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Camping World Holdings, Inc.（CWH）与Reddit, Inc.（RDDT）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Reddit, Inc.的1.6倍（$1.2B vs $725.6M），Reddit, Inc.净利率更高（34.7% vs -9.3%，领先44.0%），Reddit, Inc.同比增速更快（69.7% vs -2.6%），过去两年Reddit, Inc.的营收复合增速更高（72.8% 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。
Reddit是美国知名的社交新闻聚合与论坛类社交媒体平台，注册用户可发布链接、文字帖、图片、视频等各类内容，其他用户可对内容进行点赞或点踩，内容按主题归类到用户创建的子板块中，获赞更高的内容会排在板块前列，热度足够的内容还将展示在全站首页。
CWH vs RDDT — 直观对比
营收规模更大
CWH
是对方的1.6倍
$725.6M
营收增速更快
RDDT
高出72.2%
-2.6%
净利率更高
RDDT
高出44.0%
-9.3%
两年增速更快
RDDT
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $725.6M |
| 净利润 | $-109.1M | $251.6M |
| 毛利率 | 28.8% | 91.9% |
| 营业利润率 | -4.3% | 31.9% |
| 净利率 | -9.3% | 34.7% |
| 营收同比 | -2.6% | 69.7% |
| 净利润同比 | -83.3% | 254.2% |
| 每股收益（稀释后） | — | $1.24 |
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CWHRDDT
| Q4 25 | $1.2B | $725.6M | ||
| Q3 25 | $1.8B | $584.9M | ||
| Q2 25 | $2.0B | $499.6M | ||
| Q1 25 | $1.4B | $392.4M | ||
| Q4 24 | $1.2B | $427.7M | ||
| Q3 24 | $1.7B | $348.4M | ||
| Q2 24 | $1.8B | $281.2M | ||
| Q1 24 | $1.4B | $243.0M |
净利润CWHRDDT
| Q4 25 | $-109.1M | $251.6M | ||
| Q3 25 | $-40.4M | $162.7M | ||
| Q2 25 | $30.2M | $89.3M | ||
| Q1 25 | $-12.3M | $26.2M | ||
| Q4 24 | $-59.5M | $71.0M | ||
| Q3 24 | $5.5M | $29.9M | ||
| Q2 24 | $9.8M | $-10.1M | ||
| Q1 24 | $-22.3M | $-575.1M |
毛利率CWHRDDT
| Q4 25 | 28.8% | 91.9% | ||
| Q3 25 | 28.6% | 91.0% | ||
| Q2 25 | 30.0% | 90.8% | ||
| Q1 25 | 30.4% | 90.5% | ||
| Q4 24 | 31.3% | 92.6% | ||
| Q3 24 | 28.9% | 90.1% | ||
| Q2 24 | 30.3% | 89.5% | ||
| Q1 24 | 29.5% | 88.6% |
营业利润率CWHRDDT
| Q4 25 | -4.3% | 31.9% | ||
| Q3 25 | 4.4% | 23.7% | ||
| Q2 25 | 6.6% | 13.6% | ||
| Q1 25 | 1.5% | 1.0% | ||
| Q4 24 | -1.3% | 12.4% | ||
| Q3 24 | 3.7% | 2.0% | ||
| Q2 24 | 5.3% | -11.0% | ||
| Q1 24 | 0.3% | -242.5% |
净利率CWHRDDT
| Q4 25 | -9.3% | 34.7% | ||
| Q3 25 | -2.2% | 27.8% | ||
| Q2 25 | 1.5% | 17.9% | ||
| Q1 25 | -0.9% | 6.7% | ||
| Q4 24 | -4.9% | 16.6% | ||
| Q3 24 | 0.3% | 8.6% | ||
| Q2 24 | 0.5% | -3.6% | ||
| Q1 24 | -1.6% | -236.7% |
每股收益（稀释后）CWHRDDT
| Q4 25 | — | $1.24 | ||
| Q3 25 | — | $0.80 | ||
| Q2 25 | — | $0.45 | ||
| Q1 25 | — | $0.13 | ||
| Q4 24 | — | $4.76 | ||
| Q3 24 | — | $0.16 | ||
| Q2 24 | — | $-0.06 | ||
| Q1 24 | — | $-8.19 |
