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Camping World Holdings, Inc.（CWH）与Veralto（VLTO）财务数据对比。点击上方公司名可切换其他公司
Veralto的季度营收约是Camping World Holdings, Inc.的1.2倍（$1.4B vs $1.2B），Veralto净利率更高（17.0% vs -9.3%，领先26.3%），Veralto同比增速更快（4.4% vs -2.6%），过去两年Veralto的营收复合增速更高（5.8% 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。
Veralto是总部位于美国马萨诸塞州沃尔瑟姆的科技企业，核心业务覆盖水分析、水处理、标识喷码、包装及色彩管理相关产品的研发与生产，面向全球多领域客户提供适配的技术产品及配套服务。
CWH vs VLTO — 直观对比
营收规模更大
VLTO
是对方的1.2倍
$1.2B
营收增速更快
VLTO
高出7.0%
-2.6%
净利率更高
VLTO
高出26.3%
-9.3%
两年增速更快
VLTO
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.4B |
| 净利润 | $-109.1M | $239.0M |
| 毛利率 | 28.8% | 60.1% |
| 营业利润率 | -4.3% | 23.2% |
| 净利率 | -9.3% | 17.0% |
| 营收同比 | -2.6% | 4.4% |
| 净利润同比 | -83.3% | 5.3% |
| 每股收益（稀释后） | — | $0.95 |
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CWHVLTO
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $1.8B | $1.3B | ||
| Q1 24 | $1.4B | $1.2B |
净利润CWHVLTO
| Q4 25 | $-109.1M | $239.0M | ||
| Q3 25 | $-40.4M | $222.0M | ||
| Q2 25 | $30.2M | $225.0M | ||
| Q1 25 | $-12.3M | — | ||
| Q4 24 | $-59.5M | $227.0M | ||
| Q3 24 | $5.5M | $219.0M | ||
| Q2 24 | $9.8M | $203.0M | ||
| Q1 24 | $-22.3M | $184.0M |
毛利率CWHVLTO
| Q4 25 | 28.8% | 60.1% | ||
| Q3 25 | 28.6% | 60.0% | ||
| Q2 25 | 30.0% | 60.4% | ||
| Q1 25 | 30.4% | — | ||
| Q4 24 | 31.3% | 59.6% | ||
| Q3 24 | 28.9% | 59.6% | ||
| Q2 24 | 30.3% | 60.1% | ||
| Q1 24 | 29.5% | 60.0% |
营业利润率CWHVLTO
| Q4 25 | -4.3% | 23.2% | ||
| Q3 25 | 4.4% | 22.8% | ||
| Q2 25 | 6.6% | 24.2% | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | -1.3% | 22.9% | ||
| Q3 24 | 3.7% | 23.4% | ||
| Q2 24 | 5.3% | 23.2% | ||
| Q1 24 | 0.3% | 23.5% |
净利率CWHVLTO
| Q4 25 | -9.3% | 17.0% | ||
| Q3 25 | -2.2% | 16.2% | ||
| Q2 25 | 1.5% | 16.9% | ||
| Q1 25 | -0.9% | — | ||
| Q4 24 | -4.9% | 16.9% | ||
| Q3 24 | 0.3% | 16.7% | ||
| Q2 24 | 0.5% | 15.8% | ||
| Q1 24 | -1.6% | 14.8% |
每股收益（稀释后）CWHVLTO
| Q4 25 | — | $0.95 | ||
| Q3 25 | — | $0.89 | ||
| Q2 25 | — | $0.90 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0.91 | ||
| Q3 24 | — | $0.88 | ||
| Q2 24 | — | $0.81 | ||
| Q1 24 | — | $0.74 |
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 | $1.8B |
| 总债务越低越好 | $1.5B | $2.7B |
| 股东权益账面价值 | $228.6M | $2.8B |
| 总资产 | $5.0B | $7.4B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资CWHVLTO
| Q4 25 | $215.0M | $1.8B | ||
| Q3 25 | $230.5M | $1.6B | ||
| Q2 25 | $118.1M | $1.2B | ||
| Q1 25 | $20.9M | — | ||
| Q4 24 | $208.4M | $1.1B | ||
| Q3 24 | $28.4M | $1.3B | ||
| Q2 24 | $23.7M | $1.0B | ||
