vs
Camping World Holdings, Inc.（CWH）与Worthington Steel, Inc.（WS）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Worthington Steel, Inc.的1.3倍（$1.2B vs $871.9M），Worthington Steel, Inc.净利率更高（2.2% vs -9.3%，领先11.5%），Worthington Steel, Inc.同比增速更快（18.0% vs -2.6%），过去两年Worthington Steel, Inc.的营收复合增速更高（3.9% 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。
沃辛顿钢铁是总部位于美国俄亥俄州哥伦布市的工业制造企业，下设消费品和建筑建材两大业务板块，主营各类压力容器的设计与生产，覆盖丙烷、氧气、氦气储罐，制冷剂及工业气瓶，露营与民用气瓶，以及用于存储、处理、加热、扩容和流量控制的供水系统罐体等产品。
CWH vs WS — 直观对比
营收规模更大
CWH
是对方的1.3倍
$871.9M
营收增速更快
WS
高出20.5%
-2.6%
净利率更高
WS
高出11.5%
-9.3%
两年增速更快
WS
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $871.9M |
| 净利润 | $-109.1M | $18.8M |
| 毛利率 | 28.8% | 10.7% |
| 营业利润率 | -4.3% | 2.5% |
| 净利率 | -9.3% | 2.2% |
| 营收同比 | -2.6% | 18.0% |
| 净利润同比 | -83.3% | 46.9% |
| 每股收益（稀释后） | — | $0.37 |
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CWHWS
| Q4 25 | $1.2B | $871.9M | ||
| Q3 25 | $1.8B | $872.9M | ||
| Q2 25 | $2.0B | $832.9M | ||
| Q1 25 | $1.4B | $687.4M | ||
| Q4 24 | $1.2B | $739.0M | ||
| Q3 24 | $1.7B | $834.0M | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $1.4B | $805.8M |
净利润CWHWS
| Q4 25 | $-109.1M | $18.8M | ||
| Q3 25 | $-40.4M | $36.8M | ||
| Q2 25 | $30.2M | $55.7M | ||
| Q1 25 | $-12.3M | $13.8M | ||
| Q4 24 | $-59.5M | $12.8M | ||
| Q3 24 | $5.5M | $28.4M | ||
| Q2 24 | $9.8M | — | ||
| Q1 24 | $-22.3M | $49.0M |
毛利率CWHWS
| Q4 25 | 28.8% | 10.7% | ||
| Q3 25 | 28.6% | 13.2% | ||
| Q2 25 | 30.0% | 15.2% | ||
| Q1 25 | 30.4% | 11.8% | ||
| Q4 24 | 31.3% | 10.8% | ||
| Q3 24 | 28.9% | 12.0% | ||
| Q2 24 | 30.3% | — | ||
| Q1 24 | 29.5% | 14.9% |
营业利润率CWHWS
| Q4 25 | -4.3% | 2.5% | ||
| Q3 25 | 4.4% | 5.5% | ||
| Q2 25 | 6.6% | 8.0% | ||
| Q1 25 | 1.5% | 2.7% | ||
| Q4 24 | -1.3% | 2.6% | ||
| Q3 24 | 3.7% | 5.2% | ||
| Q2 24 | 5.3% | — | ||
| Q1 24 | 0.3% | 8.2% |
净利率CWHWS
| Q4 25 | -9.3% | 2.2% | ||
| Q3 25 | -2.2% | 4.2% | ||
| Q2 25 | 1.5% | 6.7% | ||
| Q1 25 | -0.9% | 2.0% | ||
| Q4 24 | -4.9% | 1.7% | ||
| Q3 24 | 0.3% | 3.4% | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | -1.6% | 6.1% |
每股收益（稀释后）CWHWS
| Q4 25 | — | $0.37 | ||
| Q3 25 | — | $0.72 | ||
| Q2 25 | — | $1.11 | ||
| Q1 25 | — | $0.27 | ||
| Q4 24 | — | $0.25 | ||
| Q3 24 | — | $0.56 | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $0.98 |
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 | $89.8M |
| 总债务越低越好 | $1.5B | $72.1M |
| 股东权益账面价值 | $228.6M | $1.1B |
| 总资产 | $5.0B | $2.1B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资CWHWS
| Q4 25 | $215.0M | $89.8M | ||
