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Camping World Holdings, Inc.（CWH）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是Camping World Holdings, Inc.的1.0倍（$1.2B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs -9.3%，领先18.4%），利氏兄弟拍卖行同比增速更快（5.4% vs -2.6%），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
CWH vs RBA — 直观对比
营收规模更大
RBA
是对方的1.0倍
$1.2B
营收增速更快
RBA
高出8.0%
-2.6%
净利率更高
RBA
高出18.4%
-9.3%
两年增速更快
RBA
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 | $109.7M |
| 毛利率 | 28.8% | — |
| 营业利润率 | -4.3% | 14.7% |
| 净利率 | -9.3% | 9.1% |
| 营收同比 | -2.6% | 5.4% |
| 净利润同比 | -83.3% | -7.4% |
| 每股收益（稀释后） | — | $0.53 |
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CWHRBA
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.7B | $981.8M | ||
| Q2 24 | $1.8B | $1.1B | ||
| Q1 24 | $1.4B | $1.1B |
净利润CWHRBA
| Q4 25 | $-109.1M | $109.7M | ||
| Q3 25 | $-40.4M | $95.5M | ||
| Q2 25 | $30.2M | $109.8M | ||
| Q1 25 | $-12.3M | $113.4M | ||
| Q4 24 | $-59.5M | $118.5M | ||
| Q3 24 | $5.5M | $76.1M | ||
| Q2 24 | $9.8M | $111.1M | ||
| Q1 24 | $-22.3M | $107.4M |
毛利率CWHRBA
| 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CWHRBA
| Q4 25 | -4.3% | 14.7% | ||
| Q3 25 | 4.4% | 14.5% | ||
| Q2 25 | 6.6% | 15.9% | ||
| Q1 25 | 1.5% | 17.1% | ||
| Q4 24 | -1.3% | 18.1% | ||
| Q3 24 | 3.7% | 15.6% | ||
| Q2 24 | 5.3% | 18.4% | ||
| Q1 24 | 0.3% | 18.7% |
净利率CWHRBA
| Q4 25 | -9.3% | 9.1% | ||
| Q3 25 | -2.2% | 8.7% | ||
| Q2 25 | 1.5% | 9.3% | ||
| Q1 25 | -0.9% | 10.2% | ||
| Q4 24 | -4.9% | 10.4% | ||
| Q3 24 | 0.3% | 7.8% | ||
| Q2 24 | 0.5% | 10.1% | ||
| Q1 24 | -1.6% | 10.1% |
每股收益（稀释后）CWHRBA
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.43 | ||
| Q2 25 | — | $0.53 | ||
| Q1 25 | — | $0.55 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | — | $0.36 | ||
| Q2 24 | — | $0.54 | ||
| Q1 24 | — | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $1.5B | $2.3B |
| 股东权益账面价值 | $228.6M | $5.6B |
| 总资产 | $5.0B | $12.1B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CWHRBA
| Q4 25 | $215.0M | $531.5M | ||
| Q3 25 | $230.5M | $674.7M | ||
| Q2 25 | $118.1M | $710.2M | ||
| Q1 25 | $20.9M | $578.1M | ||
| Q4 24 | $208.4M | $533.9M | ||
| Q3 24 | $28.4M | $650.7M | ||
| Q2 24 | $23.7M | $599.5M | ||
| Q1 24 | $29.7M | $462.8M |
总债务CWHRBA
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.5B | $2.6B | ||
| Q2 25 | $1.5B | $2.6B | ||
| Q1 25 | $1.5B | $2.6B | ||
| Q4 24 | $1.5B | $2.6B | ||
| Q3 24 | $1.5B | $2.7B | ||
| Q2 24 | $1.5B | $2.8B | ||
| Q1 24 | $1.6B | $2.9B |
股东权益CWHRBA
| Q4 25 | $228.6M | $5.6B | ||
| Q3 25 | $296.2M | $5.5B | ||
| Q2 25 | $340.5M | $5.5B | ||
| Q1 25 | $310.5M | $5.3B | ||
| Q4 24 | $326.6M | $5.2B | ||
| Q3 24 | $151.6M | $5.2B | ||
| Q2 24 | $149.7M | $5.2B | ||
| Q1 24 | $142.8M | $5.1B |
总资产CWHRBA
| Q4 25 | $5.0B | $12.1B | ||
| Q3 25 | $5.0B | $12.2B | ||
| Q2 25 | $5.2B | $12.2B | ||
| Q1 25 | $5.1B | $11.9B | ||
| Q4 24 | $4.9B | $11.8B | ||
| Q3 24 | $4.7B | $11.9B | ||
| Q2 24 | $5.0B | $12.1B | ||
| Q1 24 | $5.1B | $12.0B |
负债/权益比CWHRBA
| Q4 25 | 6.44× | 0.42× | ||
| Q3 25 | 5.00× | 0.47× | ||
| Q2 25 | 4.42× | 0.47× | ||
| Q1 25 | 4.87× | 0.50× | ||
| Q4 24 | 4.64× | 0.50× | ||
| Q3 24 | 10.09× | 0.52× | ||
| Q2 24 | 10.28× | 0.55× | ||
| Q1 24 | 11.00× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流CWHRBA
| Q4 25 | $-227.2M | $255.2M | ||
| Q3 25 | $139.8M | $239.7M | ||
| Q2 25 | $187.9M | $326.5M | ||
| Q1 25 | $-232.5M | $156.8M | ||
| Q4 24 | $-163.4M | $184.5M | ||
| Q3 24 | $324.2M | $285.4M | ||
| Q2 24 | $152.3M | $337.3M | ||
| Q1 24 | $-68.0M | $124.8M |
自由现金流CWHRBA
| Q4 25 | — | $186.5M | ||
| Q3 25 | — | $188.5M | ||
| Q2 25 | — | $241.7M | ||
| Q1 25 | — | $102.5M | ||
| Q4 24 | — | $127.9M | ||
| Q3 24 | — | $248.5M | ||
| Q2 24 | — | $308.6M | ||
| Q1 24 | — | $79.6M |
自由现金流率CWHRBA
| Q4 25 | — | 15.5% | ||
| Q3 25 | — | 17.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | 25.3% | ||
| Q2 24 | — | 28.2% | ||
| Q1 24 | — | 7.5% |
资本支出强度CWHRBA
| Q4 25 | — | 5.7% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 4.9% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 4.2% |
现金转化率CWHRBA
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 2.51× | ||
| Q2 25 | 6.22× | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 58.93× | 3.75× | ||
| Q2 24 | 15.59× | 3.04× | ||
| Q1 24 | — | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
