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Camping World Holdings, Inc.（CWH）与Globe Life（GL）财务数据对比。点击上方公司名可切换其他公司
Globe Life的季度营收约是Camping World Holdings, Inc.的1.3倍（$1.5B vs $1.2B），Globe Life净利率更高（17.5% vs -9.3%，领先26.8%），Globe Life同比增速更快（3.6% vs -2.6%），过去两年Globe Life的营收复合增速更高（3.6% 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。
Globe Life Inc.（股票代码：GL）是总部位于美国得克萨斯州麦金尼的金融服务控股公司，在纽约证券交易所上市，通过旗下全资子公司开展业务，主营人寿保险、年金产品及补充健康保险产品。
CWH vs GL — 直观对比
营收规模更大
GL
是对方的1.3倍
$1.2B
营收增速更快
GL
高出6.2%
-2.6%
净利率更高
GL
高出26.8%
-9.3%
两年增速更快
GL
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.5B |
| 净利润 | $-109.1M | $266.1M |
| 毛利率 | 28.8% | — |
| 营业利润率 | -4.3% | 21.7% |
| 净利率 | -9.3% | 17.5% |
| 营收同比 | -2.6% | 3.6% |
| 净利润同比 | -83.3% | 4.3% |
| 每股收益（稀释后） | — | $3.28 |
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CWHGL
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $2.0B | $1.5B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $1.8B | $1.4B | ||
| Q1 24 | $1.4B | $1.4B |
净利润CWHGL
| Q4 25 | $-109.1M | $266.1M | ||
| Q3 25 | $-40.4M | $387.8M | ||
| Q2 25 | $30.2M | $252.7M | ||
| Q1 25 | $-12.3M | $254.6M | ||
| Q4 24 | $-59.5M | $255.2M | ||
| Q3 24 | $5.5M | $303.0M | ||
| Q2 24 | $9.8M | $258.4M | ||
| Q1 24 | $-22.3M | $254.2M |
毛利率CWHGL
| Q4 25 | 28.8% | — | ||
| Q3 25 | 28.6% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 30.4% | — | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 28.9% | 26.1% | ||
| Q2 24 | 30.3% | 23.3% | ||
| Q1 24 | 29.5% | 23.1% |
营业利润率CWHGL
| Q4 25 | -4.3% | 21.7% | ||
| Q3 25 | 4.4% | 31.5% | ||
| Q2 25 | 6.6% | 21.2% | ||
| Q1 25 | 1.5% | 21.4% | ||
| Q4 24 | -1.3% | 21.3% | ||
| Q3 24 | 3.7% | 26.3% | ||
| Q2 24 | 5.3% | 23.5% | ||
| Q1 24 | 0.3% | 23.1% |
净利率CWHGL
| Q4 25 | -9.3% | 17.5% | ||
| Q3 25 | -2.2% | 25.6% | ||
| Q2 25 | 1.5% | 17.1% | ||
| Q1 25 | -0.9% | 17.2% | ||
| Q4 24 | -4.9% | 17.4% | ||
| Q3 24 | 0.3% | 20.8% | ||
| Q2 24 | 0.5% | 17.9% | ||
| Q1 24 | -1.6% | 18.0% |
每股收益（稀释后）CWHGL
| Q4 25 | — | $3.28 | ||
| Q3 25 | — | $4.73 | ||
| Q2 25 | — | $3.05 | ||
| Q1 25 | — | $3.01 | ||
| Q4 24 | — | $3.00 | ||
| Q3 24 | — | $3.44 | ||
| Q2 24 | — | $2.83 | ||
| Q1 24 | — | $2.67 |
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 | $314.7M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $6.0B |
| 总资产 | $5.0B | $30.8B |
| 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CWHGL
| Q4 25 | $215.0M | $314.7M | ||
| Q3 25 | $230.5M | $62.8M | ||
| Q2 25 | $118.1M | $116.7M | ||
| Q1 25 | $20.9M | $134.1M | ||
| Q4 24 | $208.4M | $85.0M | ||
| Q3 24 | $28.4M | $100.5M | ||
| Q2 24 | $23.7M | $100.6M | ||
| Q1 24 | $29.7M | $58.4M |
总债务CWHGL
| 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CWHGL
| Q4 25 | $228.6M | $6.0B | ||
| Q3 25 | $296.2M | $5.7B | ||
| Q2 25 | $340.5M | $5.4B | ||
| Q1 25 | $310.5M | $5.4B | ||
| Q4 24 | $326.6M | $5.3B | ||
| Q3 24 | $151.6M | $4.6B | ||
| Q2 24 | $149.7M | $5.2B | ||
| Q1 24 | $142.8M | $5.0B |
总资产CWHGL
| Q4 25 | $5.0B | $30.8B | ||
| Q3 25 | $5.0B | $30.5B | ||
| Q2 25 | $5.2B | $29.8B | ||
| Q1 25 | $5.1B | $29.7B | ||
| Q4 24 | $4.9B | $29.1B | ||
| Q3 24 | $4.7B | $29.6B | ||
| Q2 24 | $5.0B | $28.3B | ||
| Q1 24 | $5.1B | $28.6B |
负债/权益比CWHGL
| 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 | $350.6M |
| 自由现金流经营现金流 - 资本支出 | — | $330.1M |
| 自由现金流率自由现金流/营收 | — | 21.7% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | — | 1.32× |
| 过去12个月自由现金流最近4个季度 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流CWHGL
| Q4 25 | $-227.2M | $350.6M | ||
| Q3 25 | $139.8M | $306.0M | ||
| Q2 25 | $187.9M | $307.9M | ||
| Q1 25 | $-232.5M | $431.9M | ||
| Q4 24 | $-163.4M | $336.9M | ||
| Q3 24 | $324.2M | $340.6M | ||
| Q2 24 | $152.3M | $374.1M | ||
| Q1 24 | $-68.0M | $350.8M |
自由现金流CWHGL
| Q4 25 | — | $330.1M | ||
| Q3 25 | — | $208.7M | ||
| Q2 25 | — | $295.0M | ||
| Q1 25 | — | $420.1M | ||
| Q4 24 | — | $321.9M | ||
| Q3 24 | — | $311.3M | ||
| Q2 24 | — | $356.5M | ||
| Q1 24 | — | $341.7M |
自由现金流率CWHGL
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 13.8% | ||
| Q2 25 | — | 19.9% | ||
| Q1 25 | — | 28.4% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 21.4% | ||
| Q2 24 | — | 24.8% | ||
| Q1 24 | — | 24.1% |
资本支出强度CWHGL
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 6.4% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 0.6% |
现金转化率CWHGL
| Q4 25 | — | 1.32× | ||
| Q3 25 | — | 0.79× | ||
| Q2 25 | 6.22× | 1.22× | ||
| Q1 25 | — | 1.70× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | 58.93× | 1.12× | ||
| Q2 24 | 15.59× | 1.45× | ||
| Q1 24 | — | 1.38× |
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% |
GL
| Life Segment | $849.6M | 56% |
| Health Segment | $392.3M | 26% |
| Investment Segment | $281.4M | 19% |
