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Camping World Holdings, Inc.（CWH）与国民油井华高（NOV）财务数据对比。点击上方公司名可切换其他公司
国民油井华高的季度营收约是Camping World Holdings, Inc.的1.7倍（$2.1B vs $1.2B），国民油井华高净利率更高（1.0% vs -9.3%，领先10.3%），Camping World Holdings, Inc.同比增速更快（-2.6% vs -9.9%），过去两年国民油井华高的营收复合增速更高（-3.8% 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。
NOV Inc.（前称国民油井华高）是总部位于美国得克萨斯州休斯顿的跨国企业，为上游油气行业提供钻探及生产作业所需的设备零部件、油田服务及供应链整合服务，在六大洲布局超500个运营点，下设能源设备、能源产品与服务两大业务板块。
CWH vs NOV — 直观对比
营收规模更大
NOV
是对方的1.7倍
$1.2B
营收增速更快
CWH
高出7.3%
-9.9%
净利率更高
NOV
高出10.3%
-9.3%
两年增速更快
NOV
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.1B |
| 净利润 | $-109.1M | $20.0M |
| 毛利率 | 28.8% | 18.5% |
| 营业利润率 | -4.3% | 2.3% |
| 净利率 | -9.3% | 1.0% |
| 营收同比 | -2.6% | -9.9% |
| 净利润同比 | -83.3% | -73.0% |
| 每股收益（稀释后） | — | $0.05 |
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CWHNOV
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.2B | $2.3B | ||
| Q3 25 | $1.8B | $2.2B | ||
| Q2 25 | $2.0B | $2.2B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.7B | $2.2B | ||
| Q2 24 | $1.8B | $2.2B |
净利润CWHNOV
| Q1 26 | — | $20.0M | ||
| Q4 25 | $-109.1M | $-78.0M | ||
| Q3 25 | $-40.4M | $42.0M | ||
| Q2 25 | $30.2M | $108.0M | ||
| Q1 25 | $-12.3M | $73.0M | ||
| Q4 24 | $-59.5M | $160.0M | ||
| Q3 24 | $5.5M | $130.0M | ||
| Q2 24 | $9.8M | $226.0M |
毛利率CWHNOV
| Q1 26 | — | 18.5% | ||
| Q4 25 | 28.8% | 20.3% | ||
| Q3 25 | 28.6% | 18.9% | ||
| Q2 25 | 30.0% | 20.4% | ||
| Q1 25 | 30.4% | 21.3% | ||
| Q4 24 | 31.3% | 21.4% | ||
| Q3 24 | 28.9% | 21.4% | ||
| Q2 24 | 30.3% | 26.6% |
营业利润率CWHNOV
| Q1 26 | — | 2.3% | ||
| Q4 25 | -4.3% | 4.0% | ||
| Q3 25 | 4.4% | 4.9% | ||
| Q2 25 | 6.6% | 6.5% | ||
| Q1 25 | 1.5% | 7.2% | ||
| Q4 24 | -1.3% | 9.0% | ||
| Q3 24 | 3.7% | 8.9% | ||
| Q2 24 | 5.3% | 14.1% |
净利率CWHNOV
| Q1 26 | — | 1.0% | ||
| Q4 25 | -9.3% | -3.4% | ||
| Q3 25 | -2.2% | 1.9% | ||
| Q2 25 | 1.5% | 4.9% | ||
| Q1 25 | -0.9% | 3.5% | ||
| Q4 24 | -4.9% | 6.9% | ||
| Q3 24 | 0.3% | 5.9% | ||
| Q2 24 | 0.5% | 10.2% |
每股收益（稀释后）CWHNOV
| Q1 26 | — | $0.05 | ||
| Q4 25 | — | $-0.20 | ||
| Q3 25 | — | $0.11 | ||
| Q2 25 | — | $0.29 | ||
| Q1 25 | — | $0.19 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $0.33 | ||
| Q2 24 | — | $0.57 |
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 | $1.3B |
| 总债务越低越好 | $1.5B | $1.7B |
| 股东权益账面价值 | $228.6M | — |
| 总资产 | $5.0B | $11.1B |
| 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CWHNOV
| Q1 26 | — | $1.3B | ||
