Camping World (CWH)
Market Price (6/26/2026): $7.55 | Market Cap: $479.3 MilSector: Consumer Discretionary | Industry: Automotive Retail
Camping World (CWH)
Market Price (6/26/2026): $7.55Market Cap: $479.3 MilSector: Consumer DiscretionaryIndustry: Automotive Retail
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 6.6% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Outdoor Recreational Travel, and RV & Camping Lifestyle Products. | Weak multi-year price returns2Y Excs Rtn is -92%, 3Y Excs Rtn is -139% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 826% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.3%, Rev Chg QQuarterly Revenue Change % is -4.2% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.9% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% Key risksCWH key risks include [1] exceptionally high financial leverage, Show more. |
| Attractive yieldDividend Yield is 6.6% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Outdoor Recreational Travel, and RV & Camping Lifestyle Products. |
| Weak multi-year price returns2Y Excs Rtn is -92%, 3Y Excs Rtn is -139% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 826% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.3%, Rev Chg QQuarterly Revenue Change % is -4.2% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.9% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% |
| Key risksCWH key risks include [1] exceptionally high financial leverage, Show more. |
Qualitative Assessment
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Camping World (CWH) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Suspension of Dividend and Weak Fiscal Q4 2025 Results. On February 24, 2026, Camping World reported a net loss of $(105.6) million for fiscal Q4 2025, an increase of 33.9% in losses compared to the prior year. Revenue also decreased by 2.6% to $1.2 billion. More significantly, the company announced the immediate pause of its quarterly cash dividend, citing the need to reduce net debt and the impact of recent tax law changes. This news led to a 16.5% drop in Camping World's stock price on February 25, 2026.
2. Challenging Macroeconomic Environment with Elevated Interest Rates and Fuel Prices. The recreational vehicle (RV) industry faced significant headwinds due to sustained high interest rates, with the average RV loan rate hovering around 7.53%, which deterred potential buyers by increasing financing costs. Concurrently, rising fuel prices, with gasoline climbing 33% and diesel increasing 43% due to geopolitical tensions, made RV travel more expensive, thereby reducing consumer demand for large discretionary purchases.
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Camping World (CWH) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Suspension of Dividend and Weak Fiscal Q4 2025 Results. On February 24, 2026, Camping World reported a net loss of $(105.6) million for fiscal Q4 2025, an increase of 33.9% in losses compared to the prior year. Revenue also decreased by 2.6% to $1.2 billion. More significantly, the company announced the immediate pause of its quarterly cash dividend, citing the need to reduce net debt and the impact of recent tax law changes. This news led to a 16.5% drop in Camping World's stock price on February 25, 2026.
2. Challenging Macroeconomic Environment with Elevated Interest Rates and Fuel Prices. The recreational vehicle (RV) industry faced significant headwinds due to sustained high interest rates, with the average RV loan rate hovering around 7.53%, which deterred potential buyers by increasing financing costs. Concurrently, rising fuel prices, with gasoline climbing 33% and diesel increasing 43% due to geopolitical tensions, made RV travel more expensive, thereby reducing consumer demand for large discretionary purchases.
3. Overall Declining RV Industry Sales and Shipments. The broader RV market experienced a notable downturn, with retail RV sales decreasing by approximately 14-15% year-over-year. RV shipments were down nearly 17% for the year as of June 2026, prompting the RV Industry Association to revise its full-year 2026 shipment forecast downward to a range of 300,000–328,100 units, a decrease from 342,200 units in 2025. This reflects a softer demand environment directly impacting Camping World's core business.
4. Weak Consumer Sentiment and Reduced Discretionary Spending. Consumer sentiment fell to a record low in May 2026 before a slight rebound in June, as persistent inflation continued to erode household budgets. This cautious consumer behavior led many middle-income consumers to postpone significant discretionary investments like RVs, directly affecting Camping World's sales. Goldman Sachs subsequently lowered its projection for 2026 discretionary cash inflow growth from an initial estimate of 5.1% to 3.7%.
