TacticScaleWhat Callaway Golf Does & How It Makes Money (CALY)
Updated October 2026 · reflects Callaway Golf's latest reported financials
Golf equipment and apparel maker behind Callaway, Odyssey, and TravisMathew. It earns revenue by selling golf equipment, apparel, bags, and accessories through golf shops, sporting goods stores, online retailers, mass merchants, department stores, and distributors.
How Callaway Golf makes money
It earns revenue by selling golf equipment, apparel, bags, and accessories through golf shops, sporting goods stores, online retailers, mass merchants, department stores, and distributors. It also sells directly to consumers through its own retail stores and websites.
What Callaway Golf does
Callaway Golf Company is a Carlsbad, California-based golf brand founded in 1982. It reports two segments: Golf Equipment, which includes Callaway drivers, fairway woods, hybrids, irons, and wedges, Odyssey putters, Strata packaged sets, and golf balls; and Apparel, Gear and Other, which includes TravisMathew apparel and OGIO bags and accessories. Its products reach customers through golf and sporting goods retailers, online stores, mass merchants, department stores, and third-party distributors, as well as through its own stores and websites. The company was previously called Topgolf Callaway Brands Corp. and took the name Callaway Golf Company in January 2026.
Products & services
- Callaway drivers, fairway woods, hybrids, irons and wedges
- Odyssey putters
- Callaway golf balls
- Strata packaged club sets
- TravisMathew apparel
- OGIO bags and accessories
What is Callaway Golf worth?
On an owner-earnings DCF, Callaway Golf's most-likely value is about $24 versus a recent price near $14 (77% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$16) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $14 is below even the no-growth floor ($16); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -2.2%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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