Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Callaway Golf Company
Physical assets are 13.2% of total assets, a light footprint. Capex is 0.70x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.19x, which is below 1.
Fixed-asset turnover is 6.17x. Compare it with other names in the same basket.
Physical asset ratio
13.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$333.70MpropertyPlantAndEquipmentNetInventory$625.30MinventoryTotal assets$7.29BtotalAssetsResult 13.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.06BtotalRevenueNet PP&E$333.70MpropertyPlantAndEquipmentNetResult 6.17x
Revenue per dollar of the physical asset base.
Capex / D&A
0.70xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$32.60McapitalExpendituresD&A$46.40MdepreciationAndAmortizationResult 0.70x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$6.61Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.29BtotalAssetsGoodwill$619.80MgoodWillIntangibles$222.40MintangibleAssetsLiabilities$5.22BtotalLiabTangible book$1.23BShares185,700,000commonStockSharesOutstandingResult $6.61
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.29xPrice / tangible bookPrice / tangible book per sharePrice$15.16Latest quoteTangible book / share$6.612025-12-31Result 2.29x
Price $15.16.
Fixed-charge coverage
0.19xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$194.60MebitdaCapex$32.60McapitalExpendituresInterest$60.60MinterestExpenseShort-term debt$810.00MshortLongTermDebtEBITDA − capex$162.00MPrincipal due is the current portion of debt.Result 0.19x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
11.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$301.40MfreeCashFlowMarket cap$2.71BMarketCapitalizationResult 11.1%
Latest free cash flow divided by current market cap ($2.71B).
ROIC
2.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$128.10MoperatingIncomeTax expense$48.80MincomeTaxExpensePretax income$87.60MincomeBeforeTaxTax rate40.0%Equity$2.07BtotalStockholderEquityDebt$1.67BshortLongTermDebtTotalCash$903.20McashInvested capital$2.84BThe effective tax rate was above 40% and was capped at 40%.Result 2.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.38x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 40.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$88.47MpropertyPlantAndEquipmentNetInventory$338.06MinventoryTotal assets$1.05BtotalAssetsResult 40.5% | 14.05xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.24BtotalRevenueNet PP&E$88.47MpropertyPlantAndEquipmentNetResult 14.05x | 1.85xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$36.83McapitalExpendituresD&A$19.95MdepreciationAndAmortizationResult 1.85x | $4.67Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.05BtotalAssetsGoodwill$55.82MgoodWillIntangibles$224.69MintangibleAssetsLiabilities$318.64MtotalLiabTangible book$453.80MShares97,153,000commonStockSharesOutstandingResult $4.67 | 2.48xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$156.76MebitdaCapex$36.83McapitalExpendituresInterest$5.54MinterestExpenseShort-term debt$42.87MshortTermDebtEBITDA − capex$119.94MPrincipal due is short-term debt.Result 2.48x | $55.46MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$92.28MtotalCashFromOperatingActivitiesCapex$36.83McapitalExpendituresFree cash flow$55.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $55.46M | 14.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$131.87MoperatingIncomeTax expense$26.02MincomeTaxExpensePretax income$131.27MincomeBeforeTaxTax rate19.8%Equity$724.57MtotalStockholderEquityDebt$50.44MshortLongTermDebtTotalCash$63.98McashInvested capital$711.03MResult 14.9% | 1.49xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$131.87MoperatingIncomeNet PP&E$88.47MpropertyPlantAndEquipmentNetResult 1.49x |
| 2019 | 38.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$292.86MpropertyPlantAndEquipmentNetInventory$456.64MinventoryTotal assets$1.96BtotalAssetsResult 38.2% | 5.81xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.70BtotalRevenueNet PP&E$292.86MpropertyPlantAndEquipmentNetResult 5.81x | 0.83xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$54.70McapitalExpendituresD&A$65.84MdepreciationAndAmortizationResult 0.83x | $0.73Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.96BtotalAssetsGoodwill$203.74MgoodWillIntangibles$493.42MintangibleAssetsLiabilities$1.19BtotalLiabTangible book$70.19MShares96,287,000commonStockSharesOutstandingResult $0.73 | 0.68xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$205.39MebitdaCapex$54.70McapitalExpendituresInterest$43.78MinterestExpenseShort-term debt$178.90MshortTermDebtEBITDA − capex$150.69MPrincipal due is short-term debt.Result 0.68x | $31.85MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$86.55MtotalCashFromOperatingActivitiesCapex$54.70McapitalExpendituresFree cash flow$31.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $31.85M | 7.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$146.22MoperatingIncomeTax expense$16.54MincomeTaxExpensePretax income$95.77MincomeBeforeTaxTax rate17.3%Equity$767.35MtotalStockholderEquityDebt$898.11MshortLongTermDebtTotalCash$106.67McashInvested capital$1.56BResult 7.8% | 0.50xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$146.22MoperatingIncomeNet PP&E$292.86MpropertyPlantAndEquipmentNetResult 0.50x |
