Callaway Golf Company (CALY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-136.9%

-$5.97

vs $16.20 price

Levered DCF

-$2.86

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.98

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	55.57×	-1×	27.9×	23.24×	14.44×	-17.79×	25.24×	13.78×
P/B	1.04×	0.6×	0.68×	0.97×	1.26×	3.35×	2.6×	2×
P/S	1.04×	0.34×	0.61×	0.91×	1.48×	1.42×	1.17×	1.16×
EV / EBITDA	14.98×	-4.3×	13.02×	14.74×	12.49×	-521.46×	13.58×	9.14×
Gross margin	42.1%	62.5%	61.9%	60.3%	59.5%	41.3%	45.1%	46.5%
Operating margin	6.2%	-29.7%	5.5%	6.4%	6.5%	4.3%	8.6%	10.6%
Net margin	1.9%	-34.1%	2.2%	4.0%	10.3%	-8.0%	4.7%	8.4%
Current ratio	1.36×	1.94×	1.72×	1.29×	1.35×	2.33×	1.51×	1.73×
Debt / equity	0.81×	1.72×	1.05×	0.95×	1.22×	1.59×	1.17×	0.07×
Interest coverage	2.11×	-5.44×	1.13×	1.8×	1.77×	1.37×	3.34×	23.79×
Dividend yield	11.3%	0.0%	0.0%	0.0%	0.0%	0.1%	0.2%	0.3%
Payout ratio	627.1%	0.0%	0.0%	0.0%	0.0%	-1.5%	4.8%	3.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.9%	-60.1%	2.4%	4.2%	8.7%	-18.8%	10.3%	14.5%
Return on invested capital	1.5%	-17.8%	2.9%	3.3%	2.7%	4.1%	7.5%	13.3%
Return on assets	0.5%	-19.0%	1.0%	1.8%	4.2%	-6.4%	4.1%	9.9%
Free cash flow yield	14.1%	23.1%	-4.5%	-15.5%	-0.9%	8.4%	1.6%	3.8%
Earnings yield	1.8%	-100.3%	3.6%	4.3%	6.9%	-5.6%	4.0%	7.2%
Enterprise value	$2.9B	$5.1B	$6.3B	$7B	$8.8B	$3B	$2.8B	$1.4B
Net debt / EBITDA	3.96×	-3.09×	7.59×	7.09×	5.88×	-124.24×	3.85×	-0.09×
Cash conversion cycle (days)	129	176	177	207	132	144	184	183