Latest Ratios: P/E Ratio -1.6x · EV/EBITDA N/A · ROE -46.1%. (1995–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $1.4B | $2.9B | $4.0B | $4.9B | $2.3B | $2.0B | $1.5B | $1.3B | $1.1B | $797M |
| Enterprise Value | $6.0B | $5.1B | $6.6B | $7.4B | $7.5B | $2.8B | $2.7B | $1.5B | $1.3B | $936M | $762M |
| P/E Ratio → | -1.60 | — | 30.51 | 25.32 | 15.08 | — | 25.85 | 14.17 | 33.17 | 5.54 | 55.41 |
| P/S Ratio | 0.55 | 0.34 | 0.67 | 0.99 | 1.55 | 1.42 | 1.20 | 1.20 | 1.28 | 1.21 | 0.94 |
| P/B Ratio | 0.96 | 0.60 | 0.74 | 1.05 | 1.32 | 3.35 | 2.66 | 2.02 | 2.04 | 1.73 | 1.93 |
| P/FCF | 26.73 | 16.67 | — | — | — | 11.97 | 64.09 | 26.80 | 14.70 | 17.06 | 49.16 |
| P/OCF | 6.06 | 3.78 | 7.91 | — | 17.45 | 9.91 | 23.59 | 16.11 | 11.43 | 13.52 | 26.06 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.21 | 1.53 | 1.84 | 2.38 | 1.75 | 1.58 | 1.18 | 1.28 | 1.07 | 0.90 |
| EV / EBITDA | — | — | 13.75 | 16.38 | 20.68 | — | 16.07 | 9.86 | 13.97 | 15.41 | 17.20 |
| EV / EBIT | — | — | 26.79 | 25.86 | 15.99 | — | 20.06 | 11.07 | 17.09 | 21.20 | 28.29 |
| EV / FCF | — | 59.39 | — | — | — | 14.69 | 84.59 | 26.38 | 14.73 | 15.21 | 47.01 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.5% | 62.5% | 61.9% | 60.3% | 59.5% | 41.4% | 45.1% | 46.5% | 45.8% | 44.2% | 42.4% |
| Operating Margin | -29.7% | -29.7% | 5.5% | 6.4% | 6.5% | -6.6% | 7.8% | 10.3% | 7.5% | 5.1% | 3.2% |
| Net Profit Margin | -34.1% | -34.1% | 2.2% | 4.0% | 10.3% | -8.0% | 4.7% | 8.4% | 3.9% | 21.8% | 1.7% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -46.1% | -46.1% | 2.5% | 4.2% | 14.8% | -17.6% | 10.6% | 15.0% | 6.4% | 37.2% | 4.1% |
| ROA | -17.3% | -17.3% | 1.1% | 1.9% | 6.6% | -6.4% | 5.3% | 10.2% | 4.6% | 26.5% | 2.3% |
| ROIC | -13.8% | -13.8% | 2.4% | 2.9% | 4.1% | -6.1% | 9.3% | 14.0% | 10.2% | 7.6% | 6.2% |
| ROCE | -16.8% | -16.8% | 3.0% | 3.6% | 4.8% | -7.0% | 12.1% | 18.0% | 12.2% | 8.3% | 6.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.72 | 1.72 | 1.05 | 0.95 | 0.80 | 1.30 | 0.99 | 0.05 | 0.13 | 0.02 | 0.04 |
| Debt / EBITDA | — | — | 8.53 | 7.93 | 8.19 | — | 4.53 | 0.27 | 0.91 | 0.20 | 0.34 |
| Net Debt / Equity | — | 1.54 | 0.95 | 0.90 | 0.71 | 0.76 | 0.85 | -0.03 | 0.00 | -0.19 | -0.08 |
| Net Debt / EBITDA | — | — | 7.71 | 7.53 | 7.21 | — | 3.89 | -0.16 | 0.02 | -1.88 | -0.79 |
| Debt / FCF | — | 42.72 | — | — | — | 2.72 | 20.49 | -0.43 | 0.02 | -1.85 | -2.15 |
| Interest Coverage | -5.44 | -5.44 | 1.13 | 1.80 | 1.77 | -2.22 | 3.38 | 23.17 | 18.06 | 18.65 | 3.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.94 | 1.94 | 1.72 | 1.29 | 1.35 | 2.33 | 1.51 | 1.73 | 1.48 | 2.46 | 2.19 |
| Quick Ratio | 1.02 | 1.02 | 0.88 | 0.48 | 0.73 | 1.43 | 0.64 | 0.62 | 0.65 | 1.45 | 1.02 |
| Cash Ratio | 0.54 | 0.54 | 0.42 | 0.15 | 0.41 | 0.94 | 0.20 | 0.21 | 0.27 | 0.67 | 0.28 |
| Asset Turnover | — | 0.56 | 0.47 | 0.47 | 0.40 | 0.80 | 0.87 | 1.18 | 1.06 | 1.09 | 1.34 |
| Inventory Turnover | 2.10 | 2.10 | 2.05 | 1.65 | 2.38 | 2.64 | 2.05 | 1.97 | 2.17 | 2.57 | 2.33 |
| Days Sales Outstanding | — | 24.33 | 28.66 | 22.54 | 18.17 | 31.94 | 32.27 | 20.96 | 32.97 | 53.57 | 50.01 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 0.0% | 0.1% | 0.2% | 0.3% | 0.3% | 0.4% | 0.4% |
| Payout Ratio | — | — | — | — | 0.0% | — | 4.8% | 3.6% | 9.2% | 2.0% | 23.3% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 3.3% | 3.9% | 6.6% | — | 3.9% | 7.1% | 3.0% | 18.1% | 1.8% |
| FCF Yield | 3.7% | 6.0% | — | — | — | 8.4% | 1.6% | 3.7% | 6.8% | 5.9% | 2.0% |
| Buyback Yield | 1.4% | 2.2% | 1.9% | 0.9% | 0.8% | 1.0% | 1.4% | 1.5% | 1.2% | 0.5% | 0.2% |
| Total Shareholder Yield | 1.4% | 2.2% | 1.9% | 0.9% | 0.8% | 1.1% | 1.6% | 1.8% | 1.5% | 0.8% | 0.7% |
| Shares Outstanding | — | $184M | $201M | $201M | $177M | $94M | $96M | $97M | $97M | $96M | $85M |
