Loading institutional data...
Loading institutional data...
Held by 305 of 6,047 reporting institutions (94th percentile) — extremely crowded.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 16 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AMCR | $19.3B | 17.6× | 9.5× | 0.8× | 56.6% | 20.0% | 4.7% | 9.4% | 4.3% | 3.8× | — |
| HAS | $13.5B | — | 114.6× | 2.5× | 13.1% | 75.8% | -6.0% | -57.0% | -8.4% | — | 750 |
| MAT | $4.8B | 13.6× | 8.2× | 0.9× | -0.6% | 48.7% | 7.4% | 17.8% | 8.7% | 1.5× | 391 |
| GOLF | $4.7B | 26.1× | 16.0× | 1.9× | 4.1% | 47.7% | 7.4% | 24.1% | 10.9% | 2.7× | 326 |
| BRC | $4.0B | — | 12.4× | 2.4× | 9.8% | 51.7% | 12.4% | 15.1% | 15.0% | -0.6× | 321 |
| YETI | $2.9B | 19.4× | 11.0× | 1.5× | 2.1% | 57.4% | 8.9% | 25.4% | 22.9% | 0.3× | 437 |
| CALY | $2.5B | — | 13.0× | 1.2× | -0.8% | 42.1% | -19.9% | -19.8% | -14.8% | -1.2× | 305 |
| PTON | $2.3B | 37.3× | 11.1× | 0.9× | -1.8% | 52.6% | 2.6% | -45.2% | 5.3% | 0.6× | 462 |
| ODC | $1.3B | — | 13.7× | 2.6× | 11.0% | 29.5% | 11.1% | 20.8% | 20.8% | -0.6× | 156 |
| DAKT | $896M | 20.3× | 9.7× | 1.1× | 10.9% | 27.3% | 5.4% | 15.1% | 14.6% | -1.5× | 181 |
| JOUT | $448M | — | 70.4× | 0.8× | -0.1% | 35.1% | -5.8% | -8.2% | -8.2% | — | 132 |
| FNKO | $365M | — | 40.5× | 0.4× | -13.5% | — | -7.4% | -36.3% | -16.4% | 13.5× | 124 |
| JAKK | $321M | 32.6× | 11.0× | 2.8× | -83.6% | — | 8.7% | 4.0% | 4.0% | -2.1× | 103 |
| ESCA | $251M | 18.4× | 11.3× | 1.0× | -4.5% | 26.9% | 5.7% | 7.9% | 7.1% | 0.8× | 84 |
| AOUT | $215M | — | 56.2× | 1.1× | -14.3% | 44.7% | -4.8% | -5.6% | -5.6% | -6.2× | 95 |
| TOYO | $185M | 3.8× | 1.7× | 0.4× | 142% | 22.5% | 9.3% | 35.6% | 27.9% | -0.2× | — |
| CLAR | $136M | — | — | 0.5× | -5.2% | 33.1% | -18.6% | -23.7% | -23.7% | — | 88 |
Peers = companies sharing CALY's sector (Sporting & Athletic Goods, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $13.54 today, the market must believe free cash flow compounds -7.2%/yr for a decade (off $316.7M on the 3-yr avg basis).
On the basis ($288.5M) the requirement is -5.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -7.2% is more conservative than its 9-yr track record.
Default is 9.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.18B shares (market data) · net debt -$207.8M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 47.6% · volatility σ 204% · implied rate exceeded in 3/7 yrs
Central path = implied -7.2%/yr growth; shaded band = ±1σ (204%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $3.7M buybacks = $3.7M returned on $302.2M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: -15%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $903.2M (at 2025-12-31) covers all $5.7M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~8.7% on $695.4M of debt.
