vs
Camping World Holdings, Inc.（CWH）与RXO, Inc.（RXO）财务数据对比。点击上方公司名可切换其他公司
RXO, Inc.的季度营收约是Camping World Holdings, Inc.的1.3倍（$1.5B vs $1.2B），RXO, Inc.净利率更高（-3.1% vs -9.3%，领先6.2%），Camping World Holdings, Inc.同比增速更快（-2.6% vs -11.9%），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
CWH vs RXO — 直观对比
营收规模更大
RXO
是对方的1.3倍
$1.2B
营收增速更快
CWH
高出9.3%
-11.9%
净利率更高
RXO
高出6.2%
-9.3%
两年增速更快
RXO
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.5B |
| 净利润 | $-109.1M | $-46.0M |
| 毛利率 | 28.8% | — |
| 营业利润率 | -4.3% | -2.9% |
| 净利率 | -9.3% | -3.1% |
| 营收同比 | -2.6% | -11.9% |
| 净利润同比 | -83.3% | -84.0% |
| 每股收益（稀释后） | — | $-0.28 |
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CWHRXO
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $2.0B | $1.4B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.8B | $930.0M | ||
| Q1 24 | $1.4B | $913.0M |
净利润CWHRXO
| Q4 25 | $-109.1M | $-46.0M | ||
| Q3 25 | $-40.4M | $-14.0M | ||
| Q2 25 | $30.2M | $-9.0M | ||
| Q1 25 | $-12.3M | $-31.0M | ||
| Q4 24 | $-59.5M | $-25.0M | ||
| Q3 24 | $5.5M | $-243.0M | ||
| Q2 24 | $9.8M | $-7.0M | ||
| Q1 24 | $-22.3M | $-15.0M |
毛利率CWHRXO
| 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CWHRXO
| Q4 25 | -4.3% | -2.9% | ||
| Q3 25 | 4.4% | -0.5% | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 1.5% | -2.1% | ||
| Q4 24 | -1.3% | -1.4% | ||
| Q3 24 | 3.7% | -1.9% | ||
| Q2 24 | 5.3% | — | ||
| Q1 24 | 0.3% | -1.3% |
净利率CWHRXO
| Q4 25 | -9.3% | -3.1% | ||
| Q3 25 | -2.2% | -1.0% | ||
| Q2 25 | 1.5% | -0.6% | ||
| Q1 25 | -0.9% | -2.2% | ||
| Q4 24 | -4.9% | -1.5% | ||
| Q3 24 | 0.3% | -23.4% | ||
| Q2 24 | 0.5% | -0.8% | ||
| Q1 24 | -1.6% | -1.6% |
每股收益（稀释后）CWHRXO
| Q4 25 | — | $-0.28 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $-0.18 | ||
| Q4 24 | — | $-0.17 | ||
| Q3 24 | — | $-1.81 | ||
| Q2 24 | — | $-0.06 | ||
| Q1 24 | — | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | $1.5B | $387.0M |
| 股东权益账面价值 | $228.6M | $1.5B |
| 总资产 | $5.0B | $3.3B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资CWHRXO
| Q4 25 | $215.0M | $17.0M | ||
| Q3 25 | $230.5M | $25.0M | ||
| Q2 25 | $118.1M | $18.0M | ||
| Q1 25 | $20.9M | $16.0M | ||
| Q4 24 | $208.4M | $35.0M | ||
| Q3 24 | $28.4M | $55.0M | ||
| Q2 24 | $23.7M | $7.0M | ||
| Q1 24 | $29.7M | $7.0M |
总债务CWHRXO
| Q4 25 | $1.5B | $387.0M | ||
| Q3 25 | $1.5B | $387.0M | ||
| Q2 25 | $1.5B | $387.0M | ||
| Q1 25 | $1.5B | $387.0M | ||
| Q4 24 | $1.5B | $351.0M | ||
| Q3 24 | $1.5B | $352.0M | ||
| Q2 24 | $1.5B | $370.0M | ||
| Q1 24 | $1.6B | $351.0M |
股东权益CWHRXO
| Q4 25 | $228.6M | $1.5B | ||
| Q3 25 | $296.2M | $1.6B | ||
| Q2 25 | $340.5M | $1.6B | ||
| Q1 25 | $310.5M | $1.6B | ||
| Q4 24 | $326.6M | $1.6B | ||
| Q3 24 | $151.6M | $1.7B | ||
| Q2 24 | $149.7M | $579.0M | ||
| Q1 24 | $142.8M | $582.0M |
总资产CWHRXO
| Q4 25 | $5.0B | $3.3B | ||
| Q3 25 | $5.0B | $3.2B | ||
| Q2 25 | $5.2B | $3.2B | ||
| Q1 25 | $5.1B | $3.3B | ||
| Q4 24 | $4.9B | $3.4B | ||
| Q3 24 | $4.7B | $3.4B | ||
| Q2 24 | $5.0B | $1.8B | ||
| Q1 24 | $5.1B | $1.8B |
负债/权益比CWHRXO
| Q4 25 | 6.44× | 0.25× | ||
| Q3 25 | 5.00× | 0.24× | ||
| Q2 25 | 4.42× | 0.24× | ||
| Q1 25 | 4.87× | 0.24× | ||
| Q4 24 | 4.64× | 0.22× | ||
| Q3 24 | 10.09× | 0.21× | ||
| Q2 24 | 10.28× | 0.64× | ||
| Q1 24 | 11.00× | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-9.0M |
| 自由现金流率自由现金流/营收 | — | -0.6% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 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 | — | $-8.0M |
8季度趋势，按日历期对齐
经营现金流CWHRXO
| Q4 25 | $-227.2M | $7.0M | ||
| Q3 25 | $139.8M | $23.0M | ||
| Q2 25 | $187.9M | $23.0M | ||
| Q1 25 | $-232.5M | $-2.0M | ||
| Q4 24 | $-163.4M | $-7.0M | ||
| Q3 24 | $324.2M | $-7.0M | ||
| Q2 24 | $152.3M | $-5.0M | ||
| Q1 24 | $-68.0M | $7.0M |
自由现金流CWHRXO
| Q4 25 | — | $-9.0M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $9.0M | ||
| Q1 25 | — | $-17.0M | ||
| Q4 24 | — | $-19.0M | ||
| Q3 24 | — | $-18.0M | ||
| Q2 24 | — | $-16.0M | ||
| Q1 24 | — | $-4.0M |
自由现金流率CWHRXO
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | -1.7% | ||
| Q2 24 | — | -1.7% | ||
| Q1 24 | — | -0.4% |
资本支出强度CWHRXO
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.2% |
现金转化率CWHRXO
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
