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Camping World Holdings, Inc.（CWH）与瑞思迈（RMD）财务数据对比。点击上方公司名可切换其他公司
瑞思迈的季度营收约是Camping World Holdings, Inc.的1.2倍（$1.4B vs $1.2B），瑞思迈净利率更高（27.6% vs -9.3%，领先36.9%），瑞思迈同比增速更快（11.0% vs -2.6%），过去两年瑞思迈的营收复合增速更高（9.0% 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。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
CWH vs RMD — 直观对比
营收规模更大
RMD
是对方的1.2倍
$1.2B
营收增速更快
RMD
高出13.5%
-2.6%
净利率更高
RMD
高出36.9%
-9.3%
两年增速更快
RMD
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.4B |
| 净利润 | $-109.1M | $392.6M |
| 毛利率 | 28.8% | 61.8% |
| 营业利润率 | -4.3% | 34.6% |
| 净利率 | -9.3% | 27.6% |
| 营收同比 | -2.6% | 11.0% |
| 净利润同比 | -83.3% | 13.9% |
| 每股收益（稀释后） | — | $2.68 |
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CWHRMD
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| 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CWHRMD
| Q4 25 | $-109.1M | $392.6M | ||
| Q3 25 | $-40.4M | $348.5M | ||
| Q2 25 | $30.2M | $379.7M | ||
| Q1 25 | $-12.3M | $365.0M | ||
| Q4 24 | $-59.5M | $344.6M | ||
| Q3 24 | $5.5M | $311.4M | ||
| Q2 24 | $9.8M | $292.2M | ||
| Q1 24 | $-22.3M | $300.5M |
毛利率CWHRMD
| Q4 25 | 28.8% | 61.8% | ||
| Q3 25 | 28.6% | 61.5% | ||
| Q2 25 | 30.0% | 60.8% | ||
| Q1 25 | 30.4% | 59.3% | ||
| Q4 24 | 31.3% | 58.6% | ||
| Q3 24 | 28.9% | 58.6% | ||
| Q2 24 | 30.3% | 58.5% | ||
| Q1 24 | 29.5% | 57.9% |
营业利润率CWHRMD
| Q4 25 | -4.3% | 34.6% | ||
| Q3 25 | 4.4% | 33.4% | ||
| Q2 25 | 6.6% | 33.7% | ||
| Q1 25 | 1.5% | 33.0% | ||
| Q4 24 | -1.3% | 32.5% | ||
| Q3 24 | 3.7% | 31.6% | ||
| Q2 24 | 5.3% | 31.2% | ||
| Q1 24 | 0.3% | 31.3% |
净利率CWHRMD
| Q4 25 | -9.3% | 27.6% | ||
| Q3 25 | -2.2% | 26.1% | ||
| Q2 25 | 1.5% | 28.2% | ||
| Q1 25 | -0.9% | 28.3% | ||
| Q4 24 | -4.9% | 26.9% | ||
| Q3 24 | 0.3% | 25.4% | ||
| Q2 24 | 0.5% | 23.9% | ||
| Q1 24 | -1.6% | 25.1% |
每股收益（稀释后）CWHRMD
| Q4 25 | — | $2.68 | ||
| Q3 25 | — | $2.37 | ||
| Q2 25 | — | $2.58 | ||
| Q1 25 | — | $2.48 | ||
| Q4 24 | — | $2.34 | ||
| Q3 24 | — | $2.11 | ||
| Q2 24 | — | $1.97 | ||
| Q1 24 | — | $2.04 |
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 | $1.4B |
| 总债务越低越好 | $1.5B | $403.9M |
| 股东权益账面价值 | $228.6M | $6.3B |
| 总资产 | $5.0B | $8.5B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资CWHRMD
| Q4 25 | $215.0M | $1.4B | ||
| Q3 25 | $230.5M | $1.4B | ||
| Q2 25 | $118.1M | $1.2B | ||
| Q1 25 | $20.9M | $932.7M | ||
| Q4 24 | $208.4M | $521.9M | ||
