Topgolf Callaway Brands Corp. (MODG) 10-Year Financial Performance & Capital Metrics

MODG • • Industrial / General

Consumer CyclicalLeisureGolf Equipment & FacilitiesGolf Equipment Manufacturers

AboutTopgolf Callaway Brands Corp. designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories. It operates through three segments: Topgolf; Golf Equipment; and Apparel, Gear and Other. The Topgolf segment operates Topgolf venues equipped with technology-enabled hitting bays, multiple bars, dining areas, and event spaces, as well as Toptracer ball-flight tracking technology; and World Golf Tour digital golf game. The Golf Equipment segment provides drivers, fairway woods, hybrids, irons, wedges and packaged sets, putters, and pre-owned golf clubs under the Callaway and Odyssey brands, as well as golf balls under the Callaway Golf and Strata brands. The Apparel, Gear and Other segment offers golf apparel and footwear; golf accessories, including golf bags, golf gloves, headwear, and practice aids under the Callaway brand; and golf and lifestyle apparel, hats, luggage and accessories, footwear, belts, facemasks, sunglasses, socks, and underwear under the TravisMathew brand. This segment also provides storage gear for sport and personal use, such as backpacks; travel, duffel, and golf bags; and storage gear accessories, as well as outerwear, headwear, and accessories under the OGIO brand. In addition, it offers outdoor apparel comprising jackets, trousers, dresses, skirts, and tops; and footwear and outdoor equipment, including packs and bags, travel bags, tents, sleeping bags, and accessories under the Jack Wolfskin brand. The company sells its products through golf retailers, sporting goods retailers, on-line retailers, mass merchants, department stores, third-party distributors, and mail order stores, as well as through its websites in the United States and approximately 120 countries. The company was formerly known as Callaway Golf Company and changed its name to Topgolf Callaway Brands Corp. in September 2022. Topgolf Callaway Brands Corp. was incorporated in 1982 and is headquartered in Carlsbad, California.Show more

Revenue $4.24B -1.1%
EBITDA -$989M -307.1%
Net Income -$1.45B -1623.9%
EPS (Diluted) -7.88 -1776.6%
Gross Margin 62.53% +1.0%
EBITDA Margin -23.32% -309.3%
Operating Margin -29.66% -634.6%
Net Margin -34.15% -1640.3%
ROE -46.06% -1955.2%
ROIC -13.8% -669.7%
Debt/Equity 1.72 +63.9%
Interest Coverage -5.44 -580.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 90 (top 10%)
✓Strong 5Y sales CAGR of 20.0%
✓Share count reduced 8.7% through buybacks
✓Trading near 52-week high
✓Trading at only 1.1x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.93%

5Y20.04%

3Y10.6%

TTM-3.58%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-12338.02%

EPS CAGR

10Y-

5Y-

3Y-

TTM-9603.79%

ROCE

10Y Avg4.44%

5Y Avg-2.46%

3Y Avg-3.38%

Latest-16.78%

Peer Comparison

Golf Equipment Manufacturers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GOLFAcushnet Holdings Corp.	5.46B	93.12	27.63	3.15%	8.8%	25.95%	3.12%	0.96
NWTGNewton Golf Company	8.46M	1.78	-0.01	8.87%	-172.69%	-391.78%
MODGTopgolf Callaway Brands Corp.	2.7B	14.68	-1.86	-1.06%	-37.06%	-60.79%	3.21%	1.72

