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The Moat Index

Callaway Golf Company

CALY · Consumer Discretionary · FY2025 filings · No moat ·

Doesn't clear the bar

36/ 100
No moat

The four filters

Pricing power74

Median gross margin 43.8% over 8y, very stable.

Returns on capital11

Median ROIC 4.7%, above the 9% hurdle in 30% of years.

Balance-sheet safety11

Net debt/EBITDA 3.2x, interest coverage 2x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
$95.0M
Est. intrinsic value / share
—
Recent price
$19.38
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

Callaway Golf Company booked $2.1B of revenue in FY2025 in the Consumer Discretionary sector and kept 42.1% of it as gross profit — a solid-margin business by that measure. After every other cost, −19.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $950.8M (FY2009) to $2.1B (FY2025) — about 5.0% a year compounded over 16 years.

It earned 3.2% on invested capital in FY2025, with a median of 3.7% across 17 filed years. The Returns on Capital filter above scores it 11/100.

The balance sheet carried $1.5B of total debt in FY2025. Balance-Sheet Safety scores it 11/100.

Put together: Pricing Power is the strongest of the four filters (74/100) and Returns on Capital the weakest (11/100), which is how CALY lands at 36/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2025 · 18 fiscal years, normalized from CALY’s SEC filings

RevenueSales, as filed$2.1B FY2025
$0$2B$4B2008201420202025
Gross marginRevenue kept after cost of goods42.1% FY2025
0%20%40%2008201420202025
Return on invested capitalOperating profit on the capital employed3.2% FY2025
−20%0%20%2008201420202025
Owner earningsCash an owner could take out−$394.7M FY2025
−$1B$02008201420202025

Gaps in a line mean that item isn’t in CALY’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale36.3 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CALY has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#238 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #236CRWS Crown Crafts, Inc.36.7No moat
  2. #237ASTH ASTRANA HEALTH, INC.36.4No moat
  3. #239FLL FULL HOUSE RESORTS INC35.9No moat
  4. #240GRNQ Greenpro Capital Corp.35.5No moat

Compare CALY with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about CALY

Does Callaway Golf Company have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Callaway Golf Company (CALY) 36.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 74, returns on capital 11, balance-sheet safety 11, capital discipline 44.
How has CALY's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 36.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CALY. See the disclaimer.

Callaway Golf Company (CALY) Moat Score — The Moat Index · Buy Like Buffett