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Camping World Holdings, Inc.（CWH）与PINTEREST, INC.（PINS）财务数据对比。点击上方公司名可切换其他公司
PINTEREST, INC.的季度营收约是Camping World Holdings, Inc.的1.1倍（$1.3B vs $1.2B），PINTEREST, INC.净利率更高（21.0% vs -9.3%，领先30.3%），PINTEREST, INC.同比增速更快（14.3% vs -2.6%），过去两年PINTEREST, INC.的营收复合增速更高（33.5% 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。
Pinterest是美国社交媒体服务商，主打数字图板形式的信息发布与发现功能，用户可通过图片分享获取食谱、家居、穿搭、创意灵感等多元内容。公司由本·西尔伯曼、保罗·夏拉、埃文·夏普联合创立，总部位于旧金山。
CWH vs PINS — 直观对比
营收规模更大
PINS
是对方的1.1倍
$1.2B
营收增速更快
PINS
高出16.9%
-2.6%
净利率更高
PINS
高出30.3%
-9.3%
两年增速更快
PINS
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.3B |
| 净利润 | $-109.1M | $277.1M |
| 毛利率 | 28.8% | 82.8% |
| 营业利润率 | -4.3% | 22.8% |
| 净利率 | -9.3% | 21.0% |
| 营收同比 | -2.6% | 14.3% |
| 净利润同比 | -83.3% | -85.0% |
| 每股收益（稀释后） | — | $0.41 |
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CWHPINS
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $1.8B | $1.0B | ||
| Q2 25 | $2.0B | $998.2M | ||
| Q1 25 | $1.4B | $855.0M | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.7B | $898.4M | ||
| Q2 24 | $1.8B | $853.7M | ||
| Q1 24 | $1.4B | $740.0M |
净利润CWHPINS
| Q4 25 | $-109.1M | $277.1M | ||
| Q3 25 | $-40.4M | $92.1M | ||
| Q2 25 | $30.2M | $38.8M | ||
| Q1 25 | $-12.3M | $8.9M | ||
| Q4 24 | $-59.5M | $1.8B | ||
| Q3 24 | $5.5M | $30.6M | ||
| Q2 24 | $9.8M | $8.9M | ||
| Q1 24 | $-22.3M | $-24.8M |
毛利率CWHPINS
| Q4 25 | 28.8% | 82.8% | ||
| Q3 25 | 28.6% | 79.8% | ||
| Q2 25 | 30.0% | 79.7% | ||
| Q1 25 | 30.4% | 76.7% | ||
| Q4 24 | 31.3% | 82.9% | ||
| Q3 24 | 28.9% | 79.1% | ||
| Q2 24 | 30.3% | 78.3% | ||
| Q1 24 | 29.5% | 75.5% |
营业利润率CWHPINS
| Q4 25 | -4.3% | 22.8% | ||
| Q3 25 | 4.4% | 5.6% | ||
| Q2 25 | 6.6% | -0.4% | ||
| Q1 25 | 1.5% | -4.1% | ||
| Q4 24 | -1.3% | 22.7% | ||
| Q3 24 | 3.7% | -0.7% | ||
| Q2 24 | 5.3% | -2.5% | ||
| Q1 24 | 0.3% | -7.4% |
净利率CWHPINS
| Q4 25 | -9.3% | 21.0% | ||
| Q3 25 | -2.2% | 8.8% | ||
| Q2 25 | 1.5% | 3.9% | ||
| Q1 25 | -0.9% | 1.0% | ||
| Q4 24 | -4.9% | 160.1% | ||
| Q3 24 | 0.3% | 3.4% | ||
| Q2 24 | 0.5% | 1.0% | ||
| Q1 24 | -1.6% | -3.4% |
每股收益（稀释后）CWHPINS
| Q4 25 | — | $0.41 | ||
| Q3 25 | — | $0.13 | ||
| Q2 25 | — | $0.06 | ||
| Q1 25 | — | $0.01 | ||
| Q4 24 | — | $2.66 | ||
| Q3 24 | — | $0.04 | ||
| Q2 24 | — | $0.01 | ||
| Q1 24 | — | $-0.04 |
