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Makes golf clubs, balls and apparel under Callaway, Odyssey and TravisMathew after splitting from Topgolf in 2025.
Makes golf clubs, balls and apparel under Callaway, Odyssey and TravisMathew after splitting from Topgolf in 2025.
Earns on equipment launched in regular cycles: new driver, iron and ball lines every year or two, stocked by retailers and pro shops ahead of the golf season, with putters and apparel sold through the same shops and online. Results follow golf participation, weather and how well new products sell through.
Moat: narrow (brand, distribution). Tour-backed brand recognition and established pro-shop distribution, similar to rival Titleist.
Headquarters: Carlsbad, California, US · Founded: 1982 · Employees: 28,000
Size Callaway Golf (CALY) is a United States Consumer Discretionary company (Recreational Products) with a market value of $3.00B, the 1552nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $16.83 on 6 Nov 2026.
Performance Over six months the shares fell 3.9%, against +4.5% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 37.2% over the last twelve months (peer median +7.1%); the operating margin is 8.6% (peer median 9.8%).
Valuation It trades at 18.6× forward earnings against a peer median of 17.9× (10th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points below its cost of capital (9.4% WACC).
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.60B | $2.06B | $2.08B | $4.28B | $4.00B |
| Revenue growth | — | -1% | -52% | +7% | — |
| Gross profit | $1.46B | $872M | $880M | $2.65B | $2.40B |
| EBITDA | $154M | $183M | $192M | $509M | $485M |
| Net income | -$235M | -$266M | -$1.45B | $95.0M | $158M |
| Free cash flow | $466M | $301M | $333M | -$117M | -$567M |
| Capital expenditure | -$94.1M | $32.6M | $50.6M | $483M | $536M |
| Total debt | $273M | $1.67B | $1.64B | $4.36B | $3.81B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Callaway Golf CALY | $3.00B | -4% | -37% | 9% | 18.6× | 2.4% |
| Acushnet GOLF | $4.72B | -12% | +7% | 13% | 20.0× | 3.8% |
| Sumitomo Rubber Industries 5110.T | $3.40B | +1% | +5% | 8% | 9.8× | -3.3% |
| Mizuno 8022.T | $2.10B | +27% | +10% | 9% | 15.9× | 4.9% |
| Puma PUM.DE | $4.42B | +4% | -19% | -6% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CALY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +21.3% | +3.7% | 3rd highest of 21 |
| 6-month return | -3.9% | +4.5% | 9th lowest of 21 |
| Distance from 52-week high | -17.0% | -20.4% | 10th highest of 21 |
| Revenue growth (TTM) | -37.2% | +7.1% | lowest of 21 |
| Operating margin | 8.6% | 9.8% | 6th lowest of 21 |
| Forward P/E | 18.6× | 17.9× | 10th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 2.4% | 3.8% | 8th least demanding of 18 |
| Growth delivered (Del g) | +5.3% | +7.9% | 8th lowest of 18 |
| Hurdle (Req g minus delivered) | -3.0 pp | -5.2 pp | 9th most demanding of 18 |
| ROIC minus cost of capital | -1.2 pp | +3.6 pp | 4th lowest of 20 |
| EV / EBITDA | 19.5× | 10.7× | 3rd most expensive of 19 |
| Net debt / EBITDA | -0.0× | 0.2× | 10th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Callaway Golf CALY | United States | $3.00B | -4% | -37% | 9% | 18.6× | 2.4% | +5.3% |
| Tomy 7867.T | Japan | $2.74B | +89% | +7% | 9% | 20.2× | 2.5% | +13.9% |
| Technogym S.p.A TGYM.MI | Italy | $3.34B | -32% | +10% | 16% | 23.8× | 9.7% | +14.9% |
| Hayward HAYW | United States | $3.38B | +11% | +8% | 22% | 17.9× | 9.9% | +5.1% |
| Yamaha 7951.T | Japan | $3.39B | +7% | +5% | 8% | 15.8× | -1.7% | +4.5% |
| Polaris PII | United States | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% | +0.4% |
| Asmodee ASMDEE-B.ST | Sweden | $3.97B | +39% | +17% | 16% | 17.1× | -1.8% | +11.9% |
| Fluidra FDR.MC | Spain | $4.12B | +4% | +2% | 14% | 14.9× | 5.4% | +8.0% |
| Thor Industries THO | United States | $4.18B | +5% | 0% | 3% | 22.3× | 16.0% | -4.8% |
| Alpha 002292.SZ | China | $2.08B | +13% | +2% | 9% | 72.3× | 28.4% | +0.9% |
| Mattel MAT | United States | $4.39B | 0% | +3% | 9% | 12.8× | 0.2% | +3.1% |
| Acushnet GOLF | United States | $4.72B | -12% | +7% | 13% | 20.0× | 3.8% | +9.7% |
| tonies TNIE.DE | Germany | $1.86B | +24% | +36% | 4% | 37.4× | n/a | n/a |
| VTech 0303.HK | Hong Kong | $1.72B | -15% | -7% | 9% | 11.9× | -9.7% | -3.0% |
| Bloks 0325.HK | Hong Kong | $1.56B | -23% | +30% | 21% | 12.4× | -1.0% | +102.8% |
| Spin Master TOY.TO | Canada | $1.52B | +6% | -2% | 9% | 9.6× | -11.5% | +7.0% |
| Sanlorenzo SL.MI | Italy | $1.46B | -7% | +2% | 14% | 11.8× | -2.0% | +13.7% |
| New Gonow Recreational Vehicles 0805.HK | Hong Kong | $1.36B | +491% | +13% | 2% | n/a | n/a | n/a |
| Yonex 7906.T | Japan | $1.31B | -10% | +15% | 10% | 14.6× | n/a | n/a |
| Games Workshop GAW.L | United Kingdom | $7.15B | -17% | +7% | 42% | 25.2× | 11.7% | +12.3% |
| Mips MIPS.ST | Sweden | $1.24B | +75% | +41% | 37% | 47.3× | 32.9% | +7.9% |