Callaway Golf
CALY on NYSE. Callaway Golf sells golf clubs, balls, apparel, and gear to golfers. Market value $2.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $13.29 of spare cash in the past 12 months. A savings account pays about $4.
You pay 11.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 4 cents a year. Above 10 is good.
Quality score: 65 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.
$14.28 a share, 70% above its 1-year low
Over the past year the price has ranged from $8.39 to $20.28.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $3.1bn | $4.0bn | $2.1bn | $2.1bn | $2.1bn |
| Operating margin | |||||
| Operating margin | 6.5% | 6.4% | 9.1% | 7.4% | 6.2% |
| Debt to equity | |||||
| Debt to equity | 0.32 | 0.43 | 0.41 | 0.60 | 0.71 |
| Shares outstanding | |||||
| Shares outstanding | 0.18bn | 0.18bn | 0.18bn | 0.18bn | 0.18bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)3 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.71× equity
- Revenue growth, five yearsSlow, 5.3% a year
- Buying back its own sharesYes, 3% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $612 million last quarter, up 2% on a year ago.
- Profit: $75 million, up 270% on a year ago.
- It keeps 10 cents of each $1 of sales as operating profit, down from 16 cents a year earlier.
- Spare cash over the past 12 months: $339 million, down from $357 million.
- 5% fewer shares than a year ago. Each share owns a bit more of the company.
- It has $204 million more cash than debt. A year ago debt was $832 million more than cash.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $452m |
| December 2024 | $371m |
| March 2025 | $630m |
| June 2025 | $600m |
| September 2025 | $463m |
| December 2025 | $368m |
| March 2026 | $688m |
| June 2026 | $612m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$4m |
| December 2024 | -$1.5bn |
| March 2025 | $2m |
| June 2025 | $20m |
| September 2025 | -$15m |
| December 2025 | -$417m |
| March 2026 | $93m |
| June 2026 | $75m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 315 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $186,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $4m | <0.1% | Added |
| Polen CapitalDan Davidowitz | $3m | <0.1% | Added |
| Boyar Asset ManagementMark Boyar | $2m | 1.2% | Cut |
| LSV Asset ManagementJosef Lakonishok | $186,000 | <0.1% |
Largest holders overall
- BlackRock$399mAdded
- Wellington Management Group LLP$268mAdded
- Dimensional Fund Advisors LP$188mAdded
- Vanguard Portfolio Management$157mCut
- American Century Companies$129m
- Vanguard Capital Management$109mCut
- State Street$104mAdded
- Jacobs Levy Equity Management$79mAdded
- Geode Capital Management$76mAdded
- Shapiro Capital Management$70mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor11.0%Since 30 June 2025
- Wellington Management Group LLPPassive investorat least 7.9%(filed with 3 related holders)Since 30 June 2026
- Dimensional Fund Advisors LPPassive investor5.0%0.0 ptsSince 31 December 2025
- SHAPIRO CAPITAL MANAGEMENT LLCPassive investorSold down below 5%Since 30 September 2025
- PEP TG INVESTMENTS LPSold down below 5%Since 21 May 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On May 21, 2026, PEP TG Investments LP sold 11,175,226 shares of Common Stock at $15.34 per share pursuant to Rule 144 in a standard broker-dealer transaction (the "Shares Sale").
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 11.0% | 30 June 2025 | |
Wellington Management Group LLP Passive investor | at least 7.9% (filed with 3 related holders) | 30 June 2026 | |
Dimensional Fund Advisors LP Passive investor | 5.0%0.0 pts | 31 December 2025 | |
SHAPIRO CAPITAL MANAGEMENT LLC Passive investor | Sold down below 5% | 30 September 2025 | |
PEP TG INVESTMENTS LP | Sold down below 5% | 21 May 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: On May 21, 2026, PEP TG Investments LP sold 11,175,226 shares of Common Stock at $15.34 per share pursuant to Rule 144 in a standard broker-dealer transaction (the "Shares Sale"). Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $5m.
- BREWER OLIVER G IIIPresident and CEO, DirectorSold
- Date
- 7 August 2026
- Shares
- 1,400
- Price
- $18.00
- Value
- $25,200
- Hickey Glenn F.EVP & Pres., Callaway SalesSold
- Date
- 6 August 2026
- Shares
- 28,843
- Price
- $18.74
- Value
- $540,558
- BREWER OLIVER G IIIPresident and CEO, DirectorSold
- Date
- 6 August 2026
- Shares
- 67,474
- Price
- $18.30
- Value
- $1m
- ANDERSON ERIK JDirectorSold
- Date
- 12 May 2026
- Shares
- 25,000
- Price
- $15.74
- Value
- $393,500
- ANDERSON ERIK JDirectorSold
- Date
- 11 May 2026
- Shares
- 75,000
- Price
- $17.12
- Value
- $1m
- ANDERSON ERIK JDirectorSold
- Date
- 23 February 2026
- Shares
- 10,000
- Price
- $13.82
- Value
- $138,200
- ANDERSON ERIK JDirectorSold
- Date
- 19 February 2026
- Shares
- 10,000
- Price
- $13.98
- Value
- $139,800
- ANDERSON ERIK JDirectorSold
- Date
- 18 February 2026
- Shares
- 20,000
- Price
- $13.64
- Value
- $272,800
- ANDERSON ERIK JDirectorSold
- Date
- 17 February 2026
- Shares
- 40,000
- Price
- $13.43
- Value
- $537,200
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 7 August 2026 | BREWER OLIVER G III President and CEO, Director | Sold | 1,400 | $18.00 | $25,200 |
| 6 August 2026 | Hickey Glenn F. EVP & Pres., Callaway Sales | Sold | 28,843 | $18.74 | $540,558 |
| 6 August 2026 | BREWER OLIVER G III President and CEO, Director | Sold | 67,474 | $18.30 | $1m |
| 12 May 2026 | ANDERSON ERIK J Director | Sold | 25,000 | $15.74 | $393,500 |
| 11 May 2026 | ANDERSON ERIK J Director | Sold | 75,000 | $17.12 | $1m |
| 23 February 2026 | ANDERSON ERIK J Director | Sold | 10,000 | $13.82 | $138,200 |
| 19 February 2026 | ANDERSON ERIK J Director | Sold | 10,000 | $13.98 | $139,800 |
| 18 February 2026 | ANDERSON ERIK J Director | Sold | 20,000 | $13.64 | $272,800 |
| 17 February 2026 | ANDERSON ERIK J Director | Sold | 40,000 | $13.43 | $537,200 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.