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Camping World Holdings, Inc.（CWH）与美国艺电（EA）财务数据对比。点击上方公司名可切换其他公司
美国艺电的季度营收约是Camping World Holdings, Inc.的1.6倍（$1.9B vs $1.2B），美国艺电净利率更高（4.6% vs -9.3%，领先13.9%），美国艺电同比增速更快（1.0% vs -2.6%），过去两年美国艺电的营收复合增速更高（3.4% 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。
美国艺电（EA）是总部位于美国加利福尼亚州雷德伍德城的电子游戏企业，1982年5月由前苹果员工特里普·霍金斯创立。作为早期家用电脑游戏行业的先驱，公司将旗下游戏设计师与程序员称作“软件艺术家”，是全球知名的游戏厂商。
CWH vs EA — 直观对比
营收规模更大
EA
是对方的1.6倍
$1.2B
营收增速更快
EA
高出3.5%
-2.6%
净利率更高
EA
高出13.9%
-9.3%
两年增速更快
EA
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.9B |
| 净利润 | $-109.1M | $88.0M |
| 毛利率 | 28.8% | 73.8% |
| 营业利润率 | -4.3% | 6.7% |
| 净利率 | -9.3% | 4.6% |
| 营收同比 | -2.6% | 1.0% |
| 净利润同比 | -83.3% | -70.0% |
| 每股收益（稀释后） | — | $0.35 |
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CWHEA
| Q4 25 | $1.2B | $1.9B | ||
| Q3 25 | $1.8B | $1.8B | ||
| Q2 25 | $2.0B | $1.7B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $1.7B | $2.0B | ||
| Q2 24 | $1.8B | $1.7B | ||
| Q1 24 | $1.4B | $1.8B |
净利润CWHEA
| Q4 25 | $-109.1M | $88.0M | ||
| Q3 25 | $-40.4M | $137.0M | ||
| Q2 25 | $30.2M | $201.0M | ||
| Q1 25 | $-12.3M | $254.0M | ||
| Q4 24 | $-59.5M | $293.0M | ||
| Q3 24 | $5.5M | $294.0M | ||
| Q2 24 | $9.8M | $280.0M | ||
| Q1 24 | $-22.3M | $182.0M |
毛利率CWHEA
| Q4 25 | 28.8% | 73.8% | ||
| Q3 25 | 28.6% | 75.9% | ||
| Q2 25 | 30.0% | 83.3% | ||
| Q1 25 | 30.4% | 80.6% | ||
| Q4 24 | 31.3% | 75.8% | ||
| Q3 24 | 28.9% | 77.5% | ||
| Q2 24 | 30.3% | 84.2% | ||
| Q1 24 | 29.5% | 79.9% |
营业利润率CWHEA
| Q4 25 | -4.3% | 6.7% | ||
| Q3 25 | 4.4% | 10.9% | ||
| Q2 25 | 6.6% | 16.2% | ||
| Q1 25 | 1.5% | 20.8% | ||
| Q4 24 | -1.3% | 20.0% | ||
| Q3 24 | 3.7% | 19.0% | ||
| Q2 24 | 5.3% | 21.9% | ||
| Q1 24 | 0.3% | 13.2% |
净利率CWHEA
| Q4 25 | -9.3% | 4.6% | ||
| Q3 25 | -2.2% | 7.4% | ||
| Q2 25 | 1.5% | 12.0% | ||
| Q1 25 | -0.9% | 13.4% | ||
| Q4 24 | -4.9% | 15.6% | ||
| Q3 24 | 0.3% | 14.5% | ||
| Q2 24 | 0.5% | 16.9% | ||
| Q1 24 | -1.6% | 10.2% |
每股收益（稀释后）CWHEA
| Q4 25 | — | $0.35 | ||
| Q3 25 | — | $0.54 | ||
| Q2 25 | — | $0.79 | ||
| Q1 25 | — | $0.99 | ||
| Q4 24 | — | $1.11 | ||
| Q3 24 | — | $1.11 | ||
| Q2 24 | — | $1.04 | ||
| Q1 24 | — | $0.67 |
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 | $2.8B |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $6.2B |
| 总资产 | $5.0B | $13.3B |
| 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CWHEA
| Q4 25 | $215.0M | $2.8B | ||
| Q3 25 | $230.5M | $1.1B | ||
| Q2 25 | $118.1M | $1.5B | ||
| Q1 25 | $20.9M | $2.1B | ||
| Q4 24 | $208.4M | $2.8B | ||
| Q3 24 | $28.4M | $2.2B | ||
| Q2 24 | $23.7M | $2.4B | ||
| Q1 24 | $29.7M | $2.9B |
总债务CWHEA
| 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CWHEA
| Q4 25 | $228.6M | $6.2B | ||
| Q3 25 | $296.2M | $6.0B | ||
| Q2 25 | $340.5M | $6.1B | ||
| Q1 25 | $310.5M | $6.4B | ||
| Q4 24 | $326.6M | $7.4B | ||
| Q3 24 | $151.6M | $7.4B | ||
| Q2 24 | $149.7M | $7.4B | ||
| Q1 24 | $142.8M | $7.5B |
总资产CWHEA
| Q4 25 | $5.0B | $13.3B | ||
| Q3 25 | $5.0B | $11.9B | ||
| Q2 25 | $5.2B | $11.7B | ||
| Q1 25 | $5.1B | $12.4B | ||
| Q4 24 | $4.9B | $13.5B | ||
| Q3 24 | $4.7B | $13.1B | ||
| Q2 24 | $5.0B | $12.7B | ||
| Q1 24 | $5.1B | $13.4B |
负债/权益比CWHEA
| 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 | $1.8B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 20.75× |
| 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CWHEA
| Q4 25 | $-227.2M | $1.8B | ||
| Q3 25 | $139.8M | $130.0M | ||
| Q2 25 | $187.9M | $17.0M | ||
| Q1 25 | $-232.5M | $549.0M | ||
| Q4 24 | $-163.4M | $1.2B | ||
| Q3 24 | $324.2M | $234.0M | ||
| Q2 24 | $152.3M | $120.0M | ||
| Q1 24 | $-68.0M | $580.0M |
现金转化率CWHEA
| Q4 25 | — | 20.75× | ||
| Q3 25 | — | 0.95× | ||
| Q2 25 | 6.22× | 0.08× | ||
| Q1 25 | — | 2.16× | ||
| Q4 24 | — | 4.01× | ||
| Q3 24 | 58.93× | 0.80× | ||
| Q2 24 | 15.59× | 0.43× | ||
| Q1 24 | — | 3.19× |
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% |
EA
| Live Services And Other Net Revenue | $1.3B | 67% |
| PC And Other Net Revenue | $465.0M | 24% |
| Packaged Goods Net Revenue | $86.0M | 5% |
| Other | $56.0M | 3% |
| Estimated Service Offering Period | $25.0M | 1% |