| Q3 25 | $230.5M | $78.3M | ||
| Q2 25 | $118.1M | $38.0M | ||
| Q1 25 | $20.9M | $63.3M | ||
| Q4 24 | $208.4M | $52.0M | ||
| Q3 24 | $28.4M | $36.0M | ||
| Q2 24 | $23.7M | — | ||
| Q1 24 | $29.7M | $60.8M |
总债务CWHWS
| Q4 25 | $1.5B | $72.1M | ||
| Q3 25 | $1.5B | $73.4M | ||
| Q2 25 | $1.5B | $151.5M | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | $115.0M | ||
| Q3 24 | $1.5B | $122.2M | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.6B | $147.2M |
股东权益CWHWS
| Q4 25 | $228.6M | $1.1B | ||
| Q3 25 | $296.2M | $1.1B | ||
| Q2 25 | $340.5M | $1.1B | ||
| Q1 25 | $310.5M | $1.0B | ||
| Q4 24 | $326.6M | $1.0B | ||
| Q3 24 | $151.6M | $1.0B | ||
| Q2 24 | $149.7M | — | ||
| Q1 24 | $142.8M | $937.6M |
总资产CWHWS
| Q4 25 | $5.0B | $2.1B | ||
| Q3 25 | $5.0B | $2.2B | ||
| Q2 25 | $5.2B | $2.0B | ||
| Q1 25 | $5.1B | $1.8B | ||
| Q4 24 | $4.9B | $1.7B | ||
| Q3 24 | $4.7B | $1.8B | ||
| Q2 24 | $5.0B | — | ||
| Q1 24 | $5.1B | $1.8B |
负债/权益比CWHWS
| Q4 25 | 6.44× | 0.06× | ||
| Q3 25 | 5.00× | 0.07× | ||
| Q2 25 | 4.42× | 0.14× | ||
| Q1 25 | 4.87× | — | ||
| Q4 24 | 4.64× | 0.11× | ||
| Q3 24 | 10.09× | 0.12× | ||
| Q2 24 | 10.28× | — | ||
| Q1 24 | 11.00× | 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 | $99.3M |
| 自由现金流经营现金流 - 资本支出 | — | $74.6M |
| 自由现金流率自由现金流/营收 | — | 8.6% |
| 资本支出强度资本支出/营收 | — | 2.8% |
| 现金转化率经营现金流/净利润 | — | 5.28× |
| 过去12个月自由现金流最近4个季度 | — | $72.5M |
8季度趋势，按日历期对齐
经营现金流CWHWS
| Q4 25 | $-227.2M | $99.3M | ||
| Q3 25 | $139.8M | $-6.3M | ||
| Q2 25 | $187.9M | $53.9M | ||
| Q1 25 | $-232.5M | $53.8M | ||
| Q4 24 | $-163.4M | $68.0M | ||
| Q3 24 | $324.2M | $54.6M | ||
| Q2 24 | $152.3M | — | ||
| Q1 24 | $-68.0M | $44.7M |
自由现金流CWHWS
| Q4 25 | — | $74.6M | ||
| Q3 25 | — | $-35.7M | ||
| Q2 25 | — | $8.4M | ||
| Q1 25 | — | $25.2M | ||
| Q4 24 | — | $33.2M | ||
| Q3 24 | — | $33.1M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $22.3M |
自由现金流率CWHWS
| Q4 25 | — | 8.6% | ||
| Q3 25 | — | -4.1% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 3.7% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 4.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.8% |
资本支出强度CWHWS
| Q4 25 | — | 2.8% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.8% |
现金转化率CWHWS
| Q4 25 | — | 5.28× | ||
| Q3 25 | — | -0.17× | ||
| Q2 25 | 6.22× | 0.97× | ||
| Q1 25 | — | 3.90× | ||
| Q4 24 | — | 5.31× | ||
| Q3 24 | 58.93× | 1.92× | ||
| Q2 24 | 15.59× | — | ||
| Q1 24 | — | 0.91× |
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% |
WS
| Direct | $844.1M | 97% |
| Toll | $27.8M | 3% |
