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Camping World Holdings (CWH)
:CWH
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Camping World Holdings
(NYSE:CWH)
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Rating:44Neutral
Price Target:
$10.00
▼(-11.74% Downside)
The overall stock score is primarily influenced by financial performance and technical analysis. The company's financial stress and bearish technical indicators weigh heavily on the score. While the valuation offers some positive aspects due to the dividend yield, the negative P/E ratio and financial instability are significant concerns.
Positive Factors
Adjusted EBITDA Growth
The significant growth in adjusted EBITDA reflects strong operational performance and efficiency improvements, which can enhance long-term profitability and financial stability.
Market Share in RV Sales
Achieving record unit volume in RV sales highlights Camping World's strong market position and consumer focus on value, supporting sustained revenue growth.
Improved Net Leverage
Reducing net leverage through debt paydown and earnings improvement enhances financial flexibility and reduces risk, supporting long-term financial health.
Negative Factors
High Leverage
High leverage poses financial risks, potentially limiting the company's ability to invest in growth opportunities and increasing vulnerability to economic downturns.
Cash Flow Challenges
Negative cash flows indicate liquidity issues, which could hinder the company's ability to sustain operations and meet financial obligations without external financing.
New RV Demand Decline
Declining demand for new RVs due to rising prices and macroeconomic factors could impact future revenue growth, necessitating strategic adjustments to maintain market share.
Camping World Holdings (CWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.16B
Dividend Yield4.41%
Average Volume (3M)2.37M
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)0.43
Shares Outstanding62,819,557
10 Day Avg. Volume2,084,192
30 Day Avg. Volume2,372,897
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)3.10
Price to Sales (P/S)0.17
P/FCF Ratio6.56
Enterprise Value/Market Cap4.08
Enterprise Value/Revenue0.74
Enterprise Value/Gross Profit2.47
Enterprise Value/Ebitda8.28
Forecast
1Y Price Target
$18.67Price Target Upside64.78% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.36
Revenue Forecast (FY)$6.36B
Camping World Holdings Business Overview & Revenue Model
Company DescriptionCamping World Holdings, Inc. is a leading retailer of recreational vehicles (RVs) and outdoor lifestyle products, primarily serving the needs of camping enthusiasts across the United States. The company operates through a vast network of retail locations, offering a comprehensive range of new and used RVs, parts, accessories, and services. Additionally, Camping World provides various financing options, insurance products, and outdoor merchandise, positioning itself as a one-stop shop for outdoor adventure and travel.
How the Company Makes MoneyCamping 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 Earnings Call Summary
Earnings Call Date:Oct 28, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 24, 2026
Earnings Call Sentiment Neutral
Despite significant growth in adjusted EBITDA and strong cash position, challenges in new RV demand and macroeconomic uncertainty impact the outlook. The company remains confident in its ability to leverage used RV sales and operational efficiencies to drive future growth.Q3-2025 Updates
Positive Updates
Significant Growth in Adjusted EBITDA
Adjusted EBITDA grew by over 40% to $95.7 million, indicating strong operational performance and efficiency improvements.
Record Unit Volume in RV Sales
The company achieved record unit volume, selling nearly 14% of new and used RVs in North America, emphasizing consumer focus on value and affordability.
Improved Net Leverage
Net leverage reduced by nearly 3 turns since the beginning of the year, achieved through debt paydown, earnings improvement, and cash generation.
Potential Upside in 2026
The company anticipates potential upside from SG&A cost takeouts, used RV sales, dealership acquisitions, and new RV sales.
Strong Cash Position
The quarter ended with $230 million of cash on the balance sheet, $427 million of used inventory owned outright, and nearly $260 million of real estate without an associated mortgage.
Negative Updates
New RV Demand Decline
New RV demand is facing resistance due to rising prices and macroeconomic factors, leading to a conservative outlook for 2026.
Lapping Previous Year Benefits
The company will lap Good Sam loyalty breakage benefits and F&I actuarial benefits experienced last year, impacting financial comparisons.
Gross Margin Pressures
New ASPs improved but led to a slight decline in gross margin percentages due to a richer mix.
Uncertain Macroeconomic Environment
Factors such as interest rates, inflation, and potential government actions create uncertainty for the 2026 outlook.
