Topgolf Callaway Brands (MODG) Financials

$6.21 -0.18 (-2.86%)

Closing price 03:59 PM Eastern

Extended Trading

$6.29 +0.08 (+1.34%)

As of 06:25 PM Eastern

Annual Income Statements for Topgolf Callaway Brands

This table shows Topgolf Callaway Brands' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Income / (Loss) Attributable to Common Shareholders	-1,448	95	158	322	-127	79	105	41	190	15	16
Consolidated Net Income / (Loss)	-1,448	95	158	322	-127	79	105	42	191	15	16
Net Income / (Loss) Continuing Operations	-1,448	95	158	322	-127	79	105	42	191	15	16
Total Pre-Tax Income	-1,473	35	142	351	-128	96	131	68	58	20	22
Total Operating Income	-1,257	238	257	205	-106	133	128	79	44	27	31
Total Gross Profit	2,651	2,654	2,411	1,863	658	767	578	480	385	358	358
Total Revenue	4,239	4,285	3,996	3,133	1,590	1,701	1,243	1,049	871	844	887
Total Cost of Revenue	1,588	1,631	1,585	1,270	932	934	664	568	486	486	529
Operating Cost of Revenue	1,588	1,631	1,585	1,270	932	934	664	568	486	486	529
Total Operating Expenses	3,908	2,416	2,154	1,659	763	634	450	402	341	331	327
Selling, General & Admin Expense	2,349	2,289	2,048	1,581	543	584	409	365	308	297	296
Research & Development Expense	92	102	76	68	46	51	41	37	33	33	31
Impairment Charge	1,452	0.00	0.00	-	174	0.00	0.00	-	-	-	-
Other Special Charges / (Income)	15	26	30	9.40	0.00	0.00	-	-	-	-	-
Total Other Income / (Expense), net	-216	-203	-115	146	-22	-37	2.83	-11	14	-6.88	-9.11
Interest Expense	231	210	143	116	47	38	5.54	4.37	2.37	8.73	9.50
Other Income / (Expense), net	15	7.30	28	9.00	25	1.59	7.78	-6.87	-1.69	1.47	-0.05
Income Tax Expense	-26	-60	-16	29	-0.60	17	26	26	-133	5.50	5.63
Basic Earnings per Share	($7.88)	$0.51	$0.85	$1.90	($1.35)	$0.84	$1.11	$0.43	$2.02	$0.18	$0.21
Weighted Average Basic Shares Outstanding	183.70M	185M	184.90M	169.10M	94.20M	94.25M	94.58M	94.33M	94.05M	83.12M	77.56M
Diluted Earnings per Share	($7.88)	$0.50	$0.82	$1.82	($1.35)	$0.82	$1.08	$0.42	$1.98	$0.17	$0.20
Weighted Average Diluted Shares Outstanding	183.70M	201.10M	201.30M	176.90M	94.20M	96.29M	97.15M	96.58M	95.85M	84.61M	78.39M
Weighted Average Basic & Diluted Shares Outstanding	183.40M	183.60M	185.30M	185.19M	94.24M	94.22M	94.40M	94.90M	94M	80.90M	76.20M

This table shows Topgolf Callaway Brands' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-1,513	-3.60	62	6.50	-77	30	117	25	-73	39
Consolidated Net Income / (Loss)	-1,513	-3.60	62	6.50	-77	30	117	25	-73	39
Net Income / (Loss) Continuing Operations	-1,513	-3.60	62	6.50	-77	30	117	25	-73	39
Total Pre-Tax Income	-1,514	-23	52	12	-84	27	72	21	-76	39
Total Operating Income	-1,461	34	103	67	-33	74	116	81	-35	68
Total Gross Profit	594	636	732	690	575	658	740	681	546	610
Total Revenue	924	1,013	1,158	1,144	897	1,041	1,180	1,167	851	989
Total Cost of Revenue	331	377	426	455	322	383	439	486	306	379
Operating Cost of Revenue	331	377	426	455	322	383	439	486	306	379
Total Operating Expenses	2,055	602	629	623	607	584	624	601	580	541
Selling, General & Admin Expense	578	576	599	596	564	555	597	574	547	512
Research & Development Expense	20	22	27	23	34	23	22	23	21	19
Other Special Charges / (Income)	4.90	3.90	2.80	3.20	9.60	6.90	5.70	3.70	12	9.90
Total Other Income / (Expense), net	-53	-57	-51	-55	-52	-47	-44	-60	-42	-29
Interest Expense	58	58	57	59	57	52	52	50	43	36
Other Income / (Expense), net	4.40	1.00	6.40	3.40	4.90	5.20	7.30	-10	1.00	7.00
Income Tax Expense	-1.40	-19	-9.70	5.00	-7.20	-3.00	-46	-4.20	-3.50	0.30
Basic Earnings per Share	($8.24)	($0.02)	$0.34	$0.04	($0.41)	$0.16	$0.63	$0.13	($0.40)	$0.21
Weighted Average Basic Shares Outstanding	183.70M	183.80M	183.50M	183.70M	185M	185.20M	185.20M	185.20M	184.90M	184.80M
Diluted Earnings per Share	($8.22)	($0.02)	$0.32	$0.04	($0.38)	$0.16	$0.59	$0.13	($0.35)	$0.20
Weighted Average Diluted Shares Outstanding	183.70M	183.80M	199.60M	184.40M	201.10M	201.20M	201.30M	201.50M	201.30M	201.80M
Weighted Average Basic & Diluted Shares Outstanding	183.40M	183.82M	183.80M	183.57M	183.60M	184.52M	185.48M	185.60M	185.30M	184.85M

