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Camping World Holdings, Inc.（CWH）与Murphy USA Inc.（MUSA）财务数据对比。点击上方公司名可切换其他公司
Murphy USA Inc.的季度营收约是Camping World Holdings, Inc.的4.0倍（$4.7B vs $1.2B）。Murphy USA Inc.净利率更高（3.0% vs -9.3%，领先12.3%）。Murphy USA Inc.同比增速更快（0.7% vs -2.6%）。过去两年Murphy USA Inc.的营收复合增速更高（-1.0% 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。
墨菲美国是总部位于美国阿肯色州埃尔多拉多的企业，2013年由墨菲石油分拆后独立运营，主营连锁零售加油站业务，旗下站点大多毗邻沃尔玛门店开设，为消费者提供燃油及配套零售服务。
CWH vs MUSA — 直观对比
营收规模更大
MUSA
是对方的4.0倍
$1.2B
营收增速更快
MUSA
高出3.3%
-2.6%
净利率更高
MUSA
高出12.3%
-9.3%
两年增速更快
MUSA
近两年复合增速
-7.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $4.7B |
| 净利润 | $-109.1M | $141.9M |
| 毛利率 | 28.8% | — |
| 营业利润率 | -4.3% | 4.4% |
| 净利率 | -9.3% | 3.0% |
| 营收同比 | -2.6% | 0.7% |
| 净利润同比 | -83.3% | -0.4% |
| 每股收益（稀释后） | — | $7.35 |
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CWHMUSA
| Q4 25 | $1.2B | $4.7B | ||
| Q3 25 | $1.8B | $5.1B | ||
| Q2 25 | $2.0B | $5.0B | ||
| Q1 25 | $1.4B | $4.5B | ||
| Q4 24 | $1.2B | $4.7B | ||
| Q3 24 | $1.7B | $5.2B | ||
| Q2 24 | $1.8B | $5.5B | ||
| Q1 24 | $1.4B | $4.8B |
净利润CWHMUSA
| Q4 25 | $-109.1M | $141.9M | ||
| Q3 25 | $-40.4M | $129.9M | ||
| Q2 25 | $30.2M | $145.6M | ||
| Q1 25 | $-12.3M | $53.2M | ||
| Q4 24 | $-59.5M | $142.5M | ||
| Q3 24 | $5.5M | $149.2M | ||
| Q2 24 | $9.8M | $144.8M | ||
| Q1 24 | $-22.3M | $66.0M |
毛利率CWHMUSA
| 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CWHMUSA
| Q4 25 | -4.3% | 4.4% | ||
| Q3 25 | 4.4% | 3.9% | ||
| Q2 25 | 6.6% | 4.4% | ||
| Q1 25 | 1.5% | 1.9% | ||
| Q4 24 | -1.3% | 4.2% | ||
| Q3 24 | 3.7% | 4.2% | ||
| Q2 24 | 5.3% | 4.0% | ||
| Q1 24 | 0.3% | 2.2% |
净利率CWHMUSA
| Q4 25 | -9.3% | 3.0% | ||
| Q3 25 | -2.2% | 2.5% | ||
| Q2 25 | 1.5% | 2.9% | ||
| Q1 25 | -0.9% | 1.2% | ||
| Q4 24 | -4.9% | 3.0% | ||
| Q3 24 | 0.3% | 2.8% | ||
| Q2 24 | 0.5% | 2.7% | ||
| Q1 24 | -1.6% | 1.4% |
每股收益（稀释后）CWHMUSA
| Q4 25 | — | $7.35 | ||
| Q3 25 | — | $6.76 | ||
| Q2 25 | — | $7.36 | ||
| Q1 25 | — | $2.63 | ||
| Q4 24 | — | $6.87 | ||
| Q3 24 | — | $7.20 | ||
| Q2 24 | — | $6.92 | ||
| Q1 24 | — | $3.12 |
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 | $28.9M |
| 总债务越低越好 | $1.5B | $2.2B |
| 股东权益账面价值 | $228.6M | $623.5M |
| 总资产 | $5.0B | $4.7B |
| 负债/权益比越低杠杆越低 | 6.44× | 3.47× |
8季度趋势，按日历期对齐
现金及短期投资CWHMUSA
| Q4 25 | $215.0M | $28.9M | ||
| Q3 25 | $230.5M | $42.8M | ||
| Q2 25 | $118.1M | $54.1M | ||
| Q1 25 | $20.9M | $49.4M | ||
| Q4 24 | $208.4M | $47.0M | ||
| Q3 24 | $28.4M | $52.5M | ||
| Q2 24 | $23.7M | $79.8M | ||
