🚀 VC round data is live in beta, check it out!
Topgolf Overview
About Topgolf
Topgolf Callaway Brands Corp is a modern golf and active lifestyle company that provides world-class golf entertainment experiences, designs and manufactures premium golf equipment, and sells golf and active lifestyle apparel and other accessories through brands such as, Topgolf, Callaway Golf, Odyssey, TravisMathew, Jack Wolfskin, OGIO and Toptracer. The company's reportable segments are; Topgolf, Golf Equipment and Active Lifestyle. Majority of the revenue is generated from its Topgolf segment which is predominantly comprised of service revenues and expenses from the company operated Topgolf venues, Toptracer ball-flight tracking technology, and WGT digital golf game. Geographically, majority of the revenue for the company is derived from United States.
Founded
1982
HQ
Employees
30.0K
Website
Financials (LTM)
EV
$5B
Topgolf Financials
Topgolf reported last 12-month revenue of $2B and EBITDA of $227M.
In the same LTM period, Topgolf generated $840M in gross profit, $227M in EBITDA, and $42M in net income.
Revenue (LTM)
Topgolf P&L
In the most recent fiscal year, Topgolf reported revenue of — and net income of —.
Topgolf expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $2B | XXX | — | XXX | XXX | XXX |
| Gross Profit | $840M | XXX | — | XXX | XXX | XXX |
| Gross Margin | 41% | XXX | — | XXX | XXX | XXX |
| EBITDA | $227M | XXX | — | XXX | XXX | XXX |
| EBITDA Margin | 11% | XXX | — | XXX | XXX | XXX |
| EBIT Margin | 6% | XXX | — | XXX | XXX | XXX |
| Net Profit | $42M | XXX | — | XXX | XXX | XXX |
| Net Margin | 2% | XXX | — | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Topgolf Stock Performance
Topgolf has current market cap of $3B, and enterprise value of $5B.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $5B | $3B | — | XXX | XXX | XXX | — |
Benchmark Trading Valuation Multiples by Industry
Sign up to access valuation multiples like growth-adjusted P/E, Rule of 40, next 12-month EV/Revenue, EBITDA multiples by industry, consensus analyst estimates and many more.
Start Free TrialTopgolf Valuation Multiples
Topgolf trades at 2.4x EV/Revenue multiple, and 22.1x EV/EBITDA.
Topgolf Financial Valuation Multiples
As of March 21, 2026, Topgolf has market cap of $3B and EV of $5B.
Equity research analysts estimate Topgolf's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Topgolf has a P/E ratio of 63.3x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $3B | XXX | $3B | XXX | XXX | XXX |
| EV (current) | $5B | XXX | $5B | XXX | XXX | XXX |
| EV/Revenue | 2.4x | XXX | — | XXX | XXX | XXX |
| EV/EBITDA | 22.1x | XXX | — | XXX | XXX | XXX |
| EV/EBIT | 37.9x | XXX | — | XXX | XXX | XXX |
| EV/Gross Profit | 6.0x | XXX | — | XXX | XXX | XXX |
| P/E | 63.3x | XXX | — | XXX | XXX | XXX |
| EV/FCF | (402.2x) | XXX | — | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Topgolf Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Topgolf Margins & Growth Rates
Topgolf's revenue in the last 12 month declined by (0%).
Topgolf's revenue per employee in the last FY averaged $0.1M.
Topgolf's rule of 40 is 11% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Topgolf's rule of X is 11% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Topgolf Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | (0%) | XXX | — | XXX | XXX | XXX |
| EBITDA Margin | 11% | XXX | — | XXX | XXX | XXX |
| EBITDA Growth | 4% | XXX | — | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 11% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 11% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 41% | XXX | — | XXX | XXX | XXX |
| R&D Expenses to Revenue | 4% | XXX | — | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Topgolf Public Comps
See public comps and valuation multiples for other Fitness & Wellness and Sports & Leisure comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Asmodée | XXX | XXX | XXX | XXX | XXX | XXX |
| Thule | XXX | XXX | XXX | XXX | XXX | XXX |
| Husqvarna | XXX | XXX | XXX | XXX | XXX | XXX |
| Yamaha | XXX | XXX | XXX | XXX | XXX | XXX |
| YETI Holdings | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Topgolf M&A Activity
Topgolf acquired XXX companies to date.
Last acquisition by Topgolf was on XXXXXXXX, XXXXX. Topgolf acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Topgolf
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
Get Verified M&A Valuation Multiples
Sign up to see revenue and EBITDA valuation multiples for 150K+ M&A deals.
Start Free TrialTopgolf Investment Activity
Topgolf invested in XXX companies to date.
Topgolf made its latest investment on XXXXXXXX, XXXXX. Topgolf invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Topgolf
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAbout Topgolf
| When was Topgolf founded? | Topgolf was founded in 1982. |
| Where is Topgolf headquartered? | Topgolf is headquartered in United States. |
| How many employees does Topgolf have? | As of today, Topgolf has over 30K employees. |
| Is Topgolf publicly listed? | Yes, Topgolf is a public company listed on NYSE. |
| What is the stock symbol of Topgolf? | Topgolf trades under MODG ticker. |
| When did Topgolf go public? | Topgolf went public in 1992. |
| Who are competitors of Topgolf? | Topgolf main competitors are Asmodée, Thule, Husqvarna, Yamaha. |
| What is the current market cap of Topgolf? | Topgolf's current market cap is $3B. |
| What is the current revenue of Topgolf? | Topgolf's last 12 months revenue is $2B. |
| What is the current revenue growth of Topgolf? | Topgolf revenue growth (NTM/LTM) is (0%). |
| What is the current EV/Revenue multiple of Topgolf? | Current revenue multiple of Topgolf is 2.4x. |
| Is Topgolf profitable? | Yes, Topgolf is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Topgolf? | Topgolf's last 12 months EBITDA is $227M. |
| What is Topgolf's EBITDA margin? | Topgolf's last 12 months EBITDA margin is 11%. |
| What is the current EV/EBITDA multiple of Topgolf? | Current EBITDA multiple of Topgolf is 22.1x. |
| What is the current FCF of Topgolf? | Topgolf's last 12 months FCF is ($12M). |
| What is Topgolf's FCF margin? | Topgolf's last 12 months FCF margin is (1%). |
| What is the current EV/FCF multiple of Topgolf? | Current FCF multiple of Topgolf is (402.2x). |
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.