does topgolf have stock — public ownership explained

Does Topgolf have stock? This article explains whether Topgolf is available as a standalone public share, summarizes its history with Callaway (MODG → CALY), details the 2025–2026 sale to Leonard G...

2026-01-25 11:32:00

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Topgolf — public ownership and stock status

Does Topgolf have stock? This article answers that question up front, then walks through the corporate history, the 2025–2026 transaction that moved Topgolf primarily into private ownership, the ticker history (MODG → CALY), and the practical options investors have for getting exposure. Readers will leave able to explain whether Topgolf is a standalone public equity, how it has been held inside public companies, and where to find authoritative data and filings.

Short answer

Topgolf itself is not a standalone publicly traded company. Historically, Topgolf’s business was combined with Callaway in a publicly listed entity (Topgolf Callaway Brands, traded under the ticker MODG). As of the transaction announced in late 2025 and closed at the start of 2026, a majority stake in Topgolf was sold to funds managed by Leonard Green & Partners and Topgolf is majority-owned by private equity; the public company returned to the Callaway Golf Company name and ticker (CALY) and retains a minority stake. In short: does topgolf have stock? No independent Topgolf share exists for retail investors — exposure now comes indirectly via Callaway’s retained interest.

Background — Callaway and Topgolf relationship

Callaway has been a long-standing public company in the golf equipment space, known for clubs, balls, and golf apparel. Topgolf began as an entertainment venue operator focused on golf-driven entertainment, leveraging Toptracer technology for ball-tracking at venues and other integrations.

The two businesses were combined into a single public company to create scale across equipment, venues, and technology. When the combined company listed and traded publicly, it used the identity Topgolf Callaway Brands and traded under the ticker MODG for a period. The combined structure grouped Callaway’s golf equipment and apparel business with Topgolf’s venue and Toptracer/technology operations within a single reporting company. This dual-brand corporate setup meant that public shareholders had exposure to both an equipment manufacturer and an entertainment/technology operator through one equity vehicle.

Documentation of the merger and combined-brand period appears in public filings and press materials from the combined company as well as reporting by major financial news outlets.

Timeline of key corporate and market events

Pre-merger / historical context

Callaway existed as a publicly traded golf equipment company for many years and was widely followed by investors interested in sporting goods and consumer discretionary exposure. Topgolf grew as a privately-held operator of entertainment venues that combined technology, food & beverage, and golf-driven entertainment. Before the corporate combination, Topgolf and Callaway were distinct entities with different capital structures and investor accessibility.

Combination and rebranding (2021–2022)

In the early 2020s the two businesses moved to a combined corporate structure. During the combined-company period the public company used the Topgolf Callaway Brands identity and the ticker MODG on the New York Stock Exchange. The combined disclosure and reporting showed revenue and segment data for the two branded business lines — Topgolf venues & Toptracer technology on one side, Callaway golf equipment and apparel on the other.

As a result, investors who owned shares under the MODG ticker gained exposure to both businesses together rather than buying Topgolf on a standalone basis. Financial pages and historical quotes track MODG trading and performance for that combined period.

Sale of majority Topgolf stake (announced 2025, closed 2026)

As of late 2025, news outlets and company communications reported that the public combined company announced the sale of a majority stake in the Topgolf business to funds managed by Leonard Green & Partners. As of November 2025, financial coverage summarized the intended transaction and market context.

As of January 5, 2026, per a company press release distributed via PR Newswire, the sale was completed and the transaction closed on January 1, 2026. The transaction transferred roughly 60% of Topgolf to the Leonard Green funds, valuing Topgolf at approximately $1.1 billion per the company’s release and filing summaries. Proceeds were disclosed as being used for debt repayment and corporate actions described in the press release; the public company disclosed a board-authorized share repurchase program in its release as well.

Name and ticker changes (January 2026)

In connection with the completed transaction, the public company announced a corporate name change and ticker transition. As of January 16, 2026, per the Callaway Golf Company investor-relations notice, the public company changed its corporate name back to Callaway Golf Company and intended to change its NYSE ticker from MODG to CALY. The name/ticker change reflects the public company’s refocused business identity with the Topgolf majority now privately held.

Current ownership and public-market structure (post-transaction)

After the transaction closed, Topgolf the operating business (venues and related technology) became majority-held by private equity funds managed by Leonard Green & Partners. The public company, which restored the Callaway Golf Company name, retained a minority stake in Topgolf — reported around 40% on a pro forma basis in company disclosures. This structure means:

Topgolf is primarily a private asset controlled by private-equity managers.
The public markets no longer list a pure-play Topgolf equity for retail investors.
Public investors may still hold indirect economic exposure to Topgolf via Callaway’s retained minority stake and any related accounting and disclosure in Callaway’s financial statements.

These changes shift where and how public-market participants can obtain exposure to Topgolf’s operating performance and value creation.

How an investor can (or cannot) buy "Topgolf" exposure

Direct retail purchase of Topgolf equity

Does Topgolf have stock that a retail investor can buy directly? No. Following the majority-stake sale, Topgolf is not a standalone publicly traded company. There is no separate Topgolf ticker available on public exchanges for direct retail purchase.

Indirect exposure via public Callaway Golf Company (CALY)

Investors seeking public-market exposure that includes Topgolf can consider buying shares of the publicly traded Callaway Golf Company (ticker CALY after the January 2026 change). Callaway’s publicly filed financial statements and investor communications describe the retained minority interest and how Topgolf’s results may contribute to Callaway’s consolidated or minority-accounted results. Purchasing CALY shares provides indirect exposure to Topgolf’s value through Callaway’s holdings, but that exposure is partial and mixed with Callaway’s core equipment and apparel businesses.

