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Camping World Holdings, Inc. (CWH)

NYSE / Consumer Cyclical / Auto - Dealerships

Share price

4.51 USD Market dataClose of Oct 16, 2026

Market capitalisation

287.9M USD Market dataClose of Oct 16, 2026
Market data
Oct 16, 2026
Filed accounts
FY2025, filed Feb 27, 2026
Ratios computed
Oct 16, 2026
Filed years
11, FY2014 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

-39.3% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

1.26x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Dividend yield

2.8% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 3.52B USDFY2016 Net income: 188.9M USDFY2017 Revenue: 4.28B USDFY2017 Net income: 29.9M USDFY2018 Revenue: 4.79B USDFY2018 Net income: 10.4M USDFY2019 Revenue: 4.89B USDFY2019 Net income: -60.6M USDFY2020 Revenue: 5.45B USDFY2020 Net income: 122.3M USDFY2021 Revenue: 6.91B USDFY2021 Net income: 278.5M USDFY2022 Revenue: 6.97B USDFY2022 Net income: 123.7M USDFY2023 Revenue: 6.23B USDFY2023 Net income: 33.4M USDFY2024 Revenue: 6.10B USDFY2024 Net income: -38.6M USDFY2025 Revenue: 6.37B USDFY2025 Net income: -89.8M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -39.3% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Consumer Cyclical sector (436 companies), -39.3% sits at the 16th percentile; the middle half of that group runs from -19.6% to 16.9%.

Is it safe

Net debt to EBITDA was 8.20x in FY2025, in the band labelled "High, covenant territory" (4.00x and above), on lines set by credit-analyst convention, suggesting debt in the range lenders write covenants around.

No peer distribution is published for net debt to EBITDA today; the year-by-year comparison uses the filed annual figures.

Year by year against peers
Whether Camping World Holdings, Inc.'s return on equity stayed above the median of the Consumer Cyclical sector, year by year. (FY2020 to FY2025, 6 fiscal years of Camping World Holdings, Inc. with a comparable figure)
The direction
Which way Camping World Holdings, Inc.'s gross margin has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Camping World Holdings, Inc.)
What could explain it
What in Camping World Holdings, Inc.'s filed statements could explain the movements. (5 readings drawn from the statement lines Camping World Holdings, Inc. filed)
What to check next
What to check next on Camping World Holdings, Inc., and where in its filings. (4 questions for Camping World Holdings, Inc.)
In one paragraph
One paragraph on Camping World Holdings, Inc.'s returns, cash, balance sheet and price. (8 of sixteen figures read for Camping World Holdings, Inc.)

These are CWH’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CWHPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 27, 2026, accession 0001104659-26-021548.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Camping World Holdings, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Return on equity-39.3% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Return on capital employed, pre-tax6.3% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Return on assets-1.8% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Gross margin29.5% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Operating margin2.8% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Net margin-1.4% ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
CWH -1.4%
SFIX -0.9%NEGG -0.3%CURV -0.7%LE 0.5%TDUP -6.5%
-6.5%0.5%
Net margin: CWH against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Camping World Holdings, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity10.83 ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Current ratio1.20 ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Quick ratio0.23 ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Altman Z-score1.52 ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Net debt2.26B ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Total assets 5.04BTotal liabilities 4.67BShareholders' equity 228.6MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Camping World Holdings, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 27, 2026, 0001104659-26-021548).

Camping World Holdings, Inc: balance sheet position
Total assets5.04B FiledFY2025 10-K, filed Feb 27, 2026
Total liabilities4.67B FiledFY2025 10-K, filed Feb 27, 2026
Shareholders' equity228.6M FiledFY2025 10-K, filed Feb 27, 2026
Cash215.0M FiledFY2025 10-K, filed Feb 27, 2026
Total debt2.48B FiledFY2025 10-K, filed Feb 27, 2026
Net debt2.26B
Current ratio1.20
Debt to equity10.83
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Camping World Holdings, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
P/E on trailing twelve months0.79x ComputedClose of Oct 16, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.26x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Price to sales0.05x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Enterprise value to EBIT14.14x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Enterprise value to EBITDA9.25x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548

We publish no fair value or price target of our own. Value CWH on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Camping World Holdings, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Camping World Holdings, Inc: valuation
Share price4.51 USD
Market capitalisation287.9M USD
Enterprise value to EBITDA9.25x
Graham numbern/m
Diluted earnings per share, FY2020n/a

