vs
Camping World Holdings, Inc.（CWH）与Cloudflare, Inc.（NET）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Cloudflare, Inc.的1.9倍（$1.2B vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -9.3%，领先7.3%），Cloudflare, Inc.同比增速更快（33.6% vs -2.6%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% 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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
CWH vs NET — 直观对比
营收规模更大
CWH
是对方的1.9倍
$614.5M
营收增速更快
NET
高出36.2%
-2.6%
净利率更高
NET
高出7.3%
-9.3%
两年增速更快
NET
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $614.5M |
| 净利润 | $-109.1M | $-12.1M |
| 毛利率 | 28.8% | 73.6% |
| 营业利润率 | -4.3% | -8.0% |
| 净利率 | -9.3% | -2.0% |
| 营收同比 | -2.6% | 33.6% |
| 净利润同比 | -83.3% | 6.0% |
| 每股收益（稀释后） | — | $-0.03 |
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CWHNET
| Q4 25 | $1.2B | $614.5M | ||
| Q3 25 | $1.8B | $562.0M | ||
| Q2 25 | $2.0B | $512.3M | ||
| Q1 25 | $1.4B | $479.1M | ||
| Q4 24 | $1.2B | $459.9M | ||
| Q3 24 | $1.7B | $430.1M | ||
| Q2 24 | $1.8B | $401.0M | ||
| Q1 24 | $1.4B | $378.6M |
净利润CWHNET
| Q4 25 | $-109.1M | $-12.1M | ||
| Q3 25 | $-40.4M | $-1.3M | ||
| Q2 25 | $30.2M | $-50.4M | ||
| Q1 25 | $-12.3M | $-38.5M | ||
| Q4 24 | $-59.5M | $-12.8M | ||
| Q3 24 | $5.5M | $-15.3M | ||
| Q2 24 | $9.8M | $-15.1M | ||
| Q1 24 | $-22.3M | $-35.5M |
毛利率CWHNET
| Q4 25 | 28.8% | 73.6% | ||
| Q3 25 | 28.6% | 74.0% | ||
| Q2 25 | 30.0% | 74.9% | ||
| Q1 25 | 30.4% | 75.9% | ||
| Q4 24 | 31.3% | 76.4% | ||
| Q3 24 | 28.9% | 77.7% | ||
| Q2 24 | 30.3% | 77.8% | ||
| Q1 24 | 29.5% | 77.5% |
营业利润率CWHNET
| Q4 25 | -4.3% | -8.0% | ||
| Q3 25 | 4.4% | -6.7% | ||
| Q2 25 | 6.6% | -13.1% | ||
| Q1 25 | 1.5% | -11.1% | ||
| Q4 24 | -1.3% | -7.5% | ||
| Q3 24 | 3.7% | -7.2% | ||
| Q2 24 | 5.3% | -8.7% | ||
| Q1 24 | 0.3% | -14.4% |
净利率CWHNET
| Q4 25 | -9.3% | -2.0% | ||
| Q3 25 | -2.2% | -0.2% | ||
| Q2 25 | 1.5% | -9.8% | ||
| Q1 25 | -0.9% | -8.0% | ||
| Q4 24 | -4.9% | -2.8% | ||
| Q3 24 | 0.3% | -3.6% | ||
| Q2 24 | 0.5% | -3.8% | ||
| Q1 24 | -1.6% | -9.4% |
每股收益（稀释后）CWHNET
| Q4 25 | — | $-0.03 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $-0.10 |
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 | $943.5M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $1.5B |
| 总资产 | $5.0B | $6.0B |
| 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CWHNET
| Q4 25 | $215.0M | $943.5M | ||
| Q3 25 | $230.5M | $1.1B | ||
| Q2 25 | $118.1M | $1.5B | ||
| Q1 25 | $20.9M | $204.5M | ||
| Q4 24 | $208.4M | $147.7M | ||
| Q3 24 | $28.4M | $182.9M | ||
| Q2 24 | $23.7M | $157.0M | ||
| Q1 24 | $29.7M | $254.4M |
总债务CWHNET
| 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CWHNET
| Q4 25 | $228.6M | $1.5B | ||
| Q3 25 | $296.2M | $1.3B | ||
| Q2 25 | $340.5M | $1.2B | ||
| Q1 25 | $310.5M | $1.4B | ||
| Q4 24 | $326.6M | $1.0B | ||
| Q3 24 | $151.6M | $973.1M | ||
| Q2 24 | $149.7M | $881.5M | ||
| Q1 24 | $142.8M | $797.2M |
总资产CWHNET
| Q4 25 | $5.0B | $6.0B | ||
| Q3 25 | $5.0B | $5.8B | ||
| Q2 25 | $5.2B | $5.6B | ||
| Q1 25 | $5.1B | $3.7B | ||
| Q4 24 | $4.9B | $3.3B | ||
| Q3 24 | $4.7B | $3.1B | ||
| Q2 24 | $5.0B | $2.9B | ||
| Q1 24 | $5.1B | $2.8B |
负债/权益比CWHNET
| 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 | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | — | 13.9% |
| 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 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流CWHNET
| Q4 25 | $-227.2M | $190.4M | ||
| Q3 25 | $139.8M | $167.1M | ||
| Q2 25 | $187.9M | $99.8M | ||
| Q1 25 | $-232.5M | $145.8M | ||
| Q4 24 | $-163.4M | $127.3M | ||
| Q3 24 | $324.2M | $104.7M | ||
| Q2 24 | $152.3M | $74.8M | ||
| Q1 24 | $-68.0M | $73.6M |
自由现金流CWHNET
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率CWHNET
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度CWHNET
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
现金转化率CWHNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 6.22× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 58.93× | — | ||
| Q2 24 | 15.59× | — | ||
| Q1 24 | — | — |
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