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 | $969.3M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $4.7B |
| 总资产 | $5.0B | $5.5B |
| 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CWHPINS
| Q4 25 | $215.0M | $969.3M | ||
| Q3 25 | $230.5M | $1.1B | ||
| Q2 25 | $118.1M | $1.2B | ||
| Q1 25 | $20.9M | $1.3B | ||
| Q4 24 | $208.4M | $1.1B | ||
| Q3 24 | $28.4M | $1.0B | ||
| Q2 24 | $23.7M | $1.4B | ||
| Q1 24 | $29.7M | $1.6B |
总债务CWHPINS
| 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CWHPINS
| Q4 25 | $228.6M | $4.7B | ||
| Q3 25 | $296.2M | $4.8B | ||
| Q2 25 | $340.5M | $4.8B | ||
| Q1 25 | $310.5M | $4.7B | ||
| Q4 24 | $326.6M | $4.8B | ||
| Q3 24 | $151.6M | $2.9B | ||
| Q2 24 | $149.7M | $3.2B | ||
| Q1 24 | $142.8M | $3.1B |
总资产CWHPINS
| Q4 25 | $5.0B | $5.5B | ||
| Q3 25 | $5.0B | $5.5B | ||
| Q2 25 | $5.2B | $5.4B | ||
| Q1 25 | $5.1B | $5.3B | ||
| Q4 24 | $4.9B | $5.3B | ||
| Q3 24 | $4.7B | $3.5B | ||
| Q2 24 | $5.0B | $3.7B | ||
| Q1 24 | $5.1B | $3.7B |
负债/权益比CWHPINS
| 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 | $391.2M |
| 自由现金流经营现金流 - 资本支出 | — | $380.4M |
| 自由现金流率自由现金流/营收 | — | 28.8% |
| 资本支出强度资本支出/营收 | — | 0.8% |
| 现金转化率经营现金流/净利润 | — | 1.41× |
| 过去12个月自由现金流最近4个季度 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流CWHPINS
| Q4 25 | $-227.2M | $391.2M | ||
| Q3 25 | $139.8M | $321.7M | ||
| Q2 25 | $187.9M | $207.7M | ||
| Q1 25 | $-232.5M | $363.7M | ||
| Q4 24 | $-163.4M | $254.0M | ||
| Q3 24 | $324.2M | $248.0M | ||
| Q2 24 | $152.3M | $106.4M | ||
| Q1 24 | $-68.0M | $356.1M |
自由现金流CWHPINS
| Q4 25 | — | $380.4M | ||
| Q3 25 | — | $318.4M | ||
| Q2 25 | — | $196.7M | ||
| Q1 25 | — | $356.4M | ||
| Q4 24 | — | $250.2M | ||
| Q3 24 | — | $244.1M | ||
| Q2 24 | — | $101.6M | ||
| Q1 24 | — | $344.0M |
自由现金流率CWHPINS
| Q4 25 | — | 28.8% | ||
| Q3 25 | — | 30.3% | ||
| Q2 25 | — | 19.7% | ||
| Q1 25 | — | 41.7% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 27.2% | ||
| Q2 24 | — | 11.9% | ||
| Q1 24 | — | 46.5% |
资本支出强度CWHPINS
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 1.6% |
现金转化率CWHPINS
| Q4 25 | — | 1.41× | ||
| Q3 25 | — | 3.49× | ||
| Q2 25 | 6.22× | 5.36× | ||
| Q1 25 | — | 40.77× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | 58.93× | 8.12× | ||
| Q2 24 | 15.59× | 11.98× | ||
| 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% |
PINS
| United States And Canada | $944.3M | 72% |
| Other | $375.0M | 28% |
