vs
Camping World Holdings, Inc.（CWH）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
Camping World Holdings, Inc.的季度营收约是美泰的1.4倍（$1.2B vs $862.2M），美泰净利率更高（7.1% vs -9.3%，领先16.4%），美泰同比增速更快（4.3% vs -2.6%），过去两年Camping World Holdings, Inc.的营收复合增速更高（-7.2% vs -10.6%）
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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
CWH vs MAT — 直观对比
营收规模更大
CWH
是对方的1.4倍
$862.2M
营收增速更快
MAT
高出6.9%
-2.6%
净利率更高
MAT
高出16.4%
-9.3%
两年增速更快
CWH
近两年复合增速
-10.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $862.2M |
| 净利润 | $-109.1M | $61.0M |
| 毛利率 | 28.8% | 44.9% |
| 营业利润率 | -4.3% | — |
| 净利率 | -9.3% | 7.1% |
| 营收同比 | -2.6% | 4.3% |
| 净利润同比 | -83.3% | 251.4% |
| 每股收益（稀释后） | — | $0.20 |
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CWHMAT
| Q1 26 | — | $862.2M | ||
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $2.0B | $1.0B | ||
| Q1 25 | $1.4B | $826.6M | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.7B | $1.8B | ||
| Q2 24 | $1.8B | $1.1B |
净利润CWHMAT
| Q1 26 | — | $61.0M | ||
| Q4 25 | $-109.1M | $106.2M | ||
| Q3 25 | $-40.4M | $278.4M | ||
| Q2 25 | $30.2M | $53.4M | ||
| Q1 25 | $-12.3M | $-40.3M | ||
| Q4 24 | $-59.5M | $140.9M | ||
| Q3 24 | $5.5M | $372.4M | ||
| Q2 24 | $9.8M | $56.9M |
毛利率CWHMAT
| Q1 26 | — | 44.9% | ||
| Q4 25 | 28.8% | 45.9% | ||
| Q3 25 | 28.6% | 50.0% | ||
| Q2 25 | 30.0% | 50.9% | ||
| Q1 25 | 30.4% | 49.4% | ||
| Q4 24 | 31.3% | 50.7% | ||
| Q3 24 | 28.9% | 53.1% | ||
| Q2 24 | 30.3% | 49.2% |
营业利润率CWHMAT
| Q1 26 | — | — | ||
| Q4 25 | -4.3% | 8.0% | ||
| Q3 25 | 4.4% | 21.9% | ||
| Q2 25 | 6.6% | 7.7% | ||
| Q1 25 | 1.5% | -6.4% | ||
| Q4 24 | -1.3% | 9.6% | ||
| Q3 24 | 3.7% | 26.5% | ||
| Q2 24 | 5.3% | 7.7% |
净利率CWHMAT
| Q1 26 | — | 7.1% | ||
| Q4 25 | -9.3% | 6.0% | ||
| Q3 25 | -2.2% | 16.0% | ||
| Q2 25 | 1.5% | 5.2% | ||
| Q1 25 | -0.9% | -4.9% | ||
| Q4 24 | -4.9% | 8.6% | ||
| Q3 24 | 0.3% | 20.2% | ||
| Q2 24 | 0.5% | 5.3% |
每股收益（稀释后）CWHMAT
| Q1 26 | — | $0.20 | ||
| Q4 25 | — | $0.32 | ||
| Q3 25 | — | $0.88 | ||
| Q2 25 | — | $0.16 | ||
| Q1 25 | — | $-0.12 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $1.09 | ||
| Q2 24 | — | $0.17 |
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 | $866.0M |
| 总债务越低越好 | $1.5B | $2.3B |
| 股东权益账面价值 | $228.6M | $2.1B |
| 总资产 | $5.0B | $6.3B |
| 负债/权益比越低杠杆越低 | 6.44× | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资CWHMAT
| Q1 26 | — | $866.0M | ||
| Q4 25 | $215.0M | $1.2B | ||
| Q3 25 | $230.5M | $691.9M | ||
| Q2 25 | $118.1M | $870.5M | ||
| Q1 25 | $20.9M | $1.2B | ||
| Q4 24 | $208.4M | $1.4B | ||
| Q3 24 | $28.4M | $723.5M | ||
| Q2 24 | $23.7M | $722.4M |
总债务CWHMAT
| Q1 26 | — | $2.3B | ||
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.5B | $2.3B | ||
| Q2 25 | $1.5B | $2.3B | ||
| Q1 25 | $1.5B | $2.3B | ||
| Q4 24 | $1.5B | $2.3B | ||
| Q3 24 | $1.5B | $2.3B | ||
| Q2 24 | $1.5B | $2.3B |
股东权益CWHMAT
| Q1 26 | — | $2.1B | ||
| Q4 25 | $228.6M | $2.2B | ||
| Q3 25 | $296.2M | $2.3B | ||
| Q2 25 | $340.5M | $2.2B | ||
| Q1 25 | $310.5M | $2.1B | ||
| Q4 24 | $326.6M | $2.3B | ||
| Q3 24 | $151.6M | $2.3B | ||
| Q2 24 | $149.7M | $2.0B |
总资产CWHMAT
| Q1 26 | — | $6.3B | ||
| Q4 25 | $5.0B | $6.6B | ||
| Q3 25 | $5.0B | $6.6B | ||
| Q2 25 | $5.2B | $6.2B | ||
| Q1 25 | $5.1B | $6.2B | ||
| Q4 24 | $4.9B | $6.5B | ||
| Q3 24 | $4.7B | $6.5B | ||
| Q2 24 | $5.0B | $5.9B |
负债/权益比CWHMAT
| Q1 26 | — | 1.11× | ||
| Q4 25 | 6.44× | 1.04× | ||
| Q3 25 | 5.00× | 1.03× | ||
| Q2 25 | 4.42× | 1.08× | ||
| Q1 25 | 4.87× | 1.10× | ||
| Q4 24 | 4.64× | 1.03× | ||
| Q3 24 | 10.09× | 1.01× | ||
| Q2 24 | 10.28× | 1.18× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | $-88.1M |
| 自由现金流率自由现金流/营收 | — | -10.2% |
| 资本支出强度资本支出/营收 | — | 7.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 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CWHMAT
| Q1 26 | — | — | ||
| Q4 25 | $-227.2M | $796.6M | ||
| Q3 25 | $139.8M | $72.0M | ||
| Q2 25 | $187.9M | $-300.1M | ||
| Q1 25 | $-232.5M | $24.8M | ||
| Q4 24 | $-163.4M | $862.1M | ||
| Q3 24 | $324.2M | $155.8M | ||
| Q2 24 | $152.3M | $-252.9M |
自由现金流CWHMAT
| Q1 26 | — | $-88.1M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
自由现金流率CWHMAT
| Q1 26 | — | -10.2% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
资本支出强度CWHMAT
| Q1 26 | — | 7.6% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金转化率CWHMAT
| Q1 26 | — | — | ||
| Q4 25 | — | 7.50× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | 6.22× | -5.62× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.12× | ||
| Q3 24 | 58.93× | 0.42× | ||
| Q2 24 | 15.59× | -4.45× |
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% |
MAT
暂无分部数据