This table details how cash moves in and out of Topgolf Callaway Brands' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Change in Cash & Equivalents	52	195	-154	-8.40	259	43	-22	-40	76	12	0.84
Net Cash From Operating Activities	382	365	-35	278	228	87	92	118	78	31	37
Net Cash From Continuing Operating Activities	382	365	-35	278	228	87	92	118	78	31	37
Net Income / (Loss) Continuing Operations	-1,448	95	158	322	-127	79	105	42	191	15	16
Consolidated Net Income / (Loss)	-1,448	95	158	322	-127	79	105	42	191	15	16
Depreciation Expense	268	240	193	156	40	35	20	18	17	17	21
Amortization Expense	5.70	6.50	9.80	19	43	34	0.00	3.11	0.00	0.53	0.74
Non-Cash Adjustments To Reconcile Net Income	1,557	102	81	-218	158	-2.23	9.89	16	-9.81	6.64	3.61
Changes in Operating Assets and Liabilities, net	-1.50	-78	-477	-1.10	115	-60	-43	39	-120	-8.53	-4.71
Net Cash From Investing Activities	-297	-543	-535	-162	-59	-536	-39	-231	8.95	-18	-25
Net Cash From Continuing Investing Activities	-297	-543	-535	-162	-59	-536	-39	-231	8.95	-18	-25
Purchase of Property, Plant & Equipment	-295	-482	-532	-322	-39	-55	-37	-26	-16	-14	-11
Acquisitions	-27	-62	-3.20	0.00	0.00	-463	0.00	-183	0.00	0.00	-
Purchase of Investments	-4.30	-2.50	0.00	-30	-20	-18	-1.74	-21	-1.45	-	-
Sale of Property, Plant & Equipment	0.60	0.30	0.00	0.00	-	0.04	0.04	0.59	0.02	0.00	0.46
Sale and/or Maturity of Investments	27	0.00	0.40	19	0.00	0.00	-	-	23	0.00	0.00
Other Investing Activities, net	1.00	3.00	0.00	0.00	-	0.00	-	-	3.10	-4.04	-15
Net Cash From Financing Activities	-24	376	425	-124	96	493	-75	69	-9.25	0.95	-13
Net Cash From Continuing Financing Activities	-24	376	425	-124	96	493	-75	69	-9.25	0.95	-13
Repayment of Debt	-108	153	114	-220	-107	543	-50	74	-2.98	-0.27	-0.03
Repurchase of Common Equity	-31	-56	-36	-38	-22	-28	-22	-17	-5.14	-1.96	-1.01
Other Financing Activities, net	116	279	171	108	-32	0.37	1.64	5.36	2.64	6.57	1.68
Effect of Exchange Rate Changes	-9.60	-2.20	-9.40	-0.70	-5.70	-0.72	-0.38	3.24	-1.24	-0.95	1.91
Cash Interest Paid	199	185	111	89	34	33	4.99	4.59	1.63	6.64	8.12
Cash Income Taxes Paid	21	22	28	9.40	3.10	9.52	9.56	11	6.14	5.45	8.10

This table details how cash moves in and out of Topgolf Callaway Brands' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	2.80	130	78	-160	64	139	11	-18	-1.20	22
Net Cash From Operating Activities	43	187	225	-73	137	250	130	-152	-70	83
Net Cash From Continuing Operating Activities	43	187	225	-73	137	250	130	-152	-70	83
Net Income / (Loss) Continuing Operations	-1,513	-3.60	62	6.50	-77	30	117	25	-73	39
Consolidated Net Income / (Loss)	-1,513	-3.60	62	6.50	-77	30	117	25	-73	39
Depreciation Expense	69	68	66	65	64	61	59	56	53	48
Amortization Expense	1.40	1.40	1.40	1.50	1.60	1.50	1.30	2.10	2.40	-40
Non-Cash Adjustments To Reconcile Net Income	1,491	8.00	29	29	27	21	19	35	30	51
Changes in Operating Assets and Liabilities, net	-5.80	113	67	-176	121	136	-66	-270	-83	-15
Net Cash From Investing Activities	-43	-81	-85	-89	-123	-139	-141	-140	-182	-111
Net Cash From Continuing Investing Activities	-43	-81	-85	-89	-123	-139	-141	-140	-182	-111
Purchase of Property, Plant & Equipment	-68	-78	-84	-65	-93	-126	-141	-121	-179	-110
Acquisitions	2.30	-3.90	-1.10	-24	-27	-13	-2.60	-19	-2.60	-0.60
Sale of Property, Plant & Equipment	0.30	0.10	0.10	0.10	-	-0.10	-	0.40	-	-
Net Cash From Financing Activities	11	18	-60	7.30	44	34	24	273	260	44
Net Cash From Continuing Financing Activities	11	18	-60	7.30	44	34	24	273	260	44
Repayment of Debt	-17	-15	-62	-14	1,189	-21	-1,242	227	101	-60
Other Financing Activities, net	28	33	27	27	93	71	60	55	43	45
Effect of Exchange Rate Changes	-8.60	5.80	-2.40	-4.40	5.10	-5.20	-2.70	0.60	-	-
Cash Interest Paid	53	50	53	43	52	46	51	35	25	34
Cash Income Taxes Paid	3.00	4.70	8.40	4.80	1.50	2.80	7.60	9.60	6.20	4.10

This table presents Topgolf Callaway Brands' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Total Assets	7,636	9,121	8,590	7,748	1,981	1,961	1,053	991	801	631	625
Total Current Assets	1,601	1,628	1,519	1,166	913	789	525	466	460	391	384
Cash & Equivalents	445	394	180	352	366	107	64	86	126	50	38
Restricted Cash	0.70	0.80	19	1.20	0.00	-	-	-	-	-	-
Accounts Receivable	176	201	167	105	138	140	71	95	128	116	110
Inventories, net	757	794	959	534	353	457	338	262	189	209	207
Prepaid Expenses	62	56	57	54	20	-	-	-	-	-	-
Other Current Assets	160	183	136	119	35	76	51	23	17	17	23
Plant, Property, & Equipment, net	2,219	2,157	1,810	1,451	146	133	88	70	54	56	58
Total Noncurrent Assets	3,816	5,336	5,262	3,602	921	1,038	438	455	286	184	183
Goodwill	620	1,989	1,984	1,960	57	204	56	56	26	27	28
Intangible Assets	1,373	1,506	1,504	-	484	493	225	226	89	89	89
Other Noncurrent Operating Assets	1,824	1,842	1,775	1,642	269	177	11	11	8.35	8.37	13
Total Liabilities & Shareholders' Equity	7,636	9,121	8,590	7,748	1,981	1,961	1,053	991	801	631	625
Total Liabilities	5,228	5,242	4,816	3,604	1,305	1,193	319	332	193	218	333
Total Current Liabilities	826	948	1,176	866	391	523	303	314	187	179	184
Short-Term Debt	25	55	219	9.10	22	152	43	90	12	15	15
Accounts Payable	451	481	580	491	276	276	209	176	133	123	123
Current Deferred Revenue	96	111	95	94	2.55	-	-	-	-	-	-
Current Employee Benefit Liabilities	113	113	135	129	31	47	43	40	33	34	37
Other Current Liabilities	140	188	147	143	59	26	0.00	-	-	-	-
Total Noncurrent Liabilities	4,403	4,295	3,640	2,738	914	670	15	17	5.83	40	149
Long-Term Debt	1,458	1,518	1,176	1,025	651	443	7.22	9.45	0.00	-	109
Capital Lease Obligations	1,195	980	658	-	-	-	-	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	25	37	118	164	59	73	1.80	1.82	1.60	35	35
Other Noncurrent Operating Liabilities	1,725	1,760	1,688	1,549	205	146	1.96	1.54	0.62	1.07	1.67
Commitments & Contingencies	0.00	0.00	0.00	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,408	3,878	3,774	3,683	676	767	734	659	609	413	292
Total Preferred & Common Equity	2,408	3,878	3,774	3,683	676	767	725	650	599	413	292
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,408	3,878	3,774	3,683	676	767	725	650	599	413	292
Common Stock	3,035	3,035	3,015	3,054	348	325	342	336	331	324	211
Retained Earnings	-500	948	853	682	360	489	414	324	287	101	90
Accumulated Other Comprehensive Income / (Loss)	-76	-48	-62	-27	-6.55	-22	-14	-6.17	-18	-12	-0.80
Other Equity Adjustments	-51	-56	-	-	-	-	-	-	-	-	-