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Stock Movement Drivers
Fundamental Drivers
The -10.8% change in CWH stock from 2/28/2026 to 6/25/2026 was primarily driven by a -9.3% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.32 | 7.42 | -10.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,369 | 6,310 | -0.9% |
| P/S Multiple | 0.1 | 0.1 | -9.3% |
| Shares Outstanding (Mil) | 63 | 63 | -0.7% |
| Cumulative Contribution | -10.8% |
Market Drivers
2/28/2026 to 6/25/2026| Return | Correlation | |
|---|---|---|
| CWH | -10.8% | |
| Market (SPY) | 7.3% | 50.1% |
| Sector (XLY) | -2.8% | 54.0% |
Fundamental Drivers
The -32.9% change in CWH stock from 11/30/2025 to 6/25/2026 was primarily driven by a -31.1% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.05 | 7.42 | -32.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,400 | 6,310 | -1.4% |
| P/S Multiple | 0.1 | 0.1 | -31.1% |
| Shares Outstanding (Mil) | 63 | 63 | -1.2% |
| Cumulative Contribution | -32.9% |
Market Drivers
11/30/2025 to 6/25/2026| Return | Correlation | |
|---|---|---|
| CWH | -32.9% | |
| Market (SPY) | 8.1% | 45.2% |
| Sector (XLY) | -3.7% | 46.7% |
Fundamental Drivers
The -53.1% change in CWH stock from 5/31/2025 to 6/25/2026 was primarily driven by a -53.7% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.84 | 7.42 | -53.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,149 | 6,310 | 2.6% |
| P/S Multiple | 0.2 | 0.1 | -53.7% |
| Shares Outstanding (Mil) | 63 | 63 | -1.5% |
| Cumulative Contribution | -53.1% |
Market Drivers
5/31/2025 to 6/25/2026| Return | Correlation | |
|---|---|---|
| CWH | -53.1% | |
| Market (SPY) | 26.0% | 39.7% |
| Sector (XLY) | 6.9% | 47.2% |
Fundamental Drivers
The -69.9% change in CWH stock from 5/31/2023 to 6/25/2026 was primarily driven by a -53.7% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.65 | 7.42 | -69.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,791 | 6,310 | -7.1% |
| P/S Multiple | 0.2 | 0.1 | -53.7% |
| Shares Outstanding (Mil) | 44 | 63 | -30.0% |
| Cumulative Contribution | -69.9% |
Market Drivers
5/31/2023 to 6/25/2026| Return | Correlation | |
|---|---|---|
| CWH | -69.9% | |
| Market (SPY) | 82.6% | 46.0% |
| Sector (XLY) | 53.2% | 50.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CWH Return | 61% | -40% | 25% | -18% | -52% | -22% | -63% |
| Peers Return | 57% | 11% | 38% | 30% | 3% | -3% | 212% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| CWH Win Rate | 50% | 33% | 58% | 42% | 33% | 50% | |
| Peers Win Rate | 65% | 54% | 60% | 62% | 56% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CWH Max Drawdown | -25% | -45% | -49% | -38% | -60% | -61% | |
| Peers Max Drawdown | -16% | -24% | -17% | -16% | -23% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MUSA, AN, GPI, NXB, ORLY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/25/2026 (YTD)
How Low Can It Go
| Event | CWH | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.0% | -6.7% |
| % Gain to Breakeven | 28.2% | 7.1% |
| Time to Breakeven | 42 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -75.4% | -33.7% |
| % Gain to Breakeven | 306.3% | 50.9% |
| Time to Breakeven | 58 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -44.0% | -19.2% |
| % Gain to Breakeven | 78.4% | 23.8% |
| Time to Breakeven | 516 days | 105 days |
In The Past
Camping World's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | CWH | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.0% | -6.7% |
| % Gain to Breakeven | 28.2% | 7.1% |
| Time to Breakeven | 42 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -75.4% | -33.7% |
| % Gain to Breakeven | 306.3% | 50.9% |
| Time to Breakeven | 58 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -44.0% | -19.2% |
| % Gain to Breakeven | 78.4% | 23.8% |
| Time to Breakeven | 516 days | 105 days |
In The Past
Camping World's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Camping World (CWH)
Camping World Holdings, Inc. (CWH) is a prominent retailer and service provider for the recreational vehicle (RV) industry in the United States. The company operates through two primary segments: RV and Outdoor Retail, and Good Sam Services and Plans. Essentially, Camping World serves as a comprehensive one-stop shop for RV owners and enthusiasts, offering everything from vehicle sales to lifestyle support.
The "RV and Outdoor Retail" segment is centered on the sale of new and used RVs, along with providing crucial vehicle financing, repair, and maintenance services. This segment also supplies an extensive range of RV parts, equipment, and accessories, including towing products, electronics, appliances, and even collision repair. Complementing this, the "Good Sam Services and Plans" segment offers a suite of value-added services such as extended vehicle service contracts, roadside assistance, insurance programs, and travel protection plans. It also manages the Good Sam Club, a membership organization providing discounts and co-branded credit cards, and publishes RV-focused consumer magazines and hosts shows. Beyond RVs, the company extends its retail offerings to include gear and supplies for general outdoor activities like camping, hunting, fishing, and various watersports.
