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Camping World Holdings, Inc.（CWH）与STERLING INFRASTRUCTURE, INC.（STRL）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STERLING INFRASTRUCTURE, INC.的1.6倍（$1.2B vs $755.6M），STERLING INFRASTRUCTURE, INC.净利率更高（11.6% vs -9.3%，领先20.9%），STERLING INFRASTRUCTURE, INC.同比增速更快（51.5% vs -2.6%），过去两年STERLING INFRASTRUCTURE, INC.的营收复合增速更高（31.0% 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。
本公司是总部位于印度马哈拉施特拉邦孟买的跨国工程总承包（EPC）企业，业务覆盖可再生能源、数据中心、柴油发电、机电水暖（MEP）服务等多个领域，已在全球三十余个国家交付项目，执行团队遍布亚洲、中东、非洲、欧洲及澳大利亚。
CWH vs STRL — 直观对比
营收规模更大
CWH
是对方的1.6倍
$755.6M
营收增速更快
STRL
高出54.0%
-2.6%
净利率更高
STRL
高出20.9%
-9.3%
两年增速更快
STRL
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $755.6M |
| 净利润 | $-109.1M | $87.6M |
| 毛利率 | 28.8% | 21.7% |
| 营业利润率 | -4.3% | 15.9% |
| 净利率 | -9.3% | 11.6% |
| 营收同比 | -2.6% | 51.5% |
| 净利润同比 | -83.3% | -22.6% |
| 每股收益（稀释后） | — | $2.82 |
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CWHSTRL
| Q4 25 | $1.2B | $755.6M | ||
| Q3 25 | $1.8B | $689.0M | ||
| Q2 25 | $2.0B | $614.5M | ||
| Q1 25 | $1.4B | $430.9M | ||
| Q4 24 | $1.2B | $498.8M | ||
| Q3 24 | $1.7B | $593.7M | ||
| Q2 24 | $1.8B | $582.8M | ||
| Q1 24 | $1.4B | $440.4M |
净利润CWHSTRL
| Q4 25 | $-109.1M | $87.6M | ||
| Q3 25 | $-40.4M | $92.1M | ||
| Q2 25 | $30.2M | $71.0M | ||
| Q1 25 | $-12.3M | $39.5M | ||
| Q4 24 | $-59.5M | $113.2M | ||
| Q3 24 | $5.5M | $61.3M | ||
| Q2 24 | $9.8M | $51.9M | ||
| Q1 24 | $-22.3M | $31.0M |
毛利率CWHSTRL
| Q4 25 | 28.8% | 21.7% | ||
| Q3 25 | 28.6% | 24.7% | ||
| Q2 25 | 30.0% | 23.3% | ||
| Q1 25 | 30.4% | 22.0% | ||
| Q4 24 | 31.3% | 21.4% | ||
| Q3 24 | 28.9% | 21.9% | ||
| Q2 24 | 30.3% | 19.3% | ||
| Q1 24 | 29.5% | 17.5% |
营业利润率CWHSTRL
| Q4 25 | -4.3% | 15.9% | ||
| Q3 25 | 4.4% | 18.2% | ||
| Q2 25 | 6.6% | 17.0% | ||
| Q1 25 | 1.5% | 13.0% | ||
| Q4 24 | -1.3% | 12.5% | ||
| Q3 24 | 3.7% | 14.7% | ||
| Q2 24 | 5.3% | 12.5% | ||
| Q1 24 | 0.3% | 9.6% |
净利率CWHSTRL
| Q4 25 | -9.3% | 11.6% | ||
| Q3 25 | -2.2% | 13.4% | ||
| Q2 25 | 1.5% | 11.6% | ||
| Q1 25 | -0.9% | 9.2% | ||
| Q4 24 | -4.9% | 22.7% | ||
| Q3 24 | 0.3% | 10.3% | ||
| Q2 24 | 0.5% | 8.9% | ||
| Q1 24 | -1.6% | 7.1% |
每股收益（稀释后）CWHSTRL
| Q4 25 | — | $2.82 | ||
| Q3 25 | — | $2.97 | ||
| Q2 25 | — | $2.31 | ||
| Q1 25 | — | $1.28 | ||
| Q4 24 | — | $3.63 | ||
| Q3 24 | — | $1.97 | ||
| Q2 24 | — | $1.67 | ||
| Q1 24 | — | $1.00 |
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 | $390.7M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $1.1B |
| 总资产 | $5.0B | $2.6B |
