vs
Camping World Holdings, Inc.（CWH）与OPENLANE, Inc.（OPLN）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OPENLANE, Inc.的2.4倍（$1.2B vs $494.3M），OPENLANE, Inc.净利率更高（12.0% vs -9.3%，领先21.3%），OPENLANE, Inc.同比增速更快（8.6% vs -2.6%），过去两年OPENLANE, Inc.的营收复合增速更高（7.2% 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。
OPENLANE Inc.是全球领先的数字化汽车批发交易平台运营商，连接汽车经销商、车队运营商、金融机构等卖家与专业买家，提供二手车、租赁到期车辆等的透明高效交易服务，业务覆盖北美、欧洲等全球主要市场。
CWH vs OPLN — 直观对比
营收规模更大
CWH
是对方的2.4倍
$494.3M
营收增速更快
OPLN
高出11.2%
-2.6%
净利率更高
OPLN
高出21.3%
-9.3%
两年增速更快
OPLN
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $494.3M |
| 净利润 | $-109.1M | $59.5M |
| 毛利率 | 28.8% | — |
| 营业利润率 | -4.3% | 8.6% |
| 净利率 | -9.3% | 12.0% |
| 营收同比 | -2.6% | 8.6% |
| 净利润同比 | -83.3% | 13.8% |
| 每股收益（稀释后） | — | $-1.54 |
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CWHOPLN
| Q4 25 | $1.2B | $494.3M | ||
| Q3 25 | $1.8B | $498.4M | ||
| Q2 25 | $2.0B | $481.7M | ||
| Q1 25 | $1.4B | $460.1M | ||
| Q4 24 | $1.2B | $455.0M | ||
| Q3 24 | $1.7B | $459.8M | ||
| Q2 24 | $1.8B | $443.8M | ||
| Q1 24 | $1.4B | $429.9M |
净利润CWHOPLN
| Q4 25 | $-109.1M | $59.5M | ||
| Q3 25 | $-40.4M | $47.9M | ||
| Q2 25 | $30.2M | $33.4M | ||
| Q1 25 | $-12.3M | $36.9M | ||
| Q4 24 | $-59.5M | $52.3M | ||
| Q3 24 | $5.5M | $28.4M | ||
| Q2 24 | $9.8M | $10.7M | ||
| Q1 24 | $-22.3M | $18.5M |
毛利率CWHOPLN
| 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CWHOPLN
| Q4 25 | -4.3% | 8.6% | ||
| Q3 25 | 4.4% | 11.0% | ||
| Q2 25 | 6.6% | 9.8% | ||
| Q1 25 | 1.5% | 11.2% | ||
| Q4 24 | -1.3% | 17.4% | ||
| Q3 24 | 3.7% | 9.2% | ||
| Q2 24 | 5.3% | 5.4% | ||
| Q1 24 | 0.3% | 8.6% |
净利率CWHOPLN
| Q4 25 | -9.3% | 12.0% | ||
| Q3 25 | -2.2% | 9.6% | ||
| Q2 25 | 1.5% | 6.9% | ||
| Q1 25 | -0.9% | 8.0% | ||
| Q4 24 | -4.9% | 11.5% | ||
| Q3 24 | 0.3% | 6.2% | ||
| Q2 24 | 0.5% | 2.4% | ||
| Q1 24 | -1.6% | 4.3% |
每股收益（稀释后）CWHOPLN
| Q4 25 | — | $-1.54 | ||
| Q3 25 | — | $0.25 | ||
| Q2 25 | — | $0.15 | ||
| Q1 25 | — | $0.18 | ||
| Q4 24 | — | $0.28 | ||
| Q3 24 | — | $0.12 | ||
| Q2 24 | — | $0.00 | ||
| Q1 24 | — | $0.05 |
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 | $141.5M |
| 总债务越低越好 | $1.5B | $550.0M |
| 股东权益账面价值 | $228.6M | $1.2B |
| 总资产 | $5.0B | $4.7B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资CWHOPLN
| Q4 25 | $215.0M | $141.5M | ||
| Q3 25 | $230.5M | $119.3M | ||
| Q2 25 | $118.1M | $119.1M | ||
| Q1 25 | $20.9M | $220.5M | ||
