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Camping World Holdings, Inc.（CWH）与先锋自然资源公司（PR）财务数据对比。点击上方公司名可切换其他公司
Camping World Holdings, Inc.的季度营收约是先锋自然资源公司的1.0倍（$1.2B vs $1.2B），先锋自然资源公司净利率更高（29.0% vs -9.3%，领先38.3%），Camping World Holdings, Inc.同比增速更快（-2.6% vs -9.8%），过去两年先锋自然资源公司的营收复合增速更高（-3.0% 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。
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
CWH vs PR — 直观对比
营收规模更大
CWH
是对方的1.0倍
$1.2B
营收增速更快
CWH
高出7.2%
-9.8%
净利率更高
PR
高出38.3%
-9.3%
两年增速更快
PR
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $-109.1M | $339.5M |
| 毛利率 | 28.8% | — |
| 营业利润率 | -4.3% | 23.1% |
| 净利率 | -9.3% | 29.0% |
| 营收同比 | -2.6% | -9.8% |
| 净利润同比 | -83.3% | 56.7% |
| 每股收益（稀释后） | — | $0.48 |
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CWHPR
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | $1.4B | $1.2B |
净利润CWHPR
| Q4 25 | $-109.1M | $339.5M | ||
| Q3 25 | $-40.4M | $59.2M | ||
| Q2 25 | $30.2M | $207.1M | ||
| Q1 25 | $-12.3M | $329.3M | ||
| Q4 24 | $-59.5M | $216.7M | ||
| Q3 24 | $5.5M | $386.4M | ||
| Q2 24 | $9.8M | $235.1M | ||
| Q1 24 | $-22.3M | $146.6M |
毛利率CWHPR
| 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CWHPR
| Q4 25 | -4.3% | 23.1% | ||
| Q3 25 | 4.4% | 29.6% | ||
| Q2 25 | 6.6% | 24.8% | ||
| Q1 25 | 1.5% | 36.6% | ||
| Q4 24 | -1.3% | 32.8% | ||
| Q3 24 | 3.7% | 32.5% | ||
| Q2 24 | 5.3% | 36.5% | ||
| Q1 24 | 0.3% | 37.7% |
净利率CWHPR
| Q4 25 | -9.3% | 29.0% | ||
| Q3 25 | -2.2% | 4.5% | ||
| Q2 25 | 1.5% | 17.3% | ||
| Q1 25 | -0.9% | 23.9% | ||
| Q4 24 | -4.9% | 16.7% | ||
| Q3 24 | 0.3% | 31.8% | ||
| Q2 24 | 0.5% | 18.9% | ||
| Q1 24 | -1.6% | 11.8% |
每股收益（稀释后）CWHPR
| Q4 25 | — | $0.48 | ||
| Q3 25 | — | $0.08 | ||
| Q2 25 | — | $0.28 | ||
| Q1 25 | — | $0.44 | ||
| Q4 24 | — | $0.31 | ||
| Q3 24 | — | $0.53 | ||
| Q2 24 | — | $0.36 | ||
| Q1 24 | — | $0.25 |
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 | $153.7M |
| 总债务越低越好 | $1.5B | $3.5B |
| 股东权益账面价值 | $228.6M | $10.3B |
| 总资产 | $5.0B | $17.9B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资CWHPR
| Q4 25 | $215.0M | $153.7M | ||
| Q3 25 | $230.5M | $111.8M | ||
| Q2 25 | $118.1M | $451.0M | ||
| Q1 25 | $20.9M | $702.2M | ||
| Q4 24 | $208.4M | $479.3M | ||
| Q3 24 | $28.4M | $272.0M | ||
| Q2 24 | $23.7M | $47.8M | ||
| Q1 24 | $29.7M | $12.7M |
总债务CWHPR
| Q4 25 | $1.5B | $3.5B | ||
| Q3 25 | $1.5B | $3.5B | ||
| Q2 25 | $1.5B | $4.0B | ||
| Q1 25 | $1.5B | $4.0B | ||
| Q4 24 | $1.5B | $4.2B | ||
| Q3 24 | $1.5B | $4.2B | ||
| Q2 24 | $1.5B | $3.9B | ||
| Q1 24 | $1.6B | $3.9B |
股东权益CWHPR
| Q4 25 | $228.6M | $10.3B | ||
| Q3 25 | $296.2M | $10.0B | ||
| Q2 25 | $340.5M | $9.5B | ||
| Q1 25 | $310.5M | $9.4B | ||
| Q4 24 | $326.6M | $9.1B | ||
| Q3 24 | $151.6M | $9.0B | ||
| Q2 24 | $149.7M | $8.3B | ||
| Q1 24 | $142.8M | $7.0B |
总资产CWHPR
| Q4 25 | $5.0B | $17.9B | ||
| Q3 25 | $5.0B | $17.3B | ||
| Q2 25 | $5.2B | $17.5B | ||
| Q1 25 | $5.1B | $17.1B | ||
| Q4 24 | $4.9B | $16.9B | ||
| Q3 24 | $4.7B | $16.6B | ||
| Q2 24 | $5.0B | $15.4B | ||
| Q1 24 | $5.1B | $15.1B |
负债/权益比CWHPR
| Q4 25 | 6.44× | 0.34× | ||
| Q3 25 | 5.00× | 0.35× | ||
| Q2 25 | 4.42× | 0.42× | ||
| Q1 25 | 4.87× | 0.43× | ||
| Q4 24 | 4.64× | 0.46× | ||
| Q3 24 | 10.09× | 0.47× | ||
| Q2 24 | 10.28× | 0.46× | ||
| Q1 24 | 11.00× | 0.56× |
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 | $904.3M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 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 | — | 2.66× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流CWHPR
| Q4 25 | $-227.2M | $904.3M | ||
| Q3 25 | $139.8M | $766.5M | ||
| Q2 25 | $187.9M | $1.0B | ||
| Q1 25 | $-232.5M | $898.0M | ||
| Q4 24 | $-163.4M | $871.6M | ||
| Q3 24 | $324.2M | $954.4M | ||
| Q2 24 | $152.3M | $938.4M | ||
| Q1 24 | $-68.0M | $647.6M |
现金转化率CWHPR
| Q4 25 | — | 2.66× | ||
| Q3 25 | — | 12.94× | ||
| Q2 25 | 6.22× | 5.01× | ||
| Q1 25 | — | 2.73× | ||
| Q4 24 | — | 4.02× | ||
| Q3 24 | 58.93× | 2.47× | ||
| Q2 24 | 15.59× | 3.99× | ||
| Q1 24 | — | 4.42× |
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% |
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