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	843.79M	871.19M	1.05B	1.24B	1.7B	1.59B	3.13B	4B	4.28B	4.24B
Revenue Growth %	-0.05%	0.03%	0.2%	0.19%	0.37%	-0.07%	0.97%	0.28%	0.07%	-0.01%
Cost of Goods Sold+	486.16M	486.18M	568.29M	664.47M	934.28M	931.9M	1.27B	1.58B	1.63B	1.59B
COGS % of Revenue	0.58%	0.56%	0.54%	0.53%	0.55%	0.59%	0.41%	0.4%	0.38%	0.37%
Gross Profit+	357.63M	385.01M	480.45M	578.37M	766.79M	657.6M	1.86B	2.41B	2.65B	2.65B
Gross Margin %	0.42%	0.44%	0.46%	0.47%	0.45%	0.41%	0.59%	0.6%	0.62%	0.63%
Gross Profit Growth %	-0%	0.08%	0.25%	0.2%	0.33%	-0.14%	1.83%	0.29%	0.1%	-0%
Operating Expenses+	330.69M	340.84M	401.61M	449.93M	634.12M	763.1M	1.66B	2.15B	2.42B	3.91B
OpEx % of Revenue	0.39%	0.39%	0.38%	0.36%	0.37%	0.48%	0.53%	0.54%	0.56%	0.92%
Selling, General & Admin	297.48M	307.52M	365.04M	409.18M	557.14M	542.5M	849.7M	970.6M	1.04B	1.05B
SG&A % of Revenue	0.35%	0.35%	0.35%	0.33%	0.33%	0.34%	0.27%	0.24%	0.24%	0.25%
Research & Development	33.21M	33.32M	36.57M	40.75M	50.58M	46.3M	68M	76.4M	101.6M	92.1M
R&D % of Revenue	0.04%	0.04%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%
Other Operating Expenses	0	0	0	2.83M	26.4M	174.3M	740.9M	1.11B	1.28B	2.77B
Operating Income+	26.94M	44.17M	78.84M	128.44M	132.67M	-105.5M	204.7M	256.8M	237.7M	-1.26B
Operating Margin %	0.03%	0.05%	0.08%	0.1%	0.08%	-0.07%	0.07%	0.06%	0.06%	-0.3%
Operating Income Growth %	-0.12%	0.64%	0.78%	0.63%	0.03%	-1.8%	2.94%	0.25%	-0.07%	-6.29%
EBITDA+	44.32M	60.75M	96.44M	148.39M	167.62M	-66M	360.5M	449.6M	477.4M	-988.8M
EBITDA Margin %	0.05%	0.07%	0.09%	0.12%	0.1%	-0.04%	0.12%	0.11%	0.11%	-0.23%
EBITDA Growth %	-0.15%	0.37%	0.59%	0.54%	0.13%	-1.39%	6.46%	0.25%	0.06%	-3.07%
D&A (Non-Cash Add-back)	17.38M	16.59M	17.61M	19.95M	34.95M	39.5M	155.8M	192.8M	239.7M	268.4M
EBIT	26.94M	44.17M	78.84M	132.1M	134.26M	-80.6M	466.2M	284.7M	245M	-1.24B
Net Interest Income+	-8.35M	-1.75M	-3.91M	-4.95M	-38.49M	-46.9M	-115.6M	-142.8M	-210.2M	-231.2M
Interest Income	388K	621K	454K	594K	807K	492K	0	0	0	0
Interest Expense	8.73M	2.37M	4.37M	5.54M	39.3M	47.42M	115.6M	142.8M	210.2M	231.2M
Other Income/Expense	-6.88M	14.22M	-10.78M	2.83M	-36.9M	-22M	145.9M	-114.9M	-202.9M	-216M
Pretax Income+	20.06M	58.39M	68.06M	131.27M	95.77M	-127.5M	350.6M	141.9M	34.8M	-1.47B
Pretax Margin %	0.02%	0.07%	0.06%	0.11%	0.06%	-0.08%	0.11%	0.04%	0.01%	-0.35%
Income Tax+	5.5M	-132.56M	26.39M	26.02M	16.54M	-600K	28.6M	-16M	-60.2M	-25.5M
Effective Tax Rate %	0.73%	3.25%	0.6%	0.8%	0.83%	1%	0.92%	1.11%	2.73%	0.98%
Net Income+	14.57M	189.9M	40.81M	104.74M	79.41M	-126.9M	322M	157.9M	95M	-1.45B
Net Margin %	0.02%	0.22%	0.04%	0.08%	0.05%	-0.08%	0.1%	0.04%	0.02%	-0.34%
Net Income Growth %	-0.09%	12.04%	-0.79%	1.57%	-0.24%	-2.6%	3.54%	-0.51%	-0.4%	-16.24%
Net Income (Continuing)	14.57M	190.95M	41.67M	105.25M	79.23M	-126.9M	322M	157.9M	95M	-1.45B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	9.69M	9.74M	9.73M	0	0	0	0	0	0
EPS (Diluted)+	0.17	1.98	0.42	1.08	0.82	-1.35	1.82	0.78	0.47	-7.88
EPS Growth %	-0.15%	10.65%	-0.79%	1.57%	-0.24%	-2.65%	2.35%	-0.57%	-0.4%	-17.77%
EPS (Basic)	0.18	2.02	0.43	1.11	0.84	-1.35	1.90	0.85	0.51	-7.88
Diluted Shares Outstanding	84.61M	95.84M	96.58M	97.15M	96.29M	94.2M	176.93M	201.3M	201.1M	183.7M
Basic Shares Outstanding	83.12M	94.05M	94.33M	94.58M	94.25M	94.2M	169.1M	184.9M	185M	183.7M
Dividend Payout Ratio	0.23%	0.02%	0.09%	0.04%	0.05%	-	0%	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	391.49M	460.43M	465.98M	524.91M	789.35M	912.63M	1.17B	1.52B	1.63B	1.6B
Cash & Short-Term Investments	49.8M	125.97M	85.67M	63.98M	106.67M	366.12M	352.2M	180.2M	393.5M	445M
Cash Only	49.8M	125.97M	85.67M	63.98M	106.67M	366.12M	352.2M	180.2M	393.5M	445M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	115.61M	127.86M	94.72M	71.37M	150.37M	139.11M	156M	246.7M	336.4M	282.6M
Days Sales Outstanding	50.01	53.57	32.97	20.96	32.27	31.94	18.17	22.54	28.66	24.33
Inventory	208.88M	189.4M	262.49M	338.06M	456.64M	352.54M	533.5M	959.2M	794.4M	757.3M
Days Inventory Outstanding	156.83	142.19	168.59	185.7	178.4	138.08	153.32	220.94	177.81	174.02
Other Current Assets	17.2M	17.19M	23.1M	51.49M	75.67M	32.02M	69.8M	75.7M	48M	54.1M
Total Non-Current Assets+	239.74M	340.86M	525.17M	528.04M	1.17B	1.07B	6.58B	7.07B	7.46B	6.04B
Property, Plant & Equipment	55.81M	54.48M	70.23M	88.47M	292.86M	341.27M	2.84B	3.23B	3.57B	3.56B
Fixed Asset Turnover	15.12x	15.99x	14.93x	14.05x	5.81x	4.66x	1.10x	1.24x	1.20x	1.19x
Goodwill	26.5M	25.59M	56.43M	55.82M	203.74M	56.66M	1.96B	1.98B	1.99B	620.2M
Intangible Assets	88.78M	88.73M	225.76M	224.69M	493.42M	484.34M	1.53B	1.5B	1.48B	1.37B
Long-Term Investments	53.31M	49M	70.5M	72.24M	90.13M	111.44M	39.25M	0	0	0
Other Non-Current Assets	8.37M	8.35M	10.87M	11.74M	17.09M	14.53M	218.25M	355.4M	431.7M	484.4M
Total Assets+	631.22M	801.28M	991.16M	1.05B	1.96B	1.98B	7.75B	8.59B	9.12B	7.64B
Asset Turnover	1.34x	1.09x	1.06x	1.18x	0.87x	0.80x	0.40x	0.47x	0.47x	0.56x
Asset Growth %	0.01%	0.27%	0.24%	0.06%	0.86%	0.01%	2.91%	0.11%	0.06%	-0.16%
Total Current Liabilities+	178.64M	186.85M	314.37M	303.24M	523.25M	391.27M	866M	1.18B	947.6M	825.9M
Accounts Payable	54.79M	54.57M	63.2M	42.47M	67.84M	66.28M	138.7M	159.1M	130.7M	96.4M
Days Payables Outstanding	41.13	40.97	40.59	23.33	26.5	25.96	39.86	36.65	29.25	22.15
