vs
Camping World Holdings, Inc.（CWH）与格罗方德（GFS）财务数据对比。点击上方公司名可切换其他公司
格罗方德的季度营收约是Camping World Holdings, Inc.的1.4倍（$1.7B vs $1.2B），格罗方德净利率更高（14.8% vs -9.3%，领先24.1%），Camping World Holdings, Inc.同比增速更快（-2.6% vs -2.9%），过去两年格罗方德的营收复合增速更高（-4.3% 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。
格罗方德是跨国半导体代工及设计企业，注册地为开曼群岛，总部位于美国纽约州马耳他。公司2009年3月由AMD制造业务分拆成立，2021年10月完成首次公开募股，阿联酋主权财富基金穆巴达拉投资公司目前仍持有其82%的多数股权。
CWH vs GFS — 直观对比
营收规模更大
GFS
是对方的1.4倍
$1.2B
营收增速更快
CWH
高出0.4%
-2.9%
净利率更高
GFS
高出24.1%
-9.3%
两年增速更快
GFS
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | $-109.1M | $249.0M |
| 毛利率 | 28.8% | 24.8% |
| 营业利润率 | -4.3% | 11.6% |
| 净利率 | -9.3% | 14.8% |
| 营收同比 | -2.6% | -2.9% |
| 净利润同比 | -83.3% | 39.9% |
| 每股收益（稀释后） | — | $0.44 |
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CWHGFS
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $2.0B | $1.7B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.7B | $1.7B | ||
| Q2 24 | $1.8B | $1.6B | ||
| Q1 24 | $1.4B | $1.5B |
净利润CWHGFS
| Q4 25 | $-109.1M | — | ||
| Q3 25 | $-40.4M | $249.0M | ||
| Q2 25 | $30.2M | $228.0M | ||
| Q1 25 | $-12.3M | $211.0M | ||
| Q4 24 | $-59.5M | — | ||
| Q3 24 | $5.5M | $178.0M | ||
| Q2 24 | $9.8M | $155.0M | ||
| Q1 24 | $-22.3M | $134.0M |
毛利率CWHGFS
| Q4 25 | 28.8% | — | ||
| Q3 25 | 28.6% | 24.8% | ||
| Q2 25 | 30.0% | 24.2% | ||
| Q1 25 | 30.4% | 22.4% | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 28.9% | 23.8% | ||
| Q2 24 | 30.3% | 24.2% | ||
| Q1 24 | 29.5% | 25.4% |
营业利润率CWHGFS
| Q4 25 | -4.3% | — | ||
| Q3 25 | 4.4% | 11.6% | ||
| Q2 25 | 6.6% | 11.6% | ||
| Q1 25 | 1.5% | 9.5% | ||
| Q4 24 | -1.3% | — | ||
| Q3 24 | 3.7% | 10.6% | ||
| Q2 24 | 5.3% | 9.5% | ||
| Q1 24 | 0.3% | 9.5% |
净利率CWHGFS
| Q4 25 | -9.3% | — | ||
| Q3 25 | -2.2% | 14.8% | ||
| Q2 25 | 1.5% | 13.5% | ||
| Q1 25 | -0.9% | 13.3% | ||
| Q4 24 | -4.9% | — | ||
| Q3 24 | 0.3% | 10.2% | ||
| Q2 24 | 0.5% | 9.5% | ||
| Q1 24 | -1.6% | 8.7% |
每股收益（稀释后）CWHGFS
| Q4 25 | — | — | ||
| Q3 25 | — | $0.44 | ||
| Q2 25 | — | $0.41 | ||
| Q1 25 | — | $0.38 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0.32 | ||
| Q2 24 | — | $0.28 | ||
| 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 | $215.0M | $2.0B |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $11.8B |
| 总资产 | $5.0B | $16.7B |
| 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CWHGFS
| Q4 25 | $215.0M | — | ||
| Q3 25 | $230.5M | $2.0B | ||
| Q2 25 | $118.1M | $1.8B | ||
| Q1 25 | $20.9M | $1.6B | ||
| Q4 24 | $208.4M | — | ||
| Q3 24 | $28.4M | $2.3B | ||
| Q2 24 | $23.7M | $2.2B | ||
| Q1 24 | $29.7M | $2.2B |
总债务CWHGFS
| 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CWHGFS
| Q4 25 | $228.6M | — | ||
| Q3 25 | $296.2M | $11.8B | ||
| Q2 25 | $340.5M | $11.5B | ||
| Q1 25 | $310.5M | $11.1B | ||
| Q4 24 | $326.6M | — | ||
| Q3 24 | $151.6M | $11.6B | ||
| Q2 24 | $149.7M | $11.3B | ||
| Q1 24 | $142.8M | $11.3B |
总资产CWHGFS
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.0B | $16.7B | ||
| Q2 25 | $5.2B | $16.8B | ||
| Q1 25 | $5.1B | $16.5B | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | $4.7B | $18.1B | ||
| Q2 24 | $5.0B | — | ||
| Q1 24 | $5.1B | — |
负债/权益比CWHGFS
| 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 | $595.0M |
| 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 | — | 2.39× |
| 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CWHGFS
| Q4 25 | $-227.2M | — | ||
| Q3 25 | $139.8M | $595.0M | ||
| Q2 25 | $187.9M | $431.0M | ||
| Q1 25 | $-232.5M | $331.0M | ||
| Q4 24 | $-163.4M | — | ||
| Q3 24 | $324.2M | $375.0M | ||
| Q2 24 | $152.3M | $402.0M | ||
| Q1 24 | $-68.0M | $488.0M |
现金转化率CWHGFS
| Q4 25 | — | — | ||
| Q3 25 | — | 2.39× | ||
| Q2 25 | 6.22× | 1.89× | ||
| Q1 25 | — | 1.57× | ||
| Q4 24 | — | — | ||
| Q3 24 | 58.93× | 2.11× | ||
| Q2 24 | 15.59× | 2.59× | ||
| Q1 24 | — | 3.64× |
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% |
GFS
| Smart Mobile Devices | $752.0M | 45% |
| Automotive | $306.0M | 18% |
| Home And Industrial Io T | $258.0M | 15% |
| Goods Or Services Transferred Over Time | $198.0M | 12% |
| Communications Infrastructure Datacenter | $175.0M | 10% |
