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CARVANA CO.（CVNA）与Camping World Holdings, Inc.（CWH）财务数据对比。点击上方公司名可切换其他公司
CARVANA CO.的季度营收约是Camping World Holdings, Inc.的4.8倍（$5.6B vs $1.2B）。CARVANA CO.净利率更高（15.3% vs -9.3%，领先24.6%）。CARVANA CO.同比增速更快（58.0% vs -2.6%）。过去两年CARVANA CO.的营收复合增速更高（35.3% vs -7.2%）
Carvana Co.是总部位于美国亚利桑那州坦佩市的线上二手车零售企业，主打线上一站式购车服务，2021年成功入选《财富》500强榜单，是该榜单有史以来最年轻的上榜企业之一。
露营世界控股公司是美国知名露营房车行业企业，总部位于伊利诺伊州林肯郡，主营休闲房车销售、房车配件供应及售后维保服务，同时也售卖各类露营装备。目前公司在全美共设有202家线下门店，除线下门店经营外，还通过电话等渠道开展零售业务，2016年10月完成首次公开募股上市，募资2.51亿美元。
CVNA vs CWH — 直观对比
营收规模更大
CVNA
是对方的4.8倍
$1.2B
营收增速更快
CVNA
高出60.5%
-2.6%
净利率更高
CVNA
高出24.6%
-9.3%
两年增速更快
CVNA
近两年复合增速
-7.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $1.2B |
| 净利润 | $857.0M | $-109.1M |
| 毛利率 | 18.8% | 28.8% |
| 营业利润率 | 7.6% | -4.3% |
| 净利率 | 15.3% | -9.3% |
| 营收同比 | 58.0% | -2.6% |
| 净利润同比 | 984.8% | -83.3% |
| 每股收益（稀释后） | — | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CVNACWH
| Q4 25 | $5.6B | $1.2B | ||
| Q3 25 | $5.6B | $1.8B | ||
| Q2 25 | $4.8B | $2.0B | ||
| Q1 25 | $4.2B | $1.4B | ||
| Q4 24 | $3.5B | $1.2B | ||
| Q3 24 | $3.7B | $1.7B | ||
| Q2 24 | $3.4B | $1.8B | ||
| Q1 24 | $3.1B | $1.4B |
净利润CVNACWH
| Q4 25 | $857.0M | $-109.1M | ||
| Q3 25 | $151.0M | $-40.4M | ||
| Q2 25 | $183.0M | $30.2M | ||
| Q1 25 | $216.0M | $-12.3M | ||
| Q4 24 | $79.0M | $-59.5M | ||
| Q3 24 | $85.0M | $5.5M | ||
| Q2 24 | $18.0M | $9.8M | ||
| Q1 24 | $28.0M | $-22.3M |
毛利率CVNACWH
| Q4 25 | 18.8% | 28.8% | ||
| Q3 25 | 20.3% | 28.6% | ||
| Q2 25 | 22.0% | 30.0% | ||
| Q1 25 | 22.0% | 30.4% | ||
| Q4 24 | 21.5% | 31.3% | ||
| Q3 24 | 22.1% | 28.9% | ||
| Q2 24 | 21.0% | 30.3% | ||
| Q1 24 | 19.3% | 29.5% |
营业利润率CVNACWH
| Q4 25 | 7.6% | -4.3% | ||
| Q3 25 | 9.8% | 4.4% | ||
| Q2 25 | 10.6% | 6.6% | ||
| Q1 25 | 9.3% | 1.5% | ||
| Q4 24 | 7.3% | -1.3% | ||
| Q3 24 | 9.2% | 3.7% | ||
| Q2 24 | 7.6% | 5.3% | ||
| Q1 24 | 4.4% | 0.3% |
净利率CVNACWH
| Q4 25 | 15.3% | -9.3% | ||
| Q3 25 | 2.7% | -2.2% | ||
| Q2 25 | 3.8% | 1.5% | ||
| Q1 25 | 5.1% | -0.9% | ||
| Q4 24 | 2.2% | -4.9% | ||
| Q3 24 | 2.3% | 0.3% | ||
| Q2 24 | 0.5% | 0.5% | ||
| Q1 24 | 0.9% | -1.6% |
每股收益（稀释后）CVNACWH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $0.24 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.3B | $215.0M |
| 总债务越低越好 | $4.9B | $1.5B |
| 股东权益账面价值 | $3.4B | $228.6M |
| 总资产 | $13.2B | $5.0B |
| 负债/权益比越低杠杆越低 | 1.43× | 6.44× |
8季度趋势，按日历期对齐
现金及短期投资CVNACWH
| Q4 25 | $2.3B | $215.0M | ||
| Q3 25 | $2.1B | $230.5M | ||
| Q2 25 | $1.9B | $118.1M | ||
| Q1 25 | $1.9B | $20.9M | ||
| Q4 24 | $1.7B | $208.4M | ||