Short-Term Debt	14.97M	11.97M	90.35M	42.71M	151.9M	22.13M	9.1M	219.3M	54.7M	25.4M
Deferred Revenue (Current)	-1000K	-1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	28.43M	30.27M	120.64M	47.99M	46.89M	29.87M	199.5M	205.6M	215.1M	163.9M
Current Ratio	2.19x	2.46x	1.48x	1.73x	1.51x	2.33x	1.35x	1.29x	1.72x	1.94x
Quick Ratio	1.02x	1.45x	0.65x	0.62x	0.64x	1.43x	0.73x	0.48x	0.88x	1.02x
Cash Conversion Cycle	165.7	154.79	160.96	183.33	184.16	144.07	131.63	206.83	177.21	176.2
Total Non-Current Liabilities+	39.64M	5.83M	17.41M	15.4M	669.95M	913.68M	3.2B	3.64B	4.29B	4.4B
Long-Term Debt	0	0	9.45M	7.22M	443.26M	650.56M	1.49B	1.83B	2.5B	2.65B
Capital Lease Obligations	0	0	9.54M	0	137.7M	178M	1.39B	1.44B	1.43B	1.38B
Deferred Tax Liabilities	35.09M	1.6M	1.82M	1.8M	73.48M	58.63M	163.6M	117.5M	36.7M	24.9M
Other Non-Current Liabilities	4.55M	4.23M	-3.41M	6.38M	15.51M	26.5M	164M	250.6M	326.5M	347.8M
Total Liabilities	218.28M	192.68M	331.78M	318.64M	1.19B	1.3B	4.06B	4.82B	5.24B	5.23B
Total Debt+	14.97M	11.97M	87.75M	40.3M	759.27M	880.27M	2.95B	3.57B	4.07B	4.14B
Net Debt	-34.83M	-114.01M	2.08M	-23.68M	652.6M	514.15M	2.6B	3.39B	3.68B	3.7B
Debt / Equity	0.04x	0.02x	0.13x	0.05x	0.99x	1.30x	0.80x	0.95x	1.05x	1.72x
Debt / EBITDA	0.34x	0.20x	0.91x	0.27x	4.53x	-	8.19x	7.93x	8.53x	-
Net Debt / EBITDA	-0.79x	-1.88x	0.02x	-0.16x	3.89x	-	7.21x	7.53x	7.71x	-
Interest Coverage	3.09x	18.65x	18.06x	23.17x	3.38x	-2.22x	1.77x	1.80x	1.13x	-5.44x
Total Equity+	412.94M	608.6M	659.38M	734.31M	767.35M	675.64M	3.68B	3.77B	3.88B	2.41B
Equity Growth %	0.42%	0.47%	0.08%	0.11%	0.05%	-0.12%	4.45%	0.02%	0.03%	-0.38%
Book Value per Share	4.88	6.35	6.83	7.56	7.97	7.17	20.82	18.75	19.28	13.11
Total Shareholders' Equity	412.94M	598.91M	649.63M	724.57M	767.35M	675.64M	3.68B	3.77B	3.88B	2.41B
Common Stock	938K	942K	950K	956K	956K	956K	1.9M	1.9M	1.9M	1.9M
Retained Earnings	101.05M	287.13M	324.08M	413.8M	489.38M	360.23M	682.2M	852.5M	947.5M	-500.2M
Treasury Stock	-20K	-905K	-4.46M	-17.72M	-24.16M	-25.94M	-25.5M	-31.3M	-56.4M	-50.8M
Accumulated OCI	-11.81M	-18.47M	-6.17M	-13.7M	-22.42M	-6.55M	-27.3M	-61.5M	-47.5M	-76M
Minority Interest	0	9.69M	9.74M	9.73M	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	30.58M	77.71M	117.7M	92.28M	86.55M	228.24M	278.26M	-35.1M	364.7M	382M
Operating CF Margin %	0.04%	0.09%	0.11%	0.07%	0.05%	0.14%	0.09%	-0.01%	0.09%	0.09%
Operating CF Growth %	-0.17%	1.54%	0.51%	-0.22%	-0.06%	1.64%	0.22%	-1.13%	11.39%	0.05%
Net Income	14.57M	189.9M	41.67M	105.25M	79.23M	-126.93M	321.99M	157.9M	95M	-1.45B
Depreciation & Amortization	17.38M	16.59M	17.61M	19.95M	34.95M	39.51M	235.77M	192.8M	239.7M	268.4M
Stock-Based Compensation	7.54M	8.96M	12.65M	13.53M	12.9M	10.9M	0	0	0	37M
Deferred Taxes	128K	-141.45M	24.59M	21.7M	-1.38M	-12.51M	8.41M	-31M	-88.9M	-48.2M
Other Non-Cash Items	-475K	-17.41M	5.63M	-4.6M	48.9M	219.36M	-198.48M	184.9M	108.3M	1.53B
Working Capital Changes	-8.56M	21.11M	15.56M	-63.56M	-88.05M	97.88M	-89.44M	-539.7M	10.6M	46.7M
Change in Receivables	-11.59M	-16.96M	51.62M	-2.11M	-44.48M	9.95M	38.19M	-97.8M	-43.7M	6.6M
Change in Inventory	-5.35M	24.25M	-52.01M	-78.02M	-33.95M	116.96M	-177.47M	-442.4M	163.2M	12.2M
Change in Payables	5.38M	12.55M	15.41M	22.27M	34.91M	-9.9M	96.84M	110.4M	-98.1M	-6.4M
Cash from Investing+	-18.41M	8.95M	-230.59M	-38.52M	-535.67M	-59.21M	-161.86M	-535.1M	-542.9M	-297.3M
Capital Expenditures	-14.37M	-16.15M	-26.2M	-36.83M	-54.7M	-39.26M	-322.27M	-535.5M	-482.8M	-298.6M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.03%	0.03%	0.02%	0.1%	0.13%	0.11%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3.1M	3.12M	587K	43K	38K	49K	171.29M	0	3M	1.6M
Cash from Financing+	948K	-9.25M	69.36M	-75.07M	492.52M	96.07M	-124.07M	425.3M	375.8M	-23.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-3.39M	-3.76M	-3.77M	-3.79M	-3.78M	-1.89M	-3K	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	6.3M	2.66M	2.14M	815K	-37.26M	-40.6M	-3.58M	-5.6M	0	-100K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	16.21M	61.56M	91.5M	55.46M	31.85M	188.98M	-44.02M	-567.4M	-117.3M	86.6M
FCF Margin %	0.02%	0.07%	0.09%	0.04%	0.02%	0.12%	-0.01%	-0.14%	-0.03%	0.02%
FCF Growth %	-0.38%	2.8%	0.49%	-0.39%	-0.43%	4.93%	-1.23%	-11.89%	0.79%	1.74%
FCF per Share	0.19	0.64	0.95	0.57	0.33	2.01	-0.25	-2.82	-0.58	0.47
FCF Conversion (FCF/Net Income)	2.10x	0.41x	2.88x	0.88x	1.09x	-1.80x	0.86x	-0.22x	3.84x	-0.26x
Interest Paid	6.64M	1.63M	4.59M	4.99M	32.88M	34.4M	0	0	0	198.7M
Taxes Paid	5.45M	6.14M	10.79M	9.56M	9.52M	3.1M	0	0	0	20.9M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.14%	37.18%	6.44%	15.03%	10.58%	-17.59%	14.78%	4.23%	2.48%	-46.06%
Return on Invested Capital (ROIC)	6.24%	7.59%	10.23%	14.04%	9.34%	-6.06%	4.11%	2.86%	2.42%	-13.8%
Gross Margin	42.38%	44.19%	45.81%	46.54%	45.08%	41.37%	59.47%	60.34%	61.94%	62.53%
Net Margin	1.73%	21.8%	3.89%	8.43%	4.67%	-7.98%	10.28%	3.95%	2.22%	-34.15%
Debt / Equity	0.04x	0.02x	0.13x	0.05x	0.99x	1.30x	0.80x	0.95x	1.05x	1.72x
Interest Coverage	3.09x	18.65x	18.06x	23.17x	3.38x	-2.22x	1.77x	1.80x	1.13x	-5.44x
FCF Conversion	2.10x	0.41x	2.88x	0.88x	1.09x	-1.80x	0.86x	-0.22x	3.84x	-0.26x
Revenue Growth	-4.87%	3.25%	20.38%	18.51%	36.87%	-6.56%	97.13%	27.52%	7.24%	-1.06%

