Callaway Golf vs Mattel
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The short version
- Mattel is the larger business, with $5.3B of revenue in fiscal 2025 against $2.1B for Callaway Golf, about 2.6 times as much.
- Mattel kept more of each dollar of sales as operating profit (10.2% operating margin, against 6.2%).
- Callaway Golf turned more of its sales into free cash flow (14.7% FCF margin, against 9.0%).
- Mattel earned a higher return on the capital invested in it (13.5%, against 2.1%).
| Latest fiscal year | CALY · FY25 | MAT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.7B | $4.7B |
| Revenue | $2.1B | $5.3B |
| Free cash flow | $302M | $483M |
| Net income | −$409M | $398M |
| Growth | ||
| Revenue growth | −0.9% | −0.6% |
| 5-year growth | 5.3% | 3.1% |
| Share count change | −6.8% | −6.3% |
| Profitability | ||
| Gross margin | 42.1% | 48.7% |
| Operating margin | 6.2% | 10.2% |
| Net margin | −19.9% | 7.4% |
| FCF margin | 14.7% | 9.0% |
| Return on capital | 2.1% | 13.5% |
| Return on equity | −18.3% | 17.7% |
| Balance sheet | ||
| Net debt | $558M | $1.1B |
| Net debt / EBITDA | 3.2x | 1.5x |
| Dividends and buybacks | $3.7M | $600M |
| Valuation & quality | ||
| P/E | — | 12.1x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
CALY $871M
MAT $5.5B
FY17
CALY $1.0B
MAT $4.9B
FY18
CALY $1.2B
MAT $4.5B
FY19
CALY $1.7B
MAT $4.5B
FY20
CALY $1.6B
MAT $4.6B
FY21
CALY $3.1B
MAT $5.5B
FY22
CALY $4.0B
MAT $5.4B
FY23
CALY $2.1B
MAT $5.4B
FY24
CALY $2.1B
MAT $5.4B
FY25
CALY $2.1B
MAT $5.3B
CALY
MAT
Operating margin
FY16
CALY 5.1%
MAT 9.5%
FY17
CALY 7.5%
MAT −6.9%
FY18
CALY 10.3%
MAT −5.2%
FY19
CALY 7.8%
MAT 0.8%
FY20
CALY −6.6%
MAT 8.2%
FY21
CALY 6.5%
MAT 13.4%
FY22
CALY 6.4%
MAT 12.4%
FY23
CALY 9.1%
MAT 10.3%
FY24
CALY 7.4%
MAT 12.9%
FY25
CALY 6.2%
MAT 10.2%
CALY
MAT
Free cash flow
FY16
CALY $61.6M
MAT $454M
FY17
CALY $91.5M
MAT −$157M
FY18
CALY $55.5M
MAT −$102M
FY19
CALY $31.9M
MAT $118M
FY20
CALY $189M
MAT $226M
FY21
CALY −$44.0M
MAT $408M
FY22
CALY −$567M
MAT $337M
FY23
CALY $315M
MAT $784M
FY24
CALY $333M
MAT $665M
FY25
CALY $302M
MAT $483M
CALY
MAT
Return on capital
FY16
CALY —
MAT 10.5%
FY17
CALY 9.0%
MAT −7.4%
FY18
CALY 16.3%
MAT −5.9%
FY19
CALY 12.3%
MAT 1.0%
FY20
CALY −7.9%
MAT 8.7%
FY21
CALY 6.8%
MAT 23.9%
FY22
CALY 5.3%
MAT 14.0%
FY23
CALY 2.9%
MAT 8.2%
FY24
CALY 3.0%
MAT 17.9%
FY25
CALY 2.1%
MAT 13.5%
CALY
MAT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.