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Camping World Holdings, Inc.（CWH）与MAXIMUS, INC.（MMS）财务数据对比。点击上方公司名可切换其他公司
MAXIMUS, INC.的季度营收约是Camping World Holdings, Inc.的1.1倍（$1.3B vs $1.2B），MAXIMUS, INC.净利率更高（7.0% vs -9.3%，领先16.3%），Camping World Holdings, Inc.同比增速更快（-2.6% vs -4.1%），过去两年MAXIMUS, INC.的营收复合增速更高（-0.1% 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。
MAXIMUS是美国一家政府服务企业，业务覆盖美国、加拿大、英国等国家，为医疗补助、联邦医疗保险、医改、就业帮扶、学生贷款服务等各类政府项目提供行政及配套服务。公司总部位于弗吉尼亚州泰森斯，现有员工3.96万名，2024财年营收达53亿美元。
CWH vs MMS — 直观对比
营收规模更大
MMS
是对方的1.1倍
$1.2B
营收增速更快
CWH
高出1.5%
-4.1%
净利率更高
MMS
高出16.3%
-9.3%
两年增速更快
MMS
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.3B |
| 净利润 | $-109.1M | $93.9M |
| 毛利率 | 28.8% | 23.7% |
| 营业利润率 | -4.3% | 10.9% |
| 净利率 | -9.3% | 7.0% |
| 营收同比 | -2.6% | -4.1% |
| 净利润同比 | -83.3% | 128.0% |
| 每股收益（稀释后） | — | $1.70 |
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CWHMMS
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $1.8B | $1.3B | ||
| Q1 24 | $1.4B | $1.3B |
净利润CWHMMS
| Q4 25 | $-109.1M | $93.9M | ||
| Q3 25 | $-40.4M | $75.3M | ||
| Q2 25 | $30.2M | $106.0M | ||
| Q1 25 | $-12.3M | $96.6M | ||
| Q4 24 | $-59.5M | $41.2M | ||
| Q3 24 | $5.5M | $72.5M | ||
| Q2 24 | $9.8M | $89.8M | ||
| Q1 24 | $-22.3M | $80.5M |
毛利率CWHMMS
| Q4 25 | 28.8% | 23.7% | ||
| Q3 25 | 28.6% | 25.3% | ||
| Q2 25 | 30.0% | 26.7% | ||
| Q1 25 | 30.4% | 24.9% | ||
| Q4 24 | 31.3% | 21.5% | ||
| Q3 24 | 28.9% | 22.9% | ||
| Q2 24 | 30.3% | 25.3% | ||
| Q1 24 | 29.5% | 23.6% |
营业利润率CWHMMS
| Q4 25 | -4.3% | 10.9% | ||
| Q3 25 | 4.4% | 9.3% | ||
| Q2 25 | 6.6% | 12.3% | ||
| Q1 25 | 1.5% | 11.2% | ||
| Q4 24 | -1.3% | 6.2% | ||
| Q3 24 | 3.7% | 8.5% | ||
| Q2 24 | 5.3% | 10.8% | ||
| Q1 24 | 0.3% | 9.5% |
净利率CWHMMS
| Q4 25 | -9.3% | 7.0% | ||
| Q3 25 | -2.2% | 5.7% | ||
| Q2 25 | 1.5% | 7.9% | ||
| Q1 25 | -0.9% | 7.1% | ||
| Q4 24 | -4.9% | 2.9% | ||
| Q3 24 | 0.3% | 5.5% | ||
| Q2 24 | 0.5% | 6.8% | ||
| Q1 24 | -1.6% | 6.0% |
每股收益（稀释后）CWHMMS
| Q4 25 | — | $1.70 | ||
| Q3 25 | — | $1.27 | ||
| Q2 25 | — | $1.86 | ||
| Q1 25 | — | $1.69 | ||
| Q4 24 | — | $0.69 | ||
| Q3 24 | — | $1.18 | ||
| Q2 24 | — | $1.46 | ||
| Q1 24 | — | $1.31 |
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 | $137.6M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $1.7B |
| 总资产 | $5.0B | $4.2B |
| 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CWHMMS
| Q4 25 | $215.0M | $137.6M | ||
| Q3 25 | $230.5M | $222.4M | ||
