CALYCallaway Golf Co

Sporting & Athletic Goods, NEC

Revenue: $2.1B; 0.8% YoY
Operating margin: 6.2%; 16% YoY
EBITDA: $175M; 12% YoY
Market cap: $2.8B
Employees: —
Net debt / EBITDA: -1.5×; −$270M net debt
AI in 10-K: 3.5; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$11M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
1% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
3.5 per 10K words · 74th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$152M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.1B	$4.0B	$2.1B	$2.1B	$2.1B	0.8%
Operating income	$205M	$257M	$194M	$153M	$128M	16%
Net income	$322M	$158M	$95M	−$1.4B	−$409M	72%
Operating cash flow	$278M	−$35M	$365M	$382M	$334M	13%
Capex	$322M	$532M	$50M	$49M	$32M	35%
Stock-based comp	$39M	$47M	$33M	$28M	$24M	14%
Buybacks	$38M	$36M	$56M	$31M	$4M	88%
Dividends	$0	$0	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 26, 2026	PEP TG Investments GP LLC	SCHEDULE 13D/A	0.1%	Passive
Jan 28, 2026	PEP TG Investments GP LLC	SCHEDULE 13D/A	6.1%	Passive
Nov 17, 2021	PEP TG Investments LP	SC 13D/A	11.4%	Passive
Oct 1, 2021	WestRiver Management, LLC	SC 13D/A	4.0%	Passive
Sep 22, 2021	PEP TG Investments LP	SC 13D/A	13.1%	Passive
Mar 18, 2021	WestRiver Management, LLC	SC 13D	9.9%	Passive
Mar 17, 2021	PEP TG Investments LP	SC 13D	15.7%	Passive
Mar 11, 2021	DDFS Partnership LP	SC 13D	10.1%	Active
Jul 23, 2020	JANA PARTNERS LLC	SC 13D/A	4.9%	Passive
Jun 9, 2020	JANA PARTNERS LLC	SC 13D/A	6.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $152M · 17
Net: −$152M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$14M	$26M	49	146
FY2024	$9M	−$2M	33	140
FY2023	$11M	−$3M	60	110
FY2022	$11M	−$127K	82	79
FY2021	$27M	$40M	114	124