Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Callaway Golf Co.CALY · consumer nondurables | |
|---|---|
| Grade |  D/Eon the D/E boundary of 124 graded peers; percentile 79.7, sampling error 3.8 points; lower is stronger |
| Rank | 99 of 124 |
| Profitability | C/Dpercentile 60.0 |
| Solvency | Dpercentile 63.8 |
| Growth and financing | C/Dpercentile 57.2 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $7.3B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Feb 27, 2026224 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $13.872026-10-08; market equity $2.5B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 27, 2026; the document on sec.gov.
Results of Operations for Fiscal Year 2025 Compared to Fiscal Year 2024 We have reclassified certain prior-year amounts to conform to the current year’s presentation. Unless otherwise specified, our discussion below reflects continuing operations only. Prior period financial information related to discontinued operations has been reclassified and separately presented in the consolidated financial statements and accompanying notes to conform to the current period presentation.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 60.0 | |||||||
| Gross profitability | 11.9% | [1,3] | 29.8% | 84.1 | 146 | 2025-12-31 | |
| Return on invested capital | 1.9% | [4-12] | 5.6% | 72.9 | 49 | 2025-12-31 | |
| Accruals ratio | (10.0%) | [1,13-15] | (5.0%) | 23.0 | 153 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 1.9 pts | |||||
| five consecutive annual gross margins are required | |||||||
| Solvency, sleeve percentile 63.8 | |||||||
| Twelve-month failure probability | not computable | 0.03% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | not computable | 3.11 | |||||
| one or more required annual facts are missing | |||||||
| Net debt to EBITDA | 2.94x | [4,7,9,16] | 2.54x | 66.7 | 55 | 2025-12-31 | |
| Interest coverage | not computable | 2.51x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 1.36x | [17-18] | 1.81x | 60.9 | 157 | 2025-12-31 | |
| Growth and financing, sleeve percentile 57.2 | |||||||
| Revenue growth, three-year compound | (19.8%) | [2,19-21] | 0.2% | 95.5 | 133 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 14.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | 1,372.4% | [4-6,16-18,22-24] | 10.7% | 1.4 | 70 | 2025-12-31 | |
| Asset growth, three years | (5.3%) | [1,15,25-26] | 0.5% | 73.7 | 134 | 2025-12-31 | |
| Net share issuance, one year | 0.4% | [27-28] | 0.05% | 58.3 | 104 | 2026-02-19 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.229; sampling error 3.8 percentile points on 124 peers.
Among 124 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 94 | Laird Superfood, Inc. (LSF) Laird Superfood, Inc. (LSF) Dfourth fifth; percentile 75.6 NYSE · Food and Kindred Products market equity $34.5M; last close $3.05 Warnings: fortress balance sheet; 8 of 14 inputs | 75.6 | D | fortress balance sheet |
| 95 | Acco Brands Corp. (ACCO) Acco Brands Corp. (ACCO) D/Eon the D/E boundary; percentile 76.4 NYSE · Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work market equity $411.7M; last close $4.45 No active warnings; 9 of 14 inputs | 76.4 | D/E | |
| 96 | Conagra Brands Inc. (CAG) Conagra Brands Inc. (CAG) D/Eon the D/E boundary; percentile 77.2 NYSE · Food and Kindred Products market equity $6.5B; last close $13.59 No active warnings; 9 of 14 inputs | 77.2 | D/E | |
| 97 | Capri Holdings Ltd. (CPRI) Capri Holdings Ltd. (CPRI) D/Eon the D/E boundary; percentile 78.0 NYSE · Leather & Leather Products market equity $1.7B; last close $14.69 No active warnings; 12 of 14 inputs | 78.0 | D/E | |
| 98 | Barfresh Food Group Inc. (BRFH) Barfresh Food Group Inc. (BRFH) D/Eon the D/E boundary; percentile 78.9 Nasdaq · Canned, Frozen & Preservd Fruit, Veg & Food Specialties market equity $12.9M; last close $0.79 Warnings: late filer, fortress balance sheet; 8 of 14 inputs | 78.9 | D/E | late filer, fortress balance sheet |
| 99 | Callaway Golf Co. (CALY) Callaway Golf Co. (CALY) D/Eon the D/E boundary; percentile 79.7 NYSE · Sporting & Athletic Goods, NEC market equity $2.5B; last close $13.87 No active warnings; 9 of 14 inputs | 79.7 | D/E | |
| 100 | Primo Brands Corp. (PRMB) Primo Brands Corp. (PRMB) D/Eon the D/E boundary; percentile 80.5 NYSE · Beverages market equity $7.0B; last close $19.35 No active warnings; 8 of 14 inputs | 80.5 | D/E | |
| 101 | Keurig Dr Pepper Inc. (KDP) Keurig Dr Pepper Inc. (KDP) D/Eon the D/E boundary; percentile 81.3 Nasdaq · Beverages market equity $42.5B; last close $31.27 No active warnings; 10 of 14 inputs | 81.3 | D/E | |
| 102 | Westrock Coffee Co. (WEST) Westrock Coffee Co. (WEST) D/Eon the D/E boundary; percentile 82.1 Nasdaq · Beverages market equity $799.6M; last close $8.18 No active warnings; 9 of 14 inputs | 82.1 | D/E | |
| 103 | B&G Foods, Inc. (BGS) B&G Foods, Inc. (BGS) D/Eon the D/E boundary; percentile 82.9 NYSE · Food and Kindred Products market equity $212.9M; last close $2.63 No active warnings; 11 of 14 inputs | 82.9 | D/E | |
| 104 | Wolverine World Wide Inc. (WWW) Wolverine World Wide Inc. (WWW) D/Eon the D/E boundary; percentile 83.7 NYSE · Footwear, (No Rubber) market equity $1.6B; last close $19.00 No active warnings; 8 of 14 inputs | 83.7 | D/E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 78.6 | 2204 |
| sector peers, equal sleeves (the grade) | D/E | 79.7 | 124 |
| same exchange, equal sleeves | D/E | 79.0 | 984 |
| sector peers, equal inputs | D/E | 79.7 | 124 |
