vs
Camping World Holdings, Inc.（CWH）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
Toast, Inc.的季度营收约是Camping World Holdings, Inc.的1.4倍（$1.6B vs $1.2B），Toast, Inc.净利率更高（6.2% vs -9.3%，领先15.5%），Toast, Inc.同比增速更快（22.0% vs -2.6%），过去两年Toast, Inc.的营收复合增速更高（23.3% 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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
CWH vs TOST — 直观对比
营收规模更大
TOST
是对方的1.4倍
$1.2B
营收增速更快
TOST
高出24.6%
-2.6%
净利率更高
TOST
高出15.5%
-9.3%
两年增速更快
TOST
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.6B |
| 净利润 | $-109.1M | $101.0M |
| 毛利率 | 28.8% | 25.9% |
| 营业利润率 | -4.3% | 5.2% |
| 净利率 | -9.3% | 6.2% |
| 营收同比 | -2.6% | 22.0% |
| 净利润同比 | -83.3% | 215.6% |
| 每股收益（稀释后） | — | $0.18 |
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CWHTOST
| Q4 25 | $1.2B | $1.6B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $2.0B | $1.6B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | $1.4B | $1.1B |
净利润CWHTOST
| Q4 25 | $-109.1M | $101.0M | ||
| Q3 25 | $-40.4M | $105.0M | ||
| Q2 25 | $30.2M | $80.0M | ||
| Q1 25 | $-12.3M | $56.0M | ||
| Q4 24 | $-59.5M | $32.0M | ||
| Q3 24 | $5.5M | $56.0M | ||
| Q2 24 | $9.8M | $14.0M | ||
| Q1 24 | $-22.3M | $-83.0M |
毛利率CWHTOST
| Q4 25 | 28.8% | 25.9% | ||
| Q3 25 | 28.6% | 26.5% | ||
| Q2 25 | 30.0% | 25.3% | ||
| Q1 25 | 30.4% | 25.9% | ||
| Q4 24 | 31.3% | 24.9% | ||
| Q3 24 | 28.9% | 24.7% | ||
| Q2 24 | 30.3% | 23.0% | ||
| Q1 24 | 29.5% | 23.2% |
营业利润率CWHTOST
| Q4 25 | -4.3% | 5.2% | ||
| Q3 25 | 4.4% | 5.1% | ||
| Q2 25 | 6.6% | 5.2% | ||
| Q1 25 | 1.5% | 3.2% | ||
| Q4 24 | -1.3% | 2.5% | ||
| Q3 24 | 3.7% | 2.6% | ||
| Q2 24 | 5.3% | 0.4% | ||
| Q1 24 | 0.3% | -5.2% |
净利率CWHTOST
| Q4 25 | -9.3% | 6.2% | ||
| Q3 25 | -2.2% | 6.4% | ||
| Q2 25 | 1.5% | 5.2% | ||
| Q1 25 | -0.9% | 4.2% | ||
| Q4 24 | -4.9% | 2.4% | ||
| Q3 24 | 0.3% | 4.3% | ||
| Q2 24 | 0.5% | 1.1% | ||
| Q1 24 | -1.6% | -7.7% |
每股收益（稀释后）CWHTOST
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.16 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | — | $0.07 | ||
| Q2 24 | — | $0.02 | ||
| Q1 24 | — | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $228.6M | $2.1B |
| 总资产 | $5.0B | $3.1B |
| 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CWHTOST
| Q4 25 | $215.0M | $1.4B | ||
| Q3 25 | $230.5M | $1.4B | ||
| Q2 25 | $118.1M | $1.2B | ||
| Q1 25 | $20.9M | $1.0B | ||
| Q4 24 | $208.4M | $903.0M | ||
| Q3 24 | $28.4M | $761.0M | ||
| Q2 24 | $23.7M | $691.0M | ||
| Q1 24 | $29.7M | $578.0M |
总债务CWHTOST
| 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CWHTOST
| Q4 25 | $228.6M | $2.1B | ||
| Q3 25 | $296.2M | $2.0B | ||
| Q2 25 | $340.5M | $1.8B | ||
| Q1 25 | $310.5M | $1.7B | ||
| Q4 24 | $326.6M | $1.5B | ||
| Q3 24 | $151.6M | $1.4B | ||
| Q2 24 | $149.7M | $1.3B | ||
| Q1 24 | $142.8M | $1.2B |
总资产CWHTOST
| Q4 25 | $5.0B | $3.1B | ||
| Q3 25 | $5.0B | $3.0B | ||
| Q2 25 | $5.2B | $2.8B | ||
| Q1 25 | $5.1B | $2.6B | ||
| Q4 24 | $4.9B | $2.4B | ||
| Q3 24 | $4.7B | $2.2B | ||
| Q2 24 | $5.0B | $2.2B | ||
| Q1 24 | $5.1B | $2.1B |
负债/权益比CWHTOST
| 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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | — | $178.0M |
| 自由现金流率自由现金流/营收 | — | 10.9% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.92× |
| 过去12个月自由现金流最近4个季度 | — | $608.0M |
8季度趋势，按日历期对齐
经营现金流CWHTOST
| Q4 25 | $-227.2M | $194.0M | ||
| Q3 25 | $139.8M | $165.0M | ||
| Q2 25 | $187.9M | $223.0M | ||
| Q1 25 | $-232.5M | $79.0M | ||
| Q4 24 | $-163.4M | $147.0M | ||
| Q3 24 | $324.2M | $109.0M | ||
| Q2 24 | $152.3M | $124.0M | ||
| Q1 24 | $-68.0M | $-20.0M |
自由现金流CWHTOST
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | — | $69.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | — | $97.0M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $-33.0M |
自由现金流率CWHTOST
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | — | 8.7% | ||
| Q1 24 | — | -3.1% |
资本支出强度CWHTOST
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.2% |
现金转化率CWHTOST
| Q4 25 | — | 1.92× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | 6.22× | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | 58.93× | 1.95× | ||
| Q2 24 | 15.59× | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
