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Camping World Holdings, Inc.（CWH）与DOCUSIGN, INC.（DOCU）财务数据对比。点击上方公司名可切换其他公司
Camping World Holdings, Inc.的季度营收约是DOCUSIGN, INC.的1.4倍（$1.2B vs $818.4M），DOCUSIGN, INC.净利率更高（10.2% vs -9.3%，领先19.5%），DOCUSIGN, INC.同比增速更快（8.4% vs -2.6%）
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。
DocuSign是总部位于美国加利福尼亚州旧金山的软件企业，为各类机构提供多设备支持的电子协议管理及电子签名相关产品。截至2025年，公司在180个国家拥有约170万客户，其处理的签名符合美国ESIGN法案、欧盟eIDAS法规要求，满足欧盟高级及合格签名标准。
CWH vs DOCU — 直观对比
营收规模更大
CWH
是对方的1.4倍
$818.4M
营收增速更快
DOCU
高出11.0%
-2.6%
净利率更高
DOCU
高出19.5%
-9.3%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $818.4M |
| 净利润 | $-109.1M | $83.7M |
| 毛利率 | 28.8% | 79.2% |
| 营业利润率 | -4.3% | 10.4% |
| 净利率 | -9.3% | 10.2% |
| 营收同比 | -2.6% | 8.4% |
| 净利润同比 | -83.3% | 34.1% |
| 每股收益（稀释后） | — | $0.40 |
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CWHDOCU
| Q4 25 | $1.2B | $818.4M | ||
| Q3 25 | $1.8B | $800.6M | ||
| Q2 25 | $2.0B | $763.7M | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $1.4B | — |
净利润CWHDOCU
| Q4 25 | $-109.1M | $83.7M | ||
| Q3 25 | $-40.4M | $63.0M | ||
| Q2 25 | $30.2M | $72.1M | ||
| Q1 25 | $-12.3M | — | ||
| Q4 24 | $-59.5M | — | ||
| Q3 24 | $5.5M | — | ||
| Q2 24 | $9.8M | — | ||
| Q1 24 | $-22.3M | — |
毛利率CWHDOCU
| Q4 25 | 28.8% | 79.2% | ||
| Q3 25 | 28.6% | 79.3% | ||
| Q2 25 | 30.0% | 79.4% | ||
| Q1 25 | 30.4% | — | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 28.9% | — | ||
| Q2 24 | 30.3% | — | ||
| Q1 24 | 29.5% | — |
营业利润率CWHDOCU
| Q4 25 | -4.3% | 10.4% | ||
| Q3 25 | 4.4% | 8.1% | ||
| Q2 25 | 6.6% | 7.9% | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | -1.3% | — | ||
| Q3 24 | 3.7% | — | ||
| Q2 24 | 5.3% | — | ||
| Q1 24 | 0.3% | — |
净利率CWHDOCU
| Q4 25 | -9.3% | 10.2% | ||
| Q3 25 | -2.2% | 7.9% | ||
| Q2 25 | 1.5% | 9.4% | ||
| Q1 25 | -0.9% | — | ||
| Q4 24 | -4.9% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | -1.6% | — |
每股收益（稀释后）CWHDOCU
| Q4 25 | — | $0.40 | ||
| Q3 25 | — | $0.30 | ||
| Q2 25 | — | $0.34 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $215.0M | $583.3M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $2.0B |
| 总资产 | $5.0B | $4.0B |
| 负债/权益比越低杠杆越低 | 6.44× | — |
8季度趋势，按日历期对齐
现金及短期投资CWHDOCU
| Q4 25 | $215.0M | $583.3M | ||
| Q3 25 | $230.5M | $600.0M | ||
| Q2 25 | $118.1M | $657.4M | ||
| Q1 25 | $20.9M | — | ||
| Q4 24 | $208.4M | — | ||
| Q3 24 | $28.4M | — | ||
| Q2 24 | $23.7M | — | ||
| Q1 24 | $29.7M | — |
总债务CWHDOCU
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.6B | — |
股东权益CWHDOCU
| Q4 25 | $228.6M | $2.0B | ||
| Q3 25 | $296.2M | $2.0B | ||
| Q2 25 | $340.5M | $2.0B | ||
| Q1 25 | $310.5M | — | ||
| Q4 24 | $326.6M | — | ||
| Q3 24 | $151.6M | — | ||
| Q2 24 | $149.7M | — | ||
| Q1 24 | $142.8M | — |
总资产CWHDOCU
| Q4 25 | $5.0B | $4.0B | ||
| Q3 25 | $5.0B | $3.9B | ||
| Q2 25 | $5.2B | $3.9B | ||
| Q1 25 | $5.1B | — | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | $4.7B | — | ||
| Q2 24 | $5.0B | — | ||
| Q1 24 | $5.1B | — |
负债/权益比CWHDOCU
| Q4 25 | 6.44× | — | ||
| Q3 25 | 5.00× | — | ||
| Q2 25 | 4.42× | — | ||
| Q1 25 | 4.87× | — | ||
| Q4 24 | 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 | $-227.2M | $290.3M |
| 自由现金流经营现金流 - 资本支出 | — | $262.9M |
| 自由现金流率自由现金流/营收 | — | 32.1% |
| 资本支出强度资本支出/营收 | — | 3.3% |
| 现金转化率经营现金流/净利润 | — | 3.47× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流CWHDOCU
| Q4 25 | $-227.2M | $290.3M | ||
| Q3 25 | $139.8M | $246.1M | ||
| Q2 25 | $187.9M | $251.4M | ||
| Q1 25 | $-232.5M | — | ||
| Q4 24 | $-163.4M | — | ||
| Q3 24 | $324.2M | — | ||
| Q2 24 | $152.3M | — | ||
| Q1 24 | $-68.0M | — |
自由现金流CWHDOCU
| Q4 25 | — | $262.9M | ||
| Q3 25 | — | $217.6M | ||
| Q2 25 | — | $227.8M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率CWHDOCU
| Q4 25 | — | 32.1% | ||
| Q3 25 | — | 27.2% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度CWHDOCU
| Q4 25 | — | 3.3% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率CWHDOCU
| Q4 25 | — | 3.47× | ||
| Q3 25 | — | 3.91× | ||
| Q2 25 | 6.22× | 3.49× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 58.93× | — | ||
| Q2 24 | 15.59× | — | ||
| Q1 24 | — | — |
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% |
DOCU
| Subscription And Circulation | $801.0M | 98% |
| Professional Services And Other | $17.4M | 2% |