Each letter is one fifth of the 124 graded peers, about 24 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 65.4% | (0.2%) | 93 | hotter than 93 of 100 peers |
| Distance from 52-week high | (29.5%) | (24.8%) | 41 | closer to its high than 41 of 100 peers |
| EBIT to enterprise value | 5.8% | 4.1% | 63 | pricier than 37 of 100 peers |
| Free cash flow yield | 12.2% | 4.8% | 83 | pricier than 17 of 100 peers |
| Book value to price | 0.87 | 0.57 | 68 | pricier than 32 of 100 peers |
| Sales to price | 0.83 | 1.20 | 34 | pricier than 66 of 100 peers |
| Composite equity issuance, five years | 60.1% | (16.3%) | 95 | more equity-funded than 95 of 100 peers |
| Relative strength against the sector, log excess return | 0.41 | (0.10) | 93 | ahead of 93 of 100 peers |
Inputs: market equity $2.5B; EBIT $128.1M; free cash flow $302.2M; book equity $2.2B; sales $2.1B; debt $7.7M; cash $278.1M[29].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (5.4%) | ✗ fail[13,15] |
| Operating cash flow above zero | $334.0M | ✓ pass[14] |
| Return on assets improved | 10.5 pts | ✓ pass[13,15,25,30] |
| Operating cash flow exceeds net income | $743.3M | ✓ pass[13-14] |
| Long-term leverage fell | (8.2 pts) | ✓ pass[1,15,25,31-32] |
| Current ratio improved | (57.9 pts) | ✗ fail[17-18,23-24] |
| No new shares issued | 0.4% | ✗ fail[27-28] |
| Gross margin improved | n/a[2-3] | |
| Asset turnover improved | 4.2 pts | ✓ pass[2,15,19,25] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $278.1M[33] |
| Operating cash flow, four quarters | $372.8M[14,33-37] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 66 |
| 10-Q received Aug 4, 2026 | |
| Median daily dollar volume | $28.1M |
| 63 sessions | |
| Days since newest grade input | 224 |
Downloads [top]
|
Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $7.3B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.1B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $867.6M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 4 | operating income | us-gaap:OperatingIncomeLoss | $128.1M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 5 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $87.6M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 6 | income tax | us-gaap:IncomeTaxExpenseBenefit | $48.8M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 7 | total debt | us-gaap:LongTermDebt | $1.4B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 8 | book equity | us-gaap:StockholdersEquity | $2.1B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 9 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $903.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 10 | total debt | us-gaap:LongTermDebt | $1.4B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | $2.4B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 12 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $445.0M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 13 | net income | us-gaap:NetIncomeLoss | -$409.3M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 14 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $334.0M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 15 | assets | us-gaap:Assets | $7.6B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 16 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $46.4M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 17 | current assets | us-gaap:AssetsCurrent | $5.9B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 18 | current liabilities | us-gaap:LiabilitiesCurrent | $4.4B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 19 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.1B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 20 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.1B | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $4.0B | 2022-12-31 | 2025-03-03 | 10-K | filing · viewer · series |
| 22 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $31.8M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 23 | current assets | us-gaap:AssetsCurrent | $1.6B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 24 | current liabilities | us-gaap:LiabilitiesCurrent | $825.9M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 25 | assets | us-gaap:Assets | $9.1B | 2023-12-31 | 2025-03-03 | 10-K | filing · viewer · series |
| 26 | assets | us-gaap:Assets | $8.6B | 2022-12-31 | 2024-02-29 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 184,094,276 | 2026-02-19 | 2026-02-27 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 183,396,369 | 2025-02-19 | 2025-03-03 | 10-K | filing · viewer · series |
| 29 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 178,510,521 | 2026-08-03 | 2026-08-04 | 10-Q | filing · viewer · series |
| 30 | net income | us-gaap:NetIncomeLoss | -$1.4B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 31 | long term debt | us-gaap:LongTermDebtNoncurrent | $650.7M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 32 | long term debt | us-gaap:LongTermDebtNoncurrent | $1.4B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 33 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $278.1M | 2026-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $80.5M | 2026-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$169.0M | 2026-03-31 | 2026-05-08 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $270.1M | 2025-09-30 | 2025-11-06 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $41.7M | 2025-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 79.7 is 0.3 points from the nearest band edge; sampling error is 3.8 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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