What is Callaway Golf Co worth?
With the base-case assumptions below, a discounted cash flow model on Callaway Golf Co's reported free cash flow gives $32.94 per share. The share price was $17.43 on November 9, 2026, 47% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 0.5% | 10.0% | $21.49 | +23% |
| Base | 5.5% | 9.0% | $32.94 | +89% |
| Bull | 10.5% | 8.0% | $55.77 | +220% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $41.35 | $43.91 | $47.03 | $50.94 | $55.97 |
| 8.0% | $35.08 | $36.74 | $38.70 | $41.06 | $43.93 |
| 9.0% | $30.50 | $31.63 | $32.94 | $34.47 | $36.28 |
| 10.0% | $27.01 | $27.81 | $28.73 | $29.77 | $30.98 |
| 11.0% | $24.26 | $24.85 | $25.51 | $26.25 | $27.10 |
Where the presets come from
Base: years 1 to 5 grow at Callaway Golf Co's revenue growth rate over the last 5 fiscal years (5.3% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions