Callaway Golf Company (CALY) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Callaway Golf Company stock $5.95, price $16.83, that is 64.6% below the price, quality 56 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $4.97 – $24.67 · fair‑value band $5.34 – $7.75 · the $16.83 price screens above the $5.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.
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Callaway Golf Company designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories in the United States, Europe, Asia, and Internationally. It operates in two business segments: Golf Equipment; and Apparel, Gear and Other.
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The company provides drivers, fairway woods, hybrids, irons, and wedges under the Callaway brands; packaged sets under the Callaway and Strata brands; and putters under Odyssey brand.
It designs, manufactures, and sells golf clubs, golf balls, apparel, bags, and other accessories under TravisMathew and OGIO brand.
It sells its products through golf retailers, sporting goods retailers, online retailers, mass merchants, department stores, third-party distributors, and merchants, and directly to consumers through its retail stores and websites.
The company was formerly known as Topgolf Callaway Brands Corp. and changed its name to Callaway Golf Company in January 2026. The company was incorporated in 1982 and is headquartered in Carlsbad, California.
Stock analysis
Callaway Golf Company (CALY) currently trades at $16.83, while our model-based Fair Value estimate is $5.95, 65% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $23.09 per share, and 7 of the 24 models we run sit above the $16.83 price.
Bear case: the Earnings-Based group reads lowest at $2.67, and 17 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $5.34 (bear) to $7.75 (bull), the price of $16.83 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Callaway Golf Company reported revenue of $2.1B in FY2025 versus $3.1B in FY2021, a compound −10.0%/yr. Reported net income was $38.8M in FY2025, compounding −41.1%/yr from FY2021.
Key figures
Market cap $3.2B Mid · P/E ratio 13.8 · P/S ratio 0.26 · EPS (TTM) $1.22 · Net margin 1.9% · Return on equity 5.7% · Return on assets (EBIT) −1.3% (5-year average) · Operating margin 10.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 85% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at −65%, CALY screens richer than that median.
Fair Value models
Bear$5.34Fair Value $5.95Bull$7.75
Price $16.83 · Downside -64.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.04 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 3 officers or directors sold shares worth $3.5M and none bought.
SaleOliver G Brewer IIIPresident and CEO, Director68,874 shares at $18.29$1.3MAug 7, 2026
SaleGlenn F. HickeyEVP & Pres., Callaway Sales28,843 shares at $18.74$540,518Aug 6, 2026
SaleErik J AndersonDirector3× since Feb 17, 2026: 180,000 shares, avg. $15.37$2.8MMay 12, 2026
SaleMichael J Dominguez10% owner10,000,000 shares at $14.70$147.0MJan 27, 2026
Plus 15 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−51.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−19.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
Start year 2020 (pandemic). Over 10 years: +9.3% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
−12.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−30.9% vs 0.2%, slowing
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9% → 6%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −1.4% a year for the price and +0.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (90 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Callaway's sharpened pure-play focus on golf equipment has produced record US market share gains and raised guidance, yet persistently low margins and weak profitability metrics remain the central concern.
Main risk: The sharper focus on core golf equipment leaves the business more exposed to swings in discretionary leisure spending, which would directly hit equipment demand and margins.
Callaway has become a pure-play golf equipment business after shedding its Topgolf stake and rebranding. Equipment revenue rose in the latest quarter with record US market share gains and raised full-year guidance. Will the sharper focus on core products drive lasting gains or leave the company more vulnerable to swings in discretionary leisure spending?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Leisure · 169 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score56 · Below median
Fair Value upside−64.6% · Bottom 25%
Profitability
Return on equity (12 months)5.7% · Below median
Return on assets0.5% · Below median
Net margin (12 months)−9.7% · Bottom 25%
Operating margin (12 months)10.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)−53.2% · Bottom 25%
Dividend yield (12 months)0.0% · Bottom 25%
Balance sheet
Debt / equity0.32× · Above median
Valuation Multiplesvs Leisure median · lower = cheaper
P/E (12 months)13.8× · Cheaper than median
P/B1.55× · Pricier than median
P/S (12 months)1.52× · Pricier than median
Price / free cash flow (fiscal year)10.6× · Cheaper than median
EV/EBITDA10.1× · Pricier than median
PEG0.72× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 41
FUTURE (revenue growth)0· sector 27
PAST (return on equity)23· sector 25
HEALTH (low debt)84· sector 94
DIVIDEND (yield)0· sector 52
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Callaway Golf Company Fair Value". https://www.fairvalue-calculator.com/stock/CALY
Frequently asked questions
Is Callaway Golf Company (CALY) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $5.95 versus a price of $16.83, about 65% lower (overvalued).
What is the fair value of CALY?
Our model-based fair value for Callaway Golf Company is $5.95 (as of Nov 8, 2026), built from audited fundamentals. The current price: $16.83.
What is the quality score of CALY?
