vs
Camping World Holdings, Inc.（CWH）与TRINET GROUP, INC.（TNET）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是Camping World Holdings, Inc.的1.1倍（$1.2B vs $1.2B），TRINET GROUP, INC.同比增速更快（-2.2% vs -2.6%），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% 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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
CWH vs TNET — 直观对比
营收规模更大
TNET
是对方的1.1倍
$1.2B
营收增速更快
TNET
高出0.4%
-2.6%
两年增速更快
TNET
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 | — |
| 毛利率 | 28.8% | — |
| 营业利润率 | -4.3% | 0.1% |
| 净利率 | -9.3% | — |
| 营收同比 | -2.6% | -2.2% |
| 净利润同比 | -83.3% | — |
| 每股收益（稀释后） | — | $0.02 |
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CWHTNET
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $2.0B | $1.2B | ||
| 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 | $1.3B |
净利润CWHTNET
| Q4 25 | $-109.1M | — | ||
| Q3 25 | $-40.4M | $34.0M | ||
| Q2 25 | $30.2M | $37.0M | ||
| Q1 25 | $-12.3M | $85.0M | ||
| Q4 24 | $-59.5M | — | ||
| Q3 24 | $5.5M | $45.0M | ||
| Q2 24 | $9.8M | $60.0M | ||
| Q1 24 | $-22.3M | $91.0M |
毛利率CWHTNET
| 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CWHTNET
| Q4 25 | -4.3% | 0.1% | ||
| Q3 25 | 4.4% | 4.1% | ||
| Q2 25 | 6.6% | 4.1% | ||
| Q1 25 | 1.5% | 8.9% | ||
| Q4 24 | -1.3% | -2.9% | ||
| Q3 24 | 3.7% | 4.7% | ||
| Q2 24 | 5.3% | 6.5% | ||
| Q1 24 | 0.3% | 9.7% |
净利率CWHTNET
| Q4 25 | -9.3% | — | ||
| Q3 25 | -2.2% | 2.8% | ||
| Q2 25 | 1.5% | 3.0% | ||
| Q1 25 | -0.9% | 6.6% | ||
| Q4 24 | -4.9% | — | ||
| Q3 24 | 0.3% | 3.6% | ||
| Q2 24 | 0.5% | 4.9% | ||
| Q1 24 | -1.6% | 7.2% |
每股收益（稀释后）CWHTNET
| Q4 25 | — | $0.02 | ||
| Q3 25 | — | $0.70 | ||
| Q2 25 | — | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | — | $1.20 | ||
| Q1 24 | — | $1.78 |
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 | $287.0M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $54.0M |
| 总资产 | $5.0B | $3.8B |
| 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CWHTNET
| Q4 25 | $215.0M | $287.0M | ||
| Q3 25 | $230.5M | $321.0M | ||
| Q2 25 | $118.1M | $407.0M | ||
| Q1 25 | $20.9M | $349.0M | ||
| Q4 24 | $208.4M | $360.0M | ||
| Q3 24 | $28.4M | $301.0M | ||
| Q2 24 | $23.7M | $249.0M | ||
| Q1 24 | $29.7M | $383.0M |
总债务CWHTNET
| 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CWHTNET
| Q4 25 | $228.6M | $54.0M | ||
| Q3 25 | $296.2M | $110.0M | ||
| Q2 25 | $340.5M | $107.0M | ||
| Q1 25 | $310.5M | $63.0M | ||
| Q4 24 | $326.6M | $69.0M | ||
| Q3 24 | $151.6M | $129.0M | ||
| Q2 24 | $149.7M | $100.0M | ||
| Q1 24 | $142.8M | $143.0M |
总资产CWHTNET
| Q4 25 | $5.0B | $3.8B | ||
| Q3 25 | $5.0B | $3.4B | ||
| Q2 25 | $5.2B | $3.7B | ||
| Q1 25 | $5.1B | $3.8B | ||
| Q4 24 | $4.9B | $4.1B | ||
| Q3 24 | $4.7B | $3.7B | ||
| Q2 24 | $5.0B | $3.7B | ||
| Q1 24 | $5.1B | $4.0B |
负债/权益比CWHTNET
| 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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 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 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流CWHTNET
| Q4 25 | $-227.2M | $61.0M | ||
| Q3 25 | $139.8M | $72.0M | ||
| Q2 25 | $187.9M | $75.0M | ||
| Q1 25 | $-232.5M | $95.0M | ||
| Q4 24 | $-163.4M | $65.0M | ||
| Q3 24 | $324.2M | $84.0M | ||
| Q2 24 | $152.3M | $39.0M | ||
| Q1 24 | $-68.0M | $91.0M |
自由现金流CWHTNET
| Q4 25 | — | $43.0M | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | — | $73.0M |
自由现金流率CWHTNET
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 5.8% |
资本支出强度CWHTNET
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
现金转化率CWHTNET
| Q4 25 | — | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | 6.22× | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | 58.93× | 1.87× | ||
| Q2 24 | 15.59× | 0.65× | ||
| Q1 24 | — | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
