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Camping World Holdings, Inc.（CWH）与摩丁制造（MOD）财务数据对比。点击上方公司名可切换其他公司
Camping World Holdings, Inc.的季度营收约是摩丁制造的1.5倍（$1.2B vs $805.0M），摩丁制造净利率更高（-5.9% vs -9.3%，领先3.4%），摩丁制造同比增速更快（30.5% vs -2.6%），过去两年摩丁制造的营收复合增速更高（15.5% 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。
摩丁制造是1916年成立于美国的热管理企业。创始人亚瑟·B·摩丁获拖拉机Spirex散热器专利后创立公司，曾为福特T型车生产Turbotube散热器，1941年在威斯康星州拉辛建成全球首个车用风洞，二战期间为P-51野马战斗机供应后冷却器。
CWH vs MOD — 直观对比
营收规模更大
CWH
是对方的1.5倍
$805.0M
营收增速更快
MOD
高出33.1%
-2.6%
净利率更高
MOD
高出3.4%
-9.3%
两年增速更快
MOD
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $805.0M |
| 净利润 | $-109.1M | $-47.4M |
| 毛利率 | 28.8% | 23.1% |
| 营业利润率 | -4.3% | 11.1% |
| 净利率 | -9.3% | -5.9% |
| 营收同比 | -2.6% | 30.5% |
| 净利润同比 | -83.3% | -215.6% |
| 每股收益（稀释后） | — | $-0.90 |
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CWHMOD
| Q4 25 | $1.2B | $805.0M | ||
| Q3 25 | $1.8B | $738.9M | ||
| Q2 25 | $2.0B | $682.8M | ||
| Q1 25 | $1.4B | $647.2M | ||
| Q4 24 | $1.2B | $616.8M | ||
| Q3 24 | $1.7B | $658.0M | ||
| Q2 24 | $1.8B | $661.5M | ||
| Q1 24 | $1.4B | $603.5M |
净利润CWHMOD
| Q4 25 | $-109.1M | $-47.4M | ||
| Q3 25 | $-40.4M | $44.4M | ||
| Q2 25 | $30.2M | $51.2M | ||
| Q1 25 | $-12.3M | $49.6M | ||
| Q4 24 | $-59.5M | $41.0M | ||
| Q3 24 | $5.5M | $46.1M | ||
| Q2 24 | $9.8M | $47.3M | ||
| Q1 24 | $-22.3M | $25.8M |
毛利率CWHMOD
| Q4 25 | 28.8% | 23.1% | ||
| Q3 25 | 28.6% | 22.3% | ||
| Q2 25 | 30.0% | 24.2% | ||
| Q1 25 | 30.4% | 25.6% | ||
| Q4 24 | 31.3% | 24.3% | ||
| Q3 24 | 28.9% | 25.2% | ||
| Q2 24 | 30.3% | 24.6% | ||
| Q1 24 | 29.5% | 22.4% |
营业利润率CWHMOD
| Q4 25 | -4.3% | 11.1% | ||
| Q3 25 | 4.4% | 9.9% | ||
| Q2 25 | 6.6% | 11.1% | ||
| Q1 25 | 1.5% | 11.5% | ||
| Q4 24 | -1.3% | 9.6% | ||
| Q3 24 | 3.7% | 11.4% | ||
| Q2 24 | 5.3% | 11.2% | ||
| Q1 24 | 0.3% | 7.8% |
净利率CWHMOD
| Q4 25 | -9.3% | -5.9% | ||
| Q3 25 | -2.2% | 6.0% | ||
| Q2 25 | 1.5% | 7.5% | ||
| Q1 25 | -0.9% | 7.7% | ||
| Q4 24 | -4.9% | 6.6% | ||
| Q3 24 | 0.3% | 7.0% | ||
| Q2 24 | 0.5% | 7.2% | ||
| Q1 24 | -1.6% | 4.3% |
每股收益（稀释后）CWHMOD
| Q4 25 | — | $-0.90 | ||
| Q3 25 | — | $0.83 | ||
| Q2 25 | — | $0.95 | ||
| Q1 25 | — | $0.92 | ||
| Q4 24 | — | $0.76 | ||
| Q3 24 | — | $0.86 | ||
| Q2 24 | — | $0.88 | ||
| Q1 24 | — | $0.48 |
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 | $98.7M |
| 总债务越低越好 | $1.5B | $570.7M |
| 股东权益账面价值 | $228.6M | $1.1B |
| 总资产 | $5.0B | $2.5B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资CWHMOD
| Q4 25 | $215.0M | $98.7M | ||
