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Camping World Holdings
(NYSE:CWH)
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Rating:45Neutral
Price Target:
$4.50
▼(-30.56% Downside)
Action:Reiterated
Date:10/06/26
CWH scores low primarily due to weak fundamentals—sharp TTM revenue contraction, ongoing net losses, and very high leverage—despite improved TTM cash flow. Technicals also reflect a clear downtrend (below key moving averages with negative MACD), while valuation support from a high dividend yield is tempered by loss-making earnings and elevated risk. Management’s cost and inventory actions are constructive, but guidance was reduced and corporate updates point to further earnings pressure.
Positive Factors
New RV market share
Exceeding 29% share indicates Camping World retains meaningful scale and competitive reach despite a weak RV market. Sustained share leadership can support purchasing leverage, customer acquisition, and recovery potential when industry volumes normalize over the next several quarters.
Negative Factors
Severe revenue contraction and losses
The sharp top-line contraction and persistent net losses show that current earnings power has deteriorated materially from prior profitable periods. Continued weakness limits internal funding capacity, makes fixed costs harder to absorb, and increases the importance of a sustained RV demand recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
New RV market share
Exceeding 29% share indicates Camping World retains meaningful scale and competitive reach despite a weak RV market. Sustained share leadership can support purchasing leverage, customer acquisition, and recovery potential when industry volumes normalize over the next several quarters.
Read all positive factors
Camping World Holdings (CWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$467.92M
Dividend Yield11.04%
Average Volume (3M)2.11M
Price to Earnings (P/E)―
Beta (1Y)2.10
Revenue Growth-0.80%
EPS Growth-928.62%
CountryUS
Employees11,286
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)-1.55
Shares Outstanding63,827,953
10 Day Avg. Volume2,657,583
30 Day Avg. Volume2,106,777
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)2.67
Price to Sales (P/S)0.10
P/FCF Ratio-1.59
Enterprise Value/Market Cap8.88
Enterprise Value/Revenue0.66
Enterprise Value/Gross Profit2.31
Enterprise Value/Ebitda8.48
Forecast
1Y Price Target
$7.75Price Target Upside19.66% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.24
Revenue Forecast (FY)$6.10B
Camping World Holdings Business Overview & Revenue Model
Company Description
Camping World Holdings, Inc., through its subsidiaries, functions as a leading retailer of recreational vehicles (RVs) and provides a comprehensive suite of related merchandise and support services. Its business activities are organized into two m...
How the Company Makes Money
Camping World makes money primarily through a combination of RV retail sales, aftermarket products and services, and recurring customer programs. (1) RV sales: A major revenue stream comes from selling new and used RVs through its dealership netwo...
Camping World Holdings Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: management delivered notable operational progress (market share gains, inventory cleansing, used-unit growth, SG&A reductions, Good Sam margin expansion and technology initiatives) that strengthen the company’s position. However, top-line pressures and margin compression driven by a weak new RV market, deliberate markdowns to clear aged inventory, Q2 results below expectations, and a lowered adjusted EBITDA outlook temper near-term outlook. Management emphasized cost actions and inventory discipline to stabilize results and improve leverage over time.Positive Updates
Market Share Gains and New ASP Increase
Gained new unit market share through May, exceeding a 29% share of all new RVs sold in the U.S.; new vehicle average sale price rose ~13% in the quarter driven by targeted share gains in fifth wheel and motorized segments.
Negative Updates
Revenue and New Unit Declines
Total revenue for Q2 was $1.9 billion, down 2.1% year over year; new vehicle revenue was $869 million, down 5%; new unit sales declined 16.4% year over year and industry new retail registrations declined ~16% through May.
Read all updates
Q2-2026 Updates
Positive
Negative
Market Share Gains and New ASP Increase
Gained new unit market share through May, exceeding a 29% share of all new RVs sold in the U.S.; new vehicle average sale price rose ~13% in the quarter driven by targeted share gains in fifth wheel and motorized segments.
