Topgolf Callaway Brands (MODG)
Market Price (3/20/2026): $13.705 | Market Cap: $2.5 BilSector: Consumer Discretionary | Industry: Leisure Products
Topgolf Callaway Brands (MODG)
Market Price (3/20/2026): $13.705Market Cap: $2.5 BilSector: Consumer DiscretionaryIndustry: Leisure Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Experiential Retail, and Luxury Consumer Goods. | Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -102% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 86% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 127% | ||
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.6%, Rev Chg QQuarterly Revenue Change % is -7.8% | ||
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 58% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -60% | ||
| Key risksMODG key risks include [1] declining same-venue sales at its Topgolf locations and [2] the significant costs and complexities of its planned separation into two independent companies. |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Experiential Retail, and Luxury Consumer Goods. |
| Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -102% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 86% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 127% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.6%, Rev Chg QQuarterly Revenue Change % is -7.8% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 58% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -60% |
| Key risksMODG key risks include [1] declining same-venue sales at its Topgolf locations and [2] the significant costs and complexities of its planned separation into two independent companies. |
Qualitative Assessment
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Topgolf Callaway Brands (MODG) stock has gained about 15% since 11/30/2025 because of the following key factors:
1. Strategic Business Transformation and Debt Reduction: Topgolf Callaway Brands completed the sale of a 60% stake in its Topgolf business for $1.1 billion to Leonard Green & Partners on January 1, 2026. This transaction allowed the company to significantly reduce its long-term debt by $1 billion and establish a net cash position of approximately $680 million with $480 million in gross debt immediately after the Topgolf transaction. The company also sold Jack Wolfskin, returning its focus to its core identity as a "pure play golf equipment company." This strategic move led to S&P Global Ratings upgrading Topgolf Callaway's credit rating to 'BB-' from 'B' with a positive outlook.
2. Favorable Analyst Upgrades and Increased Price Targets: Keybanc upgraded Topgolf Callaway Brands (MODG) to an "Overweight" rating from "Sector Weight" on January 16, 2026, setting a new price target of $17.00. This followed Compass Point maintaining a "Buy" rating and raising its price target from $14.50 to $17.50 (a 20.69% increase) on January 6, 2026. Other analysts also increased their price targets for MODG in late 2025, contributing to a generally bullish outlook among Wall Street analysts.
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1. Strategic Business Transformation and Debt Reduction: Topgolf Callaway Brands completed the sale of a 60% stake in its Topgolf business for $1.1 billion to Leonard Green & Partners on January 1, 2026. This transaction allowed the company to significantly reduce its long-term debt by $1 billion and establish a net cash position of approximately $680 million with $480 million in gross debt immediately after the Topgolf transaction. The company also sold Jack Wolfskin, returning its focus to its core identity as a "pure play golf equipment company." This strategic move led to S&P Global Ratings upgrading Topgolf Callaway's credit rating to 'BB-' from 'B' with a positive outlook.
