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Camping World Holdings (CWH)
:CWH
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Camping World Holdings
(NYSE:CWH)
Rating:59Neutral
Price Target:
$17.50
▲(3.24% Upside)
Positive Factors
Earnings Growth
Camping World offers strong earnings growth drivers with less tariff exposure compared to other industries.
Financial Performance
EBITDA has risen significantly, indicating strong financial performance and expected further improvements.
Market Performance
Camping World Holdings is the largest player in the RV market, benefiting from its scale over smaller competitors.
Negative Factors
Inventory Challenges
CWH believes its owned inventory levels are healthy, but the broader industry has significantly destocked and could benefit from more inventory on lots.
Margin Pressure
New vehicle units increased 8.0% and segment gross margins were down compared to last year as higher ASPs were offset by lower promotional support from OEMs.
Camping World Holdings (CWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.78B
Dividend Yield2.89%
Average Volume (3M)2.23M
Price to Earnings (P/E)―
Beta (1Y)2.02
Revenue Growth5.15%
EPS Growth48.98%
CountryUS
Employees12,701
SectorConsumer Cyclical
Sector Strength68
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)0.57
Shares Outstanding62,648,647
10 Day Avg. Volume2,055,992
30 Day Avg. Volume2,229,894
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap2.74
Enterprise Value/Revenue0.77
Enterprise Value/Gross Profit2.57
Enterprise Value/Ebitda23.28
Forecast
1Y Price Target
$19.61Price Target Upside15.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
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:Jul 29, 2025
(Q2-2025)
| % Change Since: -3.91%|
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 declining profitability and cash flow performance, signaling an urgent need for strategic adjustments. High leverage and recent losses underline potential risks, though slight improvements in equity position offer some stability. The company should focus on enhancing operational efficiency and managing debt to ensure sustainable growth.Income Statement
Camping World Holdings has experienced declining revenues and profitability over the past years. The TTM data shows a negative net income, indicating losses, and a decreasing gross profit margin. Despite a slight revenue growth from the previous period, the company's EBIT and EBITDA margins have shrunk significantly, impacting overall profitability.55
Neutral
Balance Sheet
The company has a relatively high debt-to-equity ratio, indicating significant leverage, which poses a potential risk. However, the equity ratio has improved slightly due to increased stockholders' equity. The return on equity is negative in the TTM period, reflecting recent losses and lower profitability.60
Neutral
Cash Flow
Cash flow performance has weakened, with a decline in free cash flow and a negative free cash flow growth rate in the TTM period. The operating cash flow to net income ratio is misleading due to negative net income, complicating the assessment. The company needs to focus on improving cash generation amid profitability challenges.50
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 | 209.25M | 226.50M | 336.39M | 707.84M | 908.42M | 563.75M |
| Net Income | 55.78M | -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
Neutral
16.95
Price Trends
17.36
Negative
16.09
Positive
18.63
Negative
Market Momentum
0.03
Negative
51.64
Neutral
75.83
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 16.95 is above the 20-day moving average (MA) of 16.20, below the 50-day MA of 17.36, and below the 200-day MA of 18.63, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 51.64 is Neutral, neither overbought nor oversold. The STOCH value of 75.83 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 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
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $4.43B | 16.25 | 13.79% | 1.31% | -2.81% | -6.88% | |
75 Outperform | $4.43B | 16.21 | 13.79% | 1.29% | -2.81% | -6.88% | |
71 Outperform | $8.91B | 15.99 | 8.97% | ― | 3.17% | 42.14% | |
70 Outperform | $7.96B | 13.13 | 27.24% | ― | 3.15% | -12.49% | |
62 Neutral | £1.75B | 9.29 | 4.55% | 3.47% | 0.65% | -43.22% | |
59 Neutral | $1.78B | ― | -3.66% | 2.89% | 5.15% | 48.98% | |
41 Neutral | $13.90M | ― | -201.56% | ― | -32.14% | 68.58% |
* Consumer Cyclical Sector Average
Performance Comparison
CWH
Camping World Holdings
16.95
-5.39
-24.13%
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RUSHB
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55.80
9.21
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3.58
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Camping World Holdings Corporate Events
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.
Shareholder MeetingsBusiness Operations and StrategyRegulatory Filings and Compliance
Camping World Holdings Approves Key Amendments at Annual Meeting
Neutral
May 19, 2025
On May 15, 2025, Camping World Holdings, Inc. held its Annual Meeting of Stockholders, where significant amendments were approved. The stockholders endorsed the amendment and restatement of the 2016 Incentive Award Plan, extending its term indefinitely and adjusting performance-based compensation provisions to align with changes in tax law. Additionally, an amendment to the company’s Certificate of Incorporation was approved to allow for the exculpation of officers, in accordance with Delaware law. These changes were ratified with strong support, reflecting the company’s strategic alignment with regulatory requirements and shareholder interests.
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.