This table presents Topgolf Callaway Brands' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	9,158	9,100	9,092	8,982	8,964	8,941	8,222
Total Current Assets	1,624	1,613	1,593	1,603	1,658	1,755	1,361
Cash & Equivalents	442	312	234	330	192	181	200
Restricted Cash	0.70	0.70	0.70	0.70	0.50	0.50	0.50
Accounts Receivable	286	390	424	305	397	455	275
Inventories, net	666	647	703	737	840	930	722
Prepaid Expenses	66	65	57	60	68	60	47
Other Current Assets	163	198	175	171	161	130	115
Plant, Property, & Equipment, net	2,216	2,185	2,168	2,083	2,003	1,914	1,677
Total Noncurrent Assets	5,319	5,302	5,331	5,296	5,303	5,272	5,184
Goodwill	1,999	1,993	1,993	1,984	1,984	1,984	1,981
Intangible Assets	1,501	1,498	1,501	1,493	1,500	1,503	1,487
Other Noncurrent Operating Assets	1,819	1,812	1,838	1,820	1,819	1,786	1,716
Total Liabilities & Shareholders' Equity	9,158	9,100	9,092	8,982	8,964	8,941	8,222
Total Liabilities	5,223	5,167	5,205	5,030	5,032	5,130	4,415
Total Current Liabilities	843	837	875	909	933	1,075	1,039
Short-Term Debt	41	45	52	78	97	110	100
Accounts Payable	453	438	411	386	445	586	526
Current Deferred Revenue	96	97	107	97	99	103	94
Current Employee Benefit Liabilities	120	115	118	110	105	104	130
Other Current Liabilities	132	142	188	238	188	172	189
Total Noncurrent Liabilities	4,380	4,330	4,330	4,121	4,099	4,056	3,376
Long-Term Debt	1,461	1,465	1,519	1,522	1,525	1,530	1,066
Capital Lease Obligations	1,147	1,096	1,014	809	766	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	32	31	42	68	78	120	107
Other Noncurrent Operating Liabilities	1,739	1,738	1,755	1,722	1,730	2,406	2,203
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,936	3,934	3,887	3,952	3,933	3,811	3,807
Total Preferred & Common Equity	3,936	3,934	3,887	3,952	3,933	3,811	3,807
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,936	3,934	3,887	3,952	3,933	3,811	3,807
Common Stock	3,027	3,019	3,034	3,027	3,014	3,005	3,006
Retained Earnings	1,013	1,016	954	1,025	995	878	925
Accumulated Other Comprehensive Income / (Loss)	-52	-50	-52	-54	-47	-57	-93
Other Equity Adjustments	-52	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Topgolf Callaway Brands' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.06%	7.24%	27.52%	97.13%	-6.56%	36.87%	18.51%	20.38%	3.25%	-4.87%	5.24%
EBITDA Growth	-297.05%	0.80%	25.33%	18,414.29%	-98.97%	30.22%	68.50%	56.92%	27.52%	-12.07%	145.14%
EBIT Growth	-606.94%	-13.94%	33.22%	365.14%	-160.03%	-1.44%	89.29%	69.42%	49.53%	-7.47%	745.36%
NOPAT Growth	-235.62%	127.08%	52.00%	354.57%	-167.29%	6.57%	113.36%	-66.58%	638.29%	-13.99%	401.94%
Net Income Growth	-1,623.89%	-39.84%	-50.96%	353.74%	-260.17%	-24.73%	152.61%	-78.18%	1,210.78%	-9.00%	184.60%
EPS Growth	-1,676.00%	-39.02%	-54.95%	234.81%	-264.63%	-24.07%	157.14%	-78.79%	1,064.71%	-15.00%	164.52%
Operating Cash Flow Growth	4.74%	1,139.03%	-112.61%	21.95%	163.66%	-6.21%	-21.59%	51.46%	154.11%	-17.08%	512.11%
Free Cash Flow Firm Growth	114.65%	111.76%	8.52%	-1,110.06%	154.16%	-795.11%	154.03%	-560.72%	8.46%	-44.72%	70.02%
Invested Capital Growth	-23.14%	7.25%	70.78%	278.70%	-25.34%	80.19%	7.32%	35.27%	37.19%	-0.68%	-4.85%
Revenue Q/Q Growth	0.65%	1.08%	3.62%	12.05%	4.11%	8.36%	-0.88%	2.74%	1.20%	2.27%	0.85%
EBITDA Q/Q Growth	-312.31%	3.41%	16.75%	-8.52%	-77.02%	15.38%	-10.05%	-6.07%	38.58%	19.95%	12.71%
EBIT Q/Q Growth	-765.24%	2.51%	8.13%	-8.66%	-18.02%	12.30%	-10.57%	-10.54%	63.16%	44.17%	29.13%
NOPAT Q/Q Growth	-835.20%	18.87%	-27.74%	7.22%	-9.99%	8.37%	-12.83%	-75.23%	421.88%	242.34%	42.47%
Net Income Q/Q Growth	-11,864.46%	-4.43%	-22.75%	4.66%	-9.80%	-1.33%	-8.18%	-77.43%	425.99%	318.50%	98.91%
EPS Q/Q Growth	-19,600.00%	-5.66%	95.24%	-15.74%	-8.87%	0.00%	-7.69%	-78.01%	435.14%	183.33%	233.33%
Operating Cash Flow Q/Q Growth	-19.70%	130.82%	-153.10%	-21.04%	57.11%	145.63%	-27.80%	14.41%	-11.50%	13.57%	68.90%
Free Cash Flow Firm Q/Q Growth	7,387.83%	133.78%	-1,830.93%	28.01%	75.15%	8.29%	-38.54%	-13.19%	-58.81%	-69.72%	574.69%
Invested Capital Q/Q Growth	-24.46%	0.12%	17.97%	-22.81%	-11.76%	-1.21%	2.26%	-1.23%	39.62%	-6.90%	-21.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.53%	61.94%	60.34%	59.47%	41.37%	45.08%	46.54%	45.81%	44.19%	42.38%	40.35%
EBITDA Margin	-22.83%	11.46%	12.20%	12.41%	0.13%	11.96%	12.57%	8.84%	6.78%	5.49%	5.94%
Operating Margin	-29.66%	5.55%	6.43%	6.53%	-6.64%	7.80%	10.33%	7.52%	5.07%	3.19%	3.47%
EBIT Margin	-29.30%	5.72%	7.13%	6.82%	-5.07%	7.89%	10.96%	6.86%	4.88%	3.37%	3.46%
Profit (Net Income) Margin	-34.15%	2.22%	3.95%	10.28%	-7.98%	4.66%	8.47%	3.97%	21.92%	1.73%	1.80%
Tax Burden Percent	98.27%	272.99%	111.28%	91.84%	99.53%	82.73%	80.18%	61.23%	327.02%	72.61%	73.98%
Interest Burden Percent	118.62%	14.20%	49.84%	164.06%	158.19%	71.33%	96.37%	94.57%	137.47%	70.62%	70.49%