2. Favorable Analyst Upgrades and Increased Price Targets: Keybanc upgraded Topgolf Callaway Brands (MODG) to an "Overweight" rating from "Sector Weight" on January 16, 2026, setting a new price target of $17.00. This followed Compass Point maintaining a "Buy" rating and raising its price target from $14.50 to $17.50 (a 20.69% increase) on January 6, 2026. Other analysts also increased their price targets for MODG in late 2025, contributing to a generally bullish outlook among Wall Street analysts.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
11/30/2025 to 3/19/2026| Return | Correlation | |
|---|---|---|
| MODG | 14.0% | |
| Market (SPY) | -3.5% | 26.3% |
| Sector (XLY) | -7.2% | 30.5% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 3/19/2026| Return | Correlation | |
|---|---|---|
| MODG | 53.6% | |
| Market (SPY) | 2.6% | 32.1% |
| Sector (XLY) | -5.2% | 34.7% |
Fundamental Drivers
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Market Drivers
2/28/2025 to 3/19/2026| Return | Correlation | |
|---|---|---|
| MODG | 124.8% | |
| Market (SPY) | 12.0% | 38.9% |
| Sector (XLY) | 2.3% | 45.5% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/19/2026| Return | Correlation | |
|---|---|---|
| MODG | -36.7% | |
| Market (SPY) | 72.7% | 37.7% |
| Sector (XLY) | 54.3% | 40.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MODG Return | 14% | -28% | -27% | -45% | 48% | 26% | -39% |
| Peers Return | 47% | -23% | 24% | 5% | 1% | -5% | 42% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -3% | 76% |
Monthly Win Rates [3] | |||||||
| MODG Win Rate | 42% | 25% | 50% | 33% | 50% | 100% | |
| Peers Win Rate | 62% | 35% | 58% | 48% | 50% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| MODG Max Drawdown | 0% | -38% | -49% | -49% | -29% | 0% | |
| Peers Max Drawdown | -4% | -45% | -13% | -20% | -27% | -10% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -3% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GOLF, NKE, DKS, YETI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/19/2026 (YTD)
How Low Can It Go
| Event | MODG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -73.0% | -25.4% |
| % Gain to Breakeven | 271.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -75.8% | -33.9% |
| % Gain to Breakeven | 313.5% | 51.3% |
| Time to Breakeven | 259 days | 148 days |
| 2018 Correction | ||
| % Loss | -40.5% | -19.8% |
| % Gain to Breakeven | 68.1% | 24.7% |
| Time to Breakeven | 725 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -75.1% | -56.8% |
| % Gain to Breakeven | 301.2% | 131.3% |
| Time to Breakeven | 3,255 days | 1,480 days |
Compare to GOLF, NKE, DKS, YETI
In The Past
Topgolf Callaway Brands's stock fell -73.0% during the 2022 Inflation Shock from a high on 6/1/2021. A -73.0% loss requires a 271.0% gain to breakeven.
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About Topgolf Callaway Brands (MODG)
Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories. It operates through three segments: Topgolf; Golf Equipment; and Apparel, Gear and Other. The Topgolf segment operates Topgolf venues equipped with technology-enabled hitting bays, multiple bars, dining areas, and event spaces, as well as Toptracer ball-flight tracking technology used by independent driving ranges and broadcast television; and World Golf Tour digital golf game. The Golf Equipment segment provides drivers, fairway woods, hybrids, irons, wedges and packaged sets, putters, and pre-owned golf clubs under the Callaway and Odyssey brands, as well as golf balls under the Callaway Golf and Strata brands. The Apparel, Gear and Other segment offers golf apparel and footwear; golf accessories, including golf bags, golf gloves, headwear, and practice aids under the Callaway brand; and golf and lifestyle apparel, hats, luggage and accessories, footwear, belts, facemasks, sunglasses, socks, and underwear under the TravisMathew brand. This segment also provides storage gear for sport and personal use, such as backpacks; travel, duffel, and golf bags; and storage gear accessories, as well as outerwear, headwear, and accessories under the OGIO brand. In addition, it offers outdoor apparel comprising jackets, trousers, dresses, skirts, and tops; and footwear and outdoor equipment, including packs and bags, travel bags, tents, sleeping bags, and accessories under the Jack Wolfskin brand. The company sells its products through golf retailers, sporting goods retailers, on-line retailers, mass merchants, department stores, third-party distributors, and mail order stores, as well as through its websites in the United States and approximately 120 countries. The company was incorporated in 1982 and is headquartered in Carlsbad, California.
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1. It's like Dave & Buster's for golf, combined with a golf equipment and apparel giant similar to Nike Golf.
2. It's like Dick's Sporting Goods, but with its own golf entertainment venues similar to a high-tech bowling alley.
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- Topgolf Venues: Entertainment complexes offering technology-enabled golf hitting bays, food, drinks, and event spaces.
