vs
Camping World Holdings, Inc.（CWH）与Dream Finders Homes, Inc.（DFH）财务数据对比。点击上方公司名可切换其他公司
Dream Finders Homes, Inc.的季度营收约是Camping World Holdings, Inc.的1.0倍（$1.2B vs $1.2B），Dream Finders Homes, Inc.净利率更高（4.8% vs -9.3%，领先14.1%），Camping World Holdings, Inc.同比增速更快（-2.6% vs -22.3%），过去两年Dream Finders Homes, Inc.的营收复合增速更高（21.0% vs -7.2%）
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。
美国住宅建筑商Dream Finders Homes主要建造并销售独栋住宅、联排别墅等覆盖入门级到高端档次的居住物业，业务布局美国多个高速增长区域，同时为购房者提供按揭融资、产权保险、房屋保修等配套服务，覆盖各类客户群体。
CWH vs DFH — 直观对比
营收规模更大
DFH
是对方的1.0倍
$1.2B
营收增速更快
CWH
高出19.7%
-22.3%
净利率更高
DFH
高出14.1%
-9.3%
两年增速更快
DFH
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $-109.1M | $58.8M |
| 毛利率 | 28.8% | — |
| 营业利润率 | -4.3% | 6.4% |
| 净利率 | -9.3% | 4.8% |
| 营收同比 | -2.6% | -22.3% |
| 净利润同比 | -83.3% | -54.9% |
| 每股收益（稀释后） | — | $0.57 |
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CWHDFH
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.8B | $969.8M | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $1.4B | $989.9M | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.8B | $1.1B | ||
| Q1 24 | $1.4B | $827.8M |
净利润CWHDFH
| Q4 25 | $-109.1M | $58.8M | ||
| Q3 25 | $-40.4M | $47.0M | ||
| Q2 25 | $30.2M | $56.6M | ||
| Q1 25 | $-12.3M | $54.9M | ||
| Q4 24 | $-59.5M | $130.5M | ||
| Q3 24 | $5.5M | $70.7M | ||
| Q2 24 | $9.8M | $80.9M | ||
| Q1 24 | $-22.3M | $54.5M |
毛利率CWHDFH
| 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% | 19.2% | ||
| Q1 24 | 29.5% | 18.0% |
营业利润率CWHDFH
| Q4 25 | -4.3% | 6.4% | ||
| Q3 25 | 4.4% | 6.3% | ||
| Q2 25 | 6.6% | 6.4% | ||
| Q1 25 | 1.5% | 7.2% | ||
| Q4 24 | -1.3% | 10.8% | ||
| Q3 24 | 3.7% | 9.2% | ||
| Q2 24 | 5.3% | 10.0% | ||
| Q1 24 | 0.3% | 8.6% |
净利率CWHDFH
| Q4 25 | -9.3% | 4.8% | ||
| Q3 25 | -2.2% | 4.8% | ||
| Q2 25 | 1.5% | 4.9% | ||
| Q1 25 | -0.9% | 5.5% | ||
| Q4 24 | -4.9% | 8.4% | ||
| Q3 24 | 0.3% | 7.0% | ||
| Q2 24 | 0.5% | 7.7% | ||
| Q1 24 | -1.6% | 6.6% |
每股收益（稀释后）CWHDFH
| Q4 25 | — | $0.57 | ||
| Q3 25 | — | $0.47 | ||
| Q2 25 | — | $0.56 | ||
| Q1 25 | — | $0.54 | ||
| Q4 24 | — | $1.28 | ||
| Q3 24 | — | $0.70 | ||
| Q2 24 | — | $0.81 | ||
| Q1 24 | — | $0.55 |
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 | $215.0M | $234.8M |
| 总债务越低越好 | $1.5B | $1.6B |
| 股东权益账面价值 | $228.6M | $1.4B |
| 总资产 | $5.0B | $3.7B |
| 负债/权益比越低杠杆越低 | 6.44× | 1.13× |
8季度趋势，按日历期对齐
现金及短期投资CWHDFH
| Q4 25 | $215.0M | $234.8M | ||
| Q3 25 | $230.5M | $251.0M | ||
| Q2 25 | $118.1M | $210.3M | ||