Cash of $903.2M fully covers short-term debt of $44.7M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 50th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -20% against ROIC -15% — -5% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -18.3% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 19.1× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 53.5 | 54.9 | 58.6 | — | — | 56.5 | 57.3 | 57.9 |
| Gross Profit | 46.5 | 45.1 | 41.4 | — | — | 43.5 | 42.7 | 42.1 |
| R&D | 3.3 | 3.0 | 2.9 | 2.2 | 1.9 | 2.9 | 3.1 | 3.2 |
| SG&A | 8.1 | 34.3 | 34.1 | 27.1 | 24.3 | 31.5 | 32.2 | 32.7 |
| Operating Income | 10.3 | 7.8 | -6.6 | 6.5 | 6.4 | 9.1 | 7.4 | 6.2 |
| Income Tax | 2.1 | 1.0 | -0.0 | 0.9 | -0.4 | 1.4 | 0.9 | 2.4 |
| Net Income | 8.4 | 4.7 | -8.0 | 10.3 | 4.0 | 4.5 | -69.7 | -19.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CALY: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.06B 100.0% | $2.08B 100.0% | $2.13B 100.0% | $4.00B 100.0% | $3.13B 100.0% | $1.59B 100.0% | $1.70B 100.0% | $1.24B 100.0% | $1.05B 100.0% | $871.2M 100.0% |
| Cost of Revenue | $1.19B 57.9% | $1.19B 57.3% | $1.21B 56.5% | — | — | $931.9M 58.6% | $934.3M 54.9% | $664.5M 53.5% | $568.3M 54.2% | $486.2M 55.8% |
| Gross Profit | $867.6M 42.1% | $887.0M 42.7% | $927.1M 43.5% | — | — | $657.6M 41.4% | $766.8M 45.1% | $578.4M 46.5% | $480.4M 45.8% | $385.0M 44.2% |
| Research & Development | $65.5M 3.2% | $64.1M 3.1% | $61.8M 2.9% | $76.4M 1.9% | $68.0M 2.2% | $46.3M 2.9% | $50.6M 3.0% | $40.8M 3.3% | $36.6M 3.5% | $33.3M 3.8% |
| Selling, General & Admin | $674.0M 32.7% | $670.0M 32.2% | $671.2M 31.5% | $970.6M 24.3% | $849.7M 27.1% | $542.5M 34.1% | $583.5M 34.3% | $100.5M 8.1% | $94.2M 9.0% | $72.0M 8.3% |
| Total Operating Expenses | — | — | — | — | — | $763.1M 48.0% | $634.1M 37.3% | $449.9M 36.2% | $401.6M 38.3% | $340.8M 39.1% |
| Operating Income | $128.1M 6.2% | $152.9M 7.4% | $194.1M 9.1% | $256.8M 6.4% | $204.7M 6.5% | -$105.5M -6.6% | $132.7M 7.8% | $128.4M 10.3% | $78.8M 7.5% | $44.2M 5.1% |
| Interest Expense | $60.6M 2.9% | $63.0M 3.0% | $210.2M 9.9% | $142.8M 3.6% | $115.6M 3.7% | $46.9M 3.0% | $38.5M 2.3% | $5.5M 0.4% | $4.4M 0.4% | $2.4M 0.3% |
| Interest & Investment Income | — | — | — | — | — | $492K 0.0% | $807K 0.0% | $594K 0.0% | $454K 0.0% | $621K 0.1% |
| Other Income (Expense), net | $20.1M 1.0% | $21.6M 1.0% | $6.1M 0.3% | $27.9M 0.7% | $9.0M 0.3% | $24.9M 1.6% | $1.6M 0.1% | $7.8M 0.6% | -$6.9M -0.7% | -$1.7M -0.2% |
| Pretax Income | $87.6M 4.3% | $111.5M 5.4% | $129.5M 6.1% | $141.9M 3.6% | $350.6M 11.2% | -$127.5M -8.0% | $95.8M 5.6% | $131.3M 10.6% | $68.1M 6.5% | $58.4M 6.7% |
| Income Tax Expense | $48.8M 2.4% | $18.1M 0.9% | $30.0M 1.4% | -$16.0M -0.4% | $28.6M 0.9% | -$600K -0.0% | $16.5M 1.0% | $26.0M 2.1% | $26.4M 2.5% | -$132.6M -15.2% |
| Net Income | -$409.3M -19.9% | -$1.45B -69.7% | $95.0M 4.5% | $157.9M 4.0% | $322.0M 10.3% | -$126.9M -8.0% | $79.4M 4.7% | $104.7M 8.4% | $40.8M 3.9% | $189.9M 21.8% |
| Per Share | ||||||||||
| EPS (Basic) | -$2.23 | -$7.88 | $0.51 | $0.85 | $1.90 | -$1.35 | $0.84 | $1.11 | $0.43 | $2.02 |
| EPS (Diluted) | -$2.20 | -$7.23 | $0.50 | $0.82 | $1.82 | -$1.35 | $0.82 | $1.08 | $0.42 | $1.98 |
| Weighted Avg Shares (Basic) | 183.7M | 183.7M | 185.0M | 184.9M | 169.1M | 94.2M | 94.3M | 94.6M | 94.3M | 94.0M |