Read all positive updates
Company Guidance
Management reset full-year adjusted EBITDA to $230 million–$270 million, reflecting an assumed industry new retail range of 290,000–310,000 units (down from prior 325k–350k) and a used market of 715,000–750,000 units, with Camping World modeling roughly 22.5%–23% North American total market share and 8.8%–9% used share; company pricing/volume anchors include new ASPs ≈ $39,500–$40,000 and used ASPs ≈ $30,000, full-year new gross margin 11.5%–12% and used margin 17.5%–~18%, and embedded expectations that July-to-date margins have improved sequentially. The plan targets ~$100 million of incremental annualized SG&A and operating efficiencies (first $50M by end-2026, ~$15M of benefit in 2026—mostly Q4—with ~$35M carrying into 2027, which combined with lapping ~$35M of H1 inventory-clearing impact gives roughly $70M of identifiable tailwinds into 2027), and is supported by inventory optimization (new units on lot down ~17% YoY, dollars down ~5%; prior-model-year exposure nearing 1% vs >6% a year ago; new >365 days cut >60% YoY; used units down 18% vs YE2025, average used age down >30% since end-Q1, used >180 days down ~50%; total resale inventory dollars down ~10%; floorplan notes down ~$280M). Balance-sheet metrics at quarter end: $224M cash, $185M unencumbered real estate, $1.4B long-term debt, with a near-term leverage goal to get “deep into the 5s” this year and a longer-term target below 3.5x (ideally below 3x).Camping World Holdings Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
18
Very Negative
Cash Flow
43
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.27B | 6.37B | 6.10B | 6.23B | 6.97B | 6.91B |
| Gross Profit | 1.80B | 1.88B | 1.83B | 1.88B | 2.26B | 2.47B |
| EBITDA | 489.90M | 414.12M | 255.75M | 343.63M | 671.13M | 908.42M |
| Net Income | -97.28M | -89.80M | -38.64M | 33.37M | 136.95M | 278.46M |
Balance Sheet | ||||||
| Total Assets | 4.86B | 5.04B | 4.86B | 4.85B | 4.80B | 4.37B |
| Cash, Cash Equivalents and Short-Term Investments | 224.07M | 215.04M | 208.42M | 39.65M | 130.13M | 267.33M |
| Total Debt | 3.74B | 4.08B | 3.64B | 3.86B | 3.85B | 3.34B |
| Total Liabilities | 4.46B | 4.67B | 4.38B | 4.63B | 4.55B | 4.14B |
| Stockholders Equity | 245.70M | 228.59M | 326.56M | 124.58M | 147.83M | 158.06M |
Cash Flow | ||||||
| Free Cash Flow | 50.00M | -384.27M | 144.58M | 110.31M | -21.69M | -99.50M |
| Operating Cash Flow | 245.79M | -131.99M | 245.16M | 310.81M | 189.78M | 154.00M |
| Investing Cash Flow | -25.91M | -201.16M | -88.17M | -369.41M | -422.54M | -355.77M |
| Financing Cash Flow | -113.89M | 339.77M | 11.79M | -31.89M | 95.55M | 303.03M |
Camping World Holdings Technical Analysis
Negative
6.48
Price Trends
5.94
Negative
6.45
Negative
7.84
Negative
Market Momentum
-0.44
Positive
28.40
Positive
39.00
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 6.48 is above the 20-day moving average (MA) of 5.20, above the 50-day MA of 5.94, and below the 200-day MA of 7.84, indicating a bearish trend. The MACD of -0.44 indicates Positive momentum. The RSI at 28.40 is Positive, neither overbought nor oversold. The STOCH value of 39.00 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 53 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 |
|---|---|---|---|---|---|---|---|
62 Neutral | $5.52B | 13.09 | 11.76% | 1.17% | -5.86% | -5.73% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $5.52B | 13.09 | 11.76% | 0.91% | -5.86% | -5.73% | |
58 Neutral | $7.47B | 24.70 | 4.80% | ― | 4.09% | -40.01% | |
56 Neutral | $5.20B | 7.14 | 33.18% | ― | -0.06% | 35.87% | |
45 Neutral | $467.92M | -2.92 | -39.48% | 11.04% | -0.80% | -928.62% |
* Consumer Cyclical Sector Average
CWH
Camping World Holdings
4.54
-9.99
-68.76%
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Camping World Holdings Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Camping World Lowers 2026 Outlook, Accelerates Cost Cuts
Negative
Oct 5, 2026
On October 5, 2026, Camping World Holdings warned that its full-year 2026 Adjusted EBITDA will fall below the previously guided range of $230 million to $270 million, citing softer new and used vehicle unit sales since July and heightened industry...
Business Operations and StrategyPrivate Placements and Financing
Camping World Holdings Expands Long-Term Mortgage Financing Capacity
Positive
Aug 31, 2026
On August 25, 2026, indirect subsidiaries of Camping World Holdings entered into an Amended and Restated Credit Agreement with Manufacturers and Traders Trust Company and other lenders, replacing a prior mortgage facility from October 27, 2022. Th...
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.