- Toptracer Technology: Ball-flight tracking technology utilized at driving ranges and for broadcast purposes.
- World Golf Tour (WGT): A digital golf game.
- Golf Clubs: A wide range of clubs including drivers, irons, putters, and packaged sets under Callaway and Odyssey brands.
- Golf Balls: Golf balls sold under the Callaway Golf and Strata brands.
- Golf Apparel & Accessories: Apparel, footwear, bags, gloves, and headwear for golf, primarily under the Callaway brand.
- TravisMathew Apparel & Lifestyle Products: Golf and lifestyle apparel, footwear, and accessories.
- OGIO Gear & Accessories: Storage gear for sport and personal use, including bags and backpacks.
- Jack Wolfskin Outdoor Products: Outdoor apparel, footwear, and equipment such as tents and sleeping bags.
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Topgolf Callaway Brands (MODG) primarily sells its products and services directly to individual consumers or through retail channels that ultimately target individual consumers. Its major customer categories are:
- Golfers and Golf Enthusiasts: This category includes individuals who actively play golf, ranging from dedicated amateurs to casual players. They are the primary purchasers of the company's golf equipment (drivers, irons, putters, golf balls) under brands like Callaway, Odyssey, and Strata, as well as golf-specific apparel and accessories. These customers also engage with Topgolf venues for practice and golf-related entertainment.
- Social & Entertainment Seekers: These customers are drawn to the experiential offerings of Topgolf venues. They visit for social gatherings, corporate events, family outings, and general leisure, enjoying the technology-enabled hitting bays, dining, and bar services in a relaxed, entertainment-focused environment. Their primary motivation is social interaction and recreational fun, often beyond competitive golf.
- Active Lifestyle & Outdoor Consumers: This segment comprises individuals who purchase the company's lifestyle apparel, footwear, and gear from brands like TravisMathew, OGIO, and Jack Wolfskin. These consumers seek products for everyday wear, travel, outdoor adventures, and active pursuits, reflecting a broader interest in lifestyle and outdoor activities that extend beyond the golf course.
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Oliver G. "Chip" Brewer III, President and Chief Executive Officer
Chip Brewer has served as President and Chief Executive Officer of Topgolf Callaway Brands Corp. since joining the company in March 2012. Under his leadership, the company transformed into a tech-enabled modern golf and active lifestyle company. Prior to his tenure at Callaway, he was the President and Chief Executive Officer of Adams Golf from January 2002 to February 2012. He also served as a Director of Topgolf International, Inc. from 2012 until its merger with Callaway Golf Company in March 2021. In November 2025, Topgolf Callaway Brands announced an agreement to sell a 60% stake in its Topgolf and Toptracer business to private equity funds managed by Leonard Green & Partners, L.P., with Mr. Brewer commenting on the strategic partnership with the private equity firm. As of January 2026, the company completed the sale of the majority interest in Topgolf to Leonard Green & Partners and plans to change its corporate name back to Callaway Golf Company, with Mr. Brewer continuing to lead the Callaway business.
Brian P. Lynch, Executive Vice President, Chief Financial Officer & Chief Legal Officer
Brian Lynch is the Executive Vice President, Chief Financial Officer, and Chief Legal Officer of Topgolf Callaway Brands. He is responsible for the company's finance, accounting, legal, information technology, corporate audit, and compliance functions. Mr. Lynch joined the company in December 1999 as Senior Corporate Counsel. He progressed through various legal roles, including Associate General Counsel and Corporate Secretary, before being appointed Interim Chief Financial Officer in April 2017 and Chief Financial Officer in July 2017. He assumed his current role as Executive Vice President, Chief Financial Officer, and Chief Legal Officer in January 2019.
