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Camping World Holdings, Inc.（CWH）与思佳讯（SWKS）财务数据对比。点击上方公司名可切换其他公司
Camping World Holdings, Inc.的季度营收约是思佳讯的1.1倍（$1.2B vs $1.0B），思佳讯净利率更高（7.6% vs -9.3%，领先16.9%），思佳讯同比增速更快（8.6% vs -2.6%），过去两年思佳讯的营收复合增速更高（-0.5% 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。
思佳讯是总部位于美国加利福尼亚州尔湾的半导体企业，公司股票在纳斯达克全球精选市场挂牌交易，股票代码为SWKS，同时也是标普500指数的成分股之一，在全球射频半导体领域拥有较高市场地位。
CWH vs SWKS — 直观对比
营收规模更大
CWH
是对方的1.1倍
$1.0B
营收增速更快
SWKS
高出11.2%
-2.6%
净利率更高
SWKS
高出16.9%
-9.3%
两年增速更快
SWKS
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.0B |
| 净利润 | $-109.1M | $79.2M |
| 毛利率 | 28.8% | 41.3% |
| 营业利润率 | -4.3% | 10.0% |
| 净利率 | -9.3% | 7.6% |
| 营收同比 | -2.6% | 8.6% |
| 净利润同比 | -83.3% | 15.3% |
| 每股收益（稀释后） | — | $0.53 |
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CWHSWKS
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $2.0B | $965.0M | ||
| Q1 25 | $1.4B | $953.2M | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.8B | $905.5M |
净利润CWHSWKS
| Q1 26 | — | $79.2M | ||
| Q4 25 | $-109.1M | $141.4M | ||
| Q3 25 | $-40.4M | — | ||
| Q2 25 | $30.2M | $105.0M | ||
| Q1 25 | $-12.3M | $68.7M | ||
| Q4 24 | $-59.5M | $162.0M | ||
| Q3 24 | $5.5M | $60.5M | ||
| Q2 24 | $9.8M | $120.9M |
毛利率CWHSWKS
| Q1 26 | — | 41.3% | ||
| Q4 25 | 28.8% | 40.7% | ||
| Q3 25 | 28.6% | — | ||
| Q2 25 | 30.0% | 41.6% | ||
| Q1 25 | 30.4% | 41.1% | ||
| Q4 24 | 31.3% | 41.4% | ||
| Q3 24 | 28.9% | 41.9% | ||
| Q2 24 | 30.3% | 40.2% |
营业利润率CWHSWKS
| Q1 26 | — | 10.0% | ||
| Q4 25 | -4.3% | 10.1% | ||
| Q3 25 | 4.4% | — | ||
| Q2 25 | 6.6% | 11.5% | ||
| Q1 25 | 1.5% | 10.2% | ||
| Q4 24 | -1.3% | 16.9% | ||
| Q3 24 | 3.7% | 5.8% | ||
| Q2 24 | 5.3% | 14.4% |
净利率CWHSWKS
| Q1 26 | — | 7.6% | ||
| Q4 25 | -9.3% | 12.9% | ||
| Q3 25 | -2.2% | — | ||
| Q2 25 | 1.5% | 10.9% | ||
| Q1 25 | -0.9% | 7.2% | ||
| Q4 24 | -4.9% | 15.2% | ||
| Q3 24 | 0.3% | 5.9% | ||
| Q2 24 | 0.5% | 13.4% |
每股收益（稀释后）CWHSWKS
| Q1 26 | — | $0.53 | ||
| Q4 25 | — | $0.95 | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $0.70 | ||
| Q1 25 | — | $0.43 | ||
| Q4 24 | — | $1.00 | ||
| Q3 24 | — | $0.36 | ||
| Q2 24 | — | $0.75 |
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 | $1.6B |
| 总债务越低越好 | $1.5B | $496.6M |
| 股东权益账面价值 | $228.6M | $5.8B |
| 总资产 | $5.0B | $7.9B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资CWHSWKS
| Q1 26 | — | $1.6B | ||
| Q4 25 | $215.0M | $1.4B | ||
| Q3 25 | $230.5M | — | ||
| Q2 25 | $118.1M | $1.3B | ||
| Q1 25 | $20.9M | $1.5B | ||
