| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | 1 | 2 | — | — | 1 | — | — | 2 | — |
| total | individual payouts | |
|---|---|---|
| 2026 | ‡‡‡‡ |
|
| 2025 | ‡‡‡‡ |
|
| 2024 | 1.19 |
—
—
—
—
—
—
—
—
—
|
| 2023 | 0.26 |
—
—
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | 0.02 |
—
—
|
| 2019 | 0.04 |
—
—
—
—
|
| 2018 | 0.04 |
—
—
—
—
|
| 2017 | 0.04 |
—
—
—
—
|
| 2016 | 0.04 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 394.30 | 445.00 | 903.20 | 278.30 |
| Receivables | 200.50 | 137.20 | 123.20 | 315.70 |
| Inventory | 794.40 | 628.20 | 625.30 | 518.20 |
| Other | 183.10 | 61.50 | 69.80 | 96.10 |
| 1,628.10 | 1,600.70 | 5,935.60 | 1,247.40 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 480.50 | 267.20 | 296.20 | 236.20 |
| ST’ Debt | 54.70 | 40.00 | 810.00 | 46.70 |
| Other | 102.00 | 17.00 | 18.50 | 21.80 |
| 947.60 | 825.90 | 4,367.50 | 409.90 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 687.50 | 612.20 | — | — |
—
|
| ’25 | 629.60 | 600.40 | 934.00 | (103.90) |
2,060.10
|
| ’24 | 1,144.20 | 1,157.80 | 1,012.90 | (1,237.20) |
2,077.70
|
| ’23 | 1,167.40 | 1,179.70 | 1,040.60 | (1,255.00) |
2,132.70
|
| ’22 | 1,040.20 | 1,115.70 | 988.50 | 851.30 |
3,995.70
|
| ’21 | 651.60 | 913.60 | 856.50 | 711.70 |
3,133.40
|
| ’20 | 442.28 | 297.00 | 475.56 | 374.67 |
1,589.50
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (169.00) | 249.50 | — | — |
—
|
| ’25 | (85.20) | 126.90 | 228.40 | 63.90 |
334.00
|
| ’24 | (73.30) | 224.70 | 187.30 | 43.30 |
382.00
|
| ’23 | (152.10) | 130.30 | 249.50 | 137.00 |
364.70
|
| ’22 | (185.30) | 137.20 | 82.70 | (69.70) |
(35.10)
|
| ’21 | (78.60) | 179.10 | 146.30 | 31.50 |
278.30
|
| ’20 | (93.68) | 73.36 | 142.87 | 105.65 |
228.20
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (176.00) | 238.10 | — | — |
—
|
| ’25 | (93.00) | 117.90 | 33.70 | 243.50 |
302.10
|
| ’24 | (138.90) | 139.70 | 107.80 | 222.60 |
331.40
|
| ’23 | (292.00) | (11.40) | 110.70 | 506.60 |
314.70
|
| ’22 | (309.60) | 18.50 | (28.30) | (251.20) |
(570.60)
|
| ’21 | (107.40) | 87.10 | 68.20 | (91.90) |
(44.00)
|
| ’20 | (110.63) | 65.22 | 137.07 | 97.35 |
189.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.47 | 0.40 | — | — |
—
|
| ’25 | 0.01 | 0.11 | (0.08) | (0.36) |
0.21
|
| ’24 | 0.04 | 0.32 | (0.02) | (8.23) |
(7.88)
|
| ’23 | 0.13 | 0.59 | 0.16 | (0.42) |
0.50
|
| ’22 | 0.44 | 0.53 | 0.20 | (0.39) |
0.82
|
| ’21 | 2.19 | 0.47 | (0.09) | (0.14) |
1.82
|
| ’20 | 0.30 | (1.78) | 0.54 | (0.43) |
(1.35)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 16.80 | 9.84 | 7.22 | 5.42 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 28.29 | 25.96 | 16.89 | 13.00 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 32,000 | 32,000 | 30,000 | 28,000 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.12 | 0.07 | 0.07 | 0.07 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,995.70 | 2,132.70 | 2,077.70 | 2,060.10 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 60.34% | 43.47% | 42.69% | 42.11% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 141.90 | 129.50 | 111.50 | 87.60 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.55% | 6.07% | 5.37% | 4.25% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 157.90 | 99.50 | 93.40 | 38.80 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 202.60 | 51.50 | 50.20 | 52.40 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.61 | 11.53 | 11.31 | 11.21 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | 0.85 | 0.51 | (7.88) | 0.21 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.19) | 1.97 | 2.08 | 1.82 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.90) | (0.27) | (0.28) | (0.17) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.09) | 1.70 | 1.80 | 1.64 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.41 | 20.96 | 13.11 | 11.26 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 184.90 | 185.00 | 183.70 | 183.70 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 22.90 | 28.46 | 0.00 | 0.00 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.91 | 1.23 | 0.69 | 1.04 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.96 | 0.68 | 0.60 | 1.04 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.21 | 1.79 | 1.18 | 1.31 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (8.48) | 12.14 | 7.41 | 8.91 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (35.10) | 364.70 | 382.00 | 334.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (535.50) | (50.00) | (50.60) | (31.90) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (570.60) | 314.70 | 331.40 | 302.10 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 342.70 | 680.50 | 774.80 | 1,568.10 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,395.60 | 1,572.90 | 1,454.30 | 1,460.70 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,196.30 | 1,178.60 | 1,009.30 | 557.50 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,774.30 | 3,878.20 | 2,407.70 | 2,068.90 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.93% | 1.07% | (17.28%) | (5.49%) | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.23% | 2.40% | 2.80% | 3.05% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.23% | 2.48% | (46.06%) | (18.29%) | — | — | — |
ROE
|
Callaway Golf (CALY), a leader in premium golf equipment fused with Topgolf’s entertainment arm, has endured a turbulent decade of explosive growth, acquisition indigestion, and post-pandemic normalization. Trading at deep discounts—0.34x sales and 0.60x book value, cheaper than 90% of peers—the stock embeds profound pessimism despite analyst consensus forecasting 35% average upside (high of 51%, low downside just 13%). Insider activity is mixed: bullish $5.9 million buys by executives in early 2025 at troughs, overshadowed by a $147 million mega-sell in 2026, hinting at strategic shifts like a potential Topgolf spin-off.
Fundamentals reveal a classic turnaround tale—pre-2021 revenue CAGR of 22% and ROE peaks at 37% gave way to 2024’s -$1.45 billion net loss from Topgolf impairments, cratering ROE to -46%. Yet, forward projections model an 8% revenue dip to $3.92 billion in 2025, halving further in 2026 amid deleveraging and capex relief, with earnings swinging positive at $0.52/share by then. Monte Carlo simulations peg 12-month median returns at +28%, driven by 72% historical revenue-stock correlation (now 45% post-diversification) and golf participation tailwinds—positioning CALY as a high-conviction dip buy if execution delivers.
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