vs
Camping World Holdings, Inc.（CWH）与美森（MATX）财务数据对比。点击上方公司名可切换其他公司
Camping World Holdings, Inc.的季度营收约是美森的1.4倍（$1.2B vs $851.9M），美森净利率更高（16.8% vs -9.3%，领先26.1%），Camping World Holdings, Inc.同比增速更快（-2.6% vs -4.3%），过去两年美森的营收复合增速更高（8.6% 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。
美森公司（Matson, Inc.）是美国知名航运服务企业，总部位于夏威夷州火奴鲁鲁，成立于1882年。旗下子公司美森航运主营跨太平洋海运业务，服务覆盖夏威夷、阿拉斯加、关岛、密克罗尼西亚、太平洋诸岛、中国及日本等地区。
CWH vs MATX — 直观对比
营收规模更大
CWH
是对方的1.4倍
$851.9M
营收增速更快
CWH
高出1.7%
-4.3%
净利率更高
MATX
高出26.1%
-9.3%
两年增速更快
MATX
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $851.9M |
| 净利润 | $-109.1M | $143.1M |
| 毛利率 | 28.8% | — |
| 营业利润率 | -4.3% | 16.9% |
| 净利率 | -9.3% | 16.8% |
| 营收同比 | -2.6% | -4.3% |
| 净利润同比 | -83.3% | 11.8% |
| 每股收益（稀释后） | — | $4.47 |
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CWHMATX
| Q4 25 | $1.2B | $851.9M | ||
| Q3 25 | $1.8B | $880.1M | ||
| Q2 25 | $2.0B | $830.5M | ||
| Q1 25 | $1.4B | $782.0M | ||
| Q4 24 | $1.2B | $890.3M | ||
| Q3 24 | $1.7B | $962.0M | ||
| Q2 24 | $1.8B | $847.4M | ||
| Q1 24 | $1.4B | $722.1M |
净利润CWHMATX
| Q4 25 | $-109.1M | $143.1M | ||
| Q3 25 | $-40.4M | $134.7M | ||
| Q2 25 | $30.2M | $94.7M | ||
| Q1 25 | $-12.3M | $72.3M | ||
| Q4 24 | $-59.5M | $128.0M | ||
| Q3 24 | $5.5M | $199.1M | ||
| Q2 24 | $9.8M | $113.2M | ||
| Q1 24 | $-22.3M | $36.1M |
毛利率CWHMATX
| 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% | — |
营业利润率CWHMATX
| Q4 25 | -4.3% | 16.9% | ||
| Q3 25 | 4.4% | 18.3% | ||
| Q2 25 | 6.6% | 13.6% | ||
| Q1 25 | 1.5% | 10.5% | ||
| Q4 24 | -1.3% | 16.6% | ||
| Q3 24 | 3.7% | 25.2% | ||
| Q2 24 | 5.3% | 14.7% | ||
| Q1 24 | 0.3% | 5.1% |
净利率CWHMATX
| Q4 25 | -9.3% | 16.8% | ||
| Q3 25 | -2.2% | 15.3% | ||
| Q2 25 | 1.5% | 11.4% | ||
| Q1 25 | -0.9% | 9.2% | ||
| Q4 24 | -4.9% | 14.4% | ||
| Q3 24 | 0.3% | 20.7% | ||
| Q2 24 | 0.5% | 13.4% | ||
| Q1 24 | -1.6% | 5.0% |
每股收益（稀释后）CWHMATX
| Q4 25 | — | $4.47 | ||
| Q3 25 | — | $4.24 | ||
| Q2 25 | — | $2.92 | ||
| Q1 25 | — | $2.18 | ||
| Q4 24 | — | $3.69 | ||
| Q3 24 | — | $5.89 | ||
| Q2 24 | — | $3.31 | ||
| Q1 24 | — | $1.04 |
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 | $141.9M |
| 总债务越低越好 | $1.5B | $361.2M |
| 股东权益账面价值 | $228.6M | $2.8B |
| 总资产 | $5.0B | $4.6B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资CWHMATX
| Q4 25 | $215.0M | $141.9M | ||
| Q3 25 | $230.5M | $92.7M | ||
| Q2 25 | $118.1M | $59.1M | ||
| Q1 25 | $20.9M | $122.0M | ||
| Q4 24 | $208.4M | $266.8M | ||
| Q3 24 | $28.4M | $270.3M | ||
| Q2 24 | $23.7M | $168.2M | ||
| Q1 24 | $29.7M | $25.9M |
总债务CWHMATX