| Q4 24 | $208.4M | $1.7B | ||
| Q3 24 | $28.4M | $1.6B | ||
| Q2 24 | $23.7M | $1.3B |
总债务CWHSWKS
| Q1 26 | — | $496.6M | ||
| Q4 25 | $1.5B | $496.4M | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | $496.2M | ||
| Q1 25 | $1.5B | $995.1M | ||
| Q4 24 | $1.5B | $994.7M | ||
| Q3 24 | $1.5B | $994.3M | ||
| Q2 24 | $1.5B | $994.0M |
股东权益CWHSWKS
| Q1 26 | — | $5.8B | ||
| Q4 25 | $228.6M | $5.8B | ||
| Q3 25 | $296.2M | — | ||
| Q2 25 | $340.5M | $5.7B | ||
| Q1 25 | $310.5M | $5.9B | ||
| Q4 24 | $326.6M | $6.4B | ||
| Q3 24 | $151.6M | $6.3B | ||
| Q2 24 | $149.7M | $6.3B |
总资产CWHSWKS
| Q1 26 | — | $7.9B | ||
| Q4 25 | $5.0B | $7.9B | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.2B | $7.7B | ||
| Q1 25 | $5.1B | $7.9B | ||
| Q4 24 | $4.9B | $8.3B | ||
| Q3 24 | $4.7B | $8.3B | ||
| Q2 24 | $5.0B | $8.2B |
负债/权益比CWHSWKS
| Q1 26 | — | 0.09× | ||
| Q4 25 | 6.44× | 0.09× | ||
| Q3 25 | 5.00× | — | ||
| Q2 25 | 4.42× | 0.09× | ||
| Q1 25 | 4.87× | 0.17× | ||
| Q4 24 | 4.64× | 0.16× | ||
| Q3 24 | 10.09× | 0.16× | ||
| Q2 24 | 10.28× | 0.16× |
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 | $395.5M |
| 自由现金流经营现金流 - 资本支出 | — | $339.0M |
| 自由现金流率自由现金流/营收 | — | 32.7% |
| 资本支出强度资本支出/营收 | — | 5.5% |
| 现金转化率经营现金流/净利润 | — | 4.99× |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流CWHSWKS
| Q1 26 | — | $395.5M | ||
| Q4 25 | $-227.2M | $200.0M | ||
| Q3 25 | $139.8M | — | ||
| Q2 25 | $187.9M | $314.2M | ||
| Q1 25 | $-232.5M | $409.4M | ||
| Q4 24 | $-163.4M | $377.2M | ||
| Q3 24 | $324.2M | $476.1M | ||
| Q2 24 | $152.3M | $273.4M |
自由现金流CWHSWKS
| Q1 26 | — | $339.0M | ||
| Q4 25 | — | $144.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $252.7M | ||
| Q1 25 | — | $370.9M | ||
| Q4 24 | — | $338.2M | ||
| Q3 24 | — | $393.3M | ||
| Q2 24 | — | $249.0M |
自由现金流率CWHSWKS
| Q1 26 | — | 32.7% | ||
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 26.2% | ||
| Q1 25 | — | 38.9% | ||
| Q4 24 | — | 31.7% | ||
| Q3 24 | — | 38.4% | ||
| Q2 24 | — | 27.5% |
资本支出强度CWHSWKS
| Q1 26 | — | 5.5% | ||
| Q4 25 | — | 5.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | — | 2.7% |
现金转化率CWHSWKS
| Q1 26 | — | 4.99× | ||
| Q4 25 | — | 1.41× | ||
| Q3 25 | — | — | ||
| Q2 25 | 6.22× | 2.99× | ||
| Q1 25 | — | 5.96× | ||
| Q4 24 | — | 2.33× | ||
| Q3 24 | 58.93× | 7.87× | ||
| Q2 24 | 15.59× | 2.26× |
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% |
SWKS
| Sales Channel Through Intermediary | $915.6M | 88% |
| Sales Channel Directly To Consumer | $119.8M | 12% |
