Is the business good?
How good a business is CALY?
Callaway Golf Company earns 7.1% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
7.1%
Return on invested capital · cost of capital 9.0% · 1.9 points below what the capital costs: growth destroys value
- Operating margin
- 7.7%
Operating margin · Leisure median 11% · 12 months to Q1 2026
- Share count, year on year
- +2.3%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 2.8%
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 Q1 2026
- 7.7%
- Net margin12 months to Q1 2026
- −15%
- Free cash flow margin
- −6.5%
- R&D as % of revenue
- 2.8%
- Revenue, trailing twelve months
- $2.12B
- Free cash flow, trailing twelve months
- −$138M
- Net income, trailing twelve months
- −$318M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.1%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.