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Camping World Holdings (CWH)
NYSE:CWH
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Camping World Holdings
(NYSE:CWH)
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Rating:57Neutral
Price Target:
$13.00
▲(2.77% Upside)
Camping World Holdings' overall stock score is primarily impacted by its financial performance, which is constrained by high leverage and low profitability margins. The technical analysis indicates a bearish trend, further weighing on the score. However, the earnings call provided some optimism with significant growth in adjusted EBITDA and a strong cash position, which partially offsets the negative factors.
Positive Factors
Adjusted EBITDA Growth
The significant growth in adjusted EBITDA indicates strong operational performance and efficiency improvements, which can enhance profitability and provide a stable foundation for future investments and expansion.
Market Position in RV Sales
Holding a substantial share of the North American RV market underscores Camping World's strong competitive position, which can drive sustained revenue growth and reinforce its brand presence.
Improved Leverage
Reducing net leverage enhances financial flexibility and reduces risk, allowing the company to allocate more resources towards growth initiatives and withstand economic fluctuations.
Negative Factors
High Leverage
A high debt-to-equity ratio indicates significant leverage, which can constrain financial flexibility and increase vulnerability to economic downturns, potentially impacting long-term growth.
New RV Demand Decline
Declining demand for new RVs due to rising prices and macroeconomic factors could hinder revenue growth and necessitate strategic shifts to maintain market share.
Gross Margin Pressures
Pressure on gross margins from a richer product mix could limit profitability, requiring the company to enhance operational efficiencies or adjust pricing strategies to maintain earnings.
Camping World Holdings (CWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.29B
Dividend Yield3.95%
Average Volume (3M)1.81M
Price to Earnings (P/E)―
Beta (1Y)2.10
Revenue Growth6.58%
EPS Growth-72.69%
CountryUS
Employees12,701
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)0.43
Shares Outstanding62,648,647
10 Day Avg. Volume1,477,094
30 Day Avg. Volume1,806,557
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)3.10
Price to Sales (P/S)0.17
P/FCF Ratio6.56
Enterprise Value/Market Cap0.00
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price Target
$19.43Price Target Upside53.60% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
Camping World Holdings Business Overview & Revenue Model
Company DescriptionCamping World Holdings (CWH) is a leading retailer of recreational vehicles (RVs) and related products and services in the United States. The company operates through its extensive network of retail locations, offering a wide range of new and used RVs, parts and accessories, as well as RV maintenance and repair services. Camping World also provides various financing options and insurance products, catering to the needs of RV enthusiasts and outdoor adventurers.
How the Company Makes MoneyCamping World Holdings generates revenue through multiple streams, primarily from the sale of new and used RVs, which constitutes a significant portion of its income. Additionally, the company earns money by selling parts and accessories for RVs, as well as providing maintenance and repair services. Another key revenue source is the financing and insurance services offered to customers, often in partnership with financial institutions. The company's broad retail footprint and strong brand presence in the RV market, along with strategic acquisitions of other RV dealerships, contribute to its overall earnings.
Camping World Holdings Earnings Call Summary
Earnings Call Date:Oct 28, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 24, 2026
Earnings Call Sentiment Neutral
Despite significant growth in adjusted EBITDA and strong cash position, challenges in new RV demand and macroeconomic uncertainty impact the outlook. The company remains confident in its ability to leverage used RV sales and operational efficiencies to drive future growth.Q3-2025 Updates
Positive Updates
Significant Growth in Adjusted EBITDA
Adjusted EBITDA grew by over 40% to $95.7 million, indicating strong operational performance and efficiency improvements.
Record Unit Volume in RV Sales
The company achieved record unit volume, selling nearly 14% of new and used RVs in North America, emphasizing consumer focus on value and affordability.
Improved Net Leverage
Net leverage reduced by nearly 3 turns since the beginning of the year, achieved through debt paydown, earnings improvement, and cash generation.
Potential Upside in 2026
The company anticipates potential upside from SG&A cost takeouts, used RV sales, dealership acquisitions, and new RV sales.
Strong Cash Position
The quarter ended with $230 million of cash on the balance sheet, $427 million of used inventory owned outright, and nearly $260 million of real estate without an associated mortgage.
Negative Updates
New RV Demand Decline
New RV demand is facing resistance due to rising prices and macroeconomic factors, leading to a conservative outlook for 2026.
Lapping Previous Year Benefits
The company will lap Good Sam loyalty breakage benefits and F&I actuarial benefits experienced last year, impacting financial comparisons.
Gross Margin Pressures
New ASPs improved but led to a slight decline in gross margin percentages due to a richer mix.
Uncertain Macroeconomic Environment
Factors such as interest rates, inflation, and potential government actions create uncertainty for the 2026 outlook.