Effective Tax Rate	0.00%	-172.99%	-11.28%	8.16%	0.00%	17.27%	19.82%	38.77%	-227.02%	27.39%	26.02%
Return on Invested Capital (ROIC)	-16.48%	11.13%	6.40%	9.03%	-7.25%	12.11%	16.48%	9.21%	37.50%	6.00%	6.78%
ROIC Less NNEP Spread (ROIC-NNEP)	-42.34%	-16.48%	-11.02%	-130.33%	-25.15%	-7.52%	13.33%	15.22%	0.45%	24.98%	-7.47%
Return on Net Nonoperating Assets (RNNOA)	-29.58%	-8.64%	-2.17%	5.75%	-10.33%	-1.56%	-1.38%	-2.64%	-0.11%	-1.87%	-1.23%
Return on Equity (ROE)	-46.06%	2.48%	4.23%	14.78%	-17.59%	10.55%	15.10%	6.57%	37.39%	4.14%	5.56%
Cash Return on Invested Capital (CROIC)	9.68%	4.13%	-45.87%	-107.41%	21.76%	-45.13%	9.42%	-20.78%	6.14%	6.69%	11.76%
Operating Return on Assets (OROA)	-14.82%	2.77%	3.49%	4.39%	-4.09%	8.91%	13.33%	8.03%	5.93%	4.52%	4.76%
Return on Assets (ROA)	-17.28%	1.07%	1.93%	6.62%	-6.44%	5.26%	10.30%	4.65%	26.66%	2.32%	2.48%
Return on Common Equity (ROCE)	-46.06%	2.48%	4.23%	14.78%	-17.59%	10.48%	14.89%	6.47%	37.03%	4.14%	5.56%
Return on Equity Simple (ROE_SIMPLE)	-60.13%	2.45%	4.18%	8.74%	-18.78%	10.33%	14.53%	6.41%	31.88%	3.53%	5.49%
Net Operating Profit after Tax (NOPAT)	-880	649	286	188	-74	110	103	48	144	20	23
NOPAT Margin	-20.76%	15.14%	7.15%	6.00%	-4.65%	6.45%	8.29%	4.60%	16.58%	2.32%	2.56%
Net Nonoperating Expense Percent (NNEP)	25.86%	27.61%	17.43%	139.35%	17.89%	19.63%	3.15%	-6.01%	37.04%	-18.98%	14.25%
Return On Investment Capital (ROIC_SIMPLE)	-17.30%	10.09%	4.90%	-	-	-	-	-	-	-	-
Cost of Revenue to Revenue	37.47%	38.06%	39.66%	40.53%	58.63%	54.92%	53.46%	54.19%	55.81%	57.62%	59.65%
SG&A Expenses to Revenue	55.41%	53.42%	51.24%	50.46%	34.13%	34.30%	32.92%	34.81%	35.30%	35.25%	33.36%
R&D to Revenue	2.17%	2.37%	1.91%	2.17%	2.91%	2.97%	3.28%	3.49%	3.82%	3.94%	3.53%
Operating Expenses to Revenue	92.19%	56.39%	53.92%	52.93%	48.01%	37.28%	36.20%	38.29%	39.12%	39.19%	36.89%
Earnings before Interest and Taxes (EBIT)	-1,242	245	285	214	-81	134	136	72	42	28	31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-968	491	487	389	2.10	203	156	93	59	46	53
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.60	0.68	0.97	1.39	3.35	2.60	1.99	2.02	1.71	2.03	2.01
Price to Tangible Book Value (P/TBV)	3.48	6.89	12.72	2.96	16.79	28.39	3.24	3.56	2.11	2.81	3.36
Price to Revenue (P/Rev)	0.34	0.62	0.91	1.63	1.42	1.17	1.16	1.25	1.17	0.99	0.66
Price to Earnings (P/E)	0.00	27.85	23.12	15.85	0.00	25.09	13.76	32.09	5.38	57.41	36.68
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.17%	0.19%	0.26%	0.29%	0.37%	0.43%	0.53%
Earnings Yield	0.00%	3.59%	4.33%	6.31%	0.00%	3.99%	7.27%	3.12%	18.57%	1.74%	2.73%
Enterprise Value to Invested Capital (EV/IC)	0.79	0.80	0.98	1.76	2.82	2.05	2.11	2.09	1.95	2.30	1.90
Enterprise Value to Revenue (EV/Rev)	0.87	1.12	1.38	1.85	1.55	1.41	1.10	1.20	1.00	0.89	0.70
Enterprise Value to EBITDA (EV/EBITDA)	0.00	9.78	11.30	14.88	1,169.71	11.76	8.74	13.62	14.71	16.15	11.82
Enterprise Value to EBIT (EV/EBIT)	0.00	19.61	19.34	27.07	0.00	17.81	10.02	17.54	20.46	26.34	20.28
Enterprise Value to NOPAT (EV/NOPAT)	0.00	7.40	19.26	30.77	0.00	21.79	13.25	26.16	6.02	38.24	27.37
Enterprise Value to Operating Cash Flow (EV/OCF)	9.63	13.17	0.00	20.79	10.76	27.63	14.78	10.73	11.18	24.46	16.88
Enterprise Value to Free Cash Flow (EV/FCFF)	7.12	19.96	0.00	0.00	11.09	0.00	23.18	0.00	36.76	34.32	15.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.11	0.66	0.54	0.28	1.00	0.78	0.07	0.15	0.02	0.04	0.42
Long-Term Debt to Equity	1.10	0.64	0.49	0.28	0.96	0.58	0.01	0.01	0.00	0.00	0.37
Financial Leverage	0.70	0.52	0.20	-0.04	0.41	0.21	-0.10	-0.17	-0.25	-0.07	0.16
Leverage Ratio	2.67	2.31	2.19	2.23	2.73	2.01	1.47	1.41	1.40	1.78	2.24
Compound Leverage Factor	3.16	0.33	1.09	3.66	4.32	1.43	1.41	1.34	1.93	1.26	1.58
Debt to Total Capital	52.66%	39.70%	35.24%	21.93%	49.89%	43.68%	6.37%	13.12%	1.93%	3.50%	29.81%
Short-Term Debt to Total Capital	0.50%	0.85%	3.76%	0.19%	1.64%	11.15%	5.45%	11.87%	1.93%	3.50%	3.67%
Long-Term Debt to Total Capital	52.16%	38.85%	31.47%	21.73%	48.25%	32.53%	0.92%	1.24%	0.00%	0.00%	26.14%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.24%	1.28%	1.56%	0.00%	0.00%
Common Equity to Total Capital	47.34%	60.30%	64.76%	78.07%	50.11%	56.32%	92.39%	85.60%	96.51%	96.50%	70.19%
Debt to EBITDA	-2.77	5.20	4.21	2.66	320.33	2.93	0.32	1.07	0.20	0.32	2.35
Net Debt to EBITDA	-2.31	4.39	3.81	1.75	92.92	1.96	-0.55	-0.61	-2.76	-1.90	0.67
Long-Term Debt to EBITDA	-2.74	5.09	3.76	2.64	309.79	2.18	0.05	0.10	0.00	0.00	2.06
Debt to NOPAT	-3.04	3.93	7.19	5.50	-9.11	5.42	0.48	2.06	0.08	0.77	5.44
Net Debt to NOPAT	-2.54	3.33	6.49	3.62	-2.64	3.63	-0.84	-1.17	-1.13	-4.51	1.56
Long-Term Debt to NOPAT	-3.01	3.85	6.42	5.45	-8.81	4.04	0.07	0.20	0.00	0.00	4.77
Altman Z-Score	0.21	1.10	1.22	1.51	2.28	2.61	5.12	4.31	5.36	4.41	3.22
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.65%	1.40%	1.53%	0.95%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.94	1.72	1.29	1.35	2.33	1.51	1.73	1.48	2.46	2.19	2.09