| Q3 24 | $28.4M | $426.4M | ||
| Q2 24 | $23.7M | $238.4M | ||
| Q1 24 | $29.7M | $237.9M |
总债务CWHRMD
| Q4 25 | $1.5B | $403.9M | ||
| Q3 25 | $1.5B | $408.7M | ||
| Q2 25 | $1.5B | $658.4M | ||
| Q1 25 | $1.5B | $663.1M | ||
| Q4 24 | $1.5B | $662.9M | ||
| Q3 24 | $1.5B | $667.6M | ||
| Q2 24 | $1.5B | $697.3M | ||
| Q1 24 | $1.6B | $997.0M |
股东权益CWHRMD
| Q4 25 | $228.6M | $6.3B | ||
| Q3 25 | $296.2M | $6.1B | ||
| Q2 25 | $340.5M | $6.0B | ||
| Q1 25 | $310.5M | $5.5B | ||
| Q4 24 | $326.6M | $5.3B | ||
| Q3 24 | $151.6M | $5.2B | ||
| Q2 24 | $149.7M | $4.9B | ||
| Q1 24 | $142.8M | $4.6B |
总资产CWHRMD
| Q4 25 | $5.0B | $8.5B | ||
| Q3 25 | $5.0B | $8.3B | ||
| Q2 25 | $5.2B | $8.2B | ||
| Q1 25 | $5.1B | $7.6B | ||
| Q4 24 | $4.9B | $7.1B | ||
| Q3 24 | $4.7B | $7.2B | ||
| Q2 24 | $5.0B | $6.9B | ||
| Q1 24 | $5.1B | $6.8B |
负债/权益比CWHRMD
| Q4 25 | 6.44× | 0.06× | ||
| Q3 25 | 5.00× | 0.07× | ||
| Q2 25 | 4.42× | 0.11× | ||
| Q1 25 | 4.87× | 0.12× | ||
| Q4 24 | 4.64× | 0.13× | ||
| Q3 24 | 10.09× | 0.13× | ||
| Q2 24 | 10.28× | 0.14× | ||
| Q1 24 | 11.00× | 0.22× |
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 | $339.7M |
| 自由现金流经营现金流 - 资本支出 | — | $311.2M |
| 自由现金流率自由现金流/营收 | — | 21.9% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 现金转化率经营现金流/净利润 | — | 0.87× |
| 过去12个月自由现金流最近4个季度 | — | $1.8B |
8季度趋势，按日历期对齐
经营现金流CWHRMD
| Q4 25 | $-227.2M | $339.7M | ||
| Q3 25 | $139.8M | $457.3M | ||
| Q2 25 | $187.9M | $538.8M | ||
| Q1 25 | $-232.5M | $578.7M | ||
| Q4 24 | $-163.4M | $308.6M | ||
| Q3 24 | $324.2M | $325.5M | ||
| Q2 24 | $152.3M | $440.1M | ||
| Q1 24 | $-68.0M | $402.0M |
自由现金流CWHRMD
| Q4 25 | — | $311.2M | ||
| Q3 25 | — | $414.4M | ||
| Q2 25 | — | $508.2M | ||
| Q1 25 | — | $557.9M | ||
| Q4 24 | — | $288.0M | ||
| Q3 24 | — | $307.7M | ||
| Q2 24 | — | $415.2M | ||
| Q1 24 | — | $380.8M |
自由现金流率CWHRMD
| Q4 25 | — | 21.9% | ||
| Q3 25 | — | 31.0% | ||
| Q2 25 | — | 37.7% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | — | 22.5% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 33.9% | ||
| Q1 24 | — | 31.8% |
资本支出强度CWHRMD
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 1.8% |
现金转化率CWHRMD
| Q4 25 | — | 0.87× | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | 6.22× | 1.42× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | 58.93× | 1.05× | ||
| Q2 24 | 15.59× | 1.51× | ||
| Q1 24 | — | 1.34× |
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
