AS vs CALY: Amer Sports and Callaway Golf compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Amer Sports is the larger company, worth $16.4B, about 6.7 times Callaway Golf.
- Amer Sports grew revenue faster over the last year (+28.5% vs +2.0%).
- Amer Sports keeps more of each dollar of revenue as operating profit (10.7% vs 9.6%).
- Amer Sports's price assumes faster free cash flow growth: about 13% a year, against -7% for Callaway Golf (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AS | CALY |
|---|---|---|
| Market cap | $16.4B | $2.4B |
| Share price | $28.14 | $13.67 |
| Revenue (last fiscal year) | $6.6B | $2.1B |
| Free cash flow (last fiscal year) | $446M | $302M |
| Revenue growth, last year | +28.5% | +2.0% |
| Revenue growth per year, last 5 fiscal years | +21.0% | -10.0% |
| Operating margin | 10.7% | 9.6% |
| Net margin | 6.5% | -12.4% |
| Return on equity | 7.4% | -12.2% |
| P/E (trailing) | 37.1x | — |
| Price / free cash flow | 32.6x | 8.10x |
| EV / EBITDA | 19.9x | 21.3x |
| FCF growth the price implies | 13.0% | -7.1% |
| Dividend yield | — | — |
| Debt / equity | 0.73x | 0.29x |
| Fundamental grade | C | C |
| Superinvestors holding it | 3 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Amer Sports
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.1B | $174M | 6.1% |
| 2022 | $3.6B | -$202M | 1.4% |
| 2023 | $4.4B | $63M | 6.9% |
| 2024 | $5.2B | $149M | 9.1% |
| 2025 | $6.6B | $446M | 10.7% |
Callaway Golf
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.1B | -$44M | 6.5% |
| 2022 | $4.0B | -$567M | 6.4% |
| 2023 | $2.1B | $315M | 9.1% |
| 2024 | $2.1B | $333M | 7.4% |
| 2025 | $2.1B | $302M | 6.2% |
Where the revenue comes from
Amer Sports · by segments, 2025
Technical Apparel$2.9B43%
Outdoor Performance$2.4B37%
Ball & Racquet Sports$1.3B20%
Callaway Golf · by segments, 2025
Golf Equipment$1.4B67%
Apparel, Gear and Other$685M33%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AS in InvestinglyQuestions
Which is bigger, Amer Sports or Callaway Golf?
Amer Sports (AS), at $16.4B against $2.4B.
Which grows faster, AS or CALY?
Amer Sports: revenue grew +28.5% over the last year, against +2.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.