| 2020 | 35.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$341.27MpropertyPlantAndEquipmentNetInventory$352.54MinventoryTotal assets$1.98BtotalAssetsResult 35.0% | 4.66xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.59BtotalRevenueNet PP&E$341.27MpropertyPlantAndEquipmentNetResult 4.66x | 0.54xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$39.26McapitalExpendituresD&A$72.24MdepreciationAndAmortizationResult 0.54x | $1.43Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.98BtotalAssetsGoodwill$56.66MgoodWillIntangibles$484.34MintangibleAssetsLiabilities$1.30BtotalLiabTangible book$134.65MShares94,201,000commonStockSharesOutstandingResult $1.43 | -0.39xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$5.69MebitdaCapex$39.26McapitalExpendituresInterest$49.55MinterestExpenseShort-term debt$66.56MshortTermDebtEBITDA − capex-$44.96MPrincipal due is short-term debt.Result -0.39x | $188.98MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$228.24MtotalCashFromOperatingActivitiesCapex$39.26McapitalExpendituresFree cash flow$188.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $188.98M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$67.73MoperatingIncomeTax expense-$544.00KincomeTaxExpensePretax income-$127.48MincomeBeforeTaxTax rate—Equity$675.64MtotalStockholderEquityDebt$1.07BshortLongTermDebtTotalCash$366.12McashInvested capital$1.38BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.20xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$67.73MoperatingIncomeNet PP&E$341.27MpropertyPlantAndEquipmentNetResult 0.20x |
| 2021 | 43.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.84BpropertyPlantAndEquipmentNetInventory$533.50MinventoryTotal assets$7.75BtotalAssetsResult 43.5% | 1.10xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$3.13BtotalRevenueNet PP&E$2.84BpropertyPlantAndEquipmentNetResult 1.10x | 1.37xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$322.27McapitalExpendituresD&A$235.77MdepreciationAndAmortizationResult 1.37x | $1.10Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.75BtotalAssetsGoodwill$1.96BgoodWillIntangibles$1.53BintangibleAssetsLiabilities$4.06BtotalLiabTangible book$194.20MShares176,925,000commonStockSharesOutstandingResult $1.10 | 3.04xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$701.97MebitdaCapex$322.27McapitalExpendituresInterest$115.60MinterestExpenseShort-term debt$9.10MshortLongTermDebtEBITDA − capex$379.70MPrincipal due is the current portion of debt.Result 3.04x | -$44.02MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$278.26MtotalCashFromOperatingActivitiesCapex$322.27McapitalExpendituresFree cash flow-$44.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$44.02M | 3.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$204.70MoperatingIncomeTax expense$28.60MincomeTaxExpensePretax income$350.60MincomeBeforeTaxTax rate8.2%Equity$3.68BtotalStockholderEquityDebt$1.50BlongTermDebt + shortLongTermDebtCash$352.20McashInvested capital$4.83BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 3.9% | 0.07xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$204.70MoperatingIncomeNet PP&E$2.84BpropertyPlantAndEquipmentNetResult 0.07x |
| 2022 | 48.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.23BpropertyPlantAndEquipmentNetInventory$959.20MinventoryTotal assets$8.59BtotalAssetsResult 48.8% | 1.24xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$4.00BtotalRevenueNet PP&E$3.23BpropertyPlantAndEquipmentNetResult 1.24x | 2.76xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$532.30McapitalExpendituresD&A$192.80MdepreciationAndAmortizationResult 2.76x | $1.42Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.59BtotalAssetsGoodwill$1.98BgoodWillIntangibles$1.50BintangibleAssetsLiabilities$4.82BtotalLiabTangible book$286.80MShares201,300,000commonStockSharesOutstandingResult $1.42 | -0.15xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$477.50MebitdaCapex$532.30McapitalExpendituresInterest$142.80MinterestExpenseShort-term debt$219.30MshortLongTermDebtEBITDA − capex-$54.80MPrincipal due is the current portion of debt.Result -0.15x | -$567.40MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$35.10MtotalCashFromOperatingActivitiesCapex$532.30McapitalExpendituresFree cash flow-$567.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$567.40M | 4.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$256.80MoperatingIncomeTax expense-$16.00MincomeTaxExpensePretax income$141.90MincomeBeforeTaxTax rate0.0%Equity$3.77BtotalStockholderEquityDebt$2.05BlongTermDebt + shortLongTermDebtCash$180.20McashInvested capital$5.65BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.5% | 0.08xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$256.80MoperatingIncomeNet PP&E$3.23BpropertyPlantAndEquipmentNetResult 0.08x |
