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Camping World Holdings
(NYSE:CWH)
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Rating:47Neutral
Price Target:
$6.50
▼(-15.47% Downside)
Action:Reiterated
Date:05/26/26
The score is held back primarily by weak financial performance (current losses, sharply negative revenue growth, and very high leverage) and inconsistent free cash flow. Technicals are only mildly constructive in the short term while remaining weak longer term. Offsetting these are a high dividend yield and a cautiously improving outlook from the earnings call driven by cost cuts, inventory discipline, and reiterated EBITDA guidance.
Positive Factors
Recurring revenue - Good Sam
Good Sam’s stabilized top-line and margins provide a recurring revenue base that is less cyclical than RV unit sales. Completing an ERP overhaul and early AI-enabled CRM adoption can expand membership monetization and marketplace services, supporting steadier cash flow and higher lifetime value over the medium term.
Negative Factors
Very high structural leverage
A capital structure dominated by high absolute debt magnifies downside risk from cyclical demand swings and margin compression. Heavy leverage constrains strategic flexibility, forces prioritization of debt service over reinvestment, and makes the company vulnerable if earnings or cash flow fall short of deleveraging plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue - Good Sam
Good Sam’s stabilized top-line and margins provide a recurring revenue base that is less cyclical than RV unit sales. Completing an ERP overhaul and early AI-enabled CRM adoption can expand membership monetization and marketplace services, supporting steadier cash flow and higher lifetime value over the medium term.
Read all positive factors
Camping World Holdings (CWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$744.59M
Dividend Yield4.97%
Average Volume (3M)2.41M
Price to Earnings (P/E)―
Beta (1Y)2.10
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. Volume2,223,056
30 Day Avg. Volume2,405,324
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 Cap5.84
Enterprise Value/Revenue0.69
Enterprise Value/Gross Profit2.35
Enterprise Value/Ebitda8.23
Forecast
1Y Price Target
$13.75Price Target Upside78.80% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
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, functions as a leading retailer of recreational vehicles (RVs) and provides a comprehensive suite of related merchandise and support services. Its business activities are organized into two m...
How the Company Makes Money
Camping World primarily generates revenue through a mix of vehicle sales, higher-margin aftermarket retail, and recurring/contracted services tied to RV ownership. (1) New and used RV sales: The largest revenue driver is the retail sale of new and...
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 | 528.18M | 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 | 4.09B | 4.08B | 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 | -179.93M | -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
Negative
7.69
Price Trends
7.31
Negative
7.74
Negative
10.30
Negative
Market Momentum
0.06
Positive
47.26
Neutral
30.18
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 7.69 is above the 20-day moving average (MA) of 7.41, above the 50-day MA of 7.31, and below the 200-day MA of 10.30, indicating a bearish trend. The MACD of 0.06 indicates Positive momentum. The RSI at 47.26 is Neutral, neither overbought nor oversold. The STOCH value of 30.18 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 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 | $6.24B | 10.01 | 28.44% | ― | 1.94% | 9.88% | |
62 Neutral | $5.72B | 21.52 | 11.99% | 1.32% | -6.63% | -7.99% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | $7.23B | 31.66 | 3.67% | ― | -1.69% | -58.01% | |
60 Neutral | $5.72B | 21.52 | 11.99% | 1.26% | -6.63% | -7.99% | |
47 Neutral | $744.59M | -4.85 | -34.78% | 4.97% | 2.61% | -257.25% |
* Consumer Cyclical Sector Average
CWH
Camping World Holdings
7.23
-10.24
-58.62%
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Camping World Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
Camping World Shareholders Back Board, Auditor and Pay
Positive
May 26, 2026
At its May 21, 2026 annual meeting of stockholders, Camping World Holdings reported that approximately 88.6% of eligible votes were cast, reflecting strong shareholder participation in the governance process. Stockholders elected Mary J. George, K...
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.