CALYNYSESporting & Athletic Goods, NECFiscal year ends December 31
Callaway Golf Co
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$13.75−0.06 (-0.43%)
Close on Oct 19, 2026
- Market cap
- $2.61B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
42.1%+0.7 pts over 5 years
Operating margin
6.2%+12.9 pts over 5 years
Net margin
-19.9%−11.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -0.8% | -19.8% | +5.3% | +9.3% | |
| Gross profit | -2.2% | – | +5.7% | +9.3% | |
| Operating income | -16.2% | -20.7% | – | +16.9% | |
| Free cash flow | -9.3% | – | +9.8% | +34.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 37.5% | -17.6% | -18.3% | |
| Return on assets | 26.5% | -6.4% | -5.5% | |
| Current ratio | 2.46 | 2.33 | 1.36 | |
| Debt to equity | 0.00 | 1.02 | 0.71 | |
| Net debt to EBITDA | -2.07× | -4.87× | 3.19× | |
| Interest coverage | 18.7× | -2.2× | 2.1× | |
| Inventory turnover | 2.4× | 2.3× | 1.9× | |
| Capex to revenue | 1.9% | 2.5% | 1.5% | |
| Diluted shares | 96M | 94M | 186M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Callaway Golf generated $1.39B from operations and spent $1.15B on capital expenditure, dividends and share buybacks. 86% of that went back into the business.
Generated
$1.39B
Used
$1.15B
Capital expenditure$985.10M86%Dividends$00%Share buybacks$165.10M14%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-19.9%
×Asset turnover0.28×
×Equity multiplier3.33×
=Return on equity, FY2025-18.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -19.9% | 0.28× | 3.33× | -18.3% |
| FY2024 | -69.7% | 0.25× | 2.67× | -46.1% |
| FY2023 | 4.5% | 0.24× | 2.31× | 2.5% |
| FY2022 | 4.0% | 0.49× | 2.19× | 4.2% |
| FY2021 | 10.3% | 0.64× | 2.23× | 14.8% |
| FY2020 | -8.0% | 0.81× | 2.73× | -17.6% |
| FY2019 | 4.7% | 1.13× | 2.02× | 10.6% |
| FY2018 | 8.4% | 1.22× | 1.49× | 15.2% |
| FY2017 | 3.9% | 1.17× | 1.44× | 6.5% |
| FY2016 | 21.8% | 1.22× | 1.42× | 37.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$409.30M
- Cash generatingOperating cash flow above zero$334.00M
- Return on assets improvedROA up on the prior year-15.9% → -5.4%
- Earnings backed by cashOperating cash flow above net income$334.00M vs -$409.30M
- Less leverageLong-term debt to assets fell18.5% → 8.9%
- Better liquidityCurrent ratio rose1.94 → 1.36
- No dilutionShare count did not rise199M → 186M
- Gross margin improvedGross margin up on the prior year42.69% → 42.11%
- More efficientAsset turnover rose0.23 → 0.27