Revenue by Segment

	2022	2023	2024
Product	2.47B	2.54B	2.45B
Product Growth	-	3.03%	-3.63%
Service	1.53B	1.74B	1.79B
Service Growth	-	14.02%	2.68%

Revenue by Geography

	2022	2023	2024
UNITED STATES	2.8B	3.08B	3.1B
UNITED STATES Growth	-	10.13%	0.68%
Europe	537.4M	540.6M	511.1M
Europe Growth	-	0.60%	-5.46%
Asia	545.4M	531.9M	487.6M
Asia Growth	-	-2.48%	-8.33%
World	114.9M	130.9M	138.1M
World Growth	-	13.93%	5.50%

Frequently Asked Questions

Growth & Financials

Topgolf Callaway Brands Corp. (MODG) reported $4.06B in revenue for fiscal year 2024. This represents a 358% increase from $886.5M in 2011.

Topgolf Callaway Brands Corp. (MODG) saw revenue decline by 1.1% over the past year.

Topgolf Callaway Brands Corp. (MODG) reported a net loss of $1.50B for fiscal year 2024.

Dividend & Returns

Topgolf Callaway Brands Corp. (MODG) has a return on equity (ROE) of -46.1%. Negative ROE indicates the company is unprofitable.

Topgolf Callaway Brands Corp. (MODG) generated $34.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Topgolf Callaway Brands Corp. (MODG) 10-Year Financial Performance & Capital Metrics

MODG • • Industrial / General

Consumer CyclicalLeisureGolf Equipment & FacilitiesGolf Equipment Manufacturers

Revenue $4.24B -1.1%
EBITDA -$989M -307.1%
Net Income -$1.45B -1623.9%
EPS (Diluted) -7.88 -1776.6%
Gross Margin 62.53% +1.0%
EBITDA Margin -23.32% -309.3%
Operating Margin -29.66% -634.6%
Net Margin -34.15% -1640.3%
ROE -46.06% -1955.2%
ROIC -13.8% -669.7%
Debt/Equity 1.72 +63.9%
Interest Coverage -5.44 -580.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 90 (top 10%)
✓Strong 5Y sales CAGR of 20.0%
✓Share count reduced 8.7% through buybacks
✓Trading near 52-week high
✓Trading at only 1.1x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y16.93%

5Y20.04%

3Y10.6%

TTM-3.58%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-12338.02%

EPS CAGR

10Y-

5Y-

3Y-

TTM-9603.79%

ROCE

10Y Avg4.44%

5Y Avg-2.46%

3Y Avg-3.38%

Latest-16.78%

Peer Comparison

Golf Equipment Manufacturers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GOLFAcushnet Holdings Corp.	5.46B	93.12	27.63	3.15%	8.8%	25.95%	3.12%	0.96
NWTGNewton Golf Company	8.46M	1.78	-0.01	8.87%	-172.69%	-391.78%
MODGTopgolf Callaway Brands Corp.	2.7B	14.68	-1.86	-1.06%	-37.06%	-60.79%	3.21%	1.72

