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Camping World Holdings, Inc.（CWH）与潘世奇汽车集团（PAG）财务数据对比。点击上方公司名可切换其他公司
潘世奇汽车集团的季度营收约是Camping World Holdings, Inc.的7.5倍（$8.8B vs $1.2B）。潘世奇汽车集团净利率更高（2.6% vs -9.3%，领先11.9%）。潘世奇汽车集团同比增速更快（14.6% vs -2.6%）。过去两年潘世奇汽车集团的营收复合增速更高（9.0% 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。
潘世奇汽车集团（PAG）是总部位于美国密歇根州布卢姆菲尔德希尔斯的交通服务企业，主营汽车与商用卡车经销业务，覆盖美国、加拿大及西欧市场，同时在澳大利亚、新西兰分销商用车、发动机、动力系统及相关配件服务，还持有潘世奇运输解决方案公司28.9%的股份，后者管理超40万辆卡车的车队。
CWH vs PAG — 直观对比
营收规模更大
PAG
是对方的7.5倍
$1.2B
营收增速更快
PAG
高出17.2%
-2.6%
净利率更高
PAG
高出11.9%
-9.3%
两年增速更快
PAG
近两年复合增速
-7.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $8.8B |
| 净利润 | $-109.1M | $228.1M |
| 毛利率 | 28.8% | 15.9% |
| 营业利润率 | -4.3% | 3.6% |
| 净利率 | -9.3% | 2.6% |
| 营收同比 | -2.6% | 14.6% |
| 净利润同比 | -83.3% | -3.5% |
| 每股收益（稀释后） | — | $3.46 |
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CWHPAG
| Q4 25 | $1.2B | $8.8B | ||
| Q3 25 | $1.8B | $7.7B | ||
| Q2 25 | $2.0B | $7.7B | ||
| Q1 25 | $1.4B | $7.6B | ||
| Q4 24 | $1.2B | $7.7B | ||
| Q3 24 | $1.7B | $7.6B | ||
| Q2 24 | $1.8B | $7.7B | ||
| Q1 24 | $1.4B | $7.4B |
净利润CWHPAG
| Q4 25 | $-109.1M | $228.1M | ||
| Q3 25 | $-40.4M | $213.0M | ||
| Q2 25 | $30.2M | $250.0M | ||
| Q1 25 | $-12.3M | $244.3M | ||
| Q4 24 | $-59.5M | $236.4M | ||
| Q3 24 | $5.5M | $226.1M | ||
| Q2 24 | $9.8M | $241.2M | ||
| Q1 24 | $-22.3M | $215.2M |
毛利率CWHPAG
| Q4 25 | 28.8% | 15.9% | ||
| Q3 25 | 28.6% | 16.2% | ||
| Q2 25 | 30.0% | 16.9% | ||
| Q1 25 | 30.4% | 16.7% | ||
| Q4 24 | 31.3% | 16.3% | ||
| Q3 24 | 28.9% | 16.4% | ||
| Q2 24 | 30.3% | 16.4% | ||
| Q1 24 | 29.5% | 16.7% |
营业利润率CWHPAG
| Q4 25 | -4.3% | 3.6% | ||
| Q3 25 | 4.4% | 3.9% | ||
| Q2 25 | 6.6% | 4.5% | ||
| Q1 25 | 1.5% | 4.1% | ||
| Q4 24 | -1.3% | 4.3% | ||
| Q3 24 | 3.7% | 4.2% | ||
| Q2 24 | 5.3% | 4.4% | ||
| Q1 24 | 0.3% | 4.4% |
净利率CWHPAG
| Q4 25 | -9.3% | 2.6% | ||
| Q3 25 | -2.2% | 2.8% | ||
| Q2 25 | 1.5% | 3.3% | ||
| Q1 25 | -0.9% | 3.2% | ||
| Q4 24 | -4.9% | 3.1% | ||
| Q3 24 | 0.3% | 3.0% | ||
| Q2 24 | 0.5% | 3.1% | ||
| Q1 24 | -1.6% | 2.9% |
每股收益（稀释后）CWHPAG
| Q4 25 | — | $3.46 | ||
| Q3 25 | — | $3.23 | ||
| Q2 25 | — | $3.78 | ||
| Q1 25 | — | $3.66 | ||
| Q4 24 | — | $3.53 | ||
| Q3 24 | — | $3.39 | ||
| Q2 24 | — | $3.61 | ||
| Q1 24 | — | $3.21 |
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 | $64.7M |
| 总债务越低越好 | $1.5B | $2.2B |
| 股东权益账面价值 | $228.6M | $5.6B |
| 总资产 | $5.0B | $17.6B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资CWHPAG
| Q4 25 | $215.0M | $64.7M | ||
| Q3 25 | $230.5M | $80.3M | ||
| Q2 25 | $118.1M | $155.3M | ||
