15.2% 10.7% −17.6% 14.8% 4.2% 2.5% −46.1% −18.3%
Return on assets 26.5% 4.6% 10.3% 5.3% −6.4% 6.6% 1.9% 1.1% −17.3% −5.5%
Growth
Revenue growth 3.3% 20.4% 18.5% 36.9% −6.6% 97.1% 27.5% −46.6% −2.6% −0.9%
Net income growth 1,203.5% −78.5% 156.7% −24.2% −259.8% — −51.0% −39.8% −1,623.9% —
EPS growth 1,064.7% −78.8% 157.1% −24.1% −264.6% — −55.0% −39.0% −1,546.0% —
FCF growth 279.7% 48.6% −39.4% −42.6% 493.4% −123.3% — — 5.9% −9.3%
Share count change 13.3% 0.8% 0.6% −0.9% −2.2% 87.8% 13.8% −0.1% −0.9% −6.8%
Financial health
Net debt / EBITDA −2.1x −0.8x −0.4x 2.1x — 2.3x 3.2x 5.0x 5.1x 3.2x
Debt / equity 0.0x 0.0x 0.0x 0.6x 1.0x 0.3x 0.4x 0.4x 0.6x 0.7x
Interest coverage 18.7x 18.1x 23.2x 3.5x −2.3x 1.8x 1.8x 0.9x 2.4x 2.1x
Current ratio 2.5x 1.5x 1.7x 1.5x 2.3x 1.4x 1.3x 1.7x 1.9x 1.4x
Quick ratio 1.5x 0.7x 0.6x 0.6x 1.4x 0.7x 0.5x 0.9x 1.2x 1.2x
Capital allocation
Capex / revenue 1.9% 2.5% 3.0% 3.2% 2.5% 10.3% 13.3% 2.3% 2.3% 1.5%
Stock comp / revenue 1.0% 1.2% 1.1% 0.8% 0.7% 1.2% 1.2% 1.6% 1.3% 1.2%
Payouts / FCF 14.5% 22.3% 47.3% 100.0% 12.8% — — 17.8% 9.4% 1.2%
Quality scores
Piotroski F-score — 4.0 6.0 5.0 4.0 5.0 2.0 5.0 5.0 5.0
Altman Z'' 7.1 4.7 5.9 2.8 2.5 1.7 1.6 1.8 1.1 1.5
Accruals ratio 15.7% −8.6% 1.2% −0.5% −18.0% 0.9% 2.4% −3.1% −21.8% −10.0%

Source: SEC EDGAR XBRL filings (CIK 0000837465). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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