| Q3 25 | $230.5M | $83.8M | ||
| Q2 25 | $118.1M | $124.5M | ||
| Q1 25 | $20.9M | $71.6M | ||
| Q4 24 | $208.4M | $83.8M | ||
| Q3 24 | $28.4M | $78.6M | ||
| Q2 24 | $23.7M | $72.9M | ||
| Q1 24 | $29.7M | $60.1M |
总债务CWHMOD
| Q4 25 | $1.5B | $570.7M | ||
| Q3 25 | $1.5B | $525.8M | ||
| Q2 25 | $1.5B | $482.1M | ||
| Q1 25 | $1.5B | $296.7M | ||
| Q4 24 | $1.5B | $330.0M | ||
| Q3 24 | $1.5B | $359.1M | ||
| Q2 24 | $1.5B | $405.7M | ||
| Q1 24 | $1.6B | $399.9M |
股东权益CWHMOD
| Q4 25 | $228.6M | $1.1B | ||
| Q3 25 | $296.2M | $1.1B | ||
| Q2 25 | $340.5M | $1.0B | ||
| Q1 25 | $310.5M | $910.2M | ||
| Q4 24 | $326.6M | $855.1M | ||
| Q3 24 | $151.6M | $858.8M | ||
| Q2 24 | $149.7M | $788.4M | ||
| Q1 24 | $142.8M | $747.6M |
总资产CWHMOD
| Q4 25 | $5.0B | $2.5B | ||
| Q3 25 | $5.0B | $2.4B | ||
| Q2 25 | $5.2B | $2.2B | ||
| Q1 25 | $5.1B | $1.9B | ||
| Q4 24 | $4.9B | $1.8B | ||
| Q3 24 | $4.7B | $1.9B | ||
| Q2 24 | $5.0B | $1.9B | ||
| Q1 24 | $5.1B | $1.9B |
负债/权益比CWHMOD
| Q4 25 | 6.44× | 0.51× | ||
| Q3 25 | 5.00× | 0.50× | ||
| Q2 25 | 4.42× | 0.48× | ||
| Q1 25 | 4.87× | 0.33× | ||
| Q4 24 | 4.64× | 0.39× | ||
| Q3 24 | 10.09× | 0.42× | ||
| Q2 24 | 10.28× | 0.51× | ||
| Q1 24 | 11.00× | 0.53× |
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 | $24.7M |
| 自由现金流经营现金流 - 资本支出 | — | $-17.1M |
| 自由现金流率自由现金流/营收 | — | -2.1% |
| 资本支出强度资本支出/营收 | — | 5.2% |
| 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 | — | $-20.3M |
8季度趋势，按日历期对齐
经营现金流CWHMOD
| Q4 25 | $-227.2M | $24.7M | ||
| Q3 25 | $139.8M | $1.4M | ||
| Q2 25 | $187.9M | $27.7M | ||
| Q1 25 | $-232.5M | $54.8M | ||
| Q4 24 | $-163.4M | $60.7M | ||
| Q3 24 | $324.2M | $57.3M | ||
| Q2 24 | $152.3M | $40.5M | ||
| Q1 24 | $-68.0M | $39.6M |
自由现金流CWHMOD
| Q4 25 | — | $-17.1M | ||
| Q3 25 | — | $-30.5M | ||
| Q2 25 | — | $200.0K | ||
| Q1 25 | — | $27.1M | ||
| Q4 24 | — | $44.7M | ||
| Q3 24 | — | $43.8M | ||
| Q2 24 | — | $13.7M | ||
| Q1 24 | — | $-4.3M |
自由现金流率CWHMOD
| Q4 25 | — | -2.1% | ||
| Q3 25 | — | -4.1% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | -0.7% |
资本支出强度CWHMOD
| Q4 25 | — | 5.2% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | — | 7.3% |
现金转化率CWHMOD
| Q4 25 | — | — | ||
| Q3 25 | — | 0.03× | ||
| Q2 25 | 6.22× | 0.54× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.48× | ||
| Q3 24 | 58.93× | 1.24× | ||
| Q2 24 | 15.59× | 0.86× | ||
| Q1 24 | — | 1.53× |
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% |
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
