Callaway Golf
CALY · Leisure Products
$14.13
1.6%Yeti
YETI · Leisure Products
$42.79
2.8%The short version
- Callaway Golf is the larger business, with $2.1B of revenue in fiscal 2025 against $1.9B for Yeti.
- Yeti grew revenue faster (2.1%, against −0.9%).
- Yeti kept more of each dollar of sales as operating profit (11.4% operating margin, against 6.2% operating margin).
- Callaway Golf turned more of its sales into free cash flow (14.7% FCF margin, against 11.4% FCF margin).
- Yeti earned a higher return on the capital invested in it (32.1%, against 2.1%).
| Latest fiscal year | CALY · FY25 | YETI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.7B | $3.2B |
| Revenue | $2.1B | $1.9B |
| Free cash flow | $302M | $212M |
| Net income | −$409M | $165M |
| Growth | ||
| Revenue growth | −0.9% | 2.1% |
| 5-year growth | 5.3% | 11.4% |
| Share count change | −6.8% | −4.9% |
| Profitability | ||
| Gross margin | 42.1% | 57.4% |
| Operating margin | 6.2% | 11.4% |
| Net margin | −19.9% | 8.9% |
| FCF margin | 14.7% | 11.4% |
| Return on capital | 2.1% | 32.1% |
| Return on equity | −18.3% | 23.8% |
| Balance sheet | ||
| Net debt | $558M | −$113M |
| Net debt / EBITDA | 3.2x | −0.4x |
| Dividends and buybacks | $3.7M | $298M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | 6 |
FY16
CALY $871M
YETI $819M
FY17
CALY $1.0B
YETI $639M
FY18
CALY $1.2B
YETI $779M
FY19
CALY $1.7B
YETI $914M
FY20
CALY $1.6B
YETI $1.1B
FY21
CALY $3.1B
YETI $1.4B
FY22
CALY $4.0B
YETI $1.6B
FY23
CALY $2.1B
YETI $1.7B
FY24
CALY $2.1B
YETI $1.8B
FY25
CALY $2.1B
YETI $1.9B
CALY
YETI
FY16
CALY 5.1%
YETI 10.8%
FY17
CALY 7.5%
YETI 10.0%
FY18
CALY 10.3%
YETI 13.1%
FY19
CALY 7.8%
YETI 9.8%
FY20
CALY −6.6%
YETI 19.6%
FY21
CALY 6.5%
YETI 19.5%
FY22
CALY 6.4%
YETI 7.9%
FY23
CALY 9.1%
YETI 13.6%
FY24
CALY 7.4%
YETI 13.4%
FY25
CALY 6.2%
YETI 11.4%
CALY
YETI
FY16
CALY $61.6M
YETI −$6.7M
FY17
CALY $91.5M
YETI $106M
FY18
CALY $55.5M
YETI $155M
FY19
CALY $31.9M
YETI $54.8M
FY20
CALY $189M
YETI $351M
FY21
CALY −$44.0M
YETI $90.4M
FY22
CALY −$567M
YETI $55.0M
FY23
CALY $315M
YETI $235M
FY24
CALY $333M
YETI $220M
FY25
CALY $302M
YETI $212M
CALY
YETI
FY16
CALY —
YETI —
FY17
CALY 9.0%
YETI —
FY18
CALY 16.3%
YETI 26.6%
FY19
CALY 12.3%
YETI 21.3%
FY20
CALY −7.9%
YETI 62.4%
FY21
CALY 6.8%
YETI 87.4%
FY22
CALY 5.3%
YETI 27.2%
FY23
CALY 2.9%
YETI 44.5%
FY24
CALY 3.0%
YETI 44.3%
FY25
CALY 2.1%
YETI 32.1%
CALY
YETI
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