Callaway Golf vs Acushnet
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The short version
- Acushnet is the larger business, with $2.6B of revenue in fiscal 2025 against $2.1B for Callaway Golf.
- Acushnet grew revenue faster (4.1%, against −0.9%).
- Acushnet kept more of each dollar of sales as operating profit (11.7% operating margin, against 6.2%).
- Callaway Golf turned more of its sales into free cash flow (14.7% FCF margin, against 4.7%).
- Acushnet earned a higher return on the capital invested in it (14.7%, against 2.1%).
| Latest fiscal year | CALY · FY25 | GOLF · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.7B | $4.9B |
| Revenue | $2.1B | $2.6B |
| Free cash flow | $302M | $120M |
| Net income | −$409M | $189M |
| Growth | ||
| Revenue growth | −0.9% | 4.1% |
| 5-year growth | 5.3% | 9.7% |
| Share count change | −6.8% | −4.8% |
| Profitability | ||
| Gross margin | 42.1% | 47.7% |
| Operating margin | 6.2% | 11.7% |
| Net margin | −19.9% | 7.4% |
| FCF margin | 14.7% | 4.7% |
| Return on capital | 2.1% | 14.7% |
| Return on equity | −18.3% | 24.4% |
| Balance sheet | ||
| Net debt | $558M | $901M |
| Net debt / EBITDA | 3.2x | 2.5x |
| Dividends and buybacks | $3.7M | $268M |
| Valuation & quality | ||
| P/E | — | 22.1x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
CALY $871M
GOLF $1.6B
FY17
CALY $1.0B
GOLF $1.6B
FY18
CALY $1.2B
GOLF $1.6B
FY19
CALY $1.7B
GOLF $1.7B
FY20
CALY $1.6B
GOLF $1.6B
FY21
CALY $3.1B
GOLF $2.1B
FY22
CALY $4.0B
GOLF $2.3B
FY23
CALY $2.1B
GOLF $2.4B
FY24
CALY $2.1B
GOLF $2.5B
FY25
CALY $2.1B
GOLF $2.6B
CALY
GOLF
Operating margin
FY16
CALY 5.1%
GOLF 9.1%
FY17
CALY 7.5%
GOLF 10.9%
FY18
CALY 10.3%
GOLF 10.6%
FY19
CALY 7.8%
GOLF 11.0%
FY20
CALY −6.6%
GOLF 9.0%
FY21
CALY 6.5%
GOLF 12.1%
FY22
CALY 6.4%
GOLF 12.4%
FY23
CALY 9.1%
GOLF 12.0%
FY24
CALY 7.4%
GOLF 12.4%
FY25
CALY 6.2%
GOLF 11.7%
CALY
GOLF
Free cash flow
FY16
CALY $61.6M
GOLF $85.1M
FY17
CALY $91.5M
GOLF −$45.9M
FY18
CALY $55.5M
GOLF $131M
FY19
CALY $31.9M
GOLF $101M
FY20
CALY $189M
GOLF $240M
FY21
CALY −$44.0M
GOLF $277M
FY22
CALY −$567M
GOLF −$129M
FY23
CALY $315M
GOLF $296M
FY24
CALY $333M
GOLF $170M
FY25
CALY $302M
GOLF $120M
CALY
GOLF
Return on capital
FY16
CALY —
GOLF 10.4%
FY17
CALY 9.0%
GOLF 9.7%
FY18
CALY 16.3%
GOLF 9.3%
FY19
CALY 12.3%
GOLF 10.8%
FY20
CALY −7.9%
GOLF 10.2%
FY21
CALY 6.8%
GOLF 16.7%
FY22
CALY 5.3%
GOLF 17.1%
FY23
CALY 2.9%
GOLF 15.5%
FY24
CALY 3.0%
GOLF 16.1%
FY25
CALY 2.1%
GOLF 14.7%
CALY
GOLF
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.