vs
Camping World Holdings, Inc.（CWH）与Rivian Automotive, Inc.（RIVN）财务数据对比。点击上方公司名可切换其他公司
Rivian Automotive, Inc.的季度营收约是Camping World Holdings, Inc.的1.1倍（$1.3B vs $1.2B），Camping World Holdings, Inc.净利率更高（-9.3% vs -63.1%，领先53.8%），Camping World Holdings, Inc.同比增速更快（-2.6% vs -25.8%），过去两年Rivian Automotive, Inc.的营收复合增速更高（3.3% 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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
CWH vs RIVN — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.3B |
| 净利润 | $-109.1M | $-811.0M |
| 毛利率 | 28.8% | 9.3% |
| 营业利润率 | -4.3% | -64.8% |
| 净利率 | -9.3% | -63.1% |
| 营收同比 | -2.6% | -25.8% |
| 净利润同比 | -83.3% | -9.0% |
| 每股收益（稀释后） | — | $-0.66 |
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
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.7B | $874.0M | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | $1.4B | $1.2B |
| Q4 25 | $-109.1M | $-811.0M | ||
| Q3 25 | $-40.4M | $-1.2B | ||
| Q2 25 | $30.2M | $-1.1B | ||
| Q1 25 | $-12.3M | $-545.0M | ||
| Q4 24 | $-59.5M | $-744.0M | ||
| Q3 24 | $5.5M | $-1.1B | ||
| Q2 24 | $9.8M | $-1.5B | ||
| Q1 24 | $-22.3M | $-1.4B |
| Q4 25 | 28.8% | 9.3% | ||
| Q3 25 | 28.6% | 1.5% | ||
| Q2 25 | 30.0% | -15.8% | ||
| Q1 25 | 30.4% | 16.6% | ||
| Q4 24 | 31.3% | 9.8% | ||
| Q3 24 | 28.9% | -44.9% | ||
| Q2 24 | 30.3% | -38.9% | ||
| Q1 24 | 29.5% | -43.8% |
| Q4 25 | -4.3% | -64.8% | ||
| Q3 25 | 4.4% | -63.1% | ||
| Q2 25 | 6.6% | -85.5% | ||
| Q1 25 | 1.5% | -52.8% | ||
| Q4 24 | -1.3% | -38.1% | ||
| Q3 24 | 3.7% | -133.8% | ||
| Q2 24 | 5.3% | -118.7% | ||
| Q1 24 | 0.3% | -123.3% |
| Q4 25 | -9.3% | -63.1% | ||
| Q3 25 | -2.2% | -75.3% | ||
| Q2 25 | 1.5% | -85.7% | ||
| Q1 25 | -0.9% | -44.0% | ||
| Q4 24 | -4.9% | -42.9% | ||
| Q3 24 | 0.3% | -125.9% | ||
| Q2 24 | 0.5% | -125.8% | ||
| Q1 24 | -1.6% | -120.1% |
| Q4 25 | — | $-0.66 | ||
| Q3 25 | — | $-0.96 | ||
| Q2 25 | — | $-0.97 | ||
| Q1 25 | — | $-0.48 | ||
| Q4 24 | — | $-0.67 | ||
| Q3 24 | — | $-1.08 | ||
| Q2 24 | — | $-1.46 | ||
| Q1 24 | — | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $4.6B |
| 总资产 | $5.0B | $14.9B |
| 负债/权益比越低杠杆越低 | 6.44× | — |
8季度趋势，按日历期对齐
| Q4 25 | $215.0M | $6.1B | ||
| Q3 25 | $230.5M | $7.1B | ||
| Q2 25 | $118.1M | $7.5B | ||
| Q1 25 | $20.9M | $7.2B | ||
| Q4 24 | $208.4M | $7.7B | ||
| Q3 24 | $28.4M | $6.7B | ||
| Q2 24 | $23.7M | $7.9B | ||
| Q1 24 | $29.7M | $7.9B |
| 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 | $5.5B | ||
| Q1 24 | $1.6B | $4.4B |
| Q4 25 | $228.6M | $4.6B | ||
| Q3 25 | $296.2M | $5.1B | ||
| Q2 25 | $340.5M | $6.1B | ||
| Q1 25 | $310.5M | $6.2B | ||
| Q4 24 | $326.6M | $6.6B | ||
| Q3 24 | $151.6M | $5.9B | ||
| Q2 24 | $149.7M | $6.8B | ||
| Q1 24 | $142.8M | $8.1B |
| Q4 25 | $5.0B | $14.9B | ||
| Q3 25 | $5.0B | $15.2B | ||
| Q2 25 | $5.2B | $15.6B | ||
| Q1 25 | $5.1B | $15.5B | ||
| Q4 24 | $4.9B | $15.4B | ||
| Q3 24 | $4.7B | $14.3B | ||
| Q2 24 | $5.0B | $15.4B | ||
| Q1 24 | $5.1B | $15.7B |
| 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× | 0.81× | ||
| Q1 24 | 11.00× | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-1.1B |
| 自由现金流率自由现金流/营收 | — | -89.0% |
| 资本支出强度资本支出/营收 | — | 36.0% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-2.5B |
8季度趋势，按日历期对齐
| Q4 25 | $-227.2M | $-681.0M | ||
| Q3 25 | $139.8M | $26.0M | ||
| Q2 25 | $187.9M | $64.0M | ||
| Q1 25 | $-232.5M | $-188.0M | ||
| Q4 24 | $-163.4M | $1.2B | ||
| Q3 24 | $324.2M | $-876.0M | ||
| Q2 24 | $152.3M | $-754.0M | ||
| Q1 24 | $-68.0M | $-1.3B |
| Q4 25 | — | $-1.1B | ||
| Q3 25 | — | $-421.0M | ||
| Q2 25 | — | $-398.0M | ||
| Q1 25 | — | $-526.0M | ||
| Q4 24 | — | $856.0M | ||
| Q3 24 | — | $-1.2B | ||
| Q2 24 | — | $-1.0B | ||
| Q1 24 | — | $-1.5B |
| Q4 25 | — | -89.0% | ||
| Q3 25 | — | -27.0% | ||
| Q2 25 | — | -30.5% | ||
| Q1 25 | — | -42.4% | ||
| Q4 24 | — | 49.4% | ||
| Q3 24 | — | -131.9% | ||
| Q2 24 | — | -89.6% | ||
| Q1 24 | — | -126.5% |
| Q4 25 | — | 36.0% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 35.5% | ||
| Q1 25 | — | 27.3% | ||
| Q4 24 | — | 18.9% | ||
| Q3 24 | — | 31.7% | ||
| Q2 24 | — | 24.4% | ||
| Q1 24 | — | 21.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 6.22× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 58.93× | — | ||
| 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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
