vs
Camping World Holdings, Inc.（CWH）与欧文斯科宁（OC）财务数据对比。点击上方公司名可切换其他公司
欧文斯科宁的季度营收约是Camping World Holdings, Inc.的1.8倍（$2.1B vs $1.2B），Camping World Holdings, Inc.净利率更高（-9.3% vs -13.9%，领先4.6%），Camping World Holdings, Inc.同比增速更快（-2.6% vs -24.6%），过去两年欧文斯科宁的营收复合增速更高（-3.5% 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。
欧文斯科宁是美国知名建材及复合材料企业，1935年由康宁玻璃厂与欧文斯-伊利诺伊公司合资组建。主营保温材料、屋面材料、玻璃纤维复合材料及相关产品，是全球最大的玻璃纤维复合材料生产商，全球员工约1.9万人，自1955年《财富》500强榜单创立以来连年上榜。
CWH vs OC — 直观对比
营收规模更大
OC
是对方的1.8倍
$1.2B
营收增速更快
CWH
高出22.0%
-24.6%
净利率更高
CWH
高出4.6%
-13.9%
两年增速更快
OC
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.1B |
| 净利润 | $-109.1M | $-298.0M |
| 毛利率 | 28.8% | 23.2% |
| 营业利润率 | -4.3% | -10.5% |
| 净利率 | -9.3% | -13.9% |
| 营收同比 | -2.6% | -24.6% |
| 净利润同比 | -83.3% | -15.5% |
| 每股收益（稀释后） | — | $-3.47 |
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CWHOC
| Q4 25 | $1.2B | $2.1B | ||
| Q3 25 | $1.8B | $2.7B | ||
| Q2 25 | $2.0B | $2.7B | ||
| Q1 25 | $1.4B | $2.5B | ||
| Q4 24 | $1.2B | $2.8B | ||
| Q3 24 | $1.7B | $3.0B | ||
| Q2 24 | $1.8B | $2.8B | ||
| Q1 24 | $1.4B | $2.3B |
净利润CWHOC
| Q4 25 | $-109.1M | $-298.0M | ||
| Q3 25 | $-40.4M | $-494.0M | ||
| Q2 25 | $30.2M | $363.0M | ||
| Q1 25 | $-12.3M | $-93.0M | ||
| Q4 24 | $-59.5M | $-258.0M | ||
| Q3 24 | $5.5M | $321.0M | ||
| Q2 24 | $9.8M | $285.0M | ||
| Q1 24 | $-22.3M | $299.0M |
毛利率CWHOC
| Q4 25 | 28.8% | 23.2% | ||
| Q3 25 | 28.6% | 28.2% | ||
| Q2 25 | 30.0% | 31.2% | ||
| Q1 25 | 30.4% | 28.7% | ||
| Q4 24 | 31.3% | 28.1% | ||
| Q3 24 | 28.9% | 29.8% | ||
| Q2 24 | 30.3% | 31.1% | ||
| Q1 24 | 29.5% | 29.6% |
营业利润率CWHOC
| Q4 25 | -4.3% | -10.5% | ||
| Q3 25 | 4.4% | -12.2% | ||
| Q2 25 | 6.6% | 18.4% | ||
| Q1 25 | 1.5% | 16.1% | ||
| Q4 24 | -1.3% | -8.5% | ||
| Q3 24 | 3.7% | 16.7% | ||
| Q2 24 | 5.3% | 16.4% | ||
| Q1 24 | 0.3% | 17.5% |
净利率CWHOC
| Q4 25 | -9.3% | -13.9% | ||
| Q3 25 | -2.2% | -18.4% | ||
| Q2 25 | 1.5% | 13.2% | ||
| Q1 25 | -0.9% | -3.7% | ||
| Q4 24 | -4.9% | -9.1% | ||
| Q3 24 | 0.3% | 10.5% | ||
| Q2 24 | 0.5% | 10.2% | ||
| Q1 24 | -1.6% | 13.0% |
每股收益（稀释后）CWHOC
| Q4 25 | — | $-3.47 | ||
| Q3 25 | — | $-5.92 | ||
| Q2 25 | — | $4.25 | ||
| Q1 25 | — | $-1.08 | ||
| Q4 24 | — | $-2.92 | ||
| Q3 24 | — | $3.65 | ||
| Q2 24 | — | $3.24 | ||
| Q1 24 | — | $3.40 |
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 | $345.0M |
| 总债务越低越好 | $1.5B | $4.7B |
| 股东权益账面价值 | $228.6M | $3.9B |
| 总资产 | $5.0B | $13.0B |
| 负债/权益比越低杠杆越低 | 6.44× | 1.22× |
8季度趋势，按日历期对齐
现金及短期投资CWHOC
| Q4 25 | $215.0M | $345.0M | ||
| Q3 25 | $230.5M | $286.0M | ||
| Q2 25 | $118.1M | $230.0M | ||
| Q1 25 | $20.9M | $400.0M | ||
| Q4 24 | $208.4M | $361.0M | ||
| Q3 24 | $28.4M | $499.0M | ||