| Q4 24 | $208.4M | $143.0M | ||
| Q3 24 | $28.4M | $132.1M | ||
| Q2 24 | $23.7M | $60.9M | ||
| Q1 24 | $29.7M | $105.2M |
总债务CWHOPLN
| Q4 25 | $1.5B | $550.0M | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | $230.7M | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.6B | — |
股东权益CWHOPLN
| Q4 25 | $228.6M | $1.2B | ||
| Q3 25 | $296.2M | $1.4B | ||
| Q2 25 | $340.5M | $1.4B | ||
| Q1 25 | $310.5M | $1.4B | ||
| Q4 24 | $326.6M | $1.3B | ||
| Q3 24 | $151.6M | $1.3B | ||
| Q2 24 | $149.7M | $1.3B | ||
| Q1 24 | $142.8M | $1.3B |
总资产CWHOPLN
| Q4 25 | $5.0B | $4.7B | ||
| Q3 25 | $5.0B | $4.8B | ||
| Q2 25 | $5.2B | $4.6B | ||
| Q1 25 | $5.1B | $4.8B | ||
| Q4 24 | $4.9B | $4.6B | ||
| Q3 24 | $4.7B | $4.6B | ||
| Q2 24 | $5.0B | $4.6B | ||
| Q1 24 | $5.1B | $4.8B |
负债/权益比CWHOPLN
| Q4 25 | 6.44× | 0.44× | ||
| Q3 25 | 5.00× | — | ||
| Q2 25 | 4.42× | — | ||
| Q1 25 | 4.87× | — | ||
| Q4 24 | 4.64× | 0.17× | ||
| 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 | $125.5M |
| 自由现金流经营现金流 - 资本支出 | — | $110.8M |
| 自由现金流率自由现金流/营收 | — | 22.4% |
| 资本支出强度资本支出/营收 | — | 3.0% |
| 现金转化率经营现金流/净利润 | — | 2.11× |
| 过去12个月自由现金流最近4个季度 | — | $336.5M |
8季度趋势，按日历期对齐
经营现金流CWHOPLN
| Q4 25 | $-227.2M | $125.5M | ||
| Q3 25 | $139.8M | $72.2M | ||
| Q2 25 | $187.9M | $71.6M | ||
| Q1 25 | $-232.5M | $122.6M | ||
| Q4 24 | $-163.4M | $32.7M | ||
| Q3 24 | $324.2M | $122.4M | ||
| Q2 24 | $152.3M | $37.5M | ||
| Q1 24 | $-68.0M | $100.2M |
自由现金流CWHOPLN
| Q4 25 | — | $110.8M | ||
| Q3 25 | — | $57.6M | ||
| Q2 25 | — | $57.4M | ||
| Q1 25 | — | $110.7M | ||
| Q4 24 | — | $18.7M | ||
| Q3 24 | — | $109.3M | ||
| Q2 24 | — | $24.5M | ||
| Q1 24 | — | $87.3M |
自由现金流率CWHOPLN
| Q4 25 | — | 22.4% | ||
| Q3 25 | — | 11.6% | ||
| Q2 25 | — | 11.9% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | — | 23.8% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | 20.3% |
资本支出强度CWHOPLN
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | 2.9% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 3.0% |
现金转化率CWHOPLN
| Q4 25 | — | 2.11× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | 6.22× | 2.14× | ||
| Q1 25 | — | 3.32× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | 58.93× | 4.31× | ||
| Q2 24 | 15.59× | 3.50× | ||
| Q1 24 | — | 5.42× |
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% |
OPLN
| Marketplace | $384.7M | 78% |
| Finance | $109.6M | 22% |