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	843.79M	871.19M	1.05B	1.24B	1.7B	1.59B	3.13B	4B	4.28B	4.24B
Revenue Growth %	-0.05%	0.03%	0.2%	0.19%	0.37%	-0.07%	0.97%	0.28%	0.07%	-0.01%
Cost of Goods Sold+	486.16M	486.18M	568.29M	664.47M	934.28M	931.9M	1.27B	1.58B	1.63B	1.59B
COGS % of Revenue	0.58%	0.56%	0.54%	0.53%	0.55%	0.59%	0.41%	0.4%	0.38%	0.37%
Gross Profit+	357.63M	385.01M	480.45M	578.37M	766.79M	657.6M	1.86B	2.41B	2.65B	2.65B
Gross Margin %	0.42%	0.44%	0.46%	0.47%	0.45%	0.41%	0.59%	0.6%	0.62%	0.63%
Gross Profit Growth %	-0%	0.08%	0.25%	0.2%	0.33%	-0.14%	1.83%	0.29%	0.1%	-0%
Operating Expenses+	330.69M	340.84M	401.61M	449.93M	634.12M	763.1M	1.66B	2.15B	2.42B	3.91B
OpEx % of Revenue	0.39%	0.39%	0.38%	0.36%	0.37%	0.48%	0.53%	0.54%	0.56%	0.92%
Selling, General & Admin	297.48M	307.52M	365.04M	409.18M	557.14M	542.5M	849.7M	970.6M	1.04B	1.05B
SG&A % of Revenue	0.35%	0.35%	0.35%	0.33%	0.33%	0.34%	0.27%	0.24%	0.24%	0.25%
Research & Development	33.21M	33.32M	36.57M	40.75M	50.58M	46.3M	68M	76.4M	101.6M	92.1M
R&D % of Revenue	0.04%	0.04%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%
Other Operating Expenses	0	0	0	2.83M	26.4M	174.3M	740.9M	1.11B	1.28B	2.77B
Operating Income+	26.94M	44.17M	78.84M	128.44M	132.67M	-105.5M	204.7M	256.8M	237.7M	-1.26B
Operating Margin %	0.03%	0.05%	0.08%	0.1%	0.08%	-0.07%	0.07%	0.06%	0.06%	-0.3%
Operating Income Growth %	-0.12%	0.64%	0.78%	0.63%	0.03%	-1.8%	2.94%	0.25%	-0.07%	-6.29%
EBITDA+	44.32M	60.75M	96.44M	148.39M	167.62M	-66M	360.5M	449.6M	477.4M	-988.8M
EBITDA Margin %	0.05%	0.07%	0.09%	0.12%	0.1%	-0.04%	0.12%	0.11%	0.11%	-0.23%
EBITDA Growth %	-0.15%	0.37%	0.59%	0.54%	0.13%	-1.39%	6.46%	0.25%	0.06%	-3.07%
D&A (Non-Cash Add-back)	17.38M	16.59M	17.61M	19.95M	34.95M	39.5M	155.8M	192.8M	239.7M	268.4M
EBIT	26.94M	44.17M	78.84M	132.1M	134.26M	-80.6M	466.2M	284.7M	245M	-1.24B
Net Interest Income+	-8.35M	-1.75M	-3.91M	-4.95M	-38.49M	-46.9M	-115.6M	-142.8M	-210.2M	-231.2M
Interest Income	388K	621K	454K	594K	807K	492K	0	0	0	0
Interest Expense	8.73M	2.37M	4.37M	5.54M	39.3M	47.42M	115.6M	142.8M	210.2M	231.2M
Other Income/Expense	-6.88M	14.22M	-10.78M	2.83M	-36.9M	-22M	145.9M	-114.9M	-202.9M	-216M
Pretax Income+	20.06M	58.39M	68.06M	131.27M	95.77M	-127.5M	350.6M	141.9M	34.8M	-1.47B
Pretax Margin %	0.02%	0.07%	0.06%	0.11%	0.06%	-0.08%	0.11%	0.04%	0.01%	-0.35%
Income Tax+	5.5M	-132.56M	26.39M	26.02M	16.54M	-600K	28.6M	-16M	-60.2M	-25.5M
Effective Tax Rate %	0.73%	3.25%	0.6%	0.8%	0.83%	1%	0.92%	1.11%	2.73%	0.98%
Net Income+	14.57M	189.9M	40.81M	104.74M	79.41M	-126.9M	322M	157.9M	95M	-1.45B
Net Margin %	0.02%	0.22%	0.04%	0.08%	0.05%	-0.08%	0.1%	0.04%	0.02%	-0.34%
Net Income Growth %	-0.09%	12.04%	-0.79%	1.57%	-0.24%	-2.6%	3.54%	-0.51%	-0.4%	-16.24%
Net Income (Continuing)	14.57M	190.95M	41.67M	105.25M	79.23M	-126.9M	322M	157.9M	95M	-1.45B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	9.69M	9.74M	9.73M	0	0	0	0	0	0
EPS (Diluted)+	0.17	1.98	0.42	1.08	0.82	-1.35	1.82	0.78	0.47	-7.88
EPS Growth %	-0.15%	10.65%	-0.79%	1.57%	-0.24%	-2.65%	2.35%	-0.57%	-0.4%	-17.77%
EPS (Basic)	0.18	2.02	0.43	1.11	0.84	-1.35	1.90	0.85	0.51	-7.88
Diluted Shares Outstanding	84.61M	95.84M	96.58M	97.15M	96.29M	94.2M	176.93M	201.3M	201.1M	183.7M
Basic Shares Outstanding	83.12M	94.05M	94.33M	94.58M	94.25M	94.2M	169.1M	184.9M	185M	183.7M
Dividend Payout Ratio	0.23%	0.02%	0.09%	0.04%	0.05%	-	0%	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	391.49M	460.43M	465.98M	524.91M	789.35M	912.63M	1.17B	1.52B	1.63B	1.6B