| Q1 25 | $20.9M | $118.4M | ||
| Q4 24 | $208.4M | $72.4M | ||
| Q3 24 | $28.4M | $91.9M | ||
| Q2 24 | $23.7M | $115.1M | ||
| Q1 24 | $29.7M | $116.9M |
总债务CWHPAG
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $1.5B | $1.8B | ||
| Q4 24 | $1.5B | $1.9B | ||
| Q3 24 | $1.5B | $1.9B | ||
| Q2 24 | $1.5B | $1.8B | ||
| Q1 24 | $1.6B | $1.7B |
股东权益CWHPAG
| Q4 25 | $228.6M | $5.6B | ||
| Q3 25 | $296.2M | $5.7B | ||
| Q2 25 | $340.5M | $5.6B | ||
| Q1 25 | $310.5M | $5.4B | ||
| Q4 24 | $326.6M | $5.2B | ||
| Q3 24 | $151.6M | $5.2B | ||
| Q2 24 | $149.7M | $5.0B | ||
| Q1 24 | $142.8M | $4.8B |
总资产CWHPAG
| Q4 25 | $5.0B | $17.6B | ||
| Q3 25 | $5.0B | $17.1B | ||
| Q2 25 | $5.2B | $17.4B | ||
| Q1 25 | $5.1B | $16.9B | ||
| Q4 24 | $4.9B | $16.7B | ||
| Q3 24 | $4.7B | $17.1B | ||
| Q2 24 | $5.0B | $16.6B | ||
| Q1 24 | $5.1B | $16.1B |
负债/权益比CWHPAG
| Q4 25 | 6.44× | 0.39× | ||
| Q3 25 | 5.00× | 0.28× | ||
| Q2 25 | 4.42× | 0.32× | ||
| Q1 25 | 4.87× | 0.33× | ||
| Q4 24 | 4.64× | 0.36× | ||
| Q3 24 | 10.09× | 0.36× | ||
| Q2 24 | 10.28× | 0.36× | ||
| Q1 24 | 11.00× | 0.35× |
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 | $123.2M |
| 自由现金流经营现金流 - 资本支出 | — | $25.1M |
| 自由现金流率自由现金流/营收 | — | 0.3% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | — | 0.54× |
| 过去12个月自由现金流最近4个季度 | — | $650.5M |
8季度趋势，按日历期对齐
经营现金流CWHPAG
| Q4 25 | $-227.2M | $123.2M | ||
| Q3 25 | $139.8M | $379.5M | ||
| Q2 25 | $187.9M | $189.7M | ||
| Q1 25 | $-232.5M | $282.7M | ||
| Q4 24 | $-163.4M | $217.7M | ||
| Q3 24 | $324.2M | $271.0M | ||
| Q2 24 | $152.3M | $235.1M | ||
| Q1 24 | $-68.0M | $456.0M |
自由现金流CWHPAG
| Q4 25 | — | $25.1M | ||
| Q3 25 | — | $300.4M | ||
| Q2 25 | — | $118.9M | ||
| Q1 25 | — | $206.1M | ||
| Q4 24 | — | $131.6M | ||
| Q3 24 | — | $190.1M | ||
| Q2 24 | — | $135.9M | ||
| Q1 24 | — | $353.5M |
自由现金流率CWHPAG
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 4.7% |
资本支出强度CWHPAG
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.4% |
现金转化率CWHPAG
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 1.78× | ||
| Q2 25 | 6.22× | 0.76× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | — | 0.92× | ||
| Q3 24 | 58.93× | 1.20× | ||
| Q2 24 | 15.59× | 0.97× | ||
| Q1 24 | — | 2.12× |
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% |
PAG
| New Vehicle | $3.9B | 44% |
| Used Vehicle | $2.3B | 26% |
| Service And Parts | $953.6M | 11% |
| Retail Commercial Truck Dealership Segment | $725.4M | 8% |
| Other | $414.5M | 5% |
| Commercial Vehicle Distribution And Other | $303.3M | 3% |
| Finance And Insurance Net | $221.9M | 3% |
