Overview Dividends

(MODG) Callaway Golf - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US1311931042

Clubs, Balls, Apparel, Bags, Venue

Leisure Products
Market Cap in USD: 2,146m

IPO / Inception: 1992-02-27
Return 12m vs S&P 500: 23.8%

EPS (Earnings per Share)

EPS CAGR: -17.14%
EPS Trend: -41.9%

Last SUE: 4.00
Qual. Beats: 4

Revenue

Rev. CAGR: 7.52%
Rev. Trend: 25.9%

Last SUE: 1.14
Qual. Beats: 2

Dividends

Currently no dividends paid

Risk via 5d forecast
Volatility	53.1%
Value at Risk 5%th	81.3%
Relative Tail Risk	-6.89%

Reward TTM
Sharpe Ratio	0.78
Alpha	21.82
CAGR/Max DD	-0.19

Character TTM
Hurst Exponent	0.323
Beta	1.309
Beta Downside	0.879

Drawdowns 3y
Max DD	78.39%
Mean DD	48.72%
Median DD	51.03%

Description: MODG Callaway Golf November 13, 2025

Topgolf Callaway Brands Corp. (NYSE: MODG) is a diversified golf-and-leisure company that designs, manufactures, and sells golf equipment, apparel, and accessories worldwide, while also operating a network of technology-driven Topgolf entertainment venues. The business is organized into three segments: Topgolf (venue operations and Toptracer tracking), Golf Equipment (clubs, balls, and pre-owned gear under Callaway and Odyssey), and Active Lifestyle (apparel, footwear, and outdoor gear under Callaway, TravisMathew, OGIO, and Jack Wolfskin).

In FY 2023 the company generated roughly $2.1 billion in revenue, with the Topgolf segment contributing about 45 % of total sales, Golf Equipment 35 %, and Active Lifestyle the remaining 20 %. Same-store sales at Topgolf venues grew ~12 % YoY, reflecting strong demand for experiential leisure, while the Golf Equipment segment posted a gross margin of ~45 % and saw a 5 % increase in average selling price driven by premium driver launches. The Active Lifestyle segment posted an 8 % top-line growth rate, helped by the expansion of the Jack Wolfskin outdoor line in Europe.

Distribution is multi-channel: products reach consumers through traditional golf and sporting-goods retailers, mass-merchant and department-store partners, e-commerce platforms, and direct-to-consumer sales via company-owned stores and websites. The 2022 rebranding from Callaway Golf to Topgolf Callaway Brands signaled a strategic pivot toward combining high-margin equipment sales with the higher-growth, subscription-friendly entertainment model, positioning the firm to capture both discretionary spending on experiences and the ongoing rebound in golf participation post-pandemic.

Given the company’s exposure to consumer discretionary cycles, analysts should watch macro indicators such as household disposable income trends and interest-rate-driven credit conditions, which historically influence both equipment purchases and leisure-venue attendance.

For a deeper, data-driven assessment of MODG’s valuation and risk profile, you may find the analytics on ValueRay useful as a next step in your research.

Piotroski VR‑10 (Strict, 0-10) 3.5

Net Income (-1.50b TTM) > 0 and > 6% of Revenue (6% = 243.7m TTM)

FCFTA 0.00 (>2.0%) and ΔFCFTA -1.22pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 21.41% (prev 18.55%; Δ 2.86pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.04 (>3.0%) and CFO 313.4m > Net Income -1.50b (YES >=105%, WARN >=100%)

NO Net Debt/EBITDA fails (EBITDA <= 0)

Current Ratio 1.87 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (183.9m) change vs 12m ago 0.05% (target <= -2.0% for YES)

Gross Margin 64.55% (prev 63.64%; Δ 0.91pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 48.56% (prev 45.99%; Δ 2.56pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio -5.38 (EBITDA TTM -985.6m / Interest Expense TTM 233.6m) >= 6 (WARN >= 3)

Altman Z'' -0.58

(A) 0.11 = (Total Current Assets 1.87b - Total Current Liabilities 998.7m) / Total Assets 7.57b

(B) -0.07 = Retained Earnings (Balance) -492.5m / Total Assets 7.57b

(D) -0.10 = Book Value of Equity -520.9m / Total Liabilities 5.09b

Total Rating: -0.58 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 32.43

1. Piotroski 3.50pt

2. FCF Yield 0.60%

3. FCF Margin 0.85%

4. Debt/Equity 1.80

5. Debt/Ebitda -3.64

6. ROIC - WACC (= -23.64)%

7. RoE -61.44%

8. Rev. Trend 25.92%

9. EPS Trend -41.89%

What is the price of MODG shares?

