CALYCallaway Golf Company
Is the business good?
A genuinely good business: earnings fully cash-backed (2.8×) and margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CALY?
Callaway Golf Company keeps 9.6% of every revenue dollar as operating profit, against 9.6% for the median Leisure name.
Operating margin · Leisure median 9.6% · 12 months to Q2 2026
- Cash conversion
- 2.85×
Cash conversion · 2.43× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −4.9%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 2.6%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −6.6% |
| FY2021 | 6.5% |
| FY2022 | 6.4% |
| FY2023 | 9.1% |
| FY2024 | 7.4% |
| FY2025 | 6.2% |
Details›
- Operating margin12 months to Q2 2026
- 9.6%
- Net margin12 months to Q2 2026
- −12%
- Free cash flow margin
- −0.89%
- R&D as % of revenue
- 2.6%
- Revenue, trailing twelve months
- $2.13B
- Free cash flow, trailing twelve months
- −$19M
- Net income, trailing twelve months
- −$263M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from CALY and who it buys from, as the companies report it.
- Top five customers worldwide21%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; CALY’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.