Camping World Holdings (CWH)
NYSE:CWH
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Camping World Holdings
(NYSE:CWH)
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Rating:51Neutral
Price Target:
$7.00
▼(-8.97% Downside)
Action:Reiterated
Date:05/01/26
The score is held back primarily by weak financial performance—current losses, very high leverage, and negative/volatile free cash flow. This is partially offset by a more constructive earnings-call outlook (reiterated EBITDA guidance and cost/inventory actions) and improving near-term technicals, while valuation support comes mainly from the high dividend yield despite the negative P/E.
Positive Factors
Aftermarket & services profitability
Recurring aftermarket sales, parts, service revenue and memberships create a higher-margin, more stable revenue stream tied to RV ownership. Over 2–6 months this supports gross margin resilience and cash generation even if unit vehicle volumes fluctuate.
Negative Factors
Elevated financial leverage
A capital structure heavily supported by debt amplifies earnings volatility and constrains strategic flexibility. High interest and principal servicing requirements limit ability to invest or weather demand softness, increasing refinancing and covenant risks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Aftermarket & services profitability
Recurring aftermarket sales, parts, service revenue and memberships create a higher-margin, more stable revenue stream tied to RV ownership. Over 2–6 months this supports gross margin resilience and cash generation even if unit vehicle volumes fluctuate.
Read all positive factors
Camping World Holdings (CWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$690.00M
Dividend Yield4.97%
Average Volume (3M)3.04M
Price to Earnings (P/E)―
Beta (1Y)2.03
Revenue Growth2.61%
EPS Growth-257.25%
CountryUS
Employees12,701
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)-1.49
Shares Outstanding63,519,783
10 Day Avg. Volume2,718,700
30 Day Avg. Volume3,038,960
Financial Highlights & Ratios
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 Cap4.32
Enterprise Value/Revenue0.47
Enterprise Value/Gross Profit1.61
Enterprise Value/Ebitda5.64
Forecast
1Y Price Target
$13.67Price Target Upside77.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.66
Revenue Forecast (FY)$6.51B
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 o...
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 use...
Camping World Holdings Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call conveyed a cautiously optimistic tone: management highlighted meaningful operational progress (notably SG&A reductions, inventory discipline, exclusive-brand share gains, Good Sam stabilization, cash build and debt paydown) that they believe will drive adjusted EBITDA growth and free cash flow. Offsetting these positives were near-term gross margin pressures, a Q1 EBITDA decrease, early-year weather-related disruptions and industry softness that will likely keep volatility through Q2. Management reiterated full-year adjusted EBITDA guidance and emphasized controllable levers (costs, AI, inventory) while acknowledging external uncertainties.Positive Updates
Revenue and Top-Line
Reported Q1 revenue of $1.35 billion, with new vehicle average selling prices up ~4% year-over-year and a richer sales mix partially offsetting unit declines.
Negative Updates
Adjusted EBITDA Decline
Q1 adjusted EBITDA was $28.0 million versus $31.2 million in Q1 2025, a decline of $3.2 million (~10.3% year-over-year), driven by gross profit pressure despite SG&A reductions.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Top-Line
Reported Q1 revenue of $1.35 billion, with new vehicle average selling prices up ~4% year-over-year and a richer sales mix partially offsetting unit declines.