| Q2 25 | $118.1M | $59.8M | ||
| Q1 25 | $20.9M | $108.1M | ||
| Q4 24 | $208.4M | $72.7M | ||
| Q3 24 | $28.4M | $183.1M | ||
| Q2 24 | $23.7M | $102.8M | ||
| Q1 24 | $29.7M | $77.4M |
总债务CWHMMS
| 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CWHMMS
| Q4 25 | $228.6M | $1.7B | ||
| Q3 25 | $296.2M | $1.7B | ||
| Q2 25 | $340.5M | $1.8B | ||
| Q1 25 | $310.5M | $1.7B | ||
| Q4 24 | $326.6M | $1.6B | ||
| Q3 24 | $151.6M | $1.8B | ||
| Q2 24 | $149.7M | $1.8B | ||
| Q1 24 | $142.8M | $1.8B |
总资产CWHMMS
| Q4 25 | $5.0B | $4.2B | ||
| Q3 25 | $5.0B | $4.1B | ||
| Q2 25 | $5.2B | $4.5B | ||
| Q1 25 | $5.1B | $4.2B | ||
| Q4 24 | $4.9B | $4.1B | ||
| Q3 24 | $4.7B | $4.1B | ||
| Q2 24 | $5.0B | $4.0B | ||
| Q1 24 | $5.1B | $4.0B |
负债/权益比CWHMMS
| 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 | $-244.4M |
| 自由现金流经营现金流 - 资本支出 | — | $-250.7M |
| 自由现金流率自由现金流/营收 | — | -18.6% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | — | -2.60× |
| 过去12个月自由现金流最近4个季度 | — | $218.5M |
8季度趋势，按日历期对齐
经营现金流CWHMMS
| Q4 25 | $-227.2M | $-244.4M | ||
| Q3 25 | $139.8M | $649.4M | ||
| Q2 25 | $187.9M | $-182.7M | ||
| Q1 25 | $-232.5M | $42.7M | ||
| Q4 24 | $-163.4M | $-80.0M | ||
| Q3 24 | $324.2M | $163.8M | ||
| Q2 24 | $152.3M | $199.3M | ||
| Q1 24 | $-68.0M | $130.5M |
自由现金流CWHMMS
| Q4 25 | — | $-250.7M | ||
| Q3 25 | — | $641.8M | ||
| Q2 25 | — | $-198.2M | ||
| Q1 25 | — | $25.5M | ||
| Q4 24 | — | $-103.0M | ||
| Q3 24 | — | $131.9M | ||
| Q2 24 | — | $164.6M | ||
| Q1 24 | — | $105.2M |
自由现金流率CWHMMS
| Q4 25 | — | -18.6% | ||
| Q3 25 | — | 48.7% | ||
| Q2 25 | — | -14.7% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | -7.3% | ||
| Q3 24 | — | 10.0% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | — | 7.8% |
资本支出强度CWHMMS
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 1.9% |
现金转化率CWHMMS
| Q4 25 | — | -2.60× | ||
| Q3 25 | — | 8.63× | ||
| Q2 25 | 6.22× | -1.72× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | -1.94× | ||
| Q3 24 | 58.93× | 2.26× | ||
| Q2 24 | 15.59× | 2.22× | ||
| Q1 24 | — | 1.62× |
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% |
MMS
| Clinical Services | $523.7M | 39% |
| Cost Plus Contracts | $386.4M | 29% |
| Outside The United States | $143.2M | 11% |
| International Government Agencies | $141.0M | 10% |
| Technology Solutions | $74.8M | 6% |
| Employment And Other | $70.2M | 5% |
| Other Including Local Municipalities And Commercial Customers | $17.6M | 1% |