High Capital Intensity Risk
According to current market data, MODG trades at a P/S ratio of 0.55, which suggests that investors are heavily discounting the firm's growth prospects compared to historical averages and peer benchmarks, likely due to the persistent negative earnings and the ongoing integration challenges within its diverse business segments.
The negative P/E ratio and the absence of a meaningful forward P/E indicate that the market is struggling to assign a value to the company's future earnings potential. This valuation gap relative to peers like Acushnet suggests that the market views the Topgolf entertainment model as a high-risk, capital-intensive venture rather than a stable consumer goods business.
Based on reported financial figures, the company's ROIC has fluctuated significantly, reaching a low of -17.4% in 2024Q4, which indicates that the firm is currently failing to generate returns that exceed its cost of capital, largely due to the heavy asset base required for venue expansion.
The erratic trend in ROIC highlights the difficulty in scaling the Topgolf segment while maintaining the profitability of the legacy equipment business. Investors should monitor whether management can improve capital allocation efficiency, as the current returns suggest that recent investments in physical infrastructure have yet to yield the expected synergistic value.
As reported in recent quarterly filings, the cash conversion cycle has ballooned to 749 days in 2025Q3, a stark increase from historical levels, which suggests that the company is facing significant challenges in managing its inventory turnover and collecting payments from its diverse customer base.
The extremely high days inventory outstanding (DIO) of 744 days indicates a potential overstocking of equipment or a slowdown in the velocity of goods moving through the retail channel. This inefficiency in working capital management places additional strain on liquidity and suggests that the company's operational leverage is currently working against its cash flow generation.
According to the latest quarterly data, the debt-to-EBITDA ratio has reached 47.49, which indicates that the company's ability to service its debt obligations is severely compromised compared to historical norms and industry standards for leisure and consumer cyclical firms.
The sharp rise in leverage, coupled with an interest coverage ratio of 0.48, suggests that the company may face significant refinancing risks if operational performance does not improve. The reliance on external financing to support the capital-intensive venue model warrants close investigation by stakeholders concerned with long-term solvency.
The most commonly misapplied metric for MODG is the P/E ratio, which fails to account for the massive non-cash impairment charges and pre-opening costs that currently distort the company's bottom line and mask the underlying cash-generative potential of its mature Topgolf venues.
Analysts should instead focus on four-wall EBITDA or free cash flow metrics to better understand the operational health of the venue business. Relying on traditional earnings multiples in this context obscures the reality that the company is in a heavy investment phase, leading to an inaccurate assessment of its true economic value.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MODG stock.
Topgolf Callaway Brands Corp.'s current P/E ratio is -1.6x. The historical average is 25.6x.
Topgolf Callaway Brands Corp.'s return on equity (ROE) is -46.1%. The historical average is 5.6%.
Based on historical data, Topgolf Callaway Brands Corp. is trading at a P/E of -1.6x. Compare with industry peers and growth rates for a complete picture.
Topgolf Callaway Brands Corp. has 62.5% gross margin and -29.7% operating margin.