Artie Starrs, Chief Executive Officer, Topgolf
Artie Starrs serves as the Chief Executive Officer of Topgolf. He is responsible for the continued growth and expansion of Topgolf. Prior to joining Topgolf, Mr. Starrs was the Global CEO for Pizza Hut, overseeing its 18,000 locations across 110 countries within Yum! Brands. Before that, he served as President of Pizza Hut U.S. and as Chief Financial Officer for Rave Cinemas.
Mark F. Leposky, Executive Vice President of Global Operations
Mark F. Leposky is the Executive Vice President of Global Operations, a position he has held since January 2019. He joined the company in April 2012 as Senior Vice President, Global Operations. Mr. Leposky oversees all aspects of the company's global operations, including industrial design, development, engineering, manufacturing, supply chain planning, program management, purchasing, transportation, logistics, and the category leadership of golf accessories and the Odyssey and OGIO brands.
Glenn Hickey, Executive Vice President, Topgolf Callaway Brands and President, Callaway Golf
Glenn Hickey is an Executive Vice President at Topgolf Callaway Brands, a role he has held since January 2019. In March 2023, he was also named President of Callaway Golf, leading global sales and marketing for Callaway golf clubs and balls, branded apparel, and performance gear. Mr. Hickey has a long history with the company, having joined in 1991. Before his current executive roles, he held various positions including Inside Sales Representative, National Account Manager, Regional Sales Manager, Director of Special Markets, and Senior Vice President, Americas Sales.
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Here are the key risks to Topgolf Callaway Brands (MODG):
- Exposure to Macroeconomic Factors and Discretionary Spending: The company's performance, particularly its Topgolf segment, is significantly influenced by the broader economic climate, consumer discretionary spending, and corporate event demand. Sustained higher inflation and prices could deter consumer spending at Topgolf venues, and weak corporate event demand remains a concern.
- High Debt Levels and Capital Requirements: Topgolf Callaway Brands operates with an above-average debt-to-equity ratio and has significant liabilities. The company faces risks from rising interest rates on its floating-rate debt and lease obligations, which could negatively impact its financial position. Furthermore, the capital-intensive nature of expanding Topgolf venues, coupled with potentially weaker returns on past investments, could further compress already thin margins and make managing debt more challenging given past negative free cash flow.
- Tariff Uncertainty and Escalation: The company highlights tariff uncertainty as a primary operational risk. It has already experienced a significant annual tariff impact, and any further changes in trade policy or the imposition of new tariffs could negatively affect its cost of goods sold and overall profitability.
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Topgolf Callaway Brands (MODG) operates within several significant addressable markets for its main products and services, encompassing golf entertainment, golf equipment, and a range of apparel and gear.
Topgolf Segment (Golf Entertainment and Technology)
- The global golf simulator market, which includes technologies like Toptracer, is projected to grow from approximately $1.92 billion in 2025 to around $4.7 billion by 2034, with a compound annual growth rate (CAGR) of 10.10% over the forecast period.
- North America held the largest share of the golf simulator market in 2025, accounting for 40.70%.
- Off-course golf venues, including simulators and entertainment ranges, attracted more than 40 million players globally, surpassing traditional on-course play for the first time.
- Topgolf itself was acquired at a $2 billion valuation in 2021 and generated $1.5 billion in annual revenue in 2022.
Golf Equipment Segment
- The global golf equipment market was valued at USD 8.98 billion in 2025. It is projected to reach USD 15.57 billion by 2034, growing at a CAGR of 6.30% from USD 9.55 billion in 2026.
- Another estimate placed the global golf equipment market size at USD 8.55 billion in 2025, with a projection to reach USD 13.08 billion by 2033, exhibiting a CAGR of 5.6% from 2026 to 2033.
- North America was the leading region in the golf equipment market in 2023, holding a 53.5% revenue share in 2025. The U.S. market for golf equipment sales exceeded $6 billion annually.
- Specifically for golf clubs, the global market size was valued at USD 9.78 billion in 2024 and is expected to grow to USD 14.91 billion by 2033, with a CAGR of 4.8% during the period of 2026–2033.