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 | $953.6M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $2.9B |
| 总资产 | $5.0B | $3.2B |
| 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CWHRDDT
| Q4 25 | $215.0M | $953.6M | ||
| Q3 25 | $230.5M | $911.7M | ||
| Q2 25 | $118.1M | $734.1M | ||
| Q1 25 | $20.9M | $635.7M | ||
| Q4 24 | $208.4M | $562.1M | ||
| Q3 24 | $28.4M | $515.9M | ||
| Q2 24 | $23.7M | $468.0M | ||
| Q1 24 | $29.7M | $968.5M |
总债务CWHRDDT
| 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CWHRDDT
| Q4 25 | $228.6M | $2.9B | ||
| Q3 25 | $296.2M | $2.6B | ||
| Q2 25 | $340.5M | $2.4B | ||
| Q1 25 | $310.5M | $2.2B | ||
| Q4 24 | $326.6M | $2.1B | ||
| Q3 24 | $151.6M | $2.0B | ||
| Q2 24 | $149.7M | $1.9B | ||
| Q1 24 | $142.8M | $1.8B |
总资产CWHRDDT
| Q4 25 | $5.0B | $3.2B | ||
| Q3 25 | $5.0B | $2.9B | ||
| Q2 25 | $5.2B | $2.6B | ||
| Q1 25 | $5.1B | $2.4B | ||
| Q4 24 | $4.9B | $2.3B | ||
| Q3 24 | $4.7B | $2.2B | ||
| Q2 24 | $5.0B | $2.1B | ||
| Q1 24 | $5.1B | $2.0B |
负债/权益比CWHRDDT
| 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 | $266.8M |
| 自由现金流经营现金流 - 资本支出 | — | $263.6M |
| 自由现金流率自由现金流/营收 | — | 36.3% |
| 资本支出强度资本支出/营收 | — | 0.4% |
| 现金转化率经营现金流/净利润 | — | 1.06× |
| 过去12个月自由现金流最近4个季度 | — | $684.2M |
8季度趋势，按日历期对齐
经营现金流CWHRDDT
| Q4 25 | $-227.2M | $266.8M | ||
| Q3 25 | $139.8M | $185.2M | ||
| Q2 25 | $187.9M | $111.3M | ||
| Q1 25 | $-232.5M | $127.6M | ||
| Q4 24 | $-163.4M | $90.0M | ||
| Q3 24 | $324.2M | $71.6M | ||
| Q2 24 | $152.3M | $28.4M | ||
| Q1 24 | $-68.0M | $32.1M |
自由现金流CWHRDDT
| Q4 25 | — | $263.6M | ||
| Q3 25 | — | $183.1M | ||
| Q2 25 | — | $110.8M | ||
| Q1 25 | — | $126.6M | ||
| Q4 24 | — | $89.2M | ||
| Q3 24 | — | $70.3M | ||
| Q2 24 | — | $27.2M | ||
| Q1 24 | — | $29.2M |
自由现金流率CWHRDDT
| Q4 25 | — | 36.3% | ||
| Q3 25 | — | 31.3% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 32.3% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | — | 20.2% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | 12.0% |
资本支出强度CWHRDDT
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 1.2% |
现金转化率CWHRDDT
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.14× | ||
| Q2 25 | 6.22× | 1.25× | ||
| Q1 25 | — | 4.88× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | 58.93× | 2.40× | ||
| Q2 24 | 15.59× | — | ||
| 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% |
RDDT
| Advertising | $689.7M | 95% |
| Other Revenue | $35.9M | 5% |