Cash & Short-Term Investments	49.8M	125.97M	85.67M	63.98M	106.67M	366.12M	352.2M	180.2M	393.5M	445M
Cash Only	49.8M	125.97M	85.67M	63.98M	106.67M	366.12M	352.2M	180.2M	393.5M	445M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	115.61M	127.86M	94.72M	71.37M	150.37M	139.11M	156M	246.7M	336.4M	282.6M
Days Sales Outstanding	50.01	53.57	32.97	20.96	32.27	31.94	18.17	22.54	28.66	24.33
Inventory	208.88M	189.4M	262.49M	338.06M	456.64M	352.54M	533.5M	959.2M	794.4M	757.3M
Days Inventory Outstanding	156.83	142.19	168.59	185.7	178.4	138.08	153.32	220.94	177.81	174.02
Other Current Assets	17.2M	17.19M	23.1M	51.49M	75.67M	32.02M	69.8M	75.7M	48M	54.1M
Total Non-Current Assets+	239.74M	340.86M	525.17M	528.04M	1.17B	1.07B	6.58B	7.07B	7.46B	6.04B
Property, Plant & Equipment	55.81M	54.48M	70.23M	88.47M	292.86M	341.27M	2.84B	3.23B	3.57B	3.56B
Fixed Asset Turnover	15.12x	15.99x	14.93x	14.05x	5.81x	4.66x	1.10x	1.24x	1.20x	1.19x
Goodwill	26.5M	25.59M	56.43M	55.82M	203.74M	56.66M	1.96B	1.98B	1.99B	620.2M
Intangible Assets	88.78M	88.73M	225.76M	224.69M	493.42M	484.34M	1.53B	1.5B	1.48B	1.37B
Long-Term Investments	53.31M	49M	70.5M	72.24M	90.13M	111.44M	39.25M	0	0	0
Other Non-Current Assets	8.37M	8.35M	10.87M	11.74M	17.09M	14.53M	218.25M	355.4M	431.7M	484.4M
Total Assets+	631.22M	801.28M	991.16M	1.05B	1.96B	1.98B	7.75B	8.59B	9.12B	7.64B
Asset Turnover	1.34x	1.09x	1.06x	1.18x	0.87x	0.80x	0.40x	0.47x	0.47x	0.56x
Asset Growth %	0.01%	0.27%	0.24%	0.06%	0.86%	0.01%	2.91%	0.11%	0.06%	-0.16%
Total Current Liabilities+	178.64M	186.85M	314.37M	303.24M	523.25M	391.27M	866M	1.18B	947.6M	825.9M
Accounts Payable	54.79M	54.57M	63.2M	42.47M	67.84M	66.28M	138.7M	159.1M	130.7M	96.4M
Days Payables Outstanding	41.13	40.97	40.59	23.33	26.5	25.96	39.86	36.65	29.25	22.15
Short-Term Debt	14.97M	11.97M	90.35M	42.71M	151.9M	22.13M	9.1M	219.3M	54.7M	25.4M
Deferred Revenue (Current)	-1000K	-1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	28.43M	30.27M	120.64M	47.99M	46.89M	29.87M	199.5M	205.6M	215.1M	163.9M
Current Ratio	2.19x	2.46x	1.48x	1.73x	1.51x	2.33x	1.35x	1.29x	1.72x	1.94x
Quick Ratio	1.02x	1.45x	0.65x	0.62x	0.64x	1.43x	0.73x	0.48x	0.88x	1.02x
Cash Conversion Cycle	165.7	154.79	160.96	183.33	184.16	144.07	131.63	206.83	177.21	176.2
Total Non-Current Liabilities+	39.64M	5.83M	17.41M	15.4M	669.95M	913.68M	3.2B	3.64B	4.29B	4.4B
Long-Term Debt	0	0	9.45M	7.22M	443.26M	650.56M	1.49B	1.83B	2.5B	2.65B
Capital Lease Obligations	0	0	9.54M	0	137.7M	178M	1.39B	1.44B	1.43B	1.38B
Deferred Tax Liabilities	35.09M	1.6M	1.82M	1.8M	73.48M	58.63M	163.6M	117.5M	36.7M	24.9M
Other Non-Current Liabilities	4.55M	4.23M	-3.41M	6.38M	15.51M	26.5M	164M	250.6M	326.5M	347.8M
Total Liabilities	218.28M	192.68M	331.78M	318.64M	1.19B	1.3B	4.06B	4.82B	5.24B	5.23B
Total Debt+	14.97M	11.97M	87.75M	40.3M	759.27M	880.27M	2.95B	3.57B	4.07B	4.14B
Net Debt	-34.83M	-114.01M	2.08M	-23.68M	652.6M	514.15M	2.6B	3.39B	3.68B	3.7B
Debt / Equity	0.04x	0.02x	0.13x	0.05x	0.99x	1.30x	0.80x	0.95x	1.05x	1.72x
Debt / EBITDA	0.34x	0.20x	0.91x	0.27x	4.53x	-	8.19x	7.93x	8.53x	-
Net Debt / EBITDA	-0.79x	-1.88x	0.02x	-0.16x	3.89x	-	7.21x	7.53x	7.71x	-
Interest Coverage	3.09x	18.65x	18.06x	23.17x	3.38x	-2.22x	1.77x	1.80x	1.13x	-5.44x
Total Equity+	412.94M	608.6M	659.38M	734.31M	767.35M	675.64M	3.68B	3.77B	3.88B	2.41B
Equity Growth %	0.42%	0.47%	0.08%	0.11%	0.05%	-0.12%	4.45%	0.02%	0.03%	-0.38%
Book Value per Share	4.88	6.35	6.83	7.56	7.97	7.17	20.82	18.75	19.28	13.11
