One-glance verdict
Overvalued
$-31.68 our estimate vs market $4.36
Wall Street consensus: $9.48 (-129.9% lower than our fair-value estimate)
114% below our estimate, beyond the bull case
Fundamentals snapshot
Camping World Holdings, Inc.
CWH · NYQ · Consumer Cyclical · Auto & Truck Dealerships
Current price
$4.36
52-week range
$3.96 - $17.15
Market cap
$277.97M
Balance sheet
Distressed
0.90x Concerning
Net debt $3.51B. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
3 Risks
1 rewards · 3 risks
- Reward Free cash flow was positive in 2/10 years.
- Risk Return on equity was -26.5% last year — the company lost money on shareholders' equity.
- Risk Net debt grew 5.8% over 3 years.
- Risk Insider ownership is only 2.7% (peer median: 6.3%).
What this company does
Camping World Holdings, Inc.
Camping World sells recreational vehicles (RVs) and related services, making most of its money from RV sales and the ongoing services and plans they offer to RV owners. This model matters because it means they not only sell a big-ticket item but also create a stream of income (recurring revenue, which is money earned repeatedly over time) from things like maintenance and membership programs, helping them stay stable even when RV sales fluctuate. They also make money from their wide network of dealerships and service centers, which is their main way of reaching customers and providing those essential services.
How the company got here
Camping World was founded in 1966 by David Garvin, starting as a small camp store in Bowling Green, Kentucky, within an amusement park. [8] Initially, it sold RV parts and supplies from the back of a pickup truck. [6, 8] The company expanded over the decades, opening more stores and eventually offering new and used RV sales. [6] A significant turning point was its initial public offering (IPO) in October 2016, which raised $251 million and made it a publicly traded company. [3, 8] This move allowed for further expansion and investment in its retail network and services. [6]
What it actually does
Camping World Holdings, Inc. is primarily a retailer of recreational vehicles (RVs) and related products and services in the United States. [2, 9] Think of them as a one-stop shop for everything related to RVs and outdoor adventures. They sell new and used RVs, as well as a wide array of parts, accessories, and supplies for camping and RV maintenance. [2, 15] Beyond just selling vehicles and gear, they also offer crucial services like financing, insurance, and repair work to help customers own and maintain their RVs. [2, 4]
RV and Outdoor Retail
This is the largest part of Camping World's business, making up the majority of its revenue. [4] It encompasses the sale of new and used recreational vehicles (RVs), which are essentially homes on wheels that people use for travel and recreation. [2, 4] This segment also includes commissions earned from arranging financing and insurance for RV buyers, helping them pay for and protect their purchase. [4] Additionally, it covers revenue from RV service and repair work, ensuring the vehicles are in good working order, and the sale of RV parts, accessories, and supplies, like specialized tools, camping gear, and replacement components. [2, 4, 15]
Good Sam Services and Plans
This segment focuses on services and plans that support RV owners throughout their ownership journey. [1, 4] It includes offerings like extended vehicle service contracts, which are like extended warranties for RVs, protecting owners from unexpected repair costs. [1] They also provide roadside assistance, similar to AAA but specifically for RVs, and various travel protection plans. [1] The Good Sam Club is a membership organization that offers discounts and resources to RV enthusiasts, and this segment also includes related publications and services. [1, 11] While a smaller piece of the overall business compared to RV sales, this segment is important because it generates recurring revenue and has higher profit margins. [1, 7]
What management is betting on now
Camping World's management is focused on three main priorities: growing market share in RV sales, accelerating the growth of the Good Sam business, and improving operational efficiency by reducing selling, general, and administrative (SG&A) costs. [5, 7] They aim to increase sales of both new and used RVs by expanding exclusive brands and improving how they source used vehicles. [7] Simultaneously, they are working to boost the profitability and reach of the Good Sam services, recognizing its potential for high margins and customer loyalty. [7] The company is also actively seeking ways to streamline its operations and find cost savings, which they believe will lead to greater profitability and a stronger financial position. [5]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
$1.93B
Net income
$26.86M
Diluted EPS
—
Operating cash flow
$398.77M
Free cash flow
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Sources
Revenue
$1.35B
Net income
$-16.40M
Diluted EPS
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Operating cash flow
$-65.58M
Free cash flow
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Sources
Revenue
$1.17B
Net income
$-67.30M
Diluted EPS
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Operating cash flow
$-227.22M
Free cash flow
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Sources
Revenue
$1.81B
Net income
$-40.44M
Diluted EPS
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Operating cash flow
$139.83M
Free cash flow
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Sources
Revenue
$1.98B
Net income
$30.22M
Diluted EPS
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Operating cash flow
$187.88M
Free cash flow
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Sources
Revenue
$1.41B
Net income
$-12.28M
Diluted EPS
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Operating cash flow
$-232.48M
Free cash flow
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Sources
Revenue
$1.20B
Net income
$-31.60M
Diluted EPS
—
Operating cash flow
$-163.38M
Free cash flow
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Sources
Revenue
$1.72B
Net income
$5.50M
Diluted EPS
—
Operating cash flow
$324.20M
Free cash flow
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Sources
Is it cheap or expensive?
Fair value $-31.68 vs current price $4.36
Wall Street consensus is the average analyst price target: $9.48 (-129.9% lower than our fair-value estimate).
Our most-likely fair value is $-31.68 a share — about 827.5% below today's price of $4.36, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Distressed
Net debt $3.5B. Interest coverage 0.9x.
Net debt
$3.51B
Interest coverage
0.90x
Camping World Holdings, Inc.'s profit covers its interest bill about 0.9 times over. and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
CWH
BASELINE
Camping World Holdings, Inc.
Total debt $3.74B Interest coverage 0.90x This is the baseline the peer rows are being compared against.
Total debt $909.97M Interest coverage 6.17x +587% vs CWH Carries about 6.9x more debt cushion than CWH.
Total debt $482.90M Interest coverage 2.21x +146% vs CWH Carries about 2.5x more debt cushion than CWH.
Total debt $1.11B Interest coverage 1.45x +61% vs CWH Carries about 1.6x more debt cushion than CWH.
Total debt $873.89M Interest coverage 0.96x +7% vs CWH Has roughly the same debt cushion as CWH.
Total debt $2.06B Interest coverage 0.26x -71% vs CWH Carries about 3.4x less debt cushion than CWH.
What you should know
The case for and against CWH
1 Reward
3 Risks
Rewards
-
Free cash flow was positive in 2/10 years.
Risks
-
Return on equity was -26.5% last year — the company lost money on shareholders' equity.
-
Net debt grew 5.8% over 3 years.
-
Insider ownership is only 2.7% (peer median: 6.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
6.81x
P/B
1.13x
P/S
0.04x
EV/EBITDA
15.72x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
28.7%
Operating margin
5.3%
Net margin
-1.6%
ROE
-26.5%
ROA
1.9%
Health
Liquidity and balance-sheet strength
Debt / equity
9.37x
Current ratio
1.22x
Quick ratio
0.26x
Total debt
$3.74B
Total cash
$224.07M
Growth
How the business has been compounding
Revenue TTM
$6.27B
Revenue 5Y CAGR
-2.0%
EPS TTM
-1.55
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$245.79M
Free CF TTM
$-384.27M
FCF margin
-6.1%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
263.2%
Last ex-div date
2025-12-15