Private-equity ownership and access

The funds managed by Leonard Green & Partners that acquired the majority stake are private investment vehicles. Typical retail investors do not have direct access to these funds. Access to private-equity ownership can occur via specialized investment vehicles, fund-of-funds, or secondary markets that trade limited partnership interests — all of which have eligibility, liquidity, and regulatory constraints. For most individual investors, direct ownership of the Topgolf business is not feasible.

Ticker symbols, exchanges and historical quotes

Relevant tickers and their contexts:

MODG — Topgolf Callaway Brands Corp., NYSE (historical). During the combined-company period the entity traded under MODG and historical price charts and market-data vendors show the company’s trading history under this ticker.
CALY — Callaway Golf Company, NYSE (post-transaction). Following the sale and rebranding, the public company announced it would trade under CALY to reflect the restored Callaway identity.

Where to find historical and current market data:

Use widely available market-data providers and financial news sites for historical quotes and charts that cover MODG and CALY trading histories. Examples include Yahoo Finance (MODG historical quote pages), Macrotrends (long-term charts), MarketWatch and CNBC market quote pages. These data sources consolidate exchange data and corporate action adjustments for splits, ticker changes, and dividends.

Note that historical price charts under MODG include the period when Topgolf and Callaway were combined. Following the transaction and ticker change, subsequent price history reflects the Callaway Golf Company’s performance as a public entity with a minority exposure to Topgolf.

Financial and market-data snapshot (examples and sources)

Publicly available market and financial metrics for the public company typically include market capitalization, share count, recent trading volume, revenue, gross margin, and operating income (EBIT or EBITDA). For up-to-date values and historical series, consult market data pages and filings. Examples of metrics to check and common sources:

Market capitalization and daily trading volume — available on Yahoo Finance, MarketWatch and CNBC quote pages.
Historical price data — Macrotrends and Yahoo Finance provide downloadable histories and charts.
Revenue, EBITDA and segment reporting — presented in the company’s SEC filings and investor-relations releases, and summarized in financial coverage from Morningstar and analyst notes.

As of the company press release (PR Newswire) on January 5, 2026, the Topgolf valuation implied by the transaction was approximately $1.1 billion and the majority stake sold was about 60%. These quantifiable figures are disclosed in the company releases and used by financial reporters when summarizing the transaction. For the most recent market capitalization and share metrics of the public Callaway Golf Company (CALY), check the NYSE quote pages and market-data vendors mentioned above.

Investor considerations and risks

Key points investors should weigh when thinking about Topgolf exposure:

No standalone public equity: does topgolf have stock? No, not as an independent public share after the majority-stake sale.
Indirect exposure only: buying the public Callaway Golf Company (CALY) provides only partial exposure to Topgolf because Callaway retains a minority stake and the public company still carries its equipment and apparel business risks.
Business mix and cyclicality: Topgolf operates entertainment venues and hospitality services, which have different revenue patterns, seasonality, and capital intensity than traditional golf-equipment manufacturing. These operational differences affect consolidated earnings volatility.
Private-equity implications: a majority private-equity owner can change operational priorities, capital allocation, and growth plans more flexibly than a public company, potentially affecting disclosure and public transparency about the Topgolf business going forward.
Balance-sheet and corporate actions: company communications around the transaction indicated the use of proceeds for debt repayment and a board-authorized share repurchase program for the public company — factors that can influence per-share metrics and investor returns independent of Topgolf’s operational performance.

Investors should review SEC filings, the company’s investor-relations releases around the sale and name/ticker change, and up-to-date market quotes before making decisions. This article is factual and educational in nature and does not constitute investment advice.

How to track ongoing developments

To follow the public-company disclosures and Topgolf developments:

Read the company’s SEC filings and investor-relations press releases for primary documentation of transactions, accounting treatment, and forward-looking statements.
Monitor major financial news outlets — for example, Morningstar and MarketWatch — for reporting and analysis around corporate actions.
Use market-data providers (Yahoo Finance, Macrotrends, CNBC) to watch share-price movements and historical data for MODG and CALY.

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Ticker history recap (short)

MODG — Topgolf Callaway Brands Corp. (NYSE) during the combined-period; historical price data reflects the merged business.
CALY — Callaway Golf Company (NYSE) as of mid-January 2026 after the Topgolf majority sale and the public-company rename.

Historical charts and tick-by-tick data are maintained by the market-data vendors named earlier and will show the trading continuity across the corporate actions.

References and primary sources

As of January 5, 2026, per PR Newswire, Topgolf Callaway Brands Corp. issued a press release announcing completion of the sale of a majority stake in Topgolf to funds managed by Leonard Green & Partners, noting the transaction closed January 1, 2026, proceeds usage, and a board-authorized share repurchase program. (PR Newswire, Jan 5, 2026)
As of January 16, 2026, per the Callaway Golf Company investor-relations release, the public company confirmed its name change back to Callaway Golf Company and the intended NYSE ticker change to CALY effective around mid-January 2026. (Company investor relations, Jan 16, 2026)
Coverage and market commentary regarding the sale announcement appeared in financial press in November 2025, summarizing the planned transaction and market reaction. (Morningstar / MarketWatch coverage, Nov 2025)
Historical and current market-data pages for the combined company and the post-transaction company are available on financial data providers including Yahoo Finance (MODG historical quotes), Macrotrends (historical price data), MarketWatch and CNBC quotes. These sources provide daily volumes, market caps and historical charts for the tickers discussed.
Analyst and market-synthesis pages (for example, StockStory-style summaries and other analyst write-ups) provide context on the combined company’s financials and segment reporting in the period leading up to the transaction.

All data points and dates cited above are traceable to the company’s press releases and investor-relations statements and to coverage by the named financial information services.