Callaway Golf
CALY NYSE· Leisure Products
Last close · Oct 26, 2026
$14.26
KIRA · Stoqly’s AI analyst, in plain words
- Callaway Golf had $2.1B of revenue in fiscal 2025, down 0.9% on the year before. Over five years, revenue changed +5.3% a year on average.
- Its operating margin was 6.2%, down 1.1 pts: of every 100 in sales, about 6 is left after running the business.
- Callaway Golf lost $409M in fiscal 2025.
- Free cash flow was $302M in fiscal 2025, 14.7% of revenue.
- Callaway Golf returned $3.7M to shareholders in fiscal 2025, 1% of free cash flow. The diluted share count fell 6.8%.
- Callaway Golf owes $558M more than it holds in cash, about 3.2 years of operating profit.
Market cap
$2.7B
P/E
—
Revenue
$2.1B
Net income
−$409M
Free cash flow
$302M
Operating margin
6.2%
Callaway Golf in 30 seconds · fiscal 2025
Are sales growing?
−0.9%
No. Sales fell 0.9% last year.
Does it make a profit?
−19.9%
No. It lost money last year.
Does profit turn into cash?
14.7%
Yes. 14.7% of sales ends up as free cash.
Is debt under control?
3.2x
Heavy. Repaying its debt would take 3.2 years of operating profit.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
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.
Biggest risks, in its own words
- Dependence on golf-related products for most revenue, with limited room to grow sales of clubs and balls.
- Weak consumer spending, which hurts sales of discretionary products like golf equipment.
- Changes to the Rules of Golf, such as limits on golf ball specifications, that could hurt its products.
- Executing the Topgolf and Jack Wolfskin sales, and having little say as a minority owner of Topgolf.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Legal name
- Callaway Golf Company
- CIK
- 0000837465
Callaway Golf · CALY
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $3.1B | $4.0B | $2.1B | $2.1B | $2.1B |
| Revenue growth | 97.1% | 27.5% | −46.6% | −2.6% | −0.9% |
| Gross margin | — | — | 43.5% | 42.7% | 42.1% |
| Operating margin | 6.5% | 6.4% | 9.1% | 7.4% | 6.2% |
| Net income | $322M | $158M | $95.0M | −$1.4B | −$409M |
| Net margin | 10.3% | 4.0% | 4.5% | −69.7% | −19.9% |
| Diluted EPS | $1.82 | $0.82 | $0.50 | −$7.23 | −$2.20 |
| Cash | |||||
| Cash from operations | $278M | −$35.1M | $365M | $382M | $334M |
| Capital expenditure | $322M | $532M | $50.0M | $48.7M | $31.8M |
| Free cash flow | −$44.0M | −$567M | $315M | $333M | $302M |
| FCF margin | −1.4% | −14.2% | 14.8% | 16.0% | 14.7% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $38.2M | $35.8M | $56.0M | $31.4M | $3.7M |
| Share count change | 87.8% | 13.8% | −0.1% | −0.9% | −6.8% |
| Debt and strength | |||||
| Cash and short-term investments | $352M | $180M | $394M | $445M | $903M |
| Debt incl. finance leases | $1.2B | $1.6B | $1.6B | $1.5B | $1.5B |
| Shareholders' equity | $3.7B | $3.8B | $3.9B | $2.4B | $2.1B |
| Net debt / EBITDA | 2.3x | 3.2x | 5.0x | 5.1x | 3.2x |
| Current ratio | 1.4x | 1.3x | 1.7x | 1.9x | 1.4x |
| Interest coverage | 1.8x | 1.8x | 0.9x | 2.4x | 2.1x |
| Returns and quality | |||||
| Return on capital | 6.8% | 5.3% | 2.9% | 3.0% | 2.1% |
| Return on equity | 14.8% | 4.2% | 2.5% | −46.1% | −18.3% |
| Piotroski F-score | 5 | 2 | 5 | 5 | 5 |
| Altman Z'' | 1.7 | 1.6 | 1.8 | 1.1 | 1.5 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$151M
4 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Callaway Golf · CALY
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Callaway Golf CALY | $2.7B | −0.9% | 6.2% | 14.7% | 2.1% | — | 5 |
| Yeti YETI | $3.3B | 2.1% | 11.4% | 11.4% | 32.1% | — | 6 |
| Peloton Interactive PTON | $2.3B | −1.8% | 6.6% | 15.4% | — | — | 8 |
| Acushnet GOLF | $4.9B | 4.1% | 11.7% | 4.7% | 14.7% | 22.2x | 6 |
| Mattel MAT | $4.6B | −0.6% | 10.2% | 9.0% | 13.5% | 11.6x | 5 |
KIRA
At $14.26 a share, the company is worth $2.7B.
Callaway Golf grew sales faster than 1 of its 4 similar companies.
Source: SEC EDGAR XBRL filings (CIK 0000837465). Data updated October 10, 2026. For information only — not investment advice. Check the original filings before relying on any figure.