Quick Ratio	0.75	0.63	0.30	0.53	1.29	0.47	0.45	0.57	1.36	0.93	0.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	517	241	-2,047	-2,238	222	-409	59	-109	24	22	39
Operating Cash Flow to CapEx	129.58%	75.71%	-6.59%	86.35%	582.14%	158.33%	250.89%	459.47%	481.71%	212.86%	358.23%
Free Cash Flow to Firm to Interest Expense	2.23	1.15	-14.33	-19.36	4.72	-10.63	10.62	-24.95	9.98	2.50	4.15
Operating Cash Flow to Interest Expense	1.65	1.74	-0.25	2.41	4.87	2.25	16.65	26.96	32.82	3.50	3.88
Operating Cash Flow Less CapEx to Interest Expense	0.38	-0.56	-3.97	-0.38	4.03	0.83	10.01	21.10	26.00	1.86	2.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.48	0.49	0.64	0.81	1.13	1.22	1.17	1.22	1.34	1.38
Accounts Receivable Turnover	22.54	23.30	29.32	25.71	11.40	16.06	14.97	9.42	7.16	7.49	8.78
Inventory Turnover	2.05	1.86	2.12	2.87	2.30	2.35	2.21	2.52	2.44	2.34	2.25
Fixed Asset Turnover	1.94	2.16	2.45	3.92	11.38	15.38	15.66	16.82	15.80	14.82	13.71
Accounts Payable Turnover	3.41	3.08	2.96	3.31	3.37	3.85	3.45	3.68	3.81	3.95	3.77
Days Sales Outstanding (DSO)	16.20	15.67	12.45	14.20	32.03	22.73	24.39	38.73	51.00	48.76	41.57
Days Inventory Outstanding (DIO)	178.28	196.25	171.92	127.32	158.47	155.23	164.94	145.12	149.51	156.20	162.39
Days Payable Outstanding (DPO)	107.06	118.69	123.37	110.27	108.20	94.73	105.68	99.12	95.77	92.30	96.72
Cash Conversion Cycle (CCC)	87.42	93.23	61.00	31.25	82.29	83.23	83.65	84.73	104.73	112.67	107.24
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,640	6,037	5,629	3,296	870	1,166	647	603	446	325	327
Invested Capital Turnover	0.79	0.73	0.90	1.50	1.56	1.88	1.99	2.00	2.26	2.59	2.64
Increase / (Decrease) in Invested Capital	-1,397	408	2,333	2,426	-295	519	44	157	121	-2.23	-17
Enterprise Value (EV)	3,677	4,805	5,505	5,785	2,456	2,391	1,364	1,263	869	748	623
Market Capitalization	1,445	2,646	3,651	5,104	2,261	1,993	1,441	1,309	1,022	836	587
Book Value per Share	$13.10	$21.02	$20.42	$19.80	$7.17	$8.15	$7.67	$6.87	$6.36	$4.59	$3.76
Tangible Book Value per Share	$2.26	$2.08	$1.55	$9.26	$1.43	$0.75	$4.70	$3.89	$5.15	$3.31	$2.25
Total Capital	5,086	6,431	5,828	4,717	1,348	1,363	784	759	621	428	415
Total Debt	2,678	2,553	2,054	1,034	673	595	50	100	12	15	124
Total Long-Term Debt	2,653	2,498	1,834	1,025	651	443	7.22	9.45	0.00	0.00	109
Net Debt	2,232	2,159	1,854	681	195	398	-86	-57	-163	-88	35
Capital Expenditures (CapEx)	295	482	532	322	39	55	37	26	16	14	10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	355	341	363	-45	177	311	200	156	160	178	178
Debt-free Net Working Capital (DFNWC)	800	735	562	309	543	418	264	242	286	228	215
Net Working Capital (NWC)	775	681	343	300	521	266	222	152	274	213	200
Net Nonoperating Expense (NNE)	568	554	128	-134	53	31	-2.27	6.60	-47	5.00	6.74
Net Nonoperating Obligations (NNO)	2,232	2,159	1,854	-387	195	398	-87	-57	-163	-88	35
Total Depreciation and Amortization (D&A)	274	246	203	175	83	69	20	21	17	18	22
Debt-free, Cash-free Net Working Capital to Revenue	8.36%	7.96%	9.08%	-1.42%	11.16%	18.30%	16.12%	14.88%	18.32%	21.10%	20.01%
Debt-free Net Working Capital to Revenue	18.88%	17.16%	14.07%	9.86%	34.19%	24.57%	21.27%	23.05%	32.78%	27.00%	24.26%
Net Working Capital to Revenue	18.28%	15.88%	8.58%	9.56%	32.80%	15.64%	17.84%	14.46%	31.40%	25.23%	22.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($7.88)	$0.51	$0.85	$1.90	($1.35)	$0.84	$1.11	$0.43	$0.00	$0.18	$0.21
Adjusted Weighted Average Basic Shares Outstanding	183.70M	185M	184.90M	169.10M	94.20M	94.25M	94.58M	94.33M	0.00	83.12M	77.56M
Adjusted Diluted Earnings per Share	($7.88)	$0.50	$0.82	$1.82	($1.35)	$0.82	$1.08	$0.42	$0.00	$0.17	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	183.70M	201.10M	201.30M	176.93M	94.20M	96.29M	97.15M	96.58M	0.00	84.61M	78.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	183.40M	183.60M	185.30M	185.19M	94.24M	94.22M	94.51M	94.63M	0.00	93.77M	77.59M
Normalized Net Operating Profit after Tax (NOPAT)	147	185	201	197	48	110	103	48	31	20	23
Normalized NOPAT Margin	3.46%	4.31%	5.03%	6.28%	3.03%	6.45%	8.29%	4.60%	3.55%	2.32%	2.56%
Pre Tax Income Margin	-34.75%	0.81%	3.55%	11.19%	-8.02%	5.63%	10.56%	6.49%	6.70%	2.38%	2.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-5.37	1.17	1.99	1.85	-1.72	3.49	24.58	16.49	17.94	3.25	3.23
NOPAT to Interest Expense	-3.81	3.09	2.00	1.63	-1.57	2.85	18.58	11.06	61.00	2.24	2.39
EBIT Less CapEx to Interest Expense	-6.65	-1.13	-1.73	-0.94	-2.55	2.07	17.94	10.62	11.13	1.61	2.15
NOPAT Less CapEx to Interest Expense	-5.08	0.80	-1.73	-1.16	-2.41	1.43	11.94	5.19	54.18	0.60	1.31
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	-1.50%	28.16%	4.38%	11.39%	1.97%	23.28%	19.40%
Augmented Payout Ratio	-2.17%	58.95%	22.67%	11.86%	-18.99%	63.60%	25.71%	51.27%	4.67%	36.73%	25.68%

