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Camping World Holdings, Inc.（CWH）与Hilton Grand Vacations Inc.（HGV）财务数据对比。点击上方公司名可切换其他公司
Hilton Grand Vacations Inc.的季度营收约是Camping World Holdings, Inc.的1.0倍（$1.2B vs $1.2B），Hilton Grand Vacations Inc.净利率更高（4.0% vs -9.3%，领先13.3%），Hilton Grand Vacations Inc.同比增速更快（3.7% vs -2.6%），过去两年Hilton Grand Vacations Inc.的营收复合增速更高（7.4% 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。
希尔顿度假大酒店公司（Hilton Grand Vacations Inc.）总部位于美国佛罗里达州奥兰多，是一家跨国企业。该公司通过与希尔顿全球的独家授权协议，运营管理希尔顿旗下的分时度假和度假所有权品牌。其原为希尔顿全球的全资子公司，2017年分拆为独立上市公司。
CWH vs HGV — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $-109.1M | $48.0M |
| 毛利率 | 28.8% | — |
| 营业利润率 | -4.3% | 7.8% |
| 净利率 | -9.3% | 4.0% |
| 营收同比 | -2.6% | 3.7% |
| 净利润同比 | -83.3% | 140.0% |
| 每股收益（稀释后） | — | $0.53 |
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
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $2.0B | $1.1B | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.8B | $1.1B | ||
| Q1 24 | $1.4B | $1.0B |
| Q4 25 | $-109.1M | $48.0M | ||
| Q3 25 | $-40.4M | $25.0M | ||
| Q2 25 | $30.2M | $25.0M | ||
| Q1 25 | $-12.3M | $-17.0M | ||
| Q4 24 | $-59.5M | $20.0M | ||
| Q3 24 | $5.5M | $29.0M | ||
| Q2 24 | $9.8M | $2.0M | ||
| Q1 24 | $-22.3M | $-4.0M |
| Q4 25 | 28.8% | — | ||
| Q3 25 | 28.6% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 30.4% | — | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 28.9% | — | ||
| Q2 24 | 30.3% | — | ||
| Q1 24 | 29.5% | — |
| Q4 25 | -4.3% | 7.8% | ||
| Q3 25 | 4.4% | 3.9% | ||
| Q2 25 | 6.6% | 3.8% | ||
| Q1 25 | 1.5% | -0.6% | ||
| Q4 24 | -1.3% | 4.3% | ||
| Q3 24 | 3.7% | 7.9% | ||
| Q2 24 | 5.3% | 0.6% | ||
| Q1 24 | 0.3% | -1.3% |
| Q4 25 | -9.3% | 4.0% | ||
| Q3 25 | -2.2% | 2.1% | ||
| Q2 25 | 1.5% | 2.2% | ||
| Q1 25 | -0.9% | -1.7% | ||
| Q4 24 | -4.9% | 1.7% | ||
| Q3 24 | 0.3% | 2.5% | ||
| Q2 24 | 0.5% | 0.2% | ||
| Q1 24 | -1.6% | -0.4% |
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.28 | ||
| Q2 25 | — | $0.25 | ||
| Q1 25 | — | $-0.17 | ||
| Q4 24 | — | $0.19 | ||
| Q3 24 | — | $0.28 | ||
| Q2 24 | — | $0.02 | ||
| Q1 24 | — | $-0.04 |
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 | $239.0M |
| 总债务越低越好 | $1.5B | $4.5B |
| 股东权益账面价值 | $228.6M | $1.3B |
| 总资产 | $5.0B | $11.5B |
| 负债/权益比越低杠杆越低 | 6.44× | 3.53× |
8季度趋势，按日历期对齐
| Q4 25 | $215.0M | $239.0M | ||
| Q3 25 | $230.5M | $215.0M | ||
| Q2 25 | $118.1M | $269.0M | ||
| Q1 25 | $20.9M | $259.0M | ||
| Q4 24 | $208.4M | $328.0M | ||
| Q3 24 | $28.4M | $297.0M | ||