As of January 07, 2026, the stock is trading at USD 13.17 with a total of 3,686,413 shares traded.
Over the past week, the price has changed by +10.12%, over one month by +17.69%, over three months by +39.66% and over the past year by +45.52%.

Is MODG a buy, sell or hold?

Callaway Golf has received a consensus analysts rating of 3.20. Therefor, it is recommend to hold MODG.

Strong Buy: 2
Buy: 1
Hold: 5
Sell: 1
Strong Sell: 1

What are the forecasts/targets for the MODG price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	12.5	-5.1%
Analysts Target Price	12.5	-5.1%
ValueRay Target Price	14.1	7.1%

MODG Fundamental Data Overview January 03, 2026

Market Cap USD = 2.15b (2.15b USD * 1.0 USD.USD)
P/E Forward = 156.25
P/S = 0.5284
P/B = 0.8668
P/EG = 0.6657
Beta = 0.942
Revenue TTM = 4.06b USD
EBIT TTM = -1.26b USD
EBITDA TTM = -985.6m USD
Long Term Debt = 1.19b USD (from longTermDebt, last quarter)
Short Term Debt = 402.2m USD (from shortTermDebt, last quarter)
Debt = 4.45b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.59b USD (from netDebt column, last quarter)
Enterprise Value = 5.73b USD (2.15b + Debt 4.45b - CCE 865.6m)
Interest Coverage Ratio = -5.38 (Ebit TTM -1.26b / Interest Expense TTM 233.6m)
FCF Yield = 0.60% (FCF TTM 34.5m / Enterprise Value 5.73b)
FCF Margin = 0.85% (FCF TTM 34.5m / Revenue TTM 4.06b)
Net Margin = -37.06% (Net Income TTM -1.50b / Revenue TTM 4.06b)
Gross Margin = 64.55% ((Revenue TTM 4.06b - Cost of Revenue TTM 1.44b) / Revenue TTM)
Gross Margin QoQ = 70.12% (prev 63.54%)
Tobins Q-Ratio = 0.76 (Enterprise Value 5.73b / Total Assets 7.57b)
Interest Expense / Debt = 1.33% (Interest Expense 59.2m / Debt 4.45b)
Taxrate = 34.08% (-7.60m / -22.3m)
NOPAT = -828.7m (EBIT -1.26b * (1 - 34.08%)) [loss with tax shield]
Current Ratio = 1.87 (Total Current Assets 1.87b / Total Current Liabilities 998.7m)
Debt / Equity = 1.80 (Debt 4.45b / totalStockholderEquity, last quarter 2.48b)
Debt / EBITDA = -3.64 (negative EBITDA) (Net Debt 3.59b / EBITDA -985.6m)
Debt / FCF = 104.0 (Net Debt 3.59b / FCF TTM 34.5m)
Total Stockholder Equity = 2.45b (last 4 quarters mean from totalStockholderEquity)
RoA = -19.88% (Net Income -1.50b / Total Assets 7.57b)
RoE = -61.44% (Net Income TTM -1.50b / Total Stockholder Equity 2.45b)
RoCE = -34.53% (EBIT -1.26b / Capital Employed (Equity 2.45b + L.T.Debt 1.19b))
RoIC = -19.53% (negative operating profit) (NOPAT -828.7m / Invested Capital 4.24b)
WACC = 4.12% (E(2.15b)/V(6.60b) * Re(10.84%) + D(4.45b)/V(6.60b) * Rd(1.33%) * (1-Tc(0.34)))
Discount Rate = 10.84% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.14%
[DCF Debug] Terminal Value 58.99% ; FCFE base≈82.1m ; Y1≈53.9m ; Y5≈24.6m
Fair Price DCF = 1.78 (DCF Value 328.2m / Shares Outstanding 183.9m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: -41.89 | EPS CAGR: -17.14% | SUE: 4.0 | # QB: 4
Revenue Correlation: 25.92 | Revenue CAGR: 7.52% | SUE: 1.14 | # QB: 2
EPS next Quarter (2026-03-31): EPS=0.05 | Chg30d=+0.004 | Revisions Net=-2 | Analysts=6
EPS next Year (2026-12-31): EPS=-0.22 | Chg30d=+0.154 | Revisions Net=+8 | Growth EPS=-65.8% | Growth Revenue=+0.3%

Additional Sources for MODG Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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