This table displays calculated financial ratios and metrics derived from Topgolf Callaway Brands' official financial filings.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.04%	-2.66%	-1.86%	-1.99%	5.38%	5.27%	5.74%	12.23%	19.62%	15.41%
EBITDA Growth	-3,756.73%	-26.36%	-3.60%	6.69%	74.65%	68.65%	-14.11%	-23.63%	145.02%	-43.16%
EBIT Growth	-5,157.76%	-56.08%	-11.27%	-0.14%	17.80%	5.05%	-12.43%	-31.25%	38.84%	-4.69%
NOPAT Growth	-4,380.98%	-71.26%	-35.82%	-60.92%	6.05%	21.31%	51.50%	-15.98%	36.56%	379.37%
Net Income Growth	-1,862.00%	-112.12%	-47.10%	-74.00%	-6.05%	-22.86%	11.39%	-71.16%	-177.48%	340.63%
EPS Growth	-2,063.16%	-112.50%	-45.76%	-69.23%	-8.57%	-20.00%	11.32%	-70.45%	53.33%	322.22%
Operating Cash Flow Growth	-68.39%	-24.93%	72.45%	51.81%	296.56%	201.69%	-5.03%	17.92%	-321.27%	-43.47%
Free Cash Flow Firm Growth	186.80%	92.42%	103.64%	-57.30%	81.71%	-171.20%	15.76%	-743.27%	4.34%	86.89%
Invested Capital Growth	-23.14%	1.87%	1.60%	18.36%	7.25%	26.38%	16.01%	15.01%	70.78%	11.74%
Revenue Q/Q Growth	-8.74%	-12.52%	1.19%	27.54%	-13.79%	-11.79%	1.05%	37.13%	-13.88%	-11.40%
EBITDA Q/Q Growth	-1,430.04%	-41.00%	28.72%	262.01%	-73.22%	-22.76%	42.46%	492.63%	-74.14%	-60.67%
EBIT Q/Q Growth	-4,297.12%	-68.28%	55.62%	353.79%	-135.06%	-35.93%	75.14%	308.90%	-144.81%	-46.59%
NOPAT Q/Q Growth	-4,434.72%	-80.67%	222.82%	265.70%	-127.80%	-56.84%	96.58%	498.33%	-135.89%	-46.10%
Net Income Q/Q Growth	-41,919.44%	-105.80%	855.38%	108.43%	-359.60%	-74.70%	369.60%	134.39%	-288.83%	-63.47%
EPS Q/Q Growth	-41,000.00%	-106.25%	700.00%	110.53%	-337.50%	-72.88%	353.85%	137.14%	-275.00%	-62.26%
Operating Cash Flow Q/Q Growth	-76.88%	-16.64%	406.55%	-153.50%	-45.09%	91.48%	185.67%	-118.22%	-184.28%	-39.72%
Free Cash Flow Firm Q/Q Growth	519.39%	-473.78%	102.57%	-115.74%	63.36%	-79.41%	-10.92%	74.92%	-443.37%	44.27%
Invested Capital Q/Q Growth	-24.46%	-1.35%	-0.18%	3.32%	0.12%	-1.61%	16.29%	-6.37%	17.97%	-9.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.23%	62.77%	63.20%	60.28%	64.07%	63.22%	62.76%	58.33%	64.08%	61.67%
EBITDA Margin	-149.92%	10.29%	15.25%	11.99%	4.22%	13.60%	15.53%	11.02%	2.55%	8.49%
Operating Margin	-158.03%	3.33%	8.90%	5.85%	-3.63%	7.09%	9.83%	6.90%	-4.08%	6.90%
EBIT Margin	-157.55%	3.43%	9.45%	6.14%	-3.09%	7.59%	10.45%	6.03%	-3.96%	7.61%
Profit (Net Income) Margin	-163.64%	-0.36%	5.36%	0.57%	-8.59%	2.85%	9.95%	2.14%	-8.54%	3.89%
Tax Burden Percent	99.91%	15.65%	118.51%	56.52%	91.46%	111.24%	163.97%	120.19%	95.41%	99.23%
Interest Burden Percent	103.96%	-66.28%	47.90%	16.36%	304.33%	33.80%	58.07%	29.55%	226.11%	51.60%
Effective Tax Rate	0.00%	0.00%	-18.51%	43.48%	0.00%	-11.24%	-63.97%	-20.19%	0.00%	0.77%
Return on Invested Capital (ROIC)	-87.84%	1.61%	7.24%	2.45%	-1.87%	6.19%	11.83%	6.94%	-2.56%	5.84%
ROIC Less NNEP Spread (ROIC-NNEP)	-110.17%	0.34%	4.56%	0.80%	-4.57%	2.75%	7.88%	0.80%	-9.15%	1.98%
Return on Net Nonoperating Assets (RNNOA)	-76.96%	0.19%	2.60%	0.40%	-2.40%	1.08%	3.76%	0.25%	-1.80%	0.40%
Return on Equity (ROE)	-164.80%	1.80%	9.84%	2.85%	-4.27%	7.27%	15.60%	7.19%	-4.36%	6.24%
Cash Return on Invested Capital (CROIC)	9.68%	0.11%	9.91%	-5.13%	4.13%	-13.20%	-6.90%	-8.79%	-45.87%	-2.35%
Operating Return on Assets (OROA)	-79.72%	1.59%	4.44%	2.90%	-1.49%	3.74%	5.11%	2.92%	-1.94%	3.76%
Return on Assets (ROA)	-82.80%	-0.17%	2.52%	0.27%	-4.16%	1.41%	4.87%	1.04%	-4.18%	1.92%
Return on Common Equity (ROCE)	-164.80%	1.80%	9.84%	2.85%	-4.27%	7.27%	15.60%	7.19%	-4.36%	6.24%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-0.31%	0.54%	1.97%	0.00%	2.52%	2.75%	2.52%	0.00%	5.37%
Net Operating Profit after Tax (NOPAT)	-1,023	24	122	38	-23	82	190	97	-24	68
NOPAT Margin	-110.62%	2.33%	10.54%	3.30%	-2.54%	7.89%	16.12%	8.29%	-2.85%	6.85%
Net Nonoperating Expense Percent (NNEP)	22.32%	1.27%	2.67%	1.64%	2.71%	3.44%	3.95%	6.13%	6.60%	3.86%
Return On Investment Capital (ROIC_SIMPLE)	-20.11%	-	-	-	-0.35%	-	-	-	-0.42%	-
Cost of Revenue to Revenue	35.77%	37.23%	36.80%	39.72%	35.93%	36.78%	37.24%	41.67%	35.92%	38.33%
SG&A Expenses to Revenue	62.49%	56.89%	51.73%	52.12%	62.82%	53.30%	50.58%	49.17%	64.24%	51.83%
R&D to Revenue	2.15%	2.17%	2.33%	2.03%	3.81%	2.17%	1.86%	1.95%	2.47%	1.94%
Operating Expenses to Revenue	222.25%	59.44%	54.30%	54.43%	67.71%	56.13%	52.93%	51.44%	68.15%	54.77%
Earnings before Interest and Taxes (EBIT)	-1,456	35	109	70	-28	79	123	70	-34	75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1,386	104	177	137	38	142	183	129	22	84
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.60	0.51	0.71	0.76	0.68	0.65	0.94	1.05	0.97	0.93
Price to Tangible Book Value (P/TBV)	3.48	4.63	6.33	7.54	6.89	5.40	8.22	12.35	12.72	10.52
Price to Revenue (P/Rev)	0.34	0.48	0.66	0.70	0.62	0.61	0.88	0.97	0.91	0.92
Price to Earnings (P/E)	0.00	0.00	132.48	38.81	27.85	25.82	34.05	41.64	23.12	17.41
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.75%	2.58%	3.59%	3.87%	2.94%	2.40%	4.33%	5.74%
Enterprise Value to Invested Capital (EV/IC)	0.79	0.69	0.82	0.85	0.80	0.77	0.96	1.04	0.98	0.95
Enterprise Value to Revenue (EV/Rev)	0.87	1.00	1.20	1.25	1.12	1.10	1.40	1.33	1.38	1.17
Enterprise Value to EBITDA (EV/EBITDA)	0.00	9.27	10.34	10.64	9.78	9.78	14.09	12.21	11.30	10.84
Enterprise Value to EBIT (EV/EBIT)	0.00	22.63	22.08	21.72	19.61	19.43	25.00	21.63	19.34	17.18
Enterprise Value to NOPAT (EV/NOPAT)	0.00	35.30	7.18	7.91	7.40	8.51	12.99	21.44	19.26	11.44
Enterprise Value to Operating Cash Flow (EV/OCF)	9.63	8.88	9.48	11.99	13.17	29.40	0.00	0.00	0.00	68.43
Enterprise Value to Free Cash Flow (EV/FCFF)	7.12	612.33	8.33	0.00	19.96	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.11	0.67	0.66	0.67	0.66	0.61	0.61	0.43	0.54	0.31
Long-Term Debt to Equity	1.10	0.66	0.65	0.65	0.64	0.59	0.58	0.40	0.49	0.28
