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Camping World Holdings (CWH)
NYSE:CWH
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Camping World Holdings
(NYSE:CWH)
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Rating:59Neutral
Price Target:
$17.00
▲(3.53% Upside)
Camping World Holdings' overall score is primarily influenced by its financial performance, which is constrained by high leverage and low profitability margins. The technical analysis indicates a bearish trend, further impacting the score. However, the positive sentiment from the earnings call, highlighting strong sales and strategic growth, provides some optimism. The valuation is mixed, with a negative P/E ratio but a reasonable dividend yield.
Positive Factors
Record RV Sales
Record RV sales indicate strong demand and effective sales strategies, enhancing market position and supporting revenue growth.
Finance and Insurance Revenue
Record finance and insurance revenue underscores the company's ability to diversify income streams, enhancing financial stability.
Used RV Segment Growth
Focus on used RV segment growth leverages market trends, potentially increasing profitability and market share.
Negative Factors
High Leverage
High leverage can limit financial flexibility and increase risk, potentially impacting long-term operational capabilities.
Low Profit Margins
Low profit margins indicate challenges in cost management and pricing power, which may affect long-term profitability.
New RV ASP Decline
Declining ASPs for new RVs can pressure revenue and margins, challenging the company's ability to maintain profitability.
Camping World Holdings (CWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.65B
Dividend Yield3.05%
Average Volume (3M)1.92M
Price to Earnings (P/E)―
Beta (1Y)1.98
Revenue Growth5.15%
EPS Growth48.98%
CountryUS
Employees12,701
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)0.57
Shares Outstanding62,648,647
10 Day Avg. Volume2,189,450
30 Day Avg. Volume1,917,659
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 Cap2.94
Enterprise Value/Revenue0.77
Enterprise Value/Gross Profit2.57
Enterprise Value/Ebitda17.27
Forecast
1Y Price Target
$19.69Price Target Upside19.91% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
Camping World Holdings Business Overview & Revenue Model
Company DescriptionCamping World Holdings, Inc., through its subsidiaries, retails recreational vehicles (RVs), and related products and services. It operates in two segments, Good Sam Services and Plans; and RV and Outdoor Retail. The company provides a portfolio of services, protection plans, products, and resources in the RV industry. It also offers extended vehicle service contracts; roadside assistance plans; property and casualty insurance programs; travel assist travel protection plans; and RV and outdoor related consumer shows, as well as produces various monthly and annual RV focused consumer magazines; and operates the Coast to Coast Club. In addition, the company provides new and used RVs; vehicle financing; RV repair and maintenance services; various RV parts, equipment, supplies, and accessories, which include towing and hitching products, satellite and GPS systems, electrical and lighting products, appliances and furniture, and other products; and collision repair services comprising fiberglass front and rear cap replacement, windshield replacement, interior remodel solutions, and paint and body work. Further, it offers equipment, gears, and supplies for camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, and marine and watersports equipment and supplies, as well as operates Good Sam Club, a membership organization that offers savings on a range of products and services and provides co-branded credit cards. As of December 31, 2021, the company operated through a network of approximately 187 retail locations in 40 states of the United States. It serves customers through dealerships, and online and e-commerce platforms. The company was founded in 1966 and is headquartered in Lincolnshire, Illinois.
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:Jul 29, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 04, 2025
Earnings Call Sentiment Positive
Camping World demonstrated strong sales performance and strategic growth in its finance, insurance, and Good Sam segments. Despite challenges like workforce reduction and pressure from lower new RV ASPs, the company remains confident in its operational strategies and financial health.Q2-2025 Updates
Positive Updates
Record RV Sales
Camping World set a record by selling 45,000 RV units in the quarter, more than ever before in a single quarter.
Finance and Insurance Revenue Record
The company achieved the highest revenue ever in its finance and insurance department, generating $200 million.
Good Sam Revenue Record
Good Sam also set a revenue record, contributing to the company's financial performance.
File Size Growth
The company reported an increase of 80,000 new customers in the quarter, indicating strong customer acquisition.
Same-Store Sales Growth
Same-store unit growth trends showed promising signs, with July already seeing used RV sales up in the high teens and new RV sales in high single digits year-over-year.
Used RV Segment Growth
Camping World committed to double-digit growth in the used RV segment, attributing its profitability to this focus.
SG&A Improvement
SG&A as a percentage of gross profit improved by 276 basis points year-over-year.