| Q1 24 | $29.7M | $827.0M |
总债务CWHVLTO
| Q4 25 | $1.5B | $2.7B | ||
| Q3 25 | $1.5B | $2.7B | ||
| Q2 25 | $1.5B | $2.6B | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | $2.6B | ||
| Q3 24 | $1.5B | $2.6B | ||
| Q2 24 | $1.5B | $2.6B | ||
| Q1 24 | $1.6B | $2.6B |
股东权益CWHVLTO
| Q4 25 | $228.6M | $2.8B | ||
| Q3 25 | $296.2M | $2.7B | ||
| Q2 25 | $340.5M | $2.3B | ||
| Q1 25 | $310.5M | — | ||
| Q4 24 | $326.6M | $2.0B | ||
| Q3 24 | $151.6M | $2.0B | ||
| Q2 24 | $149.7M | $1.7B | ||
| Q1 24 | $142.8M | $1.5B |
总资产CWHVLTO
| Q4 25 | $5.0B | $7.4B | ||
| Q3 25 | $5.0B | $7.2B | ||
| Q2 25 | $5.2B | $6.6B | ||
| Q1 25 | $5.1B | — | ||
| Q4 24 | $4.9B | $6.4B | ||
| Q3 24 | $4.7B | $6.3B | ||
| Q2 24 | $5.0B | $5.9B | ||
| Q1 24 | $5.1B | $5.7B |
负债/权益比CWHVLTO
| Q4 25 | 6.44× | 0.94× | ||
| Q3 25 | 5.00× | 1.01× | ||
| Q2 25 | 4.42× | 1.14× | ||
| Q1 25 | 4.87× | — | ||
| Q4 24 | 4.64× | 1.28× | ||
| Q3 24 | 10.09× | 1.35× | ||
| Q2 24 | 10.28× | 1.57× | ||
| Q1 24 | 11.00× | 1.77× |
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 | $270.0M |
| 自由现金流经营现金流 - 资本支出 | — | $258.0M |
| 自由现金流率自由现金流/营收 | — | 18.4% |
| 资本支出强度资本支出/营收 | — | 0.9% |
| 现金转化率经营现金流/净利润 | — | 1.13× |
| 过去12个月自由现金流最近4个季度 | — | $986.0M |
8季度趋势，按日历期对齐
经营现金流CWHVLTO
| Q4 25 | $-227.2M | $270.0M | ||
| Q3 25 | $139.8M | $339.0M | ||
| Q2 25 | $187.9M | $157.0M | ||
| Q1 25 | $-232.5M | — | ||
| Q4 24 | $-163.4M | $285.0M | ||
| Q3 24 | $324.2M | $224.0M | ||
| Q2 24 | $152.3M | $251.0M | ||
| Q1 24 | $-68.0M | $115.0M |
自由现金流CWHVLTO
| Q4 25 | — | $258.0M | ||
| Q3 25 | — | $323.0M | ||
| Q2 25 | — | $142.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $263.0M | ||
| Q3 24 | — | $215.0M | ||
| Q2 24 | — | $240.0M | ||
| Q1 24 | — | $102.0M |
自由现金流率CWHVLTO
| Q4 25 | — | 18.4% | ||
| Q3 25 | — | 23.6% | ||
| Q2 25 | — | 10.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 16.4% | ||
| Q2 24 | — | 18.6% | ||
| Q1 24 | — | 8.2% |
资本支出强度CWHVLTO
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.9% | ||
| Q1 24 | — | 1.0% |
现金转化率CWHVLTO
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 1.53× | ||
| Q2 25 | 6.22× | 0.70× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | 58.93× | 1.02× | ||
| Q2 24 | 15.59× | 1.24× | ||
| Q1 24 | — | 0.63× |
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% |
VLTO
| Product Quality And Innovation Segment | $548.0M | 39% |
| Revenuefrom Contractwith Customer Measurement Recurring | $521.0M | 37% |
| Revenuefrom Contractwith Customer Measurement Nonrecurring | $335.0M | 24% |