Company Guidance
During the Camping World Holdings conference call discussing the third quarter of fiscal year 2025, management provided guidance and insights for the upcoming year. The company reported a 40% increase in adjusted EBITDA, reaching $95.7 million, with new and used RV sales accounting for nearly 14% of the North American market. For 2026, Camping World anticipates an adjusted EBITDA floor of approximately $310 million, not including potential upsides from cost savings, used unit sales, dealership acquisitions, and new unit sales. The company plans to leverage its used RV supply chain, with expectations that each additional 1,000 used units sold could yield roughly $6 million in adjusted EBITDA. Additionally, there are $15 million in anticipated cost savings through marketing technology and AI implementation. The company also remains focused on deleveraging, having already reduced net leverage by nearly three turns since the beginning of the year. With a cautious outlook on new RV sales due to potential consumer resistance and rising OEM prices, the company plans to rely on its market-leading used sales and Good Sam businesses to drive growth and improve financial performance.Camping World Holdings Financial Statement Overview
Summary
Camping World Holdings is experiencing financial stress, with high leverage and negative profitability metrics. While revenue shows slight growth, the company's ability to generate profit and manage cash flows is concerning. The high debt levels and negative equity returns suggest potential financial instability, requiring strategic adjustments to improve financial health.Income Statement
Camping World Holdings has shown a slight revenue growth in the TTM period, but profitability metrics such as net profit margin and EBIT margin are weak, with a negative net income indicating challenges in maintaining profitability. The gross profit margin remains stable, but the declining EBITDA margin suggests operational inefficiencies.45
Neutral
Balance Sheet
The company exhibits a high debt-to-equity ratio, indicating significant leverage, which poses a financial risk. The negative return on equity in the TTM period reflects poor returns for shareholders. The equity ratio is low, highlighting a reliance on debt financing.30
Negative
Cash Flow
Camping World Holdings faces challenges in cash flow management, with negative operating and free cash flows in the TTM period. The free cash flow to net income ratio is positive, but overall cash flow metrics indicate liquidity issues and potential difficulties in sustaining operations without external financing.25
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.40B | 6.10B | 6.23B | 6.97B | 6.91B | 5.45B |
| Gross Profit | 1.92B | 1.83B | 1.88B | 2.26B | 2.47B | 1.70B |
| EBITDA | 570.44M | 255.75M | 343.63M | 662.33M | 908.42M | 563.75M |
| Net Income | -54.10M | -38.64M | 33.37M | 136.95M | 278.46M | 122.34M |
Balance Sheet | ||||||
| Total Assets | 5.00B | 4.86B | 4.85B | 4.80B | 4.37B | 3.33B |
| Cash, Cash Equivalents and Short-Term Investments | 230.51M | 208.42M | 39.65M | 130.13M | 267.33M | 166.07M |
| Total Debt | 3.78B | 3.64B | 3.86B | 3.85B | 3.34B | 2.58B |
| Total Liabilities | 4.52B | 4.38B | 4.63B | 4.55B | 4.14B | 3.34B |
| Stockholders Equity | 296.22M | 326.56M | 124.58M | 147.83M | 158.06M | 26.77M |
Cash Flow | ||||||
| Free Cash Flow | -233.74M | 154.32M | 110.31M | -21.69M | -99.50M | 662.57M |
| Operating Cash Flow | -68.15M | 245.16M | 310.81M | 189.78M | 154.00M | 747.67M |
| Investing Cash Flow | -257.15M | -88.17M | -369.41M | -422.54M | -355.77M | -125.94M |
| Financing Cash Flow | 527.43M | 11.79M | -31.89M | 95.55M | 303.03M | -603.18M |
Camping World Holdings Technical Analysis
Negative
11.33
Price Trends
14.08
Negative
15.51
Negative
16.01
Negative
Market Momentum
-1.01
Negative
42.92
Neutral
77.65
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 11.33 is below the 20-day moving average (MA) of 11.39, below the 50-day MA of 14.08, and below the 200-day MA of 16.01, indicating a bearish trend. The MACD of -1.01 indicates Negative momentum. The RSI at 42.92 is Neutral, neither overbought nor oversold. The STOCH value of 77.65 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 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $4.08B | 15.53 | 12.76% | 1.42% | -1.95% | -10.89% | |
62 Neutral | $4.08B | 15.82 | 12.76% | 1.39% | -1.95% | -10.89% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $5.61B | 11.22 | 8.42% | ― | 2.17% | 28.59% | |
55 Neutral | $7.68B | 12.39 | 27.16% | ― | 6.06% | -1.71% | |
44 Neutral | $1.16B | ― | -26.78% | 4.41% | 6.58% | -72.69% | |
37 Underperform | $7.06M | -0.02 | -992.77% | ― | -39.35% | 75.24% |
* Consumer Cyclical Sector Average
CWH
Camping World Holdings
11.33
-12.45
-52.35%
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Camping World Holdings Corporate Events
Camping World Holdings Reports Strong Q3 2025 Results
Oct 30, 2025
Camping World Holdings, Inc., the world’s largest retailer of recreational vehicles (RVs) and related products, operates in the RV and outdoor retail industry, offering a comprehensive range of RV products and services through its national network of dealerships and service centers.
Camping World Holdings’ Earnings Call Highlights Growth and Challenges
Oct 30, 2025
Despite significant growth in adjusted EBITDA and a robust cash position, Camping World Holdings faces challenges in new RV demand and macroeconomic uncertainty, impacting its outlook. However, the company remains confident in leveraging used RV sales and operational efficiencies to drive future growth.
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.