| 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CWHSTRL
| Q4 25 | $215.0M | $390.7M | ||
| Q3 25 | $230.5M | $306.4M | ||
| Q2 25 | $118.1M | $699.4M | ||
| Q1 25 | $20.9M | $638.6M | ||
| Q4 24 | $208.4M | $664.2M | ||
| Q3 24 | $28.4M | $648.1M | ||
| Q2 24 | $23.7M | $540.0M | ||
| Q1 24 | $29.7M | $480.4M |
总债务CWHSTRL
| 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CWHSTRL
| Q4 25 | $228.6M | $1.1B | ||
| Q3 25 | $296.2M | $1.1B | ||
| Q2 25 | $340.5M | $881.7M | ||
| Q1 25 | $310.5M | $805.4M | ||
| Q4 24 | $326.6M | $808.1M | ||
| Q3 24 | $151.6M | $716.5M | ||
| Q2 24 | $149.7M | $670.7M | ||
| Q1 24 | $142.8M | $644.6M |
总资产CWHSTRL
| Q4 25 | $5.0B | $2.6B | ||
| Q3 25 | $5.0B | $2.6B | ||
| Q2 25 | $5.2B | $2.2B | ||
| Q1 25 | $5.1B | $2.0B | ||
| Q4 24 | $4.9B | $2.0B | ||
| Q3 24 | $4.7B | $2.0B | ||
| Q2 24 | $5.0B | $2.0B | ||
| Q1 24 | $5.1B | $1.8B |
负债/权益比CWHSTRL
| 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 | $186.1M |
| 自由现金流经营现金流 - 资本支出 | — | $159.7M |
| 自由现金流率自由现金流/营收 | — | 21.1% |
| 资本支出强度资本支出/营收 | — | 3.5% |
| 现金转化率经营现金流/净利润 | — | 2.12× |
| 过去12个月自由现金流最近4个季度 | — | $362.7M |
8季度趋势，按日历期对齐
经营现金流CWHSTRL
| Q4 25 | $-227.2M | $186.1M | ||
| Q3 25 | $139.8M | $83.6M | ||
| Q2 25 | $187.9M | $85.4M | ||
| Q1 25 | $-232.5M | $84.9M | ||
| Q4 24 | $-163.4M | $174.3M | ||
| Q3 24 | $324.2M | $152.3M | ||
| Q2 24 | $152.3M | $121.0M | ||
| Q1 24 | $-68.0M | $49.6M |
自由现金流CWHSTRL
| Q4 25 | — | $159.7M | ||
| Q3 25 | — | $64.0M | ||
| Q2 25 | — | $72.1M | ||
| Q1 25 | — | $67.0M | ||
| Q4 24 | — | $158.6M | ||
| Q3 24 | — | $138.3M | ||
| Q2 24 | — | $92.1M | ||
| Q1 24 | — | $27.2M |
自由现金流率CWHSTRL
| Q4 25 | — | 21.1% | ||
| Q3 25 | — | 9.3% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | — | 31.8% | ||
| Q3 24 | — | 23.3% | ||
| Q2 24 | — | 15.8% | ||
| Q1 24 | — | 6.2% |
资本支出强度CWHSTRL
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 2.9% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 5.0% | ||
| Q1 24 | — | 5.1% |
现金转化率CWHSTRL
| Q4 25 | — | 2.12× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | 6.22× | 1.20× | ||
| Q1 25 | — | 2.15× | ||
| Q4 24 | — | 1.54× | ||
| Q3 24 | 58.93× | 2.48× | ||
| Q2 24 | 15.59× | 2.33× | ||
| Q1 24 | — | 1.60× |
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% |
STRL
| Lump Sum | $464.9M | 62% |
| Heavy Highway | $99.6M | 13% |
| Residential Construction | $70.4M | 9% |
| Road And Highway Builders LLC | $52.4M | 7% |
| Other Revenue | $36.6M | 5% |
| Aviation | $16.6M | 2% |
| Commercial | $11.4M | 2% |
| Related Party | $600.0K | 0% |
