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Camping World Holdings, Inc.（CWH）与Primoris Services Corp（PRIM）财务数据对比。点击上方公司名可切换其他公司
Primoris Services Corp的季度营收约是Camping World Holdings, Inc.的1.6倍（$1.9B vs $1.2B），Primoris Services Corp净利率更高（2.8% vs -9.3%，领先12.1%），Primoris Services Corp同比增速更快（6.7% vs -2.6%），过去两年Primoris Services Corp的营收复合增速更高（14.7% 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。
Primoris Services Corp是总部位于美国的上市专业基建与工程建设企业，核心业务覆盖天然气管道、污水管网及供水管道建设领域，2014年入选《财富》1000强榜单，在北美能源及民生基建领域拥有丰富的项目运营经验。
CWH vs PRIM — 直观对比
营收规模更大
PRIM
是对方的1.6倍
$1.2B
营收增速更快
PRIM
高出9.2%
-2.6%
净利率更高
PRIM
高出12.1%
-9.3%
两年增速更快
PRIM
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.9B |
| 净利润 | $-109.1M | $51.7M |
| 毛利率 | 28.8% | 9.4% |
| 营业利润率 | -4.3% | 4.2% |
| 净利率 | -9.3% | 2.8% |
| 营收同比 | -2.6% | 6.7% |
| 净利润同比 | -83.3% | -4.2% |
| 每股收益（稀释后） | — | $0.94 |
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CWHPRIM
| Q4 25 | $1.2B | $1.9B | ||
| Q3 25 | $1.8B | $2.2B | ||
| Q2 25 | $2.0B | $1.9B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.7B | $1.6B | ||
| Q2 24 | $1.8B | $1.6B | ||
| Q1 24 | $1.4B | $1.4B |
净利润CWHPRIM
| Q4 25 | $-109.1M | $51.7M | ||
| Q3 25 | $-40.4M | $94.6M | ||
| Q2 25 | $30.2M | $84.3M | ||
| Q1 25 | $-12.3M | $44.2M | ||
| Q4 24 | $-59.5M | $54.0M | ||
| Q3 24 | $5.5M | $58.4M | ||
| Q2 24 | $9.8M | $49.5M | ||
| Q1 24 | $-22.3M | $18.9M |
毛利率CWHPRIM
| Q4 25 | 28.8% | 9.4% | ||
| Q3 25 | 28.6% | 10.8% | ||
| Q2 25 | 30.0% | 12.3% | ||
| Q1 25 | 30.4% | 10.4% | ||
| Q4 24 | 31.3% | 10.6% | ||
| Q3 24 | 28.9% | 12.0% | ||
| Q2 24 | 30.3% | 11.9% | ||
| Q1 24 | 29.5% | 9.4% |
营业利润率CWHPRIM
| Q4 25 | -4.3% | 4.2% | ||
| Q3 25 | 4.4% | 6.3% | ||
| Q2 25 | 6.6% | 6.7% | ||
| Q1 25 | 1.5% | 4.3% | ||
| Q4 24 | -1.3% | 5.0% | ||
| Q3 24 | 3.7% | 6.0% | ||
| Q2 24 | 5.3% | 5.5% | ||
| Q1 24 | 0.3% | 3.1% |
净利率CWHPRIM
| Q4 25 | -9.3% | 2.8% | ||
| Q3 25 | -2.2% | 4.3% | ||
| Q2 25 | 1.5% | 4.5% | ||
| Q1 25 | -0.9% | 2.7% | ||
| Q4 24 | -4.9% | 3.1% | ||
| Q3 24 | 0.3% | 3.5% | ||
| Q2 24 | 0.5% | 3.2% | ||
| Q1 24 | -1.6% | 1.3% |
每股收益（稀释后）CWHPRIM
| Q4 25 | — | $0.94 | ||
| Q3 25 | — | $1.73 | ||
| Q2 25 | — | $1.54 | ||
| Q1 25 | — | $0.81 | ||
| Q4 24 | — | $0.98 | ||
| Q3 24 | — | $1.07 | ||
| Q2 24 | — | $0.91 | ||
| Q1 24 | — | $0.35 |
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 | $535.5M |
| 总债务越低越好 | $1.5B | $469.9M |
| 股东权益账面价值 | $228.6M | $1.7B |
| 总资产 | $5.0B | $4.4B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资CWHPRIM
