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Camping World Holdings, Inc.（CWH）与Sunrun Inc.（RUN）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Sunrun Inc.的1.0倍（$1.2B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs -9.3%，领先18.2%），Sunrun Inc.同比增速更快（123.5% vs -2.6%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
CWH vs RUN — 直观对比
营收规模更大
CWH
是对方的1.0倍
$1.2B
营收增速更快
RUN
高出126.1%
-2.6%
净利率更高
RUN
高出18.2%
-9.3%
两年增速更快
RUN
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 | $103.6M |
| 毛利率 | 28.8% | — |
| 营业利润率 | -4.3% | 8.4% |
| 净利率 | -9.3% | 8.9% |
| 营收同比 | -2.6% | 123.5% |
| 净利润同比 | -83.3% | 103.7% |
| 每股收益（稀释后） | — | $0.38 |
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CWHRUN
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.8B | $724.6M | ||
| Q2 25 | $2.0B | $569.3M | ||
| Q1 25 | $1.4B | $504.3M | ||
| Q4 24 | $1.2B | $518.5M | ||
| Q3 24 | $1.7B | $537.2M | ||
| Q2 24 | $1.8B | $523.9M | ||
| Q1 24 | $1.4B | $458.2M |
净利润CWHRUN
| Q4 25 | $-109.1M | $103.6M | ||
| Q3 25 | $-40.4M | $16.6M | ||
| Q2 25 | $30.2M | $279.8M | ||
| Q1 25 | $-12.3M | $50.0M | ||
| Q4 24 | $-59.5M | $-2.8B | ||
| Q3 24 | $5.5M | $-83.8M | ||
| Q2 24 | $9.8M | $139.1M | ||
| Q1 24 | $-22.3M | $-87.8M |
毛利率CWHRUN
| 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CWHRUN
| Q4 25 | -4.3% | 8.4% | ||
| Q3 25 | 4.4% | 0.5% | ||
| Q2 25 | 6.6% | -19.7% | ||
| Q1 25 | 1.5% | -22.8% | ||
| Q4 24 | -1.3% | -628.0% | ||
| Q3 24 | 3.7% | -23.8% | ||
| Q2 24 | 5.3% | -24.4% | ||
| Q1 24 | 0.3% | -40.0% |
净利率CWHRUN
| Q4 25 | -9.3% | 8.9% | ||
| Q3 25 | -2.2% | 2.3% | ||
| Q2 25 | 1.5% | 49.1% | ||
| Q1 25 | -0.9% | 9.9% | ||
| Q4 24 | -4.9% | -542.7% | ||
| Q3 24 | 0.3% | -15.6% | ||
| Q2 24 | 0.5% | 26.5% | ||
| Q1 24 | -1.6% | -19.2% |
每股收益（稀释后）CWHRUN
| Q4 25 | — | $0.38 | ||
| Q3 25 | — | $0.06 | ||
| Q2 25 | — | $1.07 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | — | $-0.37 | ||
| Q2 24 | — | $0.55 | ||
| Q1 24 | — | $-0.40 |
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 | — |
| 总债务越低越好 | $1.5B | $14.7B |
| 股东权益账面价值 | $228.6M | $3.1B |
| 总资产 | $5.0B | $22.6B |
| 负债/权益比越低杠杆越低 | 6.44× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CWHRUN
| Q4 25 | $215.0M | — | ||
| Q3 25 | $230.5M | — | ||
| Q2 25 | $118.1M | — | ||
| Q1 25 | $20.9M | — | ||
| Q4 24 | $208.4M | — | ||
| Q3 24 | $28.4M | — | ||
| Q2 24 | $23.7M | — | ||
| Q1 24 | $29.7M | — |
总债务CWHRUN
| Q4 25 | $1.5B | $14.7B | ||
| Q3 25 | $1.5B | $14.6B | ||
| Q2 25 | $1.5B | $14.0B | ||
| Q1 25 | $1.5B | $13.6B | ||
| Q4 24 | $1.5B | $12.9B | ||
| Q3 24 | $1.5B | $12.5B | ||
| Q2 24 | $1.5B | $12.0B | ||
| Q1 24 | $1.6B | $11.1B |
股东权益CWHRUN
| Q4 25 | $228.6M | $3.1B | ||
| Q3 25 | $296.2M | $3.0B | ||
| Q2 25 | $340.5M | $2.9B | ||
| Q1 25 | $310.5M | $2.6B | ||
| Q4 24 | $326.6M | $2.6B | ||
| Q3 24 | $151.6M | $5.3B | ||
| Q2 24 | $149.7M | $5.4B | ||
| Q1 24 | $142.8M | $5.2B |
总资产CWHRUN
| Q4 25 | $5.0B | $22.6B | ||
| Q3 25 | $5.0B | $22.2B | ||
| Q2 25 | $5.2B | $21.2B | ||
| Q1 25 | $5.1B | $20.4B | ||
| Q4 24 | $4.9B | $19.9B | ||
| Q3 24 | $4.7B | $22.1B | ||
| Q2 24 | $5.0B | $21.4B | ||
| Q1 24 | $5.1B | $20.8B |
负债/权益比CWHRUN
| Q4 25 | 6.44× | 4.69× | ||
| Q3 25 | 5.00× | 4.90× | ||
| Q2 25 | 4.42× | 4.80× | ||
| Q1 25 | 4.87× | 5.19× | ||
| Q4 24 | 4.64× | 5.05× | ||
| Q3 24 | 10.09× | 2.36× | ||
| Q2 24 | 10.28× | 2.23× | ||
| Q1 24 | 11.00× | 2.15× |
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 | $96.9M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 0.94× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流CWHRUN
| Q4 25 | $-227.2M | $96.9M | ||
| Q3 25 | $139.8M | $-121.5M | ||
| Q2 25 | $187.9M | $-292.7M | ||
| Q1 25 | $-232.5M | $-104.2M | ||
| Q4 24 | $-163.4M | $-258.4M | ||
| Q3 24 | $324.2M | $-156.2M | ||
| Q2 24 | $152.3M | $-208.5M | ||
| Q1 24 | $-68.0M | $-143.1M |
自由现金流CWHRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率CWHRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度CWHRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率CWHRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | 6.22× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 58.93× | — | ||
| Q2 24 | 15.59× | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