Financial Leverage	0.70	0.54	0.57	0.49	0.52	0.39	0.48	0.31	0.20	0.20
Leverage Ratio	2.67	2.30	2.30	2.34	2.31	2.22	2.22	2.27	2.19	2.07
Compound Leverage Factor	2.77	-1.52	1.10	0.38	7.04	0.75	1.29	0.67	4.95	1.07
Debt to Total Capital	52.66%	40.23%	39.84%	39.94%	39.70%	37.87%	37.78%	30.08%	35.24%	23.44%
Short-Term Debt to Total Capital	0.50%	0.62%	0.69%	0.81%	0.85%	1.23%	1.53%	2.02%	3.76%	2.00%
Long-Term Debt to Total Capital	52.16%	39.61%	39.15%	39.14%	38.85%	36.64%	36.25%	28.06%	31.47%	21.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	47.34%	59.77%	60.16%	60.06%	60.30%	62.13%	62.22%	69.92%	64.76%	76.56%
Debt to EBITDA	-2.77	5.81	5.28	5.17	5.20	5.07	5.72	3.66	4.21	2.79
Net Debt to EBITDA	-2.31	4.84	4.65	4.70	4.39	4.37	5.26	3.26	3.81	2.31
Long-Term Debt to EBITDA	-2.74	5.72	5.19	5.07	5.09	4.91	5.49	3.42	3.76	2.55
Debt to NOPAT	-3.04	22.13	3.67	3.85	3.93	4.41	5.28	6.43	7.19	2.95
Net Debt to NOPAT	-2.54	18.44	3.23	3.50	3.33	3.81	4.85	5.72	6.49	2.44
Long-Term Debt to NOPAT	-3.01	21.79	3.60	3.77	3.85	4.27	5.06	6.00	6.42	2.70
Altman Z-Score	0.12	0.96	1.09	1.08	1.00	1.06	1.20	1.18	1.09	1.19
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.94	1.93	1.93	1.82	1.72	1.76	1.78	1.63	1.29	1.31
Quick Ratio	0.75	0.86	0.84	0.75	0.63	0.70	0.63	0.59	0.30	0.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	374	-89	24	-930	-431	-1,176	-656	-591	-2,357	-434
Operating Cash Flow to CapEx	63.68%	241.06%	268.14%	-112.25%	146.84%	197.70%	92.28%	-125.70%	-38.96%	74.91%
Free Cash Flow to Firm to Interest Expense	6.48	-1.55	0.42	-15.81	-7.62	-22.49	-12.68	-11.92	-55.46	-11.92
Operating Cash Flow to Interest Expense	0.75	3.25	3.94	-1.25	2.42	4.77	2.52	-3.07	-1.64	2.27
Operating Cash Flow Less CapEx to Interest Expense	-0.43	1.90	2.47	-2.36	0.77	2.36	-0.21	-5.51	-5.85	-0.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.46	0.47	0.47	0.48	0.49	0.49	0.48	0.49	0.49
Accounts Receivable Turnover	22.54	14.25	10.77	9.70	23.30	14.63	10.83	9.50	29.32	14.55
Inventory Turnover	2.05	2.25	2.13	1.96	1.86	2.21	2.23	2.19	2.12	2.78
Fixed Asset Turnover	1.94	1.96	2.02	2.09	2.16	2.26	2.32	2.39	2.45	2.56
Accounts Payable Turnover	3.41	3.76	3.59	3.21	3.08	3.54	3.30	2.89	2.96	3.15
Days Sales Outstanding (DSO)	16.20	25.61	33.90	37.63	15.67	24.95	33.70	38.42	12.45	25.09
Days Inventory Outstanding (DIO)	178.28	162.04	171.14	186.37	196.25	164.93	163.62	166.96	171.92	131.17
Days Payable Outstanding (DPO)	107.06	96.97	101.56	113.73	118.69	103.12	110.65	126.45	123.37	116.01
Cash Conversion Cycle (CCC)	87.42	90.68	103.48	110.27	93.23	86.76	86.67	78.92	61.00	40.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,640	6,143	6,226	6,238	6,037	6,030	6,128	5,270	5,629	4,771
Invested Capital Turnover	0.79	0.69	0.69	0.74	0.73	0.78	0.73	0.84	0.90	0.85
Increase / (Decrease) in Invested Capital	-1,397	113	98	968	408	1,259	846	688	2,333	501
Enterprise Value (EV)	3,677	4,225	5,101	5,319	4,805	4,645	5,880	5,465	5,505	4,523
Market Capitalization	1,445	2,018	2,809	2,969	2,646	2,567	3,684	4,006	3,651	3,559
Book Value per Share	$13.10	$21.41	$21.43	$21.17	$21.02	$21.31	$21.19	$20.57	$20.42	$20.60
Tangible Book Value per Share	$2.26	$2.37	$2.42	$2.14	$2.08	$2.56	$2.41	$1.75	$1.55	$1.83
Total Capital	5,086	6,585	6,539	6,472	6,431	6,361	6,320	5,451	5,828	4,972
Total Debt	2,678	2,650	2,605	2,585	2,553	2,409	2,388	1,640	2,054	1,166
Total Long-Term Debt	2,653	2,609	2,560	2,533	2,498	2,331	2,291	1,530	1,834	1,066
Net Debt	2,232	2,207	2,293	2,351	2,159	2,078	2,195	1,459	1,854	965
Capital Expenditures (CapEx)	68	78	84	65	93	126	141	121	179	110
Debt-free, Cash-free Net Working Capital (DFCFNWC)	355	380	509	536	341	441	630	609	363	221
Debt-free Net Working Capital (DFNWC)	800	822	821	770	735	772	822	791	562	421
Net Working Capital (NWC)	775	781	776	718	681	694	725	680	343	322
Net Nonoperating Expense (NNE)	490	27	60	31	54	52	73	72	48	29
Net Nonoperating Obligations (NNO)	2,232	2,207	2,293	2,351	2,159	2,078	2,195	1,459	1,854	965
Total Depreciation and Amortization (D&A)	71	70	67	67	66	63	60	58	55	8.70
Debt-free, Cash-free Net Working Capital to Revenue	8.36%	9.02%	11.99%	12.57%	7.96%	10.39%	15.04%	14.78%	9.08%	5.72%
Debt-free Net Working Capital to Revenue	18.88%	19.53%	19.36%	18.08%	17.16%	18.20%	19.63%	19.17%	14.07%	10.93%
Net Working Capital to Revenue	18.28%	18.55%	18.30%	16.85%	15.88%	16.36%	17.32%	16.50%	8.58%	8.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($8.24)	($0.02)	$0.34	$0.04	($0.41)	$0.16	$0.63	$0.13	($0.40)	$0.21
Adjusted Weighted Average Basic Shares Outstanding	183.70M	183.80M	183.50M	183.70M	185M	185.20M	185.20M	185.20M	184.90M	184.80M
Adjusted Diluted Earnings per Share	($8.22)	($0.02)	$0.32	$0.04	($0.38)	$0.16	$0.59	$0.13	($0.35)	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	183.70M	183.80M	199.60M	184.40M	201.10M	201.20M	201.30M	201.50M	201.30M	201.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	183.40M	183.82M	183.80M	183.57M	183.60M	184.52M	185.48M	185.60M	185.30M	184.85M
Normalized Net Operating Profit after Tax (NOPAT)	-1,019	26	74	40	-16	56	85	59	-16	77
Normalized NOPAT Margin	-110.25%	2.60%	6.40%	3.46%	-1.79%	5.43%	7.22%	5.05%	-1.84%	7.84%
Pre Tax Income Margin	-163.79%	-2.27%	4.53%	1.01%	-9.40%	2.57%	6.07%	1.78%	-8.95%	3.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-25.24	0.60	1.92	1.20	-0.49	1.51	2.38	1.42	-0.79	2.07
NOPAT to Interest Expense	-17.72	0.41	2.14	0.64	-0.40	1.57	3.68	1.95	-0.57	1.86
EBIT Less CapEx to Interest Expense	-26.42	-0.75	0.45	0.09	-2.14	-0.90	-0.35	-1.02	-5.00	-0.97
NOPAT Less CapEx to Interest Expense	-18.90	-0.94	0.67	-0.47	-2.05	-0.84	0.95	-0.49	-4.78	-1.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-2.17%	-358.68%	283.02%	69.28%	58.95%	44.57%	26.43%	11.12%	22.67%	29.75%