| Q2 24 | $23.7M | $328.0M | ||
| Q1 24 | $29.7M | $355.0M |
| Q4 25 | $1.5B | $4.5B | ||
| Q3 25 | $1.5B | $4.7B | ||
| Q2 25 | $1.5B | $4.6B | ||
| Q1 25 | $1.5B | $4.5B | ||
| Q4 24 | $1.5B | $4.6B | ||
| Q3 24 | $1.5B | $5.0B | ||
| Q2 24 | $1.5B | $4.9B | ||
| Q1 24 | $1.6B | $5.1B |
| Q4 25 | $228.6M | $1.3B | ||
| Q3 25 | $296.2M | $1.4B | ||
| Q2 25 | $340.5M | $1.5B | ||
| Q1 25 | $310.5M | $1.6B | ||
| Q4 24 | $326.6M | $1.8B | ||
| Q3 24 | $151.6M | $1.8B | ||
| Q2 24 | $149.7M | $1.9B | ||
| Q1 24 | $142.8M | $2.0B |
| Q4 25 | $5.0B | $11.5B | ||
| Q3 25 | $5.0B | $11.7B | ||
| Q2 25 | $5.2B | $11.7B | ||
| Q1 25 | $5.1B | $11.8B | ||
| Q4 24 | $4.9B | $11.4B | ||
| Q3 24 | $4.7B | $11.2B | ||
| Q2 24 | $5.0B | $11.5B | ||
| Q1 24 | $5.1B | $11.7B |
| Q4 25 | 6.44× | 3.53× | ||
| Q3 25 | 5.00× | 3.41× | ||
| Q2 25 | 4.42× | 3.07× | ||
| Q1 25 | 4.87× | 2.83× | ||
| Q4 24 | 4.64× | 2.63× | ||
| Q3 24 | 10.09× | 2.73× | ||
| Q2 24 | 10.28× | 2.55× | ||
| Q1 24 | 11.00× | 2.57× |
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 | $167.0M |
| 自由现金流经营现金流 - 资本支出 | — | $147.0M |
| 自由现金流率自由现金流/营收 | — | 12.3% |
| 资本支出强度资本支出/营收 | — | 1.7% |
| 现金转化率经营现金流/净利润 | — | 3.48× |
| 过去12个月自由现金流最近4个季度 | — | $230.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-227.2M | $167.0M | ||
| Q3 25 | $139.8M | $34.0M | ||
| Q2 25 | $187.9M | $61.0M | ||
| Q1 25 | $-232.5M | $38.0M | ||
| Q4 24 | $-163.4M | $105.0M | ||
| Q3 24 | $324.2M | $91.0M | ||
| Q2 24 | $152.3M | $113.0M | ||
| Q1 24 | $-68.0M | $0 |
| Q4 25 | — | $147.0M | ||
| Q3 25 | — | $13.0M | ||
| Q2 25 | — | $46.0M | ||
| Q1 25 | — | $24.0M | ||
| Q4 24 | — | $90.0M | ||
| Q3 24 | — | $81.0M | ||
| Q2 24 | — | $106.0M | ||
| Q1 24 | — | — |
| Q4 25 | — | 12.3% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 6.9% | ||
| Q2 24 | — | 9.6% | ||
| Q1 24 | — | — |
| Q4 25 | — | 1.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | — | 3.48× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | 6.22× | 2.44× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.25× | ||
| Q3 24 | 58.93× | 3.14× | ||
| Q2 24 | 15.59× | 56.50× | ||
| 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% |
HGV
| Sales Of Vacation Ownership Intervals Net | $492.0M | 41% |
| Fee For Services Commissions Package Sales And Other Fees | $169.0M | 14% |
| Cost Reimbursements | $141.0M | 12% |
| Resort Management | $118.0M | 10% |
| Other | $116.0M | 10% |
| Club Management | $101.0M | 8% |
| Related Party | $42.0M | 4% |
| Ancillary Services | $13.0M | 1% |