| Q1 24 | $29.7M | $56.7M |
总债务CWHMUSA
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.5B | $2.2B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $1.5B | $2.0B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $1.5B | $1.8B | ||
| Q2 24 | $1.5B | $1.8B | ||
| Q1 24 | $1.6B | $1.8B |
股东权益CWHMUSA
| Q4 25 | $228.6M | $623.5M | ||
| Q3 25 | $296.2M | $546.0M | ||
| Q2 25 | $340.5M | $646.1M | ||
| Q1 25 | $310.5M | $719.6M | ||
| Q4 24 | $326.6M | $840.1M | ||
| Q3 24 | $151.6M | $830.1M | ||
| Q2 24 | $149.7M | $811.3M | ||
| Q1 24 | $142.8M | $781.6M |
总资产CWHMUSA
| Q4 25 | $5.0B | $4.7B | ||
| Q3 25 | $5.0B | $4.7B | ||
| Q2 25 | $5.2B | $4.6B | ||
| Q1 25 | $5.1B | $4.5B | ||
| Q4 24 | $4.9B | $4.5B | ||
| Q3 24 | $4.7B | $4.4B | ||
| Q2 24 | $5.0B | $4.4B | ||
| Q1 24 | $5.1B | $4.3B |
负债/权益比CWHMUSA
| Q4 25 | 6.44× | 3.47× | ||
| Q3 25 | 5.00× | 4.07× | ||
| Q2 25 | 4.42× | 3.20× | ||
| Q1 25 | 4.87× | 2.74× | ||
| Q4 24 | 4.64× | 2.18× | ||
| Q3 24 | 10.09× | 2.19× | ||
| Q2 24 | 10.28× | 2.20× | ||
| Q1 24 | 11.00× | 2.28× |
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 | $245.5M |
| 自由现金流经营现金流 - 资本支出 | — | $128.8M |
| 自由现金流率自由现金流/营收 | — | 2.7% |
| 资本支出强度资本支出/营收 | — | 2.5% |
| 现金转化率经营现金流/净利润 | — | 1.73× |
| 过去12个月自由现金流最近4个季度 | — | $374.3M |
8季度趋势，按日历期对齐
经营现金流CWHMUSA
| Q4 25 | $-227.2M | $245.5M | ||
| Q3 25 | $139.8M | $184.8M | ||
| Q2 25 | $187.9M | $255.1M | ||
| Q1 25 | $-232.5M | $128.5M | ||
| Q4 24 | $-163.4M | $248.7M | ||
| Q3 24 | $324.2M | $202.1M | ||
| Q2 24 | $152.3M | $260.8M | ||
| Q1 24 | $-68.0M | $136.0M |
自由现金流CWHMUSA
| Q4 25 | — | $128.8M | ||
| Q3 25 | — | $67.7M | ||
| Q2 25 | — | $137.1M | ||
| Q1 25 | — | $40.7M | ||
| Q4 24 | — | $121.7M | ||
| Q3 24 | — | $65.2M | ||
| Q2 24 | — | $142.8M | ||
| Q1 24 | — | $59.8M |
自由现金流率CWHMUSA
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 2.7% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 1.2% |
资本支出强度CWHMUSA
| Q4 25 | — | 2.5% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 1.6% |
现金转化率CWHMUSA
| Q4 25 | — | 1.73× | ||
| Q3 25 | — | 1.42× | ||
| Q2 25 | 6.22× | 1.75× | ||
| Q1 25 | — | 2.42× | ||
| Q4 24 | — | 1.75× | ||
| Q3 24 | 58.93× | 1.35× | ||
| Q2 24 | 15.59× | 1.80× | ||
| Q1 24 | — | 2.06× |
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% |
MUSA
| Product Sales Petroleum Retail | $3.3B | 69% |
| Merchandise | $1.1B | 23% |
| Product Sales Petroleum Wholesale | $327.9M | 7% |
| Other | $57.0M | 1% |
| Renewable Identification Numbers | $55.3M | 1% |
| Revenue Other | $1.3M | 0% |
