Callaway Golf Company — Earnings Quality Grade C
CALY · Consumer Cyclical
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 22 days, change -2 days YoY
AR growth -10.2% vs revenue growth -0.8%
Revenue -0.8%, CFFO -12.6%. Cash follows revenue
Expense Quality
Inventory -0.5% vs COGS 0.2%. Normal
CapEx growth -35.6% vs revenue -0.8%. Normal
SG&A/Gross Profit = 77.7%, exceeds 70%
Gross margin 42.1%, change -0.6pp. Stable
Cash Flow Quality
CFFO/NI = -0.82. Below 1.0
FCF $0.3B, FCF/NI = -0.74
Accruals ratio = -10.2%. Low accruals
Cash $0.9B covers 54% of debt $1.7B
Balance Sheet Health
Goodwill+Intangibles $0.8B = 41% of equity
Debt/EBITDA = 8.6x (>4x). Financial stress
Other assets -96.4% vs revenue -0.8%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -3.82 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25