Camping World Holdings (CWH) AI Stock Analysis

• Market Cap: $1.11B
• Dividend Yield: 4.97%
• Average Volume (3M): 2.66M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.04
• 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: 62,819,557
• 10 Day Avg. Volume: 3,262,668
• 30 Day Avg. Volume: 2,658,546
• PEG Ratio: 0.02
• Price to Book (P/B): 2.67
• Price to Sales (P/S): 0.10
• P/FCF Ratio: -2.33
• Enterprise Value/Market Cap: 2.68
• Enterprise Value/Revenue: 0.47
• Enterprise Value/Gross Profit: 1.58
• Enterprise Value/Ebitda: 4.98
• 1Y Price Target: $14.00
• Price Target Upside: 62.60% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.58
• Revenue Forecast (FY): $6.59B

• Rating: 42 Neutral
• Price Target: $8.50 ▼(-1.28% Downside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is held down primarily by weak financial performance (sharp revenue decline, negative 2025 operating/free cash flow, and very high leverage) and bearish technicals (below major moving averages with negative MACD). Valuation is mixed due to a high yield but negative P/E, while the earnings call adds only modest support given cautious guidance and continued leverage/margin headwinds.

Positive Factors

Recurring aftermarket & Good Sam

Good Sam and services drive recurring, higher-margin revenue that is less cyclical than new RV retail. Memberships, protection plans and insurance brokerage diversify revenue, support steady cash generation, and improve margin mix over multi-quarter horizons as investments mature.

Scale, market share and same-store growth

Sizable market share and double-digit same-store sales point to strong competitive positioning and retail execution. Scale across dealerships and categories supports purchasing leverage, F&I penetration and service bay utilization, aiding durable revenue and margin resilience.

Liquidity cushion & deleveraging discipline

A meaningful cash balance and active debt repayment signal management focus on financial flexibility. Prioritizing deleveraging and pausing dividends improves solvency prospects, reduces refinancing risk, and strengthens the balance sheet over the next several quarters.

Negative Factors

Extremely elevated leverage

An outsized leverage profile and a thin equity base magnify earnings volatility and limit strategic optionality. High leverage raises refinancing and covenant risk, constrains capital allocation, and makes recovery sensitive to modest operating setbacks over the medium term.

Negative operating & free cash flow in 2025

Recent cash flow deficits reflect working-capital and inventory stresses and reduce internal funding for capex or debt paydown. Persistent negative OCF/FCF would force external financing or deeper cost cuts, limiting growth investments and increasing balance-sheet vulnerability.

Inventory cleansing & sustained margin pressure

Promotional inventory actions and lower ASPs compress vehicle gross margins and EBITDA in the near-to-medium term. Margin restoration depends on inventory turns and pricing power; prolonged clearing risks eroding profitability and service funding for several quarters.

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 generates revenue through multiple key streams. The primary source is the sale of RVs, which includes both new and used models. The company also earns significant income from the sale of parts and accessories for RVs, as well as offering repair and maintenance services. Additionally, Camping World provides financing solutions and insurance products to RV buyers, which further contributes to its revenue. The company has established partnerships with various financial institutions to facilitate these offerings. Furthermore, Camping World benefits from membership programs and affiliations that enhance customer loyalty and repeat business, driving additional income through service contracts and extended warranties.

Camping World Holdings Financial Statement Overview

Summary

Financial quality is constrained by a steep 2025 revenue drop (-48.3%), pressured operating profitability (2025 EBITDA margin ~2.2%), and a 2025 swing to negative operating cash flow (~-$132M) and free cash flow (~-$261M). High leverage with a thin equity base adds downside risk and reduces flexibility.

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	345.96M	-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: 8.61
• 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 8.61 is below the 20-day moving average (MA) of 12.15, below the 50-day MA of 11.78, and below the 200-day MA of 14.53, indicating a bearish trend. The MACD of -0.69 indicates Positive momentum. The RSI at 25.26 is Positive, neither overbought nor oversold. The STOCH value of 11.01 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	73 Outperform	$5.56B	22.52	12.76%	1.32%	-1.95%	-10.89%
RUSHB	72 Outperform	$5.56B	20.45	12.76%	1.26%	-1.95%	-10.89%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
KMX	60 Neutral	$6.12B	13.91	7.46%	―	0.12%	2.78%
AN	58 Neutral	$6.88B	11.52	27.05%	―	6.06%	-1.71%
CWH	42 Neutral	$1.11B	-6.29	-32.35%	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.

Camping World CEO Marcus Lemonis Announces Retirement

On December 2, 2025, Marcus A. Lemonis announced his retirement as CEO and Chairman of Camping World Holdings, effective December 31, 2025. He will transition to a non-executive role as Co-Founder and Special Advisor. Matthew Wagner, the current President, will succeed Lemonis as CEO and join the Board as a Class I member, effective January 1, 2026. Brent Moody will become Chairman of the Board. The Board approved new employment agreements for both Wagner and Lemonis, outlining their roles and compensation. Additionally, an amendment to the 2016 Incentive Award Plan was approved, capping equity and cash awards for non-employee directors serving as chairman at $1,000,000 annually.

The most recent analyst rating on (CWH) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Camping World Holdings stock, see the CWH Stock Forecast page.