Topgolf Callaway Brands (MODG) Financials

$6.86 +0.06 (+0.81%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$6.97 +0.11 (+1.53%)

As of 08:00 AM 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	16	15	190	41	105	79	-127	322	158	95	-1,448
Consolidated Net Income / (Loss)	16	15	191	42	105	79	-127	322	158	95	-1,448
Net Income / (Loss) Continuing Operations	16	15	191	42	105	79	-127	322	158	95	-1,448
Total Pre-Tax Income	22	20	58	68	131	96	-128	351	142	35	-1,473
Total Operating Income	31	27	44	79	128	133	-106	205	257	238	-1,257
Total Gross Profit	358	358	385	480	578	767	658	1,863	2,411	2,654	2,651
Total Revenue	887	844	871	1,049	1,243	1,701	1,590	3,133	3,996	4,285	4,239
Total Cost of Revenue	529	486	486	568	664	934	932	1,270	1,585	1,631	1,588
Operating Cost of Revenue	529	486	486	568	664	934	932	1,270	1,585	1,631	1,588
Total Operating Expenses	327	331	341	402	450	634	763	1,659	2,154	2,416	3,908
Selling, General & Admin Expense	296	297	308	365	409	584	543	1,581	2,048	2,289	2,349
Research & Development Expense	31	33	33	37	41	51	46	68	76	102	92
Impairment Charge	-	-	-	-	0.00	0.00	174	-	0.00	0.00	1,452
Other Special Charges / (Income)	-	-	-	-	-	0.00	0.00	9.40	30	26	15
Total Other Income / (Expense), net	-9.11	-6.88	14	-11	2.83	-37	-22	146	-115	-203	-216
Interest Expense	9.50	8.73	2.37	4.37	5.54	38	47	116	143	210	231
Other Income / (Expense), net	-0.05	1.47	-1.69	-6.87	7.78	1.59	25	9.00	28	7.30	15
Income Tax Expense	5.63	5.50	-133	26	26	17	-0.60	29	-16	-60	-26
Basic Earnings per Share	$0.21	$0.18	$2.02	$0.43	$1.11	$0.84	($1.35)	$1.90	$0.85	$0.51	($7.88)
Weighted Average Basic Shares Outstanding	77.56M	83.12M	94.05M	94.33M	94.58M	94.25M	94.20M	169.10M	184.90M	185M	183.70M
Diluted Earnings per Share	$0.20	$0.17	$1.98	$0.42	$1.08	$0.82	($1.35)	$1.82	$0.82	$0.50	($7.88)
Weighted Average Diluted Shares Outstanding	78.39M	84.61M	95.85M	96.58M	97.15M	96.29M	94.20M	176.90M	201.30M	201.10M	183.70M
Weighted Average Basic & Diluted Shares Outstanding	76.20M	80.90M	94M	94.90M	94.40M	94.22M	94.24M	185.19M	185.30M	183.60M	183.40M

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Topgolf Callaway Brands' Financials

When does Topgolf Callaway Brands's financial year end?

According to the most recent income statement we have on file, Topgolf Callaway Brands' fiscal year ends in December. Their fiscal 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. Check out Topgolf Callaway Brands' forecast to explore projected trends and price targets.

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 5/7/2025 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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