| Q4 25 | $215.0M | $1.6B | ||
| Q3 25 | $230.5M | $1.2B | ||
| Q2 25 | $118.1M | $1.1B | ||
| Q1 25 | $20.9M | $1.2B | ||
| Q4 24 | $208.4M | $1.2B | ||
| Q3 24 | $28.4M | $985.0M | ||
| Q2 24 | $23.7M | $827.0M |
总债务CWHNOV
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.5B | $1.7B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.5B | $1.7B | ||
| Q2 24 | $1.5B | $1.7B |
股东权益CWHNOV
| Q1 26 | — | — | ||
| Q4 25 | $228.6M | $6.3B | ||
| Q3 25 | $296.2M | $6.5B | ||
| Q2 25 | $340.5M | $6.5B | ||
| Q1 25 | $310.5M | $6.4B | ||
| Q4 24 | $326.6M | $6.4B | ||
| Q3 24 | $151.6M | $6.5B | ||
| Q2 24 | $149.7M | $6.4B |
总资产CWHNOV
| Q1 26 | — | $11.1B | ||
| Q4 25 | $5.0B | $11.3B | ||
| Q3 25 | $5.0B | $11.3B | ||
| Q2 25 | $5.2B | $11.4B | ||
| Q1 25 | $5.1B | $11.3B | ||
| Q4 24 | $4.9B | $11.4B | ||
| Q3 24 | $4.7B | $11.4B | ||
| Q2 24 | $5.0B | $11.3B |
负债/权益比CWHNOV
| Q1 26 | — | — | ||
| Q4 25 | 6.44× | 0.27× | ||
| Q3 25 | 5.00× | 0.27× | ||
| Q2 25 | 4.42× | 0.27× | ||
| Q1 25 | 4.87× | 0.27× | ||
| Q4 24 | 4.64× | 0.27× | ||
| Q3 24 | 10.09× | 0.27× | ||
| Q2 24 | 10.28× | 0.27× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | $51.0M |
| 自由现金流率自由现金流/营收 | — | 2.5% |
| 资本支出强度资本支出/营收 | — | — |
| 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 | — | $876.0M |
8季度趋势，按日历期对齐
经营现金流CWHNOV
| Q1 26 | — | — | ||
| Q4 25 | $-227.2M | $573.0M | ||
| Q3 25 | $139.8M | $352.0M | ||
| Q2 25 | $187.9M | $191.0M | ||
| Q1 25 | $-232.5M | $135.0M | ||
| Q4 24 | $-163.4M | $591.0M | ||
| Q3 24 | $324.2M | $359.0M | ||
| Q2 24 | $152.3M | $432.0M |
自由现金流CWHNOV
| Q1 26 | — | $51.0M | ||
| Q4 25 | — | $472.0M | ||
| Q3 25 | — | $245.0M | ||
| Q2 25 | — | $108.0M | ||
| Q1 25 | — | $51.0M | ||
| Q4 24 | — | $473.0M | ||
| Q3 24 | — | $277.0M | ||
| Q2 24 | — | $350.0M |
自由现金流率CWHNOV
| Q1 26 | — | 2.5% | ||
| Q4 25 | — | 20.7% | ||
| Q3 25 | — | 11.3% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 20.5% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 15.8% |
资本支出强度CWHNOV
| Q1 26 | — | — | ||
| Q4 25 | — | 4.4% | ||
| Q3 25 | — | 4.9% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 3.7% |
现金转化率CWHNOV
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 8.38× | ||
| Q2 25 | 6.22× | 1.77× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 3.69× | ||
| Q3 24 | 58.93× | 2.76× | ||
| Q2 24 | 15.59× | 1.91× |
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% |
NOV
| Energy Equipment | $1.2B | 58% |
| Energy Products and Services | $897.0M | 44% |