| 2023 | 47.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.57BpropertyPlantAndEquipmentNetInventory$794.40MinventoryTotal assets$9.12BtotalAssetsResult 47.8% | 1.20xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$4.28BtotalRevenueNet PP&E$3.57BpropertyPlantAndEquipmentNetResult 1.20x | 2.01xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$482.00McapitalExpendituresD&A$239.70MdepreciationAndAmortizationResult 2.01x | $2.05Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.12BtotalAssetsGoodwill$1.99BgoodWillIntangibles$1.48BintangibleAssetsLiabilities$5.24BtotalLiabTangible book$413.20MShares201,100,000commonStockSharesOutstandingResult $2.05 | 0.01xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$484.70MebitdaCapex$482.00McapitalExpendituresInterest$210.20MinterestExpenseShort-term debt$54.70MshortLongTermDebtEBITDA − capex$2.70MPrincipal due is the current portion of debt.Result 0.01x | -$117.30MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$364.70MtotalCashFromOperatingActivitiesCapex$482.00McapitalExpendituresFree cash flow-$117.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$117.30M | 3.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$237.70MoperatingIncomeTax expense-$60.20MincomeTaxExpensePretax income$34.80MincomeBeforeTaxTax rate0.0%Equity$3.88BtotalStockholderEquityDebt$2.55BlongTermDebt + shortLongTermDebtCash$393.50McashInvested capital$6.04BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 3.9% | 0.07xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$237.70MoperatingIncomeNet PP&E$3.57BpropertyPlantAndEquipmentNetResult 0.07x |
| 2024 | 56.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.56BpropertyPlantAndEquipmentNetInventory$757.30MinventoryTotal assets$7.64BtotalAssetsResult 56.5% | 1.19xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$4.24BtotalRevenueNet PP&E$3.56BpropertyPlantAndEquipmentNetResult 1.19x | 1.09xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$48.70McapitalExpendituresD&A$44.50MdepreciationAndAmortizationResult 1.09x | $2.26Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.64BtotalAssetsGoodwill$620.20MgoodWillIntangibles$1.37BintangibleAssetsLiabilities$5.23BtotalLiabTangible book$414.90MShares183,700,000commonStockSharesOutstandingResult $2.26 | -4.86xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.20BebitdaCapex$48.70McapitalExpendituresInterest$231.20MinterestExpenseShort-term debt$25.40MshortLongTermDebtEBITDA − capex-$1.25BPrincipal due is the current portion of debt.Result -4.86x | $333.10MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$381.80MtotalCashFromOperatingActivitiesCapex$48.70McapitalExpendituresFree cash flow$333.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $333.10M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.26BoperatingIncomeTax expense-$25.50MincomeTaxExpensePretax income-$1.47BincomeBeforeTaxTax rate—Equity$2.41BtotalStockholderEquityDebt$2.68BlongTermDebt + shortLongTermDebtCash$445.00McashInvested capital$4.64BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.35xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$1.26BoperatingIncomeNet PP&E$3.56BpropertyPlantAndEquipmentNetResult -0.35x |
| 2025 | 13.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$333.70MpropertyPlantAndEquipmentNetInventory$625.30MinventoryTotal assets$7.29BtotalAssetsResult 13.2% | 6.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.06BtotalRevenueNet PP&E$333.70MpropertyPlantAndEquipmentNetResult 6.17x | 0.70xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$32.60McapitalExpendituresD&A$46.40MdepreciationAndAmortizationResult 0.70x | $6.61Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.29BtotalAssetsGoodwill$619.80MgoodWillIntangibles$222.40MintangibleAssetsLiabilities$5.22BtotalLiabTangible book$1.23BShares185,700,000commonStockSharesOutstandingResult $6.61 | 0.19xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$194.60MebitdaCapex$32.60McapitalExpendituresInterest$60.60MinterestExpenseShort-term debt$810.00MshortLongTermDebtEBITDA − capex$162.00MPrincipal due is the current portion of debt.Result 0.19x | $301.40MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$334.00MtotalCashFromOperatingActivitiesCapex$32.60McapitalExpendituresFree cash flow$301.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $301.40M | 2.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$128.10MoperatingIncomeTax expense$48.80MincomeTaxExpensePretax income$87.60MincomeBeforeTaxTax rate40.0%Equity$2.07BtotalStockholderEquityDebt$1.67BshortLongTermDebtTotalCash$903.20McashInvested capital$2.84BThe effective tax rate was above 40% and was capped at 40%.Result 2.7% | 0.38xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$128.10MoperatingIncomeNet PP&E$333.70MpropertyPlantAndEquipmentNetResult 0.38x |
- Principal due is the current portion of debt.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: $333.70M
Inventory: $625.30M
Total assets: $7.29B
Goodwill: $619.80M
Intangibles: $222.40M
Liabilities: $5.22B
Tangible book: $1.23B
Shares: 185,700,000
Revenue: $2.06B
Capex: $32.60M
D&A: $46.40M
EBITDA: $194.60M
Interest: $60.60M
Short-term debt: $810.00M
Free cash flow: $301.40M
Operating income: $128.10M
Invested capital: $2.84B
Tax rate: 40.0%