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Camping World Holdings, Inc.（CWH）与GLOBAL PARTNERS LP（GLP）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是Camping World Holdings, Inc.的1.9倍（$2.2B vs $1.2B），GLOBAL PARTNERS LP净利率更高（1.1% vs -9.3%，领先10.4%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -2.6%），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% 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。
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
CWH vs GLP — 直观对比
营收规模更大
GLP
是对方的1.9倍
$1.2B
营收增速更快
GLP
高出9.5%
-2.6%
净利率更高
GLP
高出10.4%
-9.3%
两年增速更快
GLP
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.2B |
| 净利润 | $-109.1M | $25.1M |
| 毛利率 | 28.8% | 11.9% |
| 营业利润率 | -4.3% | 2.6% |
| 净利率 | -9.3% | 1.1% |
| 营收同比 | -2.6% | 7.0% |
| 净利润同比 | -83.3% | 5.0% |
| 每股收益（稀释后） | — | — |
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CWHGLP
| Q4 25 | $1.2B | $2.2B | ||
| Q3 25 | $1.8B | $2.2B | ||
| Q2 25 | $2.0B | $2.1B | ||
| Q1 25 | $1.4B | $2.2B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.7B | $2.1B | ||
| Q2 24 | $1.8B | $2.3B | ||
| Q1 24 | $1.4B | $2.2B |
净利润CWHGLP
| Q4 25 | $-109.1M | $25.1M | ||
| Q3 25 | $-40.4M | $29.0M | ||
| Q2 25 | $30.2M | $25.2M | ||
| Q1 25 | $-12.3M | $18.7M | ||
| Q4 24 | $-59.5M | $23.9M | ||
| Q3 24 | $5.5M | $45.9M | ||
| Q2 24 | $9.8M | $46.1M | ||
| Q1 24 | $-22.3M | $-5.6M |
毛利率CWHGLP
| Q4 25 | 28.8% | 11.9% | ||
| Q3 25 | 28.6% | 12.1% | ||
| Q2 25 | 30.0% | 13.1% | ||
| Q1 25 | 30.4% | 11.7% | ||
| Q4 24 | 31.3% | 13.0% | ||
| Q3 24 | 28.9% | 13.4% | ||
| Q2 24 | 30.3% | 12.6% | ||
| Q1 24 | 29.5% | 9.8% |
营业利润率CWHGLP
| Q4 25 | -4.3% | 2.6% | ||
| Q3 25 | 4.4% | 2.7% | ||
| Q2 25 | 6.6% | 2.9% | ||
| Q1 25 | 1.5% | 2.6% | ||
| Q4 24 | -1.3% | 2.8% | ||
| Q3 24 | 3.7% | 3.9% | ||
| Q2 24 | 5.3% | 3.7% | ||
| Q1 24 | 0.3% | 1.2% |
净利率CWHGLP
| Q4 25 | -9.3% | 1.1% | ||
| Q3 25 | -2.2% | 1.3% | ||
| Q2 25 | 1.5% | 1.2% | ||
| Q1 25 | -0.9% | 0.9% | ||
| Q4 24 | -4.9% | 1.2% | ||
| Q3 24 | 0.3% | 2.1% | ||
| Q2 24 | 0.5% | 2.0% | ||
| Q1 24 | -1.6% | -0.3% |
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 | — |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | — |
| 总资产 | $5.0B | $3.9B |
| 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CWHGLP
| Q4 25 | $215.0M | — | ||
| Q3 25 | $230.5M | — | ||
| Q2 25 | $118.1M | — | ||
| Q1 25 | $20.9M | — | ||
| Q4 24 | $208.4M | — | ||
| Q3 24 | $28.4M | — | ||
| Q2 24 | $23.7M | — | ||
| Q1 24 | $29.7M | — |
总债务CWHGLP
| 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CWHGLP
| Q4 25 | $228.6M | — | ||
| Q3 25 | $296.2M | — | ||
| Q2 25 | $340.5M | — | ||
| Q1 25 | $310.5M | — | ||
| Q4 24 | $326.6M | — | ||
| Q3 24 | $151.6M | — | ||
| Q2 24 | $149.7M | — | ||
| Q1 24 | $142.8M | — |
总资产CWHGLP
| Q4 25 | $5.0B | $3.9B | ||
| Q3 25 | $5.0B | $3.7B | ||
| Q2 25 | $5.2B | $3.8B | ||
| Q1 25 | $5.1B | $3.8B | ||
| Q4 24 | $4.9B | $3.8B | ||
| Q3 24 | $4.7B | $3.7B | ||
| Q2 24 | $5.0B | $3.8B | ||
| Q1 24 | $5.1B | $3.5B |
负债/权益比CWHGLP
| 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 | $101.0M |
| 自由现金流经营现金流 - 资本支出 | — | $62.2M |
| 自由现金流率自由现金流/营收 | — | 2.8% |
| 资本支出强度资本支出/营收 | — | 1.8% |
| 现金转化率经营现金流/净利润 | — | 4.03× |
| 过去12个月自由现金流最近4个季度 | — | $193.3M |
8季度趋势，按日历期对齐
经营现金流CWHGLP
| Q4 25 | $-227.2M | $101.0M | ||
| Q3 25 | $139.8M | $19.0M | ||
| Q2 25 | $187.9M | $216.3M | ||
| Q1 25 | $-232.5M | $-51.6M | ||
| Q4 24 | $-163.4M | $67.2M | ||
| Q3 24 | $324.2M | $122.7M | ||
| Q2 24 | $152.3M | $24.3M | ||
| Q1 24 | $-68.0M | $-182.7M |
自由现金流CWHGLP
| Q4 25 | — | $62.2M | ||
| Q3 25 | — | $-678.0K | ||
| Q2 25 | — | $201.3M | ||
| Q1 25 | — | $-69.5M | ||
| Q4 24 | — | $20.4M | ||
| Q3 24 | — | $98.4M | ||
| Q2 24 | — | $8.7M | ||
| Q1 24 | — | $-199.3M |
自由现金流率CWHGLP
| Q4 25 | — | 2.8% | ||
| Q3 25 | — | -0.0% | ||
| Q2 25 | — | 9.7% | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | -9.0% |
资本支出强度CWHGLP
| Q4 25 | — | 1.8% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 0.8% |
现金转化率CWHGLP
| Q4 25 | — | 4.03× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | 6.22× | 8.58× | ||
| Q1 25 | — | -2.76× | ||
| Q4 24 | — | 2.82× | ||
| Q3 24 | 58.93× | 2.67× | ||
| Q2 24 | 15.59× | 0.53× | ||
| 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% |
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