Total Shareholders' Equity	412.94M	598.91M	649.63M	724.57M	767.35M	675.64M	3.68B	3.77B	3.88B	2.41B
Common Stock	938K	942K	950K	956K	956K	956K	1.9M	1.9M	1.9M	1.9M
Retained Earnings	101.05M	287.13M	324.08M	413.8M	489.38M	360.23M	682.2M	852.5M	947.5M	-500.2M
Treasury Stock	-20K	-905K	-4.46M	-17.72M	-24.16M	-25.94M	-25.5M	-31.3M	-56.4M	-50.8M
Accumulated OCI	-11.81M	-18.47M	-6.17M	-13.7M	-22.42M	-6.55M	-27.3M	-61.5M	-47.5M	-76M
Minority Interest	0	9.69M	9.74M	9.73M	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	30.58M	77.71M	117.7M	92.28M	86.55M	228.24M	278.26M	-35.1M	364.7M	382M
Operating CF Margin %	0.04%	0.09%	0.11%	0.07%	0.05%	0.14%	0.09%	-0.01%	0.09%	0.09%
Operating CF Growth %	-0.17%	1.54%	0.51%	-0.22%	-0.06%	1.64%	0.22%	-1.13%	11.39%	0.05%
Net Income	14.57M	189.9M	41.67M	105.25M	79.23M	-126.93M	321.99M	157.9M	95M	-1.45B
Depreciation & Amortization	17.38M	16.59M	17.61M	19.95M	34.95M	39.51M	235.77M	192.8M	239.7M	268.4M
Stock-Based Compensation	7.54M	8.96M	12.65M	13.53M	12.9M	10.9M	0	0	0	37M
Deferred Taxes	128K	-141.45M	24.59M	21.7M	-1.38M	-12.51M	8.41M	-31M	-88.9M	-48.2M
Other Non-Cash Items	-475K	-17.41M	5.63M	-4.6M	48.9M	219.36M	-198.48M	184.9M	108.3M	1.53B
Working Capital Changes	-8.56M	21.11M	15.56M	-63.56M	-88.05M	97.88M	-89.44M	-539.7M	10.6M	46.7M
Change in Receivables	-11.59M	-16.96M	51.62M	-2.11M	-44.48M	9.95M	38.19M	-97.8M	-43.7M	6.6M
Change in Inventory	-5.35M	24.25M	-52.01M	-78.02M	-33.95M	116.96M	-177.47M	-442.4M	163.2M	12.2M
Change in Payables	5.38M	12.55M	15.41M	22.27M	34.91M	-9.9M	96.84M	110.4M	-98.1M	-6.4M
Cash from Investing+	-18.41M	8.95M	-230.59M	-38.52M	-535.67M	-59.21M	-161.86M	-535.1M	-542.9M	-297.3M
Capital Expenditures	-14.37M	-16.15M	-26.2M	-36.83M	-54.7M	-39.26M	-322.27M	-535.5M	-482.8M	-298.6M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.03%	0.03%	0.02%	0.1%	0.13%	0.11%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3.1M	3.12M	587K	43K	38K	49K	171.29M	0	3M	1.6M
Cash from Financing+	948K	-9.25M	69.36M	-75.07M	492.52M	96.07M	-124.07M	425.3M	375.8M	-23.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-3.39M	-3.76M	-3.77M	-3.79M	-3.78M	-1.89M	-3K	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	6.3M	2.66M	2.14M	815K	-37.26M	-40.6M	-3.58M	-5.6M	0	-100K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	16.21M	61.56M	91.5M	55.46M	31.85M	188.98M	-44.02M	-567.4M	-117.3M	86.6M
FCF Margin %	0.02%	0.07%	0.09%	0.04%	0.02%	0.12%	-0.01%	-0.14%	-0.03%	0.02%
FCF Growth %	-0.38%	2.8%	0.49%	-0.39%	-0.43%	4.93%	-1.23%	-11.89%	0.79%	1.74%
FCF per Share	0.19	0.64	0.95	0.57	0.33	2.01	-0.25	-2.82	-0.58	0.47
FCF Conversion (FCF/Net Income)	2.10x	0.41x	2.88x	0.88x	1.09x	-1.80x	0.86x	-0.22x	3.84x	-0.26x
Interest Paid	6.64M	1.63M	4.59M	4.99M	32.88M	34.4M	0	0	0	198.7M
Taxes Paid	5.45M	6.14M	10.79M	9.56M	9.52M	3.1M	0	0	0	20.9M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.14%	37.18%	6.44%	15.03%	10.58%	-17.59%	14.78%	4.23%	2.48%	-46.06%
Return on Invested Capital (ROIC)	6.24%	7.59%	10.23%	14.04%	9.34%	-6.06%	4.11%	2.86%	2.42%	-13.8%
Gross Margin	42.38%	44.19%	45.81%	46.54%	45.08%	41.37%	59.47%	60.34%	61.94%	62.53%
Net Margin	1.73%	21.8%	3.89%	8.43%	4.67%	-7.98%	10.28%	3.95%	2.22%	-34.15%
Debt / Equity	0.04x	0.02x	0.13x	0.05x	0.99x	1.30x	0.80x	0.95x	1.05x	1.72x
Interest Coverage	3.09x	18.65x	18.06x	23.17x	3.38x	-2.22x	1.77x	1.80x	1.13x	-5.44x
FCF Conversion	2.10x	0.41x	2.88x	0.88x	1.09x	-1.80x	0.86x	-0.22x	3.84x	-0.26x
Revenue Growth	-4.87%	3.25%	20.38%	18.51%	36.87%	-6.56%	97.13%	27.52%	7.24%	-1.06%