| Q2 24 | $23.7M | $254.0M | ||
| Q1 24 | $29.7M | $1.3B |
总债务CWHOC
| Q4 25 | $1.5B | $4.7B | ||
| Q3 25 | $1.5B | $4.7B | ||
| Q2 25 | $1.5B | $5.1B | ||
| Q1 25 | $1.5B | $5.0B | ||
| Q4 24 | $1.5B | $5.1B | ||
| Q3 24 | $1.5B | $5.0B | ||
| Q2 24 | $1.5B | $5.0B | ||
| Q1 24 | $1.6B | $2.6B |
股东权益CWHOC
| Q4 25 | $228.6M | $3.9B | ||
| Q3 25 | $296.2M | $4.4B | ||
| Q2 25 | $340.5M | $5.2B | ||
| Q1 25 | $310.5M | $4.9B | ||
| Q4 24 | $326.6M | $5.1B | ||
| Q3 24 | $151.6M | $5.6B | ||
| Q2 24 | $149.7M | $5.5B | ||
| Q1 24 | $142.8M | $5.2B |
总资产CWHOC
| Q4 25 | $5.0B | $13.0B | ||
| Q3 25 | $5.0B | $13.5B | ||
| Q2 25 | $5.2B | $14.5B | ||
| Q1 25 | $5.1B | $14.3B | ||
| Q4 24 | $4.9B | $14.1B | ||
| Q3 24 | $4.7B | $15.1B | ||
| Q2 24 | $5.0B | $15.0B | ||
| Q1 24 | $5.1B | $11.3B |
负债/权益比CWHOC
| Q4 25 | 6.44× | 1.22× | ||
| Q3 25 | 5.00× | 1.06× | ||
| Q2 25 | 4.42× | 0.98× | ||
| Q1 25 | 4.87× | 1.03× | ||
| Q4 24 | 4.64× | 1.01× | ||
| Q3 24 | 10.09× | 0.89× | ||
| Q2 24 | 10.28× | 0.92× | ||
| Q1 24 | 11.00× | 0.51× |
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 | $590.0M |
| 自由现金流经营现金流 - 资本支出 | — | $333.0M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | — | 12.0% |
| 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 | — | $962.0M |
8季度趋势，按日历期对齐
经营现金流CWHOC
| Q4 25 | $-227.2M | $590.0M | ||
| Q3 25 | $139.8M | $918.0M | ||
| Q2 25 | $187.9M | $327.0M | ||
| Q1 25 | $-232.5M | $-49.0M | ||
| Q4 24 | $-163.4M | $676.0M | ||
| Q3 24 | $324.2M | $699.0M | ||
| Q2 24 | $152.3M | $493.0M | ||
| Q1 24 | $-68.0M | $24.0M |
自由现金流CWHOC
| Q4 25 | — | $333.0M | ||
| Q3 25 | — | $752.0M | ||
| Q2 25 | — | $129.0M | ||
| Q1 25 | — | $-252.0M | ||
| Q4 24 | — | $479.0M | ||
| Q3 24 | — | $558.0M | ||
| Q2 24 | — | $336.0M | ||
| Q1 24 | — | $-128.0M |
自由现金流率CWHOC
| Q4 25 | — | 15.5% | ||
| Q3 25 | — | 28.0% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | -10.0% | ||
| Q4 24 | — | 16.9% | ||
| Q3 24 | — | 18.3% | ||
| Q2 24 | — | 12.0% | ||
| Q1 24 | — | -5.6% |
资本支出强度CWHOC
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 6.2% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 8.0% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | — | 5.6% | ||
| Q1 24 | — | 6.6% |
现金转化率CWHOC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 6.22× | 0.90× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 58.93× | 2.18× | ||
| Q2 24 | 15.59× | 1.73× | ||
| Q1 24 | — | 0.08× |
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% |
OC
| Insulation | $724.0M | 34% |
| Residential | $625.0M | 29% |
| Doors | $427.0M | 20% |
| Discontinued Operations Disposed Of By Sale | $299.0M | 14% |
| Commercial And Industrial Sector | $101.0M | 5% |