| Q4 25 | $1.5B | $361.2M | ||
| Q3 25 | $1.5B | $370.9M | ||
| Q2 25 | $1.5B | $341.3M | ||
| Q1 25 | $1.5B | $351.1M | ||
| Q4 24 | $1.5B | $361.2M | ||
| Q3 24 | $1.5B | $370.9M | ||
| Q2 24 | $1.5B | $381.0M | ||
| Q1 24 | $1.6B | $390.8M |
股东权益CWHMATX
| Q4 25 | $228.6M | $2.8B | ||
| Q3 25 | $296.2M | $2.7B | ||
| Q2 25 | $340.5M | $2.6B | ||
| Q1 25 | $310.5M | $2.6B | ||
| Q4 24 | $326.6M | $2.7B | ||
| Q3 24 | $151.6M | $2.6B | ||
| Q2 24 | $149.7M | $2.4B | ||
| Q1 24 | $142.8M | $2.4B |
总资产CWHMATX
| Q4 25 | $5.0B | $4.6B | ||
| Q3 25 | $5.0B | $4.6B | ||
| Q2 25 | $5.2B | $4.5B | ||
| Q1 25 | $5.1B | $4.5B | ||
| Q4 24 | $4.9B | $4.6B | ||
| Q3 24 | $4.7B | $4.4B | ||
| Q2 24 | $5.0B | $4.3B | ||
| Q1 24 | $5.1B | $4.2B |
负债/权益比CWHMATX
| Q4 25 | 6.44× | 0.13× | ||
| Q3 25 | 5.00× | 0.14× | ||
| Q2 25 | 4.42× | 0.13× | ||
| Q1 25 | 4.87× | 0.13× | ||
| Q4 24 | 4.64× | 0.14× | ||
| Q3 24 | 10.09× | 0.15× | ||
| Q2 24 | 10.28× | 0.16× | ||
| Q1 24 | 11.00× | 0.16× |
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 | $176.9M |
| 自由现金流经营现金流 - 资本支出 | — | $42.2M |
| 自由现金流率自由现金流/营收 | — | 5.0% |
| 资本支出强度资本支出/营收 | — | 15.8% |
| 现金转化率经营现金流/净利润 | — | 1.24× |
| 过去12个月自由现金流最近4个季度 | — | $153.7M |
8季度趋势，按日历期对齐
经营现金流CWHMATX
| Q4 25 | $-227.2M | $176.9M | ||
| Q3 25 | $139.8M | $175.6M | ||
| Q2 25 | $187.9M | $105.6M | ||
| Q1 25 | $-232.5M | $89.0M | ||
| Q4 24 | $-163.4M | $174.7M | ||
| Q3 24 | $324.2M | $248.6M | ||
| Q2 24 | $152.3M | $307.9M | ||
| Q1 24 | $-68.0M | $36.6M |
自由现金流CWHMATX
| Q4 25 | — | $42.2M | ||
| Q3 25 | — | $92.4M | ||
| Q2 25 | — | $19.3M | ||
| Q1 25 | — | $-200.0K | ||
| Q4 24 | — | $49.3M | ||
| Q3 24 | — | $189.0M | ||
| Q2 24 | — | $238.1M | ||
| Q1 24 | — | $-18.7M |
自由现金流率CWHMATX
| Q4 25 | — | 5.0% | ||
| Q3 25 | — | 10.5% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | -0.0% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | — | 19.6% | ||
| Q2 24 | — | 28.1% | ||
| Q1 24 | — | -2.6% |
资本支出强度CWHMATX
| Q4 25 | — | 15.8% | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 11.4% | ||
| Q4 24 | — | 14.1% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | 8.2% | ||
| Q1 24 | — | 7.7% |
现金转化率CWHMATX
| Q4 25 | — | 1.24× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | 6.22× | 1.12× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.36× | ||
| Q3 24 | 58.93× | 1.25× | ||
| Q2 24 | 15.59× | 2.72× | ||
| Q1 24 | — | 1.01× |
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% |
MATX
| Ocean Transportation Segment | $704.2M | 83% |
| Logistics Services Segment | $147.7M | 17% |
