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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
▲(1.07% Upside)
Camping World Holdings' overall stock score is primarily influenced by its financial performance challenges, including high leverage and low profitability margins. The earnings call provided a positive outlook with strong sales performance and strategic growth, which partially offsets the financial concerns. Technical indicators suggest neutral momentum, while valuation metrics highlight potential profitability issues.
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 Growth
Strong finance and insurance revenue growth diversifies income streams, reducing reliance on RV sales and enhancing financial stability.
Good Sam Revenue Record
Good Sam's revenue record underscores the success of strategic initiatives and strengthens the company's competitive advantage in the RV market.
Negative Factors
High Leverage
High leverage can limit financial flexibility and increase risk, potentially impacting long-term growth and stability.
Low Profitability Margins
Low profitability margins indicate challenges in cost management and pricing power, which could hinder future earnings growth.
New RV ASP Decline
Declining ASPs for new RVs may pressure revenue and margins, affecting profitability and the company's competitive position.
Camping World Holdings (CWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.72B
Dividend Yield2.97%
Average Volume (3M)1.82M
Price to Earnings (P/E)―
Beta (1Y)2.10
Revenue Growth5.15%
EPS Growth48.98%
CountryUS
Employees12,701
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)0.43
Shares Outstanding62,648,647
10 Day Avg. Volume1,481,581
30 Day Avg. Volume1,815,945
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 Cap2.84
Enterprise Value/Revenue0.77
Enterprise Value/Gross Profit2.57
Enterprise Value/Ebitda17.27
Forecast
1Y Price Target
$19.94Price Target Upside18.55% 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
(Q2-2025)
| % Change Since: |
Next Earnings Date:Feb 24, 2026
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
Positive
16.82
Price Trends
16.53
Positive
16.90
Negative
17.16
Negative
Market Momentum
0.05
Negative
59.26
Neutral
85.78
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CWH, the sentiment is Positive. The current price of 16.82 is above the 20-day moving average (MA) of 15.66, above the 50-day MA of 16.53, and below the 200-day MA of 17.16, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 59.26 is Neutral, neither overbought nor oversold. The STOCH value of 85.78 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
| ― | $4.02B | 15.85 | 13.79% | 1.36% | -2.81% | -6.88% | |
| ― | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
| ― | $3.95B | 14.25 | 13.79% | 1.44% | -2.81% | -6.88% | |
| ― | $1.72B | -85.38 | -3.66% | 2.97% | 5.15% | 48.98% | |
| ― | $6.53B | 13.06 | 8.42% | ― | 2.17% | 28.59% | |
| ― | $7.19B | 11.60 | 27.16% | ― | 6.06% | -1.71% | |
| ― | $8.18M | -0.02 | -201.56% | ― | -32.14% | 68.58% |
* Consumer Cyclical Sector Average
CWH
Camping World Holdings
16.82
-5.45
-24.47%
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Camping World Holdings Corporate Events
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.
Business Operations and StrategyFinancial Disclosures
Camping World Holdings Reports Strong Q2 2025 Performance
Positive
Jul 29, 2025
Camping World Holdings reported a significant financial performance for the second quarter of 2025, with net income and adjusted EBITDA growing by over 30% due to strong cost execution and a record quarterly volume of over 45,000 units. The company has made structural changes, including reducing headcount and consolidating locations, to improve productivity and adapt to the current market environment. Despite a decrease in average selling prices, the company anticipates improvements in SG&A efficiency and expects to leverage cash flow benefits from recent legislative changes to prioritize debt reduction. The company is optimistic about its mid-cycle earnings potential and market share growth, setting a new medium-term goal of over 20% combined market share for new and used vehicles.
The most recent analyst rating on (CWH) stock is a Buy with a $27.00 price target. To see the full list of analyst forecasts on Camping World Holdings stock, see the CWH Stock Forecast page.
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.