Camping World Holdings (CWH)
NYSE:CWH
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Camping World Holdings
(NYSE:CWH)
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Rating:44Neutral
Price Target:
$7.00
▼(-8.97% Downside)
Action:ReiteratedDate:04/11/26
The score is held down primarily by weak financial fundamentals—steep revenue contraction, negative 2025 operating/free cash flow, and very high leverage. Technicals remain broadly bearish with the stock below key longer-term moving averages and negative MACD, despite some near-term stabilization. Valuation is mixed (negative P/E and a high yield that is less reliable given deleveraging priorities), while the earnings call adds modest support through clear actions (cost cuts, debt repayment) but tempered by inventory-cleansing and margin headwinds in 2026.
Positive Factors
Aftermarket & Good Sam
Record Good Sam revenue and growing services/plans sales signal a higher-margin recurring revenue stream tied to memberships and protection products. This diversifies revenue away from cyclical RV sales, supports steadier margins over time, and increases customer lifetime value.
Negative Factors
Excessive Leverage
Extremely elevated leverage and a thin equity cushion materially raise refinancing, liquidity and solvency risks. High debt amplifies earnings volatility, constrains capital allocation, and requires sustained cash generation or asset sales to meet management's deleveraging targets over the next 12–24 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Aftermarket & Good Sam
Record Good Sam revenue and growing services/plans sales signal a higher-margin recurring revenue stream tied to memberships and protection products. This diversifies revenue away from cyclical RV sales, supports steadier margins over time, and increases customer lifetime value.
Read all positive factors
Camping World Holdings (CWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$706.48M
Dividend Yield4.97%
Average Volume (3M)3.03M
Price to Earnings (P/E)―
Beta (1Y)2.01
Revenue Growth6.58%
EPS Growth-72.69%
CountryUS
Employees12,701
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)-0.73
Shares Outstanding63,519,783
10 Day Avg. Volume2,306,011
30 Day Avg. Volume3,029,174
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 Cap4.16
Enterprise Value/Revenue0.46
Enterprise Value/Gross Profit1.57
Enterprise Value/Ebitda4.92
Forecast
1Y Price Target
$14.00Price Target Upside82.05% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.66
Revenue Forecast (FY)$6.60B
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:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Neutral
The call presented a balanced mix of strong full-year operational improvements (full-year adjusted EBITDA growth >35%, same-store sales +14%, record Good Sam revenue, used volume gains, and $25M of SG&A reductions) alongside meaningful near-term challenges (Q4 adjusted EBITDA loss widened to $26.2M, new unit volumes down 7%, inventory cleansing expected to reduce 2026 EBITDA by about $35M, weather-driven lost sales, paused dividend, and elevated leverage). Management provided a clear playbook—inventory optimization, SG&A efficiency and Good Sam expansion—and set a 2026 EBITDA range ($275M–$325M) while prioritizing deleveraging. Given the material near-term headwinds offsetting several positive operating trends, the overall tone is cautious and transitionary.Positive Updates
Full-Year Adjusted EBITDA Growth
Adjusted EBITDA grew by over 35% for full year 2025, demonstrating significant year-over-year improvement in operating performance.
Negative Updates
Quarterly Adjusted EBITDA Loss
Q4 adjusted EBITDA loss was $26.2 million versus a loss of $2.5 million in Q4 2024, reflecting a material sequential and year-over-year deterioration in quarterly profitability.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Adjusted EBITDA Growth
Adjusted EBITDA grew by over 35% for full year 2025, demonstrating significant year-over-year improvement in operating performance.
Read all positive updates
Company Guidance
Management guided 2026 adjusted EBITDA of $275–$325 million (midpoint $300M; versus a Q3 minimum expectation of $310M), noting just over 50% of annual adjusted EBITDA is expected in H1 and flagging an estimated ~$35M EBITDA headwind—largely in the front half—from accelerated inventory cleansing (after a weather‑related ~1,500‑unit / ~$13.5M gross profit YTD miss); Q4 adjusted EBITDA was a loss of $26.2M (vs. a $2.5M loss LY). Management has completed about $25M of annualized SG&A cuts to offset margin pressure, ended the quarter with ~$215M cash, has repaid ~$50M of long‑term debt YTD, paused the dividend to prioritize deleveraging (current leverage cited ~5.7x with targets of <4.7x in 2026 and <4.0x in 2027), and assumes industry retail of ~325k–350k new and ~715k–750k used units; company 2026 ASP and margin expectations are roughly $39k–$40k new ASP, ~$31.5k used ASP, blended new margin ~12.5%, used margin ~17.5%, and combined gross margin pressure of ~120–130 bps.Camping World Holdings Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
22
Negative
Cash Flow
31
Negative
| 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 | -89.80M | -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
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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $5.50B | 16.18 | 12.07% | 1.26% | -1.95% | -10.89% | |
66 Neutral | $5.50B | 16.18 | 12.07% | 1.32% | -1.95% | -10.89% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $6.72B | 12.12 | 26.70% | ― | 6.06% | -1.71% | |
57 Neutral | $5.74B | 25.71 | 4.05% | ― | 0.12% | 2.78% | |
44 Neutral | $706.48M | -6.80 | -30.55% | 4.97% | 6.58% | -72.69% |
* Consumer Cyclical Sector Average
CWH
Camping World Holdings
7.69
-4.04
-34.44%
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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...
Business Operations and StrategyFinancial Disclosures
Camping World Highlights RV Recovery and Operational Efficiencies
Positive
Jan 13, 2026
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 in...
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.