Forensic Analysis · General / Diversified · as of Nov 9, 2026

Callaway Golf Co (CALY)

A forensic read on Callaway Golf Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Grey Zone

Financial health

1.5

Distress distance

Clean

Earnings quality

Forensic signals

-18.3%

ROE

-0.8%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Callaway Golf Co earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.5, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

1.8%

FY2025

Return on invested capital. Return on invested capital is 1.8% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.1-point range. After-tax operating profit was $149M in FY2023 and $83M in FY2025, with operating income at 9.1% of revenue in FY2023, 7.4% in FY2024 and 6.2% in FY2025. The capital base behind it came down -41% across FY2023–FY2025, from $7.8B to $4.6B, so this return is struck on a smaller base than it started on. FY2024's operating profit carried a $1.4B goodwill write-off, a $22M restructuring charge and a $900,000 asset write-down that alone took about 16.2 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.

$1.4B

FY2024

Goodwill impairments. Took $1.4B of goodwill writedowns across 1 year (FY2024 ($1.4B)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$2.06B

Revenue Growth YoY-0.8%

Revenue CAGR (2yr)-1.7%

Net Margin-19.9%

Free Cash Flow$302.2M

Return on Equity-18.3%

Debt / Equity0.68x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.