Callaway Golf Company has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Callaway Golf Company (CALY)?
Our model-based price target is the fair value of $5.95 (as of Nov 8, 2026) from 24 valuation models. Cautious scenario $5.34, optimistic scenario $7.75. It is a calculation from audited fundamentals, not an analyst target.
What is the Callaway Golf Company stock forecast for 2026?
Our models put fair value at $5.95, about 65% lower versus a price of $16.83 (overvalued). Cautious scenario $5.34, optimistic scenario $7.75. The calculation is refreshed regularly with new filings.
What is the revenue of Callaway Golf Company (CALY)?
Callaway Golf Company reported trailing-twelve-month revenue of about $2.1B (latest available figure, as of Nov 8, 2026).
What growth is priced into Callaway Golf Company (CALY)?
For today's price to be fair in a discounted-cash-flow model, Callaway Golf Company would have to grow free cash flow by +0.9 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.3 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of CALY use?
Our models discount Callaway Golf Company at 9.7 %: a base by market capitalisation (mid), damped by beta 0.99, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Callaway Golf Company that is +0.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Callaway Golf Company (CALY) delivered so far?
Over the past 5 years revenue at Callaway Golf Company grew +5.3 % a year. The price currently implies free-cash-flow growth of +0.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Callaway Golf Company (CALY) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Callaway Golf Company (+0.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Callaway Golf Company (CALY)?
The free-cash-flow yield on the price is 9.41 %: that much free cash flow Callaway Golf Company produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Callaway Golf Company (CALY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Callaway Golf Company it is $5.95 per share (as of Nov 8, 2026), against a price of $16.83. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Callaway Golf Company stock overvalued or undervalued in 2026?
As of Nov 8, 2026, CALY trades above its calculated fair value: price $16.83, fair value $5.95, a gap of about −65% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CALY?
No. The price is what the market pays today ($16.83); the fair value is what the company's own numbers justify ($5.95). For Callaway Golf Company the two are $10.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is Callaway Golf Company worth?
The market values Callaway Golf Company at about $3.2B (market capitalisation, as of Nov 8, 2026). Per share that is $16.83; our models calculate a fair value of $5.95 per share.
What do the bullish and bearish scenarios say about CALY?
Our models span a range for Callaway Golf Company: cautious scenario $5.34, base $5.95, optimistic $7.75 per share (as of Nov 8, 2026, price $16.83). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CALY?
Callaway Golf Company trades at a price-to-earnings ratio of 13.8 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $5.95 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings, 7 of the years ex one-offs: 24.6. Other multiples: PEG 0.7, P/B 1.6, P/S 1.5, EV/EBITDA 10.1.
What is the PEG ratio of CALY?
The PEG ratio of Callaway Golf Company is 0.72 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Callaway Golf Company (CALY)?
Balance-sheet figures for Callaway Golf Company (as of Nov 8, 2026): return on equity 5.7%, debt of 0.32 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is CALY from its 52-week high?
Callaway Golf Company trades at $16.83, about 14% below its 52-week high of $19.66 and 85% above the low of $9.10 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $5.95 is for.
Which stocks are comparable to Callaway Golf Company?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, Amer Sports, Inc, Hasbro, Inc, Life Time Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Callaway Golf Company stock attractive at the current price?
The data as of Nov 8, 2026: price $16.83, calculated fair value $5.95 (−65%), Quality Score 56/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CALY calculated?
We run Callaway Golf Company through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $5.95 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Callaway Golf Company itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Callaway Golf Company (CALY)?
The closing price on Nov 6, 2026 was $16.83. Our model-based fair value is $5.95, about 65% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Callaway Golf Company right now?
The price sits above even our optimistic bull case ($7.75). The favourable scenario is already priced in. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Callaway Golf Company
How large is the market capitalisation of Callaway Golf Company (CALY)?
The market capitalisation of Callaway Golf Company is $3.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Callaway Golf Company (CALY)?
The price-to-sales ratio of Callaway Golf Company is 0.26 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Callaway Golf Company (CALY)?
Earnings per share at Callaway Golf Company are $1.22 (price ÷ EPS = P/E 13.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Callaway Golf Company (CALY)?
The net margin of Callaway Golf Company is 1.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Callaway Golf Company (CALY)?
The return on equity (ROE) of Callaway Golf Company is 5.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Callaway Golf Company (CALY)?
On an EBIT basis the return on assets of Callaway Golf Company is −1.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Callaway Golf Company (CALY)?
The operating margin of Callaway Golf Company is 10.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Callaway Golf Company (CALY)?
Revenue at Callaway Golf Company is growing −53.2% versus a year earlier (3y avg −19.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Callaway Golf Company (CALY)?
Earnings per share at Callaway Golf Company are growing +262% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Callaway Golf Company (CALY) carry?
The net debt of Callaway Golf Company is $771M (fiscal year 2025, ≈ 2.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 8, 2026