| Q3 24 | $871.0M | $28.4M | ||
| Q2 24 | $542.0M | $23.7M | ||
| Q1 24 | $252.0M | $29.7M |
总债务CVNACWH
| Q4 25 | $4.9B | $1.5B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $5.3B | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.6B |
股东权益CVNACWH
| Q4 25 | $3.4B | $228.6M | ||
| Q3 25 | $2.3B | $296.2M | ||
| Q2 25 | $1.7B | $340.5M | ||
| Q1 25 | $1.5B | $310.5M | ||
| Q4 24 | $1.3B | $326.6M | ||
| Q3 24 | $611.0M | $151.6M | ||
| Q2 24 | $526.0M | $149.7M | ||
| Q1 24 | $289.0M | $142.8M |
总资产CVNACWH
| Q4 25 | $13.2B | $5.0B | ||
| Q3 25 | $9.9B | $5.0B | ||
| Q2 25 | $9.4B | $5.2B | ||
| Q1 25 | $8.9B | $5.1B | ||
| Q4 24 | $8.5B | $4.9B | ||
| Q3 24 | $7.4B | $4.7B | ||
| Q2 24 | $7.2B | $5.0B | ||
| Q1 24 | $7.0B | $5.1B |
负债/权益比CVNACWH
| Q4 25 | 1.43× | 6.44× | ||
| Q3 25 | — | 5.00× | ||
| Q2 25 | — | 4.42× | ||
| Q1 25 | — | 4.87× | ||
| Q4 24 | 4.20× | 4.64× | ||
| Q3 24 | — | 10.09× | ||
| Q2 24 | — | 10.28× | ||
| Q1 24 | — | 11.00× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $430.0M | $-227.2M |
| 自由现金流经营现金流 - 资本支出 | $379.0M | — |
| 自由现金流率自由现金流/营收 | 6.8% | — |
| 资本支出强度资本支出/营收 | 0.9% | — |
| 现金转化率经营现金流/净利润 | 0.50× | — |
| 过去12个月自由现金流最近4个季度 | $889.0M | — |
8季度趋势，按日历期对齐
经营现金流CVNACWH
| Q4 25 | $430.0M | $-227.2M | ||
| Q3 25 | $345.0M | $139.8M | ||
| Q2 25 | $29.0M | $187.9M | ||
| Q1 25 | $232.0M | $-232.5M | ||
| Q4 24 | $60.0M | $-163.4M | ||
| Q3 24 | $403.0M | $324.2M | ||
| Q2 24 | $354.0M | $152.3M | ||
| Q1 24 | $101.0M | $-68.0M |
自由现金流CVNACWH
| Q4 25 | $379.0M | — | ||
| Q3 25 | $307.0M | — | ||
| Q2 25 | $-2.0M | — | ||
| Q1 25 | $205.0M | — | ||
| Q4 24 | $36.0M | — | ||
| Q3 24 | $376.0M | — | ||
| Q2 24 | $332.0M | — | ||
| Q1 24 | $83.0M | — |
自由现金流率CVNACWH
| Q4 25 | 6.8% | — | ||
| Q3 25 | 5.4% | — | ||
| Q2 25 | -0.0% | — | ||
| Q1 25 | 4.8% | — | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | 10.3% | — | ||
| Q2 24 | 9.7% | — | ||
| Q1 24 | 2.7% | — |
资本支出强度CVNACWH
| Q4 25 | 0.9% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.6% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.7% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 0.6% | — |
现金转化率CVNACWH
| Q4 25 | 0.50× | — | ||
| Q3 25 | 2.28× | — | ||
| Q2 25 | 0.16× | 6.22× | ||
| Q1 25 | 1.07× | — | ||
| Q4 24 | 0.76× | — | ||
| Q3 24 | 4.74× | 58.93× | ||
| Q2 24 | 19.67× | 15.59× | ||
| Q1 24 | 3.61× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CVNA
| Used Vehicle Sales | $4.2B | 74% |
| Wholesale Sales And Revenues | $988.0M | 18% |
| Other | $459.0M | 8% |
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% |