Apparel, Gear and Other Segment
- Golf Apparel: The global golf apparel market size was valued at USD 9.47 billion in 2025 and is projected to increase to USD 14.83 billion by 2034, with a CAGR of 5.19% from 2026. North America represented the largest share of the golf apparel market, at 55.60% in 2025. Other estimates for the global golf apparel market include $8.5 billion in 2025, projected to reach $12.3 billion by 2032 with a CAGR of approximately 5.5%, and $4.42 billion in 2024, projected to reach $6.61 billion by 2030 with a CAGR of 6.9%.
- Outdoor Apparel and Equipment (Jack Wolfskin): The global outdoor apparel and accessories market was valued at USD 37.1 billion in 2024 and is anticipated to grow to USD 71.5 billion by 2034, at a CAGR of 6.9% from 2025. The global outdoor gear market size was estimated at USD 55.62 billion in 2024, with a projected CAGR of 7.00% from 2024 to 2031. North America held over 40% of the global outdoor gear market revenue in 2024, amounting to approximately $22.25 billion.
- General Apparel and Lifestyle Apparel (TravisMathew, OGIO): The global apparel market size was valued at $1.8 trillion in 2024 and is estimated to reach $2.5 trillion by 2034, growing at a CAGR of over 3.3% from 2025. The United States apparel market is the largest globally, with a size of $365.70 billion. In 2025, the global apparel market was valued at $1,804.08 billion and is projected to reach $2,481.51 billion by 2034.
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Topgolf Callaway Brands (NYSE: MODG) is expected to drive future revenue growth over the next two to three years through several key initiatives across its diverse business segments:
- Topgolf Venue Expansion: A primary driver of growth will be the continued expansion of Topgolf venues. The company has a consistent strategy of opening new locations, which directly contributes to increased revenue in the Topgolf segment. Topgolf's growth is primarily attributed to new venue growth. In 2024, Topgolf added 7 new locations, bringing the total to 100 owned and operated venues.
- Enhanced Topgolf Same Venue Sales and Operational Efficiency: While same-venue sales have experienced some fluctuations, the company is implementing various initiatives to improve traffic and customer experience, such as "Sunday Funday" and "Topgolf Nights," which are showing encouraging results. These operational improvements and value initiatives are expected to drive positive same-venue sales growth and boost venue-level margins.
- Innovation and Market Share Gains in Golf Equipment: Topgolf Callaway Brands consistently introduces new and high-performing golf equipment, such as the Ai Smoke clubs and Chrome Tour golf balls. These new product launches have enabled the company to maintain strong U.S. market share leadership in categories like drivers, fairway woods, hybrids, and irons, contributing to revenue growth in the Golf Equipment segment.
- Growth of the TravisMathew Brand: The TravisMathew brand, within the Active Lifestyle segment, is a significant growth engine. The brand has demonstrated solid revenue and profitability growth, including double-digit increases in revenue and Adjusted EBITDA in 2023. The expansion of product lines, such as the TravisMathew women's collection, is also contributing to this segment's growth.
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Share Repurchases
- Topgolf Callaway Brands' Board of Directors authorized a new stock repurchase program of up to $200 million in January 2026.
- The company plans to use a portion of the cash proceeds from the sale of its majority stake in Topgolf to fund this stock buyback plan.
Inbound Investments
- In January 2026, Topgolf Callaway Brands completed the sale of a 60% stake in its Topgolf and Toptracer businesses to private equity funds managed by Leonard Green & Partners, L.P.
- The transaction valued Topgolf at approximately $1.1 billion, with Topgolf Callaway Brands receiving approximately $800 million in cash proceeds, net of working capital adjustments and transaction expenses.
- The company retained a 40% stake in Topgolf.