Frequently Asked Questions About Topgolf Callaway Brands' Financials

When does Topgolf Callaway Brands's fiscal year end?

According to the most recent income statement we have on file, Topgolf Callaway Brands' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Topgolf Callaway Brands' net income changed over the last 10 years?

Topgolf Callaway Brands' net income appears to be on an upward trend, with a most recent value of -$1.45 billion in 2024, falling from $16.01 million in 2014. The previous period was $95 million in 2023. Find out what analysts predict for Topgolf Callaway Brands in the coming months.

What is Topgolf Callaway Brands's operating income?

Topgolf Callaway Brands's total operating income in 2024 was -$1.26 billion, based on the following breakdown:

Total Gross Profit: $2.65 billion
Total Operating Expenses: $3.91 billion

How has Topgolf Callaway Brands revenue changed over the last 10 years?

Over the last 10 years, Topgolf Callaway Brands' total revenue changed from $886.95 million in 2014 to $4.24 billion in 2024, a change of 378.0%.

How much debt does Topgolf Callaway Brands have?

Topgolf Callaway Brands' total liabilities were at $5.23 billion at the end of 2024, a 0.3% decrease from 2023, and a 1,468.8% increase since 2014.

How much cash does Topgolf Callaway Brands have?

In the past 10 years, Topgolf Callaway Brands' cash and equivalents has ranged from $37.64 million in 2014 to $445 million in 2024, and is currently $445 million as of their latest financial filing in 2024.

How has Topgolf Callaway Brands' book value per share changed over the last 10 years?

Over the last 10 years, Topgolf Callaway Brands' book value per share changed from 3.76 in 2014 to 13.10 in 2024, a change of 248.5%.

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This page (NYSE:MODG) was last updated on 5/28/2025 by MarketBeat.com Staff

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Topgolf Callaway Brands (MODG) Financials

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Topgolf Callaway Brands (MODG) Financials

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