Company Guidance
During the Camping World Holdings conference call discussing the third quarter of fiscal year 2025, management provided guidance and insights for the upcoming year. The company reported a 40% increase in adjusted EBITDA, reaching $95.7 million, with new and used RV sales accounting for nearly 14% of the North American market. For 2026, Camping World anticipates an adjusted EBITDA floor of approximately $310 million, not including potential upsides from cost savings, used unit sales, dealership acquisitions, and new unit sales. The company plans to leverage its used RV supply chain, with expectations that each additional 1,000 used units sold could yield roughly $6 million in adjusted EBITDA. Additionally, there are $15 million in anticipated cost savings through marketing technology and AI implementation. The company also remains focused on deleveraging, having already reduced net leverage by nearly three turns since the beginning of the year. With a cautious outlook on new RV sales due to potential consumer resistance and rising OEM prices, the company plans to rely on its market-leading used sales and Good Sam businesses to drive growth and improve financial performance.Camping World Holdings Financial Statement Overview
Summary
Camping World Holdings faces challenges with high leverage and low profitability margins. While revenue growth is stable, the company's financial health is impacted by significant debt levels and constrained cash flow, which could limit future expansion and operational flexibility.Income Statement
Over the TTM, Camping World Holdings shows a moderate gross profit margin of 30.03% and a low net profit margin of 0.88%. Revenue growth is sluggish, with only a 3.59% increase compared to the previous year. EBIT and EBITDA margins are relatively low at 3.17% and 3.31% respectively, indicating limited profitability.65
Positive
Balance Sheet
The company's debt-to-equity ratio is quite high at 6.61, reflecting significant leverage which poses potential risk. Return on equity is reasonable at 16.37%, suggesting decent profitability relative to shareholder investment, but the equity ratio remains low at 6.56%, indicating a heavy reliance on debt financing.58
Neutral
Cash Flow
Free cash flow growth is minimal at 2.93%, with operating cash flow to net income ratio at 2.08, showing good cash generation relative to net income. However, the free cash flow to net income ratio is low at 0.28, pointing to limited cash flow available after capital expenditures.60
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.40B | 6.10B | 6.23B | 6.97B | 6.91B | 5.45B |
| Gross Profit | 1.92B | 1.83B | 1.88B | 2.18B | 2.39B | 1.65B |
| EBITDA | 559.00M | 226.50M | 336.39M | 707.84M | 908.42M | 563.75M |
| Net Income | -43.02M | -38.64M | 31.04M | 351.03M | 642.08M | 344.21M |
Balance Sheet | ||||||
| Total Assets | 5.00B | 4.86B | 4.85B | 4.80B | 4.37B | 3.26B |
| Cash, Cash Equivalents and Short-Term Investments | 230.51M | 208.42M | 39.65M | 130.13M | 267.33M | 166.07M |
| Total Debt | 2.32B | 3.64B | 3.86B | 3.78B | 3.34B | 2.58B |
| Total Liabilities | 4.52B | 4.38B | 4.63B | 4.55B | 4.14B | 3.27B |
| Stockholders Equity | 296.22M | 326.56M | 124.58M | 147.83M | 158.06M | 26.77M |
Cash Flow | ||||||
| Free Cash Flow | -288.68M | 154.32M | 110.31M | -21.69M | -99.50M | 662.57M |
| Operating Cash Flow | -207.98M | 245.16M | 310.81M | 189.78M | 154.00M | 747.67M |
| Investing Cash Flow | -209.99M | -88.17M | -369.41M | -422.54M | -355.77M | -125.94M |
| Financing Cash Flow | 508.84M | 11.79M | -31.89M | 95.55M | 303.03M | -603.18M |
Camping World Holdings Technical Analysis
Negative
12.65
Price Trends
16.44
Negative
16.85
Negative
17.12
Negative
Market Momentum
-0.23
Positive
29.37
Positive
56.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CWH, the sentiment is Negative. The current price of 12.65 is below the 20-day moving average (MA) of 15.50, below the 50-day MA of 16.44, and below the 200-day MA of 17.12, indicating a bearish trend. The MACD of -0.23 indicates Positive momentum. The RSI at 29.37 is Positive, neither overbought nor oversold. The STOCH value of 56.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CWH.
Camping World Holdings Risk Analysis
Camping World Holdings disclosed 52 risk factors in its most recent earnings report. Camping World Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Camping World Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ― | $3.99B | 15.33 | 13.79% | 1.36% | -2.81% | -6.88% | |
| ― | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
| ― | $3.99B | 14.25 | 13.79% | 1.46% | -2.81% | -6.88% | |
| ― | $1.29B | -13.59 | -26.78% | 3.95% | 6.58% | -72.69% | |
| ― | $6.24B | 12.47 | 8.42% | ― | 2.17% | 28.59% | |
| ― | $7.17B | 11.56 | 27.16% | ― | 6.06% | -1.71% | |
| ― | $8.18M | -0.02 | -201.56% | ― | -32.14% | 68.58% |
* Consumer Cyclical Sector Average
CWH
Camping World Holdings
12.65
-9.47
-42.81%
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Camping World Holdings Corporate Events
Camping World Holdings Reports Strong Q3 2025 Results
Oct 30, 2025
Camping World Holdings, Inc., the world’s largest retailer of recreational vehicles (RVs) and related products, operates in the RV and outdoor retail industry, offering a comprehensive range of RV products and services through its national network of dealerships and service centers.
Camping World Holdings’ Earnings Call Highlights Growth and Challenges
Oct 30, 2025
Despite significant growth in adjusted EBITDA and a robust cash position, Camping World Holdings faces challenges in new RV demand and macroeconomic uncertainty, impacting its outlook. However, the company remains confident in leveraging used RV sales and operational efficiencies to drive future growth.
Camping World Holdings Reports Strong Q2 2025 Results
Jul 31, 2025
Camping World Holdings, Inc., headquartered in Lincolnshire, IL, is the world’s largest retailer of recreational vehicles (RVs) and related products and services, operating through its Camping World and Good Sam brands. The company aims to make RVing and outdoor adventures accessible and enjoyable, with a comprehensive range of RV products and services, a national network of dealerships, and a strong online presence.
Camping World Holdings Reports Record RV Sales and Revenue Gains
Jul 31, 2025
The recent earnings call for Camping World Holdings was marked by a generally positive sentiment, highlighting robust sales performance and significant market share gains, particularly in the used RV segment, finance, and insurance. However, the company also acknowledged ongoing challenges, such as headcount reductions, pressure on new RV average selling prices (ASPs), and the need to achieve their SG&A reduction goals.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.