Outbound Investments
- Topgolf Callaway Brands completed the sale of the Jack Wolfskin brand in 2025, which was expected to enhance business focus and provide financial flexibility.
- In January 2026, the company divested a 60% majority interest in its Topgolf and Toptracer businesses to Leonard Green & Partners.
Capital Expenditures
- Capital expenditures for Topgolf Callaway Brands amounted to -$279.9 million as of September 30, 2025.
- The company's net CapEx outlook for Topgolf was adjusted to $110 million to $120 million in 2025, while the core business CapEx outlook was lowered to $50 million for the same year.
- Expected capital expenditures for 2026 are projected to be between $35 million and $40 million.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
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| 02132026 | SONO | Sonos | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -0.7% | -0.7% | -4.6% |
| 02062026 | DECK | Deckers Outdoor | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.6% | 1.6% | -0.8% |
| 06302025 | MODG | Topgolf Callaway Brands | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 47.0% | 82.4% | 0.0% |
| 08312024 | MODG | Topgolf Callaway Brands | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | -35.1% | -5.0% | -44.6% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 72.37 |
| Mkt Cap | 5.5 |
| Rev LTM | 4,061 |
| Op Inc LTM | 299 |
| FCF LTM | 120 |
| FCF 3Y Avg | 187 |
| CFO LTM | 313 |
| CFO 3Y Avg | 316 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.1% |
| Rev Chg 3Y Avg | 4.1% |
| Rev Chg Q | 6.8% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Mgn LTM | 10.2% |
| Op Mgn 3Y Avg | 10.5% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 7.6% |
| CFO/Rev 3Y Avg | 11.0% |
| FCF/Rev LTM | 4.7% |
| FCF/Rev 3Y Avg | 7.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.5 |
| P/S | 1.5 |
| P/EBIT | 12.6 |
| P/E | 16.9 |
| P/CFO | 14.7 |
| Total Yield | 4.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.3% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -12.5% |
| 3M Rtn | -8.1% |
| 6M Rtn | 1.6% |
| 12M Rtn | 6.3% |
| 3Y Rtn | -5.4% |
| 1M Excs Rtn | -9.3% |
| 3M Excs Rtn | -5.2% |
| 6M Excs Rtn | 2.8% |
| 12M Excs Rtn | -11.1% |
| 3Y Excs Rtn | -73.2% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Topgolf | 1,761 | 1,549 | 1,088 | ||
| Golf Equipment | 1,388 | 1,407 | 1,229 | 983 | 979 |
| Active Lifestyle | 1,136 | 1,040 | 817 | 607 | 722 |
| Total | 4,285 | 3,996 | 3,133 | 1,589 | 1,701 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Golf Equipment | 193 | 251 | 204 | 149 | |
| Active Lifestyle | 117 | 77 | 68 | 1 | |
| Topgolf | 109 | 77 | 58 | ||
| Topgolf Goodwill and intangible assets impairment | 0 | ||||
| Unallocated other corporate expenses | -181 | -149 | -126 | ||
| Corporate G&A and other | -81 | ||||
| Goodwill and tradename impairment | -174 | ||||
| Total | 238 | 257 | 205 | -106 |
Price Behavior
Price Behavior
| Market Price | $14.68 | |
| Market Cap ($ Bil) | 2.7 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $11.70 | $9.15 |
| DMA Trend | up | up |
| Distance from DMA | 25.5% | 60.5% |