Strong Balance Sheet
The company ended the quarter with $118 million in cash, $519 million of used inventory net of flooring, and $247 million in real estate without a mortgage.
Adjusted EBITDA Growth
Adjusted EBITDA was $142.2 million, compared to $105.6 million in the previous year.
Negative Updates
Headcount Reduction
The company reduced its workforce by 1,000 people since January, a necessary but unfortunate decision.
New RV ASP Decline
Average selling prices (ASP) for new RVs are projected to be down 10% to 12% for the year.
Pressure from Lower ASPs
SG&A improvements are being challenged by lower average selling prices of new RVs.
Used Inventory Management
The company is slightly over-inventoried on the used side and needs to manage inventory levels carefully.
Company Guidance
During the Camping World Holdings conference call for the second quarter of fiscal year 2025, CEO Marcus Lemonis reported record sales of 45,000 RV units and a revenue record of $200 million from the finance and insurance department. The company also achieved a revenue milestone for its Good Sam business. Despite challenges in the RV industry and the broader macroeconomic environment, Camping World managed an 80,000 increase in its customer file size. The company also focused on consolidating locations, resulting in a reduction of 1,000 employees, while improving operational efficiency. Lemonis noted that gross margins exceeded 30%, with a short-term goal of reducing SG&A by 600 to 700 basis points. Looking ahead, the company expects double-digit growth in used RV sales and aims to further reduce fixed costs by $10 million to $15 million. Camping World ended the quarter with $118 million in cash and has paid down $75 million of long-term debt, while continuing to explore acquisition opportunities, particularly for the Good Sam business.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 | 6.32B | 6.10B | 6.23B | 6.97B | 6.91B | 5.45B |
| Gross Profit | 1.90B | 1.83B | 1.88B | 2.18B | 2.39B | 1.65B |
| EBITDA | 282.06M | 226.50M | 336.39M | 707.84M | 908.42M | 563.75M |
| Net Income | -8.16M | -38.64M | 31.04M | 351.03M | 642.08M | 344.21M |
Balance Sheet | ||||||
| Total Assets | 5.19B | 4.86B | 4.85B | 4.80B | 4.37B | 3.26B |
| Cash, Cash Equivalents and Short-Term Investments | 118.08M | 208.42M | 39.65M | 130.13M | 267.33M | 166.07M |
| Total Debt | 2.25B | 3.64B | 3.86B | 3.78B | 3.34B | 2.58B |
| Total Liabilities | 4.68B | 4.38B | 4.63B | 4.55B | 4.14B | 3.27B |
| Stockholders Equity | 340.54M | 326.56M | 124.58M | 147.83M | 158.06M | 26.77M |
Cash Flow | ||||||
| Free Cash Flow | 15.88M | 154.32M | 110.31M | -21.69M | -99.50M | 662.57M |
| Operating Cash Flow | 116.22M | 245.16M | 310.81M | 189.78M | 154.00M | 747.67M |
| Investing Cash Flow | -213.32M | -88.17M | -369.41M | -422.54M | -355.77M | -125.94M |
| Financing Cash Flow | 191.44M | 11.79M | -31.89M | 95.55M | 303.03M | -603.18M |
Camping World Holdings Technical Analysis
Negative
16.42
Price Trends
16.64
Negative
17.06
Negative
17.60
Negative
Market Momentum
-0.23
Positive
46.83
Neutral
32.30
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 16.42 is below the 20-day moving average (MA) of 16.83, below the 50-day MA of 16.64, and below the 200-day MA of 17.60, indicating a bearish trend. The MACD of -0.23 indicates Positive momentum. The RSI at 46.83 is Neutral, neither overbought nor oversold. The STOCH value of 32.30 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $4.11B | 16.16 | 13.79% | 1.29% | -2.81% | -6.88% | |
70 Outperform | $8.46B | 14.06 | 27.24% | ― | 3.15% | -12.49% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $4.22B | 15.17 | 13.79% | 1.41% | -2.81% | -6.88% | |
59 Neutral | $1.65B | ― | -3.66% | 3.05% | 5.15% | 48.98% | |
56 Neutral | $6.82B | 13.63 | 8.42% | ― | 2.17% | 28.59% | |
40 Underperform | $10.01M | ― | -201.56% | ― | -32.14% | 68.58% |
* Consumer Cyclical Sector Average
CWH
Camping World Holdings
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-26.76%
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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.