vs
Camping World Holdings, Inc.（CWH）与罗技（LOGI）财务数据对比。点击上方公司名可切换其他公司
罗技的季度营收约是Camping World Holdings, Inc.的1.2倍（$1.4B vs $1.2B），罗技净利率更高（17.7% vs -9.3%，领先27.0%），罗技同比增速更快（6.1% vs -2.6%），过去两年罗技的营收复合增速更高（18.5% 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。
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
CWH vs LOGI — 直观对比
营收规模更大
LOGI
是对方的1.2倍
$1.2B
营收增速更快
LOGI
高出8.6%
-2.6%
净利率更高
LOGI
高出27.0%
-9.3%
两年增速更快
LOGI
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.4B |
| 净利润 | $-109.1M | $251.0M |
| 毛利率 | 28.8% | 43.2% |
| 营业利润率 | -4.3% | 20.1% |
| 净利率 | -9.3% | 17.7% |
| 营收同比 | -2.6% | 6.1% |
| 净利润同比 | -83.3% | 25.4% |
| 每股收益（稀释后） | — | $1.69 |
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CWHLOGI
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $2.0B | $1.1B | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $1.8B | $1.1B | ||
| Q1 24 | $1.4B | $1.0B |
净利润CWHLOGI
| Q4 25 | $-109.1M | $251.0M | ||
| Q3 25 | $-40.4M | $170.7M | ||
| Q2 25 | $30.2M | $146.0M | ||
| Q1 25 | $-12.3M | $144.1M | ||
| Q4 24 | $-59.5M | $200.1M | ||
| Q3 24 | $5.5M | $145.5M | ||
| Q2 24 | $9.8M | $141.8M | ||
| Q1 24 | $-22.3M | $167.6M |
毛利率CWHLOGI
| Q4 25 | 28.8% | 43.2% | ||
| Q3 25 | 28.6% | 43.4% | ||
| Q2 25 | 30.0% | 41.7% | ||
| Q1 25 | 30.4% | 43.1% | ||
| Q4 24 | 31.3% | 42.9% | ||
| Q3 24 | 28.9% | 43.6% | ||
| Q2 24 | 30.3% | 42.8% | ||
| Q1 24 | 29.5% | 43.2% |
营业利润率CWHLOGI
| Q4 25 | -4.3% | 20.1% | ||
| Q3 25 | 4.4% | 16.1% | ||
| Q2 25 | 6.6% | 14.1% | ||
| Q1 25 | 1.5% | 10.5% | ||
| Q4 24 | -1.3% | 17.5% | ||
| Q3 24 | 3.7% | 14.4% | ||
| Q2 24 | 5.3% | 14.1% | ||
| Q1 24 | 0.3% | 12.9% |
净利率CWHLOGI
| Q4 25 | -9.3% | 17.7% | ||
| Q3 25 | -2.2% | 14.4% | ||
| Q2 25 | 1.5% | 12.7% | ||
| Q1 25 | -0.9% | 14.3% | ||
| Q4 24 | -4.9% | 14.9% | ||
| Q3 24 | 0.3% | 13.0% | ||
| Q2 24 | 0.5% | 13.0% | ||
| Q1 24 | -1.6% | 16.6% |
每股收益（稀释后）CWHLOGI
| Q4 25 | — | $1.69 | ||
| Q3 25 | — | $1.15 | ||
| Q2 25 | — | $0.98 | ||
| Q1 25 | — | $0.94 | ||
| Q4 24 | — | $1.32 | ||
| Q3 24 | — | $0.95 | ||
| Q2 24 | — | $0.92 | ||
| Q1 24 | — | $1.07 |
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 | $1.8B |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $2.3B |
| 总资产 | $5.0B | $4.1B |
| 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CWHLOGI
| Q4 25 | $215.0M | $1.8B | ||
| Q3 25 | $230.5M | $1.4B | ||
| Q2 25 | $118.1M | $1.5B | ||
| Q1 25 | $20.9M | $1.5B | ||
| Q4 24 | $208.4M | $1.5B | ||
| Q3 24 | $28.4M | $1.4B | ||
| Q2 24 | $23.7M | $1.5B | ||
| Q1 24 | $29.7M | $1.5B |
总债务CWHLOGI
| 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CWHLOGI
| Q4 25 | $228.6M | $2.3B | ||
| Q3 25 | $296.2M | $2.1B | ||
| Q2 25 | $340.5M | $2.2B | ||
| Q1 25 | $310.5M | $2.1B | ||
| Q4 24 | $326.6M | $2.1B | ||
| Q3 24 | $151.6M | $2.1B | ||
| Q2 24 | $149.7M | $2.2B | ||
| Q1 24 | $142.8M | $2.2B |
总资产CWHLOGI
| Q4 25 | $5.0B | $4.1B | ||
| Q3 25 | $5.0B | $3.7B | ||
| Q2 25 | $5.2B | $3.7B | ||
| Q1 25 | $5.1B | $3.5B | ||
| Q4 24 | $4.9B | $3.7B | ||
| Q3 24 | $4.7B | $3.6B | ||
| Q2 24 | $5.0B | $3.7B | ||
| Q1 24 | $5.1B | $3.6B |
负债/权益比CWHLOGI
| 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 | $480.5M |
| 自由现金流经营现金流 - 资本支出 | — | $465.6M |
| 自由现金流率自由现金流/营收 | — | 32.8% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.91× |
| 过去12个月自由现金流最近4个季度 | — | $903.6M |
8季度趋势，按日历期对齐
经营现金流CWHLOGI
| Q4 25 | $-227.2M | $480.5M | ||
| Q3 25 | $139.8M | $228.8M | ||
| Q2 25 | $187.9M | $125.0M | ||
| Q1 25 | $-232.5M | $129.7M | ||
| Q4 24 | $-163.4M | $370.9M | ||
| Q3 24 | $324.2M | $166.0M | ||
| Q2 24 | $152.3M | $176.0M | ||
| Q1 24 | $-68.0M | $239.1M |
自由现金流CWHLOGI
| Q4 25 | — | $465.6M | ||
| Q3 25 | — | $212.3M | ||
| Q2 25 | — | $108.8M | ||
| Q1 25 | — | $116.9M | ||
| Q4 24 | — | $356.6M | ||
| Q3 24 | — | $151.5M | ||
| Q2 24 | — | $161.4M | ||
| Q1 24 | — | $228.8M |
自由现金流率CWHLOGI
| Q4 25 | — | 32.8% | ||
| Q3 25 | — | 17.9% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 11.6% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | — | 14.8% | ||
| Q1 24 | — | 22.6% |
资本支出强度CWHLOGI
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.0% |
现金转化率CWHLOGI
| Q4 25 | — | 1.91× | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | 6.22× | 0.86× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 1.85× | ||
| Q3 24 | 58.93× | 1.14× | ||
| Q2 24 | 15.59× | 1.24× | ||
| Q1 24 | — | 1.43× |
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% |
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
