vs
Camping World Holdings, Inc.（CWH）与Fastenal（FAST）财务数据对比。点击上方公司名可切换其他公司
Fastenal的季度营收约是Camping World Holdings, Inc.的1.7倍（$2.0B vs $1.2B），Fastenal净利率更高（14.5% vs -9.3%，领先23.8%），Fastenal同比增速更快（3.5% vs -2.6%），过去两年Fastenal的营收复合增速更高（2.9% 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。
Fastenal是1967年成立的美国上市企业，总部位于明尼苏达州威诺纳，是北美最大的紧固件分销商，同时也是工业和建筑用品的主流供应商，可提供货柜备货、智能售货柜、库存管理、物流配送等一站式供应链解决方案。
CWH vs FAST — 直观对比
营收规模更大
FAST
是对方的1.7倍
$1.2B
营收增速更快
FAST
高出6.0%
-2.6%
净利率更高
FAST
高出23.8%
-9.3%
两年增速更快
FAST
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.0B |
| 净利润 | $-109.1M | $293.9M |
| 毛利率 | 28.8% | 44.3% |
| 营业利润率 | -4.3% | 18.9% |
| 净利率 | -9.3% | 14.5% |
| 营收同比 | -2.6% | 3.5% |
| 净利润同比 | -83.3% | -1.6% |
| 每股收益（稀释后） | — | $-0.01 |
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CWHFAST
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.2B | $2.0B | ||
| Q3 25 | $1.8B | $2.1B | ||
| Q2 25 | $2.0B | $2.1B | ||
| Q1 25 | $1.4B | $2.0B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.7B | $1.9B | ||
| Q2 24 | $1.8B | $1.9B |
净利润CWHFAST
| Q1 26 | — | $293.9M | ||
| Q4 25 | $-109.1M | $293.9M | ||
| Q3 25 | $-40.4M | $335.5M | ||
| Q2 25 | $30.2M | $330.3M | ||
| Q1 25 | $-12.3M | $298.7M | ||
| Q4 24 | $-59.5M | $262.1M | ||
| Q3 24 | $5.5M | $298.1M | ||
| Q2 24 | $9.8M | $292.7M |
毛利率CWHFAST
| Q1 26 | — | 44.3% | ||
| Q4 25 | 28.8% | 44.3% | ||
| Q3 25 | 28.6% | 45.3% | ||
| Q2 25 | 30.0% | 45.3% | ||
| Q1 25 | 30.4% | 45.1% | ||
| Q4 24 | 31.3% | 44.8% | ||
| Q3 24 | 28.9% | 44.9% | ||
| Q2 24 | 30.3% | 45.1% |
营业利润率CWHFAST
| Q1 26 | — | 18.9% | ||
| Q4 25 | -4.3% | 18.9% | ||
| Q3 25 | 4.4% | 20.7% | ||
| Q2 25 | 6.6% | 21.0% | ||
| Q1 25 | 1.5% | 20.1% | ||
| Q4 24 | -1.3% | 18.9% | ||
| Q3 24 | 3.7% | 20.3% | ||
| Q2 24 | 5.3% | 20.2% |
净利率CWHFAST
| Q1 26 | — | 14.5% | ||
| Q4 25 | -9.3% | 14.5% | ||
| Q3 25 | -2.2% | 15.7% | ||
| Q2 25 | 1.5% | 15.9% | ||
| Q1 25 | -0.9% | 15.2% | ||
| Q4 24 | -4.9% | 14.4% | ||
| Q3 24 | 0.3% | 15.6% | ||
| Q2 24 | 0.5% | 15.3% |
每股收益（稀释后）CWHFAST
| Q1 26 | — | $-0.01 | ||
| Q4 25 | — | $-0.01 | ||
| Q3 25 | — | $0.29 | ||
| Q2 25 | — | $0.29 | ||
| Q1 25 | — | $0.52 | ||
| Q4 24 | — | $0.45 | ||
| Q3 24 | — | $0.52 | ||
| Q2 24 | — | $0.51 |
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 | $276.8M |
| 总债务越低越好 | $1.5B | $125.0M |
| 股东权益账面价值 | $228.6M | $3.9B |
| 总资产 | $5.0B | $5.1B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.03× |
8季度趋势，按日历期对齐
现金及短期投资CWHFAST
| Q1 26 | — | $276.8M | ||
| Q4 25 | $215.0M | $276.8M | ||
| Q3 25 | $230.5M | $288.1M | ||
| Q2 25 | $118.1M | $237.8M | ||