Camping World's primary customers are individuals and families engaged in the RV lifestyle, as well as broader outdoor enthusiasts. The company reaches this market through a substantial network of approximately 187 retail locations spread across 40 states within the U.S., significantly supplemented by its online and e-commerce platforms, ensuring wide accessibility for its products and services.
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Here are 1-3 brief analogies for Camping World (CWH):
- Imagine CarMax for RVs, bundled with an AAA-like membership and services for RV owners.
- It's like the Costco for RVs and camping, where you can buy the vehicle, all the gear, and get exclusive services and membership benefits.
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- New and Used RV Sales: The company retails a wide selection of new and used recreational vehicles.
- RV Parts and Accessories: It offers various RV parts, equipment, supplies, and accessories, including towing products, electrical systems, and appliances.
- Outdoor and Sporting Goods: Camping World provides equipment, gears, and supplies for camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, and marine/watersports.
- Vehicle Financing: The company offers financing options to assist customers with their RV purchases.
- RV Repair and Maintenance Services: It provides comprehensive RV repair and maintenance, including collision repair, fiberglass replacement, and interior remodels.
- Extended Vehicle Service Contracts: Customers can purchase plans that offer protection and coverage beyond standard warranties for their vehicles.
- Roadside Assistance Plans: These plans provide support and services for RV drivers in case of breakdowns or emergencies.
- Insurance Programs: Camping World offers property and casualty insurance programs tailored for RV owners.
- Travel Protection Plans: The company provides travel assist plans to offer protection and support during trips.
- Good Sam Club Membership: A membership organization offering savings on various products and services, along with co-branded credit cards.
- Coast to Coast Club Membership: The company operates this club, providing specific benefits and resources for RV travelers.
- RV and Outdoor Consumer Shows: It produces and operates consumer shows focused on the RV and outdoor lifestyle.
- RV-Focused Magazines: The company publishes monthly and annual consumer magazines dedicated to the RV industry.
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Camping World (CWH) primarily sells its products and services directly to individual consumers.
The company serves the following major customer categories:
- RV Owners and Purchasers: This category includes individuals who are buying new or used recreational vehicles (RVs), seeking vehicle financing, requiring RV repair and maintenance services, purchasing RV-specific parts, equipment, supplies, and accessories (such as towing products, satellite systems, appliances), or utilizing collision repair services for their RVs. They also subscribe to extended vehicle service contracts, roadside assistance plans, and property and casualty insurance programs related to RV ownership.
- RV Club Members: Individuals who join membership organizations operated by Camping World, such as the Good Sam Club and the Coast to Coast Club. These members typically seek savings on a range of RV-related products and services, access travel protection plans, and may utilize co-branded credit cards offered through these clubs.
- Outdoor and Camping Enthusiasts: This category encompasses individuals who purchase a variety of equipment, gear, and supplies for general outdoor and leisure activities. This includes products for camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, and marine and watersports. While there can be overlap with RV owners, this category addresses the broader retail offerings for various outdoor pursuits.
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Matthew D. Wagner, Chief Executive Officer, President and Director
Matthew D. Wagner officially became the Chief Executive Officer and President of Camping World Holdings, Inc. on January 1, 2026, and also joined the board of directors at that time. He first joined Camping World in 2007 as an inventory analyst. Prior to his current role, he served as President from July 2024 to January 2026, Chief Operating Officer from January 2023 to July 2024, Executive Vice President from August 2019 to December 2022, and Senior Vice President, Sales, Marketing, and Corporate Development, from December 2018 to August 2019. He also held the position of Vice President of Inventory Operations for FreedomRoads, LLC from May 2016 to December 2018.
Thomas E. Kirn, Chief Financial Officer
Thomas E. Kirn has served as Camping World Holdings, Inc.'s Chief Financial Officer since July 2024. Before this, he was the Chief Accounting Officer from September 2020 to July 2024, and the Chief Financial Officer for FreedomRoads, LLC, an indirect subsidiary of Camping World Holdings, Inc., from September 2019 to September 2020. Mr. Kirn's career also includes various roles at Ernst & Young, LLP from 2009 to 2019, where he advanced to Assurance Senior Manager.
Marcus Lemonis, Co-Founder and Special Advisor
Marcus Lemonis is the co-owner of Camping World and currently serves as Co-Founder and Special Advisor to the company, a role he assumed on January 1, 2026, after retiring as Chief Executive Officer, Chairman, and director. He played a pivotal role in revolutionizing the RV industry, co-founding FreedomRoads and subsequently merging it with Camping World in 2006, and later with Good Sam Enterprises in 2011, serving as CEO for both. Lemonis is widely recognized as the star of CNBC's "The Profit," a reality show focused on turning around struggling businesses. He has also served as the executive chairman of Beyond (formerly Bed Bath & Beyond). Lemonis co-owns Camping World with private equity firm Crestview Partners and maintains substantial control through his ownership of ML Acquisition and ML R.V. Group.