| Q1 25 | $20.9M | $297.5M | ||
| Q4 24 | $208.4M | $274.4M | ||
| Q3 24 | $28.4M | $204.9M | ||
| Q2 24 | $23.7M | $274.8M | ||
| Q1 24 | $29.7M | $239.4M |
总债务CWHDFH
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.6B | — |
股东权益CWHDFH
| Q4 25 | $228.6M | $1.4B | ||
| Q3 25 | $296.2M | $1.4B | ||
| Q2 25 | $340.5M | $1.3B | ||
| Q1 25 | $310.5M | $1.3B | ||
| Q4 24 | $326.6M | $1.2B | ||
| Q3 24 | $151.6M | $1.1B | ||
| Q2 24 | $149.7M | $1.0B | ||
| Q1 24 | $142.8M | $968.7M |
总资产CWHDFH
| Q4 25 | $5.0B | $3.7B | ||
| Q3 25 | $5.0B | $3.8B | ||
| Q2 25 | $5.2B | $3.7B | ||
| Q1 25 | $5.1B | $3.5B | ||
| Q4 24 | $4.9B | $3.3B | ||
| Q3 24 | $4.7B | $3.3B | ||
| Q2 24 | $5.0B | $3.0B | ||
| Q1 24 | $5.1B | $2.7B |
负债/权益比CWHDFH
| Q4 25 | 6.44× | 1.13× | ||
| Q3 25 | 5.00× | 1.29× | ||
| Q2 25 | 4.42× | — | ||
| Q1 25 | 4.87× | — | ||
| Q4 24 | 4.64× | 1.03× | ||
| 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 | $-227.2M | $143.6M |
| 自由现金流经营现金流 - 资本支出 | — | $136.0M |
| 自由现金流率自由现金流/营收 | — | 11.2% |
| 资本支出强度资本支出/营收 | — | 0.6% |
| 现金转化率经营现金流/净利润 | — | 2.44× |
| 过去12个月自由现金流最近4个季度 | — | $-126.4M |
8季度趋势，按日历期对齐
经营现金流CWHDFH
| Q4 25 | $-227.2M | $143.6M | ||
| Q3 25 | $139.8M | $-131.0M | ||
| Q2 25 | $187.9M | $-68.5M | ||
| Q1 25 | $-232.5M | $-44.7M | ||
| Q4 24 | $-163.4M | $306.5M | ||
| Q3 24 | $324.2M | $-205.0M | ||
| Q2 24 | $152.3M | $-110.6M | ||
| Q1 24 | $-68.0M | $-247.5M |
自由现金流CWHDFH
| Q4 25 | — | $136.0M | ||
| Q3 25 | — | $-135.7M | ||
| Q2 25 | — | $-78.8M | ||
| Q1 25 | — | $-47.9M | ||
| Q4 24 | — | $302.6M | ||
| Q3 24 | — | $-222.5M | ||
| Q2 24 | — | $-112.4M | ||
| Q1 24 | — | $-249.6M |
自由现金流率CWHDFH
| Q4 25 | — | 11.2% | ||
| Q3 25 | — | -14.0% | ||
| Q2 25 | — | -6.8% | ||
| Q1 25 | — | -4.8% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | — | -22.1% | ||
| Q2 24 | — | -10.6% | ||
| Q1 24 | — | -30.2% |
资本支出强度CWHDFH
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.3% |
现金转化率CWHDFH
| Q4 25 | — | 2.44× | ||
| Q3 25 | — | -2.79× | ||
| Q2 25 | 6.22× | -1.21× | ||
| Q1 25 | — | -0.81× | ||
| Q4 24 | — | 2.35× | ||
| Q3 24 | 58.93× | -2.90× | ||
| Q2 24 | 15.59× | -1.37× | ||
| Q1 24 | — | -4.54× |
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
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% |
DFH
| Midwest Segment | $454.2M | 37% |
| Southeast Segment | $397.5M | 33% |
| Mid Atlantic Segment | $307.3M | 25% |
| Financial Services Segment | $53.7M | 4% |