Read all positive updates
Company Guidance
Management reiterated full‑year 2026 adjusted EBITDA guidance of $275–$325 million and said they expect year‑over‑year adjusted EBITDA growth; Q1 adjusted EBITDA was $28.0M (vs. $31.2M a year ago) on $1.35B of revenue. They see the new RV industry tracking to the lower end of 325,000–350,000 retail units and the used market toward the midpoint of 715,000–750,000 units; new ASPs were ~+4% Y/Y and used ASPs are expected around $31,500. Q1 vehicle margins were 12.2% for new (‑148 bps) and 17.7% for used (‑91 bps) with margin pressure expected through Q2 and improvement in H2. Key operating and balance‑sheet metrics supporting the outlook: SG&A down >$29M (‑7.5%) with SG&A/gross profit improved 135 bps and $19M of compensation savings; ~13 store consolidations; nearly $35M of annualized cost savings (including ~$10M incremental); total same‑store RV unit inventory down >10% Y/Y, purchases >20% lower YTD, 2025 new model inventory ~8% of new (‑50%+ units Y/Y); cash $200M, net debt leverage 5.6x (vs. 8.1x prior year), and $56M of debt repaid. Management also targets net CapEx south of $100M (maintenance nearer $75M) and expects AI and Good Sam initiatives (ERP in Q2) to drive further margin and free‑cash‑flow upside.Camping World Holdings Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
22
Negative
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.31B | 6.37B | 6.10B | 6.23B | 6.97B | 6.91B |
| Gross Profit | 1.85B | 1.88B | 1.83B | 1.88B | 2.26B | 2.47B |
| EBITDA | 528.34M | 414.12M | 255.75M | 343.63M | 662.33M | 908.42M |
| Net Income | -93.92M | -89.80M | -38.64M | 33.37M | 136.95M | 278.46M |
Balance Sheet | ||||||
| Total Assets | 5.14B | 5.04B | 4.86B | 4.85B | 4.80B | 4.37B |
| Cash, Cash Equivalents and Short-Term Investments | 199.83M | 215.04M | 208.42M | 39.65M | 130.13M | 267.33M |
| Total Debt | 2.70B | 2.67B | 3.64B | 3.86B | 3.85B | 3.34B |
| Total Liabilities | 4.79B | 4.67B | 4.38B | 4.63B | 4.55B | 4.14B |
| Stockholders Equity | 214.95M | 228.59M | 326.56M | 124.58M | 147.83M | 158.06M |
Cash Flow | ||||||
| Free Cash Flow | -156.13M | -261.43M | 154.32M | 110.31M | -21.69M | -99.50M |
| Operating Cash Flow | 34.91M | -131.99M | 245.16M | 310.81M | 189.78M | 154.00M |
| Investing Cash Flow | -46.25M | -201.16M | -88.17M | -369.41M | -422.54M | -355.77M |
| Financing Cash Flow | 190.25M | 339.77M | 11.79M | -31.89M | 95.55M | 303.03M |
Camping World Holdings Technical Analysis
Neutral
7.69
Price Trends
8.39
Negative
9.93
Negative
12.77
Negative
Market Momentum
-0.19
Negative
55.39
Neutral
72.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CWH, the sentiment is Neutral. The current price of 7.69 is above the 20-day moving average (MA) of 6.88, below the 50-day MA of 8.39, and below the 200-day MA of 12.77, indicating a neutral trend. The MACD of -0.19 indicates Negative momentum. The RSI at 55.39 is Neutral, neither overbought nor oversold. The STOCH value of 72.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $6.54B | 8.25 | 28.44% | ― | 1.94% | 9.88% | |
63 Neutral | $5.53B | 20.81 | 11.99% | 1.32% | -6.63% | -7.99% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | $5.53B | 20.81 | 12.07% | 1.26% | -6.63% | -7.99% | |
54 Neutral | $5.42B | -13.17 | 4.05% | ― | -1.64% | -50.32% | |
51 Neutral | $690.00M | -6.61 | -34.78% | 4.97% | 2.61% | -257.25% |
* Consumer Cyclical Sector Average
CWH
Camping World Holdings
6.70
-9.29
-58.11%
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Camping World Holdings Corporate Events
Business Operations and StrategyExecutive/Board Changes
Camping World Extends Executive Contracts and Enhances Incentives
Positive
Apr 10, 2026
On April 7, 2026, Camping World Holdings’ board-level Compensation Committee approved second amended and restated employment agreements for Chief Financial Officer Thomas E. Kirn and Chief Administrative and Legal Officer Lindsey J. Christen...
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.