Camping World Holdings (CWH) AI Stock Analysis

• Market Cap: $597.32M
• Dividend Yield: 4.97%
• Average Volume (3M): 3.35M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.15
• Revenue Growth: 6.58%
• EPS Growth: -72.69%
• Country: US
• Employees: 12,701
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Dealerships
• EPS (TTM): -0.73
• Shares Outstanding: 63,519,783
• 10 Day Avg. Volume: 3,904,397
• 30 Day Avg. Volume: 3,346,355
• PEG Ratio: -0.09
• Price to Book (P/B): 2.67
• Price to Sales (P/S): 0.10
• P/FCF Ratio: -2.33
• Enterprise Value/Market Cap: 4.72
• Enterprise Value/Revenue: 0.44
• Enterprise Value/Gross Profit: 1.50
• Enterprise Value/Ebitda: 4.72
• 1Y Price Target: $14.00
• Price Target Upside: 141.38% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.61
• Revenue Forecast (FY): $6.60B

• Rating: 42 Neutral
• Price Target: $5.50 ▼(-5.17% Downside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is held down primarily by weak financial performance (steep revenue decline, negative 2025 operating/free cash flow, and very high leverage) and bearish technicals (price far below major moving averages with negative momentum). The earnings call adds some support via a defined operational/deleveraging plan and 2026 EBITDA guidance, but near-term margin and inventory-clearing headwinds keep the risk profile elevated.

Positive Factors

Adjusted EBITDA improvement

A >35% full-year adjusted EBITDA increase shows the business can restore operating profitability through cost and mix improvements. Durable because improved EBITDA reflects operational leverage and better margin recovery potential, which supports cash flow generation if sustained across cycles.

Good Sam recurring revenue momentum

Growth in Good Sam subscription and services revenue diversifies revenue away from cyclical RV sales into recurring, higher-margin offerings. This membership-driven stream strengthens customer retention and predictable cash flows, improving long-term margin resilience and reducing sales volatility.

SG&A cuts and balance sheet actions

Achieved $25M of ongoing SG&A savings demonstrates management's ability to structurally reduce cost base. Coupled with explicit deleveraging actions and cash retention priorities, these cuts improve operating leverage and enhance the firm's capacity to service debt and fund strategic initiatives over time.

Negative Factors

Extremely elevated leverage

Very high leverage materially constrains strategic flexibility and increases vulnerability to interest-rate and demand shocks. A thin equity base amplifies returns volatility and limits capacity for investment, making sustained deleveraging central to restoring durable financial health.

Sharp revenue downcycle and weak cash flow

A steep revenue decline and recent negative operating/free cash flow undermine the company's ability to self-fund working capital and debt reduction. Until revenues and cash conversion sustainably recover, the firm faces ongoing liquidity and capital-allocation constraints that impair long-term stability.

Inventory-cleansing and margin headwinds

Forced inventory liquidation and promotional activity compress gross margins and create front-loaded EBITDA pressure. If inventory velocity and mix don't normalize, persistent margin erosion will hinder durable profitability and slow recovery of cash flows needed for deleveraging.

Camping World Holdings Business Overview & Revenue Model

Company Description

Camping 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 Money

Camping World primarily generates revenue from (1) selling new and used RVs and (2) providing high-margin aftermarket products and services to RV owners. RV sales: The company earns revenue from retailing new RVs sourced from manufacturers and used RVs acquired via trade-ins and purchases; profitability depends on unit volume, pricing, product mix, and inventory/wholesale conditions. Parts, accessories, and other retail: CWH sells RV parts, upgrades, and outdoor/lifestyle products through its dealerships and online channels; these sales can benefit from recurring customer demand tied to RV ownership. Service and repair: The company operates service bays that perform maintenance, repairs, and installations (e.g., accessories and upgrades), producing labor and service-related revenue and supporting customer retention. Financing and insurance-related income: When customers finance RV purchases or buy related protection products, the company can earn finance & insurance (F&I) income through arranging loans and selling related products (e.g., service contracts and other protection offerings); the exact mix and structure of these programs varies by offering and channel. Memberships and customer programs: CWH also monetizes customer relationships through membership/subscription-style programs and affiliated offerings that can generate recurring fees and increase spend across retail, service, and travel-related offerings. Overall earnings are influenced by RV demand cycles, interest rates and credit availability (affecting financed purchases), dealership/service network scale and utilization, and the balance between lower-margin vehicle sales and higher-margin recurring aftermarket revenue.

Camping World Holdings Financial Statement Overview

Summary

Financial quality is constrained by a sharp revenue downcycle (2025 revenue growth -48.3%), pressured operating profitability (2025 EBITDA margin ~2.2%), and highly elevated leverage (debt-to-equity roughly ~11x to ~96x). Cash generation also weakened materially with negative operating cash flow (~-$132M) and free cash flow (~-$261M) in 2025 despite a net-income rebound.

Income Statement

Revenue has been in a clear downcycle, with declines in most years and a steep drop in 2025 (annual revenue growth of -48.3%). Profitability has been volatile: strong results in 2020–2022 gave way to very thin earnings in 2023, a loss in 2024, and a rebound to a ~5.4% net margin in 2025. However, operating profitability looks pressured versus earlier years, with 2025 EBITDA margin at ~2.2% (well below 2021–2022 levels), suggesting the recovery is not yet fully quality-driven.

Balance Sheet

Leverage remains the central issue. Debt-to-equity is extremely elevated throughout the period (roughly 11x to as high as ~96x), reflecting a thin equity base relative to total debt. While return on equity can look high in some years, it is heavily influenced by the small equity base and was negative in 2024, highlighting earnings instability against a highly levered capital structure.

Cash Flow

Cash generation has been uneven. Operating cash flow was strong in 2020 and positive in 2021–2024, but turned negative in 2025 (about -$132M), and free cash flow also moved to a sizable deficit in 2025 (about -$261M). Earlier years show the business can generate cash in better conditions, but the latest year indicates working-capital/inventory or demand pressures that are weighing on liquidity and financial flexibility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.37B	6.10B	6.23B	6.97B	6.91B
Gross Profit	1.88B	1.83B	1.88B	2.26B	2.47B
EBITDA	292.28M	255.75M	343.63M	662.33M	908.42M
Net Income	-89.80M	-38.64M	33.37M	136.95M	278.46M
Balance Sheet
Total Assets	5.04B	4.86B	4.85B	4.80B	4.37B
Cash, Cash Equivalents and Short-Term Investments	215.04M	208.42M	39.65M	130.13M	267.33M
Total Debt	2.67B	3.64B	3.86B	3.85B	3.34B
Total Liabilities	4.67B	4.38B	4.63B	4.55B	4.14B
Stockholders Equity	228.59M	326.56M	124.58M	147.83M	158.06M
Cash Flow
Free Cash Flow	-261.43M	154.32M	110.31M	-21.69M	-99.50M
Operating Cash Flow	-131.99M	245.16M	310.81M	189.78M	154.00M
Investing Cash Flow	-201.16M	-88.17M	-369.41M	-422.54M	-355.77M
Financing Cash Flow	339.77M	11.79M	-31.89M	95.55M	303.03M

Camping World Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 5.8 is below the 20-day moving average (MA) of 8.17, below the 50-day MA of 10.98, and below the 200-day MA of 13.91, indicating a bearish trend. The MACD of -1.48 indicates Positive momentum. The RSI at 17.16 is Positive, neither overbought nor oversold. The STOCH value of 1.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CWH.

Camping World Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RUSHA	72 Outperform	$4.83B	16.18	12.07%	1.32%	-1.95%	-10.89%
RUSHB	72 Outperform	$4.83B	16.18	12.07%	1.26%	-1.95%	-10.89%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
KMX	60 Neutral	$5.93B	23.09	7.39%	―	0.12%	2.78%
AN	58 Neutral	$6.46B	12.12	26.70%	―	6.06%	-1.71%
CWH	42 Neutral	$597.32M	-6.80	-30.55%	4.97%	6.58%	-72.69%

Camping World Holdings Corporate Events

Camping World Highlights RV Recovery and Operational Efficiencies

On January 13, 2026, Camping World Holdings planned to meet with investors to deliver an in-depth presentation on its business, including RV industry trends, its unit market share across vehicle types and price bands, and the performance of its insurance brokerage and F&I product lines. The materials highlighted a stabilization and positive inflection in combined new and used RV industry volumes beginning in June, continued growth in protected vehicles and assets through its insurance brokerage platform, a 22% increase in F&I product commissions, and significant projected reductions in intake costs, underscoring operational efficiencies and a strengthening positioning within the broader RV and protection-services market.

The most recent analyst rating on (CWH) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on Camping World Holdings stock, see the CWH Stock Forecast page.