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Side-by-side financial comparison of Camping World Holdings, Inc. (CWH) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Camping World Holdings, Inc. is the larger business by last-quarter revenue ($1.2B vs $631.2M, roughly 1.9× FORWARD AIR CORP). FORWARD AIR CORP runs the higher net margin — -4.5% vs -9.3%, a 4.8% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -2.6%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -7.2%).
Camping World Holdings, Inc. is an American corporation specializing in selling recreational vehicles (RVs), recreational vehicle parts, and recreational vehicle service. They also sell supplies for camping. The company has its headquarters in Lincolnshire, Illinois. In October 2016 it became a publicly traded company when it raised $251 million in an IPO. Camping World has 202 locations. In addition to its RV dealerships and accessories stores, the company sells goods through phone order and...
Forward Air Corp is a leading North American asset-light logistics and transportation provider. It offers core services including expedited less-than-truckload freight delivery, final-mile logistics, intermodal transport, warehousing, and supply chain solutions, serving key sectors such as e-commerce, retail, manufacturing, and automotive across the U.S., Canada, and Mexico.
CWH vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $631.2M |
| Net Profit | $-109.1M | $-28.3M |
| Gross Margin | 28.8% | — |
| Operating Margin | -4.3% | -0.5% |
| Net Margin | -9.3% | -4.5% |
| Revenue YoY | -2.6% | -0.3% |
| Net Profit YoY | -83.3% | 22.2% |
| EPS (diluted) | — | $-0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.2B | $631.2M | ||
| Q3 25 | $1.8B | $631.8M | ||
| Q2 25 | $2.0B | $618.8M | ||
| Q1 25 | $1.4B | $613.3M | ||
| Q4 24 | $1.2B | $632.8M | ||
| Q3 24 | $1.7B | $655.9M | ||
| Q2 24 | $1.8B | $643.7M | ||
| Q1 24 | $1.4B | $541.8M |
| Q4 25 | $-109.1M | $-28.3M | ||
| Q3 25 | $-40.4M | $-16.3M | ||
| Q2 25 | $30.2M | $-12.6M | ||
| Q1 25 | $-12.3M | $-50.6M | ||
| Q4 24 | $-59.5M | $-36.4M | ||
| Q3 24 | $5.5M | $-73.4M | ||
| Q2 24 | $9.8M | $-645.4M | ||
| Q1 24 | $-22.3M | $-61.7M |
| Q4 25 | 28.8% | — | ||
| Q3 25 | 28.6% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 30.4% | — | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 28.9% | — | ||
| Q2 24 | 30.3% | — | ||
| Q1 24 | 29.5% | — |
| Q4 25 | -4.3% | -0.5% | ||
| Q3 25 | 4.4% | 2.4% | ||
| Q2 25 | 6.6% | 3.2% | ||
| Q1 25 | 1.5% | 0.8% | ||
| Q4 24 | -1.3% | 12.0% | ||
| Q3 24 | 3.7% | 3.5% | ||
| Q2 24 | 5.3% | -170.2% | ||
| Q1 24 | 0.3% | -12.1% |
| Q4 25 | -9.3% | -4.5% | ||
| Q3 25 | -2.2% | -2.6% | ||
| Q2 25 | 1.5% | -2.0% | ||
| Q1 25 | -0.9% | -8.3% | ||
| Q4 24 | -4.9% | -5.8% | ||
| Q3 24 | 0.3% | -11.2% | ||
| Q2 24 | 0.5% | -100.3% | ||
| Q1 24 | -1.6% | -11.4% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | — | $-0.52 | ||
| Q2 25 | — | $-0.41 | ||
| Q1 25 | — | $-1.68 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | — | $-2.66 | ||
| Q2 24 | — | $-23.47 | ||
| Q1 24 | — | $-2.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $215.0M | $106.0M |
| Total DebtLower is stronger | $1.5B | $1.7B |
| Stockholders' EquityBook value | $228.6M | $113.3M |
| Total Assets | $5.0B | $2.7B |
| Debt / EquityLower = less leverage | 6.44× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $215.0M | $106.0M | ||
| Q3 25 | $230.5M | $140.4M | ||
| Q2 25 | $118.1M | $95.1M | ||
| Q1 25 | $20.9M | $116.3M | ||
| Q4 24 | $208.4M | $104.9M | ||
| Q3 24 | $28.4M | $136.6M | ||
| Q2 24 | $23.7M | $84.9M | ||
| Q1 24 | $29.7M | $152.0M |
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.6B | $1.7B |
| Q4 25 | $228.6M | $113.3M | ||
| Q3 25 | $296.2M | $139.8M | ||
| Q2 25 | $340.5M | $151.8M | ||
| Q1 25 | $310.5M | $154.6M | ||
| Q4 24 | $326.6M | $201.7M | ||
| Q3 24 | $151.6M | $226.1M | ||
| Q2 24 | $149.7M | $283.8M | ||
| Q1 24 | $142.8M | $926.1M |
| Q4 25 | $5.0B | $2.7B | ||
| Q3 25 | $5.0B | $2.8B | ||
| Q2 25 | $5.2B | $2.8B | ||
| Q1 25 | $5.1B | $2.8B | ||
| Q4 24 | $4.9B | $2.8B | ||
| Q3 24 | $4.7B | $3.1B | ||
| Q2 24 | $5.0B | $3.1B | ||
| Q1 24 | $5.1B | $4.0B |
| Q4 25 | 6.44× | 14.89× | ||
| Q3 25 | 5.00× | 12.05× | ||
| Q2 25 | 4.42× | — | ||
| Q1 25 | 4.87× | — | ||
| Q4 24 | 4.64× | — | ||
| Q3 24 | 10.09× | — | ||
| Q2 24 | 10.28× | — | ||
| Q1 24 | 11.00× | 1.81× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-227.2M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-227.2M | — | ||
| Q3 25 | $139.8M | $52.7M | ||
| Q2 25 | $187.9M | — | ||
| Q1 25 | $-232.5M | $27.6M | ||
| Q4 24 | $-163.4M | $-23.2M | ||
| Q3 24 | $324.2M | $51.2M | ||
| Q2 24 | $152.3M | $-45.2M | ||
| Q1 24 | $-68.0M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | — | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 6.22× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 58.93× | — | ||
| Q2 24 | 15.59× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWH
| New Vehicles | $457.8M | 39% |
| Used Vehicles | $386.5M | 33% |
| Products Service And Other | $160.5M | 14% |
| Finance And Insurance Net | $111.4M | 9% |
| Good Sam Services And Plans | $48.0M | 4% |
| Good Sam Club | $10.5M | 1% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