Brent L. Moody, Chairman of the Board
Brent L. Moody was appointed Chairman of the Board of Directors of Camping World Holdings, Inc., effective January 1, 2026, having previously served as Vice Chairman from May 2025 to January 2026. He has been with the company for over 22 years, holding numerous leadership positions, including President of Camping World Holdings, Inc. from September 2018 to June 2024, and Chief Operating and Legal Officer. Before joining Camping World in 2002, Mr. Moody was a shareholder at the law firm of Greenberg Traurig, P.A. from 1998 to 2002, and served as vice president and assistant general counsel for Blockbuster, Inc. from 1996 to 1998. He is recognized as a "Continuing Equity Owner" from pre-IPO holdings, and a Tax Receivable Agreement (TRA) allocates 85% of realized tax benefits to these owners and Crestview, indicating a financial alignment with the private equity firm.
Lindsey J. Christen, Chief Administrative and Legal Officer
Lindsey J. Christen has served as Camping World Holdings, Inc.'s Chief Administrative and Legal Officer since July 2023. She also holds the position of the Company's Secretary, which she has maintained since June 2020. Prior to her current role, Ms. Christen served as Executive Vice President and General Counsel from February 2022 to July 2023.
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The key risks to Camping World's business are:
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Sensitivity to General Economic Conditions and Consumer Spending: Camping World operates in a cyclical industry, where demand for recreational vehicles (RVs) and related products and services is highly dependent on general economic conditions. Factors such as inflation, elevated interest rates, and overall economic uncertainty can significantly impact consumer discretionary spending, leading to a decline in RV sales and adversely affecting the company's financial performance.
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High Financial Leverage and Debt: The company carries a substantial amount of debt and has a highly leveraged balance sheet. This increases its vulnerability to fluctuations in interest rates, which can lead to higher financing costs. High debt levels also pose a material risk, especially during economic downturns, and can impact the company's ability to maintain liquidity or sustain dividend payments.
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Deteriorating Margins and Challenging RV Pricing Environment: Camping World faces pressure on its profit margins due to declining average selling prices for both new and used vehicles. Although the company is strategically shifting its focus towards used vehicles and higher-margin services, the overall pricing environment in the RV market remains challenging, which can negatively impact gross margins.
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Camping World Holdings, Inc. (CWH) operates within several significant addressable markets in the United States and North America.
For the retail of recreational vehicles (RVs), including new and used RVs and vehicle financing, the U.S. recreational vehicle market generated a revenue of approximately USD 31.61 billion in 2022 and is projected to reach approximately USD 83.04 billion by 2030. The North America RV market was valued at USD 21.77 billion in 2025 and is estimated to grow to USD 35.03 billion by 2031. Additionally, the North America Recreational Vehicles Market size was valued at US$ 59.8 billion in 2026 and is projected to reach US$ 83.0 billion by 2033.
For outdoor recreation equipment, gears, and supplies (such as for camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, and marine and watersports), the U.S. Outdoor Recreation Products market is valued at USD 103.5 billion, based on a five-year historical analysis. Camping equipment holds a dominant share within this market. The U.S. camping and hiking gear market alone was estimated to be USD 8.61 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2030.
For extended vehicle service contracts, the market for Auto Extended Warranty Providers in the U.S. was approximately USD 32.7 billion in 2025.
A comprehensive market size for RV repair and maintenance services, or RV parts and accessories as a standalone segment, is not readily available. Therefore, the addressable market size for these specific product categories is null.
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Camping World Holdings, Inc. (CWH) is expected to drive future revenue growth over the next two to three years through several strategic initiatives:
- Growth in Used RV Sales: The company is strategically focused on expanding its used recreational vehicle (RV) business, which has been identified as a primary growth engine. This emphasis is driven by consumer demand for more affordable options and anticipation of a significant increase in trade-in vehicles in the coming years. Camping World is actively working to improve the efficiency of its used RV procurement processes.
- Expansion of Dealership Network: Camping World aims to increase its overall dealership count to more than 320 locations within the next five years. This expansion includes opening new stores and making strategic acquisitions of existing dealerships, which directly broadens its market reach and sales channels.
- Acceleration of Good Sam Services and Plans Growth: The Good Sam segment, which provides a portfolio of services, protection plans, and resources, is considered a cornerstone of Camping World's future growth. This high-margin business has consistently generated record revenue, and the company is actively exploring opportunities, including potential acquisitions and partnerships, to further accelerate its growth.
- Growth in New RV Sales via Exclusive Brