Topgolf Callaway Brands Corp.

MODGNYSEConsumer Cyclical

$14.68

+$0.08(+0.55%)

Market Cap$2.7B

P/E Ratio—

52W High$16.65

52W Low$5.4201

Avg Volume2.9M

Open$14.75

Beta0.93

Free Cash Flow Financials Revenue

Topgolf Callaway Brands Corp. (MODG) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MODG · free cash flow · updated Jun 8, 2026

Core FCF metrics

MODG · FCF · TTM · margin & CAGR

Free cash flow was $187.9M for FY2025 (fiscal year ending 2025-12-31), up 117.0% year-over-year The FCF margin was 9.1%. Five-year CAGR stands at -0.1%.

FY2025 Free Cash Flow$187.9M▲ +117.0% YoY

Trailing 12M (TTM)$167.0Mtrailing 4 quarters sum

FCF Margin9.1%$187.9M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGR-0.1%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MODG · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$219.7M(32M)$187.9M▲ +117.0%9.1%

FY2024$382.0M(295M)$86.6M▲ +173.8%2.0%

FY2023$364.7M(482M)−$117.3M▲ +79.3%-2.7%

FY2022−$35.1M(532M)−$567.4M▼ 1189.0%-14.2%

FY2021$278.3M(322M)−$44.0M▼ 123.3%-1.4%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MODG · P/FCF · FCF yield · FCF per share

Topgolf Callaway Brands Corp. (MODG) trades at a FCF yield of 10.25% and a price-to-free-cash-flow ratio of 16.1x. FCF per share stands at $0.91, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

10.25%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.91

TTM FCF ÷ Shares Outstanding

Price / FCF

x16.1

Share Price ÷ FCF per Share

EV / FCF (TTM)

x10.4

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

MODG · cash flow statement · operating / investing / financing

For FY2025, Topgolf Callaway Brands Corp. generated $219.7M in operating cash flow and spent 32M in capital expenditures, yielding $187.9M in free cash flow.

Operating Activities

+$219.7M

Cash from core business operations

2025-12-31

Investing Activities

+$21.6M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$91.5M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($219.7M) − |CapEx| (32M) = FCF ($187.9M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Cyclical)

MODG vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Topgolf Callaway Brands Corp.YOU

MODG

$187.9M+117.0%9.1%

Toyota Motor Corporation

Alibaba Group Holding Limited

BABA

−$50.72B-164.9%-5.0%

Loss

Consumer Cyclical · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Topgolf Callaway Brands Corp. (MODG) reported free cash flow of $187.9M for FY2025 (fiscal year ending 2025-12-31), up 117.0% year-over-year. The FCF margin was 9.1%.

Based on available data, Topgolf Callaway Brands Corp. has maintained positive free cash flow for at least 9 fiscal year(s). FCF peaked at $189.0M in FY2020. The 5-year CAGR stands at -0.1%.

Topgolf Callaway Brands Corp.'s FCF yield is 10.25% and price-to-FCF ratio is 16.1x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MODG free cash flow · 8 questions

Topgolf Callaway Brands Corp. free cash flow was $187.9M for FY2025, up 117.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $167.0M.

MODG free cash flowMODG FCFMODG FCF 2025MODG free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Topgolf Callaway Brands Corp. · Topgolf Callaway Brands Corp. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026