Revenue by Segment

	2022	2023	2024
Product	2.47B	2.54B	2.45B
Product Growth	-	3.03%	-3.63%
Service	1.53B	1.74B	1.79B
Service Growth	-	14.02%	2.68%

Revenue by Geography

	2022	2023	2024
UNITED STATES	2.8B	3.08B	3.1B
UNITED STATES Growth	-	10.13%	0.68%
Europe	537.4M	540.6M	511.1M
Europe Growth	-	0.60%	-5.46%
Asia	545.4M	531.9M	487.6M
Asia Growth	-	-2.48%	-8.33%
World	114.9M	130.9M	138.1M
World Growth	-	13.93%	5.50%

Frequently Asked Questions

Growth & Financials

Topgolf Callaway Brands Corp. (MODG) reported $4.06B in revenue for fiscal year 2024. This represents a 358% increase from $886.5M in 2011.

Topgolf Callaway Brands Corp. (MODG) saw revenue decline by 1.1% over the past year.

Topgolf Callaway Brands Corp. (MODG) reported a net loss of $1.50B for fiscal year 2024.

Dividend & Returns

Topgolf Callaway Brands Corp. (MODG) has a return on equity (ROE) of -46.1%. Negative ROE indicates the company is unprofitable.

Topgolf Callaway Brands Corp. (MODG) generated $34.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.