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Mar 15, 2019: low 0.75x, median 4.04x, high 54.00x, latest 0.79x. 1,534 trading days with a meaningful ratio, 375 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Camping World Holdings, Inc

  1. Stitch Fix, Inc. (SFIX)Market cap 298.5M USD
  2. Newegg Commerce, Inc. (NEGG)Market cap 228.6M USD
  3. Torrid Holdings Inc. (CURV)Market cap 234.3M USD
  4. Lands' End, Inc. (LE)Market cap 291.0M USD
  5. ThredUp Inc. (TDUP)Market cap 288.9M USD

Same sector (Consumer Cyclical) and size band (Micro, 50M to 300M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Camping World Holdings, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Dividend yield2.8% ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
FY2016 Free cash flow: 158.8M USDFY2016 Net income: 188.9M USDFY2017 Free cash flow: -97.1M USDFY2017 Net income: 29.9M USDFY2018 Free cash flow: -118.1M USDFY2018 Net income: 10.4M USDFY2019 Free cash flow: 163.6M USDFY2019 Net income: -60.6M USDFY2020 Free cash flow: 662.7M USDFY2020 Net income: 122.3M USDFY2021 Free cash flow: -93.8M USDFY2021 Net income: 278.5M USDFY2022 Free cash flow: -20.8M USDFY2022 Net income: 123.7M USDFY2023 Net income: 33.4M USDFY2024 Net income: -38.6M USDFY2025 Net income: -89.8M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Camping World Holdings, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 16, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.26xFY2025Oct 16, 2026
14.14xFY2025Oct 16, 2026
n/aFY2025Oct 16, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
n/aFY2025Feb 27, 2026
n/a The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
2.8%FY2025Oct 16, 2026
10.83FY2025Feb 27, 2026
1.20FY2025Feb 27, 2026
0.05xFY2025Oct 16, 2026
n/mFY2025Oct 16, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.52FY2025Oct 16, 2026
-2.43FY2025Feb 27, 2026
2/9FY2025Feb 27, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 11 filed fiscal years on record, FY2014 to FY2025, from SEC EDGAR. Prices as of Oct 16, 2026. Ratios recomputed Oct 16, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Camping World Holdings, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Camping World Holdings, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20256.37B180.2M-89.8Mn/an/a2.8%-39.3%10-K, Feb 27, 20260001104659-26-021548
FY20246.10B148.6M-38.6Mn/an/a2.4%-11.8%10-K, Feb 28, 20250001558370-25-001939
FY20236.23B267.1M33.4Mn/an/a4.3%19.8%10-K, Feb 26, 20240001558370-24-001703
FY20226.97B568.5M123.7Mn/a-20.8M8.2%83.7%10-K, Feb 23, 20230001558370-23-001813
FY20216.91B799.5M278.5Mn/a-93.8M11.6%176.2%10-K, Feb 24, 20220001558370-22-001817
FY20205.45B476.2M122.3M3.09662.7M8.7%456.9%10-K, Feb 26, 20210001558370-21-002004
FY20194.89B8.7M-60.6M-1.62163.6M0.2%n/m10-K, Feb 28, 20200001558370-20-001794
FY20184.79B201.0M10.4M0.28-118.1M4.2%23.4%10-K, Mar 15, 20190001558370-19-002047
FY20174.28B356.0M29.9M1.12-97.1M8.3%59.1%10-K, Mar 13, 20180001558370-18-001998
FY20163.52B276.5M188.9M0.07158.8M7.9%n/m10-K, Mar 13, 20170001558370-17-001687
  • Revenue, compound annual growth FY2016 to FY2025: 6.8%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share, compound annual growth FY2016 to FY2020: 157.8%
  • Free cash flow: Free cash flow was not positive in both 2016 and 2022, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Camping World Holdings, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.43 ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Piotroski F-score2/9 ComputedFY2025 10-K, filed Feb 27, 2026, 0001104659-26-021548
Named tests met0 of 30 Computed
Beta2.05 ComputedClose of Oct 16, 2026

The named tests

Of 30 tests value investors published: 0 met, 23 not met, 7 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Dividends and buybacks; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(14)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Return on Invested Capital: The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 14 figures could not be read on this company, among them Positive Earnings Streak, P/E Ratio, Return on Invested Capital. Each blank in the table above names the rest, with its reason. 7 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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