| Q1 25 | $20.9M | $231.8M | ||
| Q4 24 | $208.4M | $255.8M | ||
| Q3 24 | $28.4M | $292.2M | ||
| Q2 24 | $23.7M | $255.5M |
总债务CWHFAST
| Q1 26 | — | $125.0M | ||
| Q4 25 | $1.5B | $125.0M | ||
| Q3 25 | $1.5B | $195.0M | ||
| Q2 25 | $1.5B | $230.0M | ||
| Q1 25 | $1.5B | $200.0M | ||
| Q4 24 | $1.5B | $200.0M | ||
| Q3 24 | $1.5B | $240.0M | ||
| Q2 24 | $1.5B | $235.0M |
股东权益CWHFAST
| Q1 26 | — | $3.9B | ||
| Q4 25 | $228.6M | $3.9B | ||
| Q3 25 | $296.2M | $3.9B | ||
| Q2 25 | $340.5M | $3.8B | ||
| Q1 25 | $310.5M | $3.7B | ||
| Q4 24 | $326.6M | $3.6B | ||
| Q3 24 | $151.6M | $3.6B | ||
| Q2 24 | $149.7M | $3.5B |
总资产CWHFAST
| Q1 26 | — | $5.1B | ||
| Q4 25 | $5.0B | $5.1B | ||
| Q3 25 | $5.0B | $5.1B | ||
| Q2 25 | $5.2B | $5.0B | ||
| Q1 25 | $5.1B | $4.9B | ||
| Q4 24 | $4.9B | $4.7B | ||
| Q3 24 | $4.7B | $4.7B | ||
| Q2 24 | $5.0B | $4.6B |
负债/权益比CWHFAST
| Q1 26 | — | 0.03× | ||
| Q4 25 | 6.44× | 0.03× | ||
| Q3 25 | 5.00× | 0.05× | ||
| Q2 25 | 4.42× | 0.06× | ||
| Q1 25 | 4.87× | 0.05× | ||
| Q4 24 | 4.64× | 0.06× | ||
| Q3 24 | 10.09× | 0.07× | ||
| Q2 24 | 10.28× | 0.07× |
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 | $368.2M |
| 自由现金流经营现金流 - 资本支出 | — | $308.2M |
| 自由现金流率自由现金流/营收 | — | 15.2% |
| 资本支出强度资本支出/营收 | — | 3.0% |
| 现金转化率经营现金流/净利润 | — | 1.25× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流CWHFAST
| Q1 26 | — | $368.2M | ||
| Q4 25 | $-227.2M | $368.2M | ||
| Q3 25 | $139.8M | $386.9M | ||
| Q2 25 | $187.9M | $278.6M | ||
| Q1 25 | $-232.5M | $262.2M | ||
| Q4 24 | $-163.4M | $282.8M | ||
| Q3 24 | $324.2M | $296.9M | ||
| Q2 24 | $152.3M | $258.0M |
自由现金流CWHFAST
| Q1 26 | — | $308.2M | ||
| Q4 25 | — | $308.2M | ||
| Q3 25 | — | $326.6M | ||
| Q2 25 | — | $209.3M | ||
| Q1 25 | — | $206.5M | ||
| Q4 24 | — | $222.6M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $201.9M |
自由现金流率CWHFAST
| Q1 26 | — | 15.2% | ||
| Q4 25 | — | 15.2% | ||
| Q3 25 | — | 15.3% | ||
| Q2 25 | — | 10.1% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | — | 12.4% | ||
| Q2 24 | — | 10.5% |
资本支出强度CWHFAST
| Q1 26 | — | 3.0% | ||
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | — | 3.1% | ||
| Q2 24 | — | 2.9% |
现金转化率CWHFAST
| Q1 26 | — | 1.25× | ||
| Q4 25 | — | 1.25× | ||
| Q3 25 | — | 1.15× | ||
| Q2 25 | 6.22× | 0.84× | ||
| Q1 25 | — | 0.88× | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | 58.93× | 1.00× | ||
| Q2 24 | 15.59× | 0.88× |
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% |
FAST
| Reportable Segment Aggregation Before Other Operating Segment | $1.8B | 90% |
| Other | $211.2M | 10% |