| 3M | 1YR | |
| Volatility | 44.1% | 66.5% |
| Downside Capture | -193.63 | 88.52 |
| Upside Capture | 368.70 | 165.18 |
| Correlation (SPY) | 15.2% | 35.8% |
MODG Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | � | 0.45 | 0.47 | 1.19 | 1.21 | 1.29 |
| Up Beta | � | -0.04 | 0.85 | 2.21 | 1.31 | 1.33 |
| Down Beta | � | 0.45 | 0.24 | 1.35 | 0.93 | 1.01 |
| Up Capture | 0% | 158% | 88% | 148% | 241% | 149% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 0 | 10 | 19 | 51 | 117 | 350 |
| Down Capture | -0% | -45% | 5% | 30% | 100% | 110% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 0 | 2 | 13 | 43 | 101 | 362 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MODG | |
|---|---|---|---|---|
| MODG | 152.7% | 66.2% | 1.97 | - |
| Sector ETF (XLY) | 14.2% | 23.6% | 0.50 | 44.3% |
| Equity (SPY) | 18.7% | 18.8% | 0.78 | 36.8% |
| Gold (GLD) | 53.5% | 26.8% | 1.59 | 3.3% |
| Commodities (DBC) | 18.5% | 17.4% | 0.86 | 19.1% |
| Real Estate (VNQ) | 4.4% | 16.1% | 0.08 | 45.5% |
| Bitcoin (BTCUSD) | -14.3% | 44.4% | -0.22 | 31.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MODG | |
|---|---|---|---|---|
| MODG | -13.0% | 50.3% | -0.10 | - |
| Sector ETF (XLY) | 6.5% | 23.6% | 0.24 | 49.0% |
| Equity (SPY) | 12.3% | 17.0% | 0.57 | 46.0% |
| Gold (GLD) | 21.6% | 17.4% | 1.01 | 9.5% |
| Commodities (DBC) | 10.8% | 19.0% | 0.46 | 12.9% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.11 | 44.0% |
| Bitcoin (BTCUSD) | 4.4% | 56.7% | 0.30 | 21.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MODG | |
|---|---|---|---|---|
| MODG | 6.1% | 48.6% | 0.31 | - |
| Sector ETF (XLY) | 12.4% | 21.9% | 0.52 | 52.7% |
| Equity (SPY) | 14.6% | 17.9% | 0.70 | 49.3% |
| Gold (GLD) | 13.5% | 15.7% | 0.71 | 6.0% |
| Commodities (DBC) | 8.4% | 17.6% | 0.39 | 20.1% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 44.8% |
| Bitcoin (BTCUSD) | 67.2% | 66.8% | 1.06 | 17.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | 14.3% | 14.1% | 22.4% |
| 8/6/2025 | 8.8% | 10.1% | 5.0% |
| 5/12/2025 | -17.1% | -16.8% | -1.1% |
| 2/24/2025 | -0.3% | -7.3% | 1.9% |
| 11/12/2024 | -9.2% | -10.0% | -15.1% |
| 8/7/2024 | -2.0% | -6.7% | -16.5% |
| 5/8/2024 | -6.7% | -4.8% | -6.1% |
| 2/13/2024 | 11.6% | 6.0% | -1.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 9 | 9 |
| # Negative | 17 | 15 | 15 |
| Median Positive | 11.6% | 10.1% | 19.5% |
| Median Negative | -6.7% | -7.3% | -10.0% |
| Max Positive | 15.8% | 24.3% | 43.3% |
| Max Negative | -17.1% | -19.7% | -39.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Starrs, Artie | CEO, Topgolf | Direct | Sell | 8122025 | 8.64 | 106,734 | 921,837 | 913,968 | Form |
| 2 | Anderson, Erik J | Direct | Sell | 8122025 | 9.25 | 25,704 | 237,793 | 190,639 | Form | |
| 3 | Ogunlesi, Adebayo O | Held with Spouse in JTWROS | Buy | 6102025 | 6.48 | 384,731 | 2,494,904 | 4,983,128 | Form | |
| 4 | Ogunlesi, Adebayo O | Held with Spouse in JTWROS | Buy | 6102025 | 7.01 | 38,070 | 266,802 | 5,652,127 | Form | |
| 5 | Ogunlesi, Adebayo O | Held with Spouse in JTWROS | Buy | 6102025 | 7.59 | 38,782 | 294,289 | 6,414,269 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.