| Weighted Avg Shares (Diluted) | 185.7M | 199.3M | 201.1M | 201.3M | 176.9M | 94.2M | 96.3M | 97.2M | 96.6M | 95.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Earns -7.01pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 7.1% | 9.9% (today's — no rate published for this year) | -2.8pts |
| FY2020 | -6.0% | 9.9% (today's — no rate published for this year) | -15.9pts |
| FY2021 | 2.4% | 8.9% | -6.6pts |
| FY2022 | 2.6% | 8.7% | -6.1pts |
| FY2023 | 2.0% | 9.2% | -7.2pts |
| FY2024 | 3.0% | 9.3% | -6.3pts |
| FY2025 | 4.2% | 8.5% | -4.2pts |
| Now | -14.8% | 9.9% | -24.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 44.2% | 5.1% | 21.8% |
| FY2017 | 45.8% | 7.5% | 3.9% |
| FY2018 | 46.5% | 10.3% | 8.4% |
| FY2019 | 45.1% | 7.8% | 4.7% |
| FY2020 | 41.4% | -6.6% | -8.0% |
| FY2021 | not reported | 6.5% | 10.3% |
| FY2022 | not reported | 6.4% | 4.0% |
| FY2023 | 43.5% | 9.1% | 4.5% |
| FY2024 | 42.7% | 7.4% | -69.7% |
| FY2025 | 42.1% | 6.2% | -19.9% |
Return on equity is 5 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$620M of goodwill — 20% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 3.63% against 2.9% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Cash conversion of -0.00x sits below the level that would make the earnings clearly cash-backed.
Shares outstanding are up 95% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Stressed coverage falls to 1.5x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.11x |
| 5% | 2.01x |
| 10% | 1.90x |
| 15% | 1.80x |
| 20% | 1.69x |
| 25% | 1.59x |
| 30% | 1.48x |
| 35% | 1.37x |
| 40% | 1.27x |
| 45% | 1.16x |
| 50% | 1.06x |
| 55% | 0.95x |
| 60% | 0.85x |
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $13.84, free cash flow must compound -5.53%/yr for 10 years. It has done 45.5%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 493.4% | −5.5% |
| FY2021 | −123.3% | −5.5% |
| FY2024 | 5.9% | −5.5% |
| FY2025 | −9.3% | −5.5% |
The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$409M | −$409M |
| Share-based comp | $24M | −$386M |
| Other non-cash & working capital | $720M | $334M |
| Operating cash flow | $334M | $334M |
| Capex | −$32M | $302M |
| Free cash flow | $302M | $302M |
| FCF after SBC | $278M | $278M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -6.6% | -1.4% | 5.2 points |
| FY2021 | 97.1% | -24.0% | -121.1 points |
| FY2022 | 27.5% | 58.9% | 31.4 points |
| FY2023 | -46.6% | 19.8% | 66.5 points |
| FY2024 | -2.6% | -31.6% | -29.0 points |
| FY2025 | -0.8% | -10.2% | -9.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 30.1 days | 178.4 days | 26.5 days | 182 days |
| FY2020 | 31.8 days | 138.1 days | 26 days | 143.9 days |
| FY2021 | 12.3 days | not reported | not reported | not reported |
| FY2022 | 15.3 days | not reported | not reported | not reported |
| FY2023 | 34.3 days | 240.5 days | 39.6 days | 235.3 days |
| FY2024 | 24.1 days | 192.6 days | 18.9 days | 197.8 days |
| FY2025 | 21.8 days | 191.4 days | 33.5 days | 179.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.4 percent |
| FY2020 | -17.9 percent |
| FY2021 | 0.6 percent |
| FY2022 | 2.3 percent |
| FY2023 | -3.0 percent |
| FY2024 | -24.0 percent |
| FY2025 | -10.2 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.