| Q4 25 | $215.0M | $535.5M | ||
| Q3 25 | $230.5M | $431.4M | ||
| Q2 25 | $118.1M | $390.3M | ||
| Q1 25 | $20.9M | $351.6M | ||
| Q4 24 | $208.4M | $455.8M | ||
| Q3 24 | $28.4M | $352.7M | ||
| Q2 24 | $23.7M | $207.4M | ||
| Q1 24 | $29.7M | $177.6M |
总债务CWHPRIM
| Q4 25 | $1.5B | $469.9M | ||
| Q3 25 | $1.5B | $486.0M | ||
| Q2 25 | $1.5B | $603.1M | ||
| Q1 25 | $1.5B | $612.0M | ||
| Q4 24 | $1.5B | $734.8M | ||
| Q3 24 | $1.5B | $903.7M | ||
| Q2 24 | $1.5B | $933.0M | ||
| Q1 24 | $1.6B | $951.7M |
股东权益CWHPRIM
| Q4 25 | $228.6M | $1.7B | ||
| Q3 25 | $296.2M | $1.6B | ||
| Q2 25 | $340.5M | $1.5B | ||
| Q1 25 | $310.5M | $1.4B | ||
| Q4 24 | $326.6M | $1.4B | ||
| Q3 24 | $151.6M | $1.4B | ||
| Q2 24 | $149.7M | $1.3B | ||
| Q1 24 | $142.8M | $1.2B |
总资产CWHPRIM
| Q4 25 | $5.0B | $4.4B | ||
| Q3 25 | $5.0B | $4.6B | ||
| Q2 25 | $5.2B | $4.5B | ||
| Q1 25 | $5.1B | $4.2B | ||
| Q4 24 | $4.9B | $4.2B | ||
| Q3 24 | $4.7B | $4.2B | ||
| Q2 24 | $5.0B | $4.0B | ||
| Q1 24 | $5.1B | $4.0B |
负债/权益比CWHPRIM
| Q4 25 | 6.44× | 0.28× | ||
| Q3 25 | 5.00× | 0.30× | ||
| Q2 25 | 4.42× | 0.39× | ||
| Q1 25 | 4.87× | 0.42× | ||
| Q4 24 | 4.64× | 0.52× | ||
| Q3 24 | 10.09× | 0.67× | ||
| Q2 24 | 10.28× | 0.72× | ||
| Q1 24 | 11.00× | 0.76× |
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 | $142.9M |
| 自由现金流经营现金流 - 资本支出 | — | $121.1M |
| 自由现金流率自由现金流/营收 | — | 6.5% |
| 资本支出强度资本支出/营收 | — | 1.2% |
| 现金转化率经营现金流/净利润 | — | 2.76× |
| 过去12个月自由现金流最近4个季度 | — | $340.5M |
8季度趋势，按日历期对齐
经营现金流CWHPRIM
| Q4 25 | $-227.2M | $142.9M | ||
| Q3 25 | $139.8M | $182.9M | ||
| Q2 25 | $187.9M | $78.5M | ||
| Q1 25 | $-232.5M | $66.2M | ||
| Q4 24 | $-163.4M | $298.3M | ||
| Q3 24 | $324.2M | $222.5M | ||
| Q2 24 | $152.3M | $16.1M | ||
| Q1 24 | $-68.0M | $-28.5M |
自由现金流CWHPRIM
| Q4 25 | — | $121.1M | ||
| Q3 25 | — | $148.4M | ||
| Q2 25 | — | $45.3M | ||
| Q1 25 | — | $25.6M | ||
| Q4 24 | — | $270.0M | ||
| Q3 24 | — | $158.8M | ||
| Q2 24 | — | $-8.1M | ||
| Q1 24 | — | $-38.9M |
自由现金流率CWHPRIM
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 15.5% | ||
| Q3 24 | — | 9.6% | ||
| Q2 24 | — | -0.5% | ||
| Q1 24 | — | -2.8% |
资本支出强度CWHPRIM
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 0.7% |
现金转化率CWHPRIM
| Q4 25 | — | 2.76× | ||
| Q3 25 | — | 1.93× | ||
| Q2 25 | 6.22× | 0.93× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 5.53× | ||
| Q3 24 | 58.93× | 3.81× | ||
| Q2 24 | 15.59× | 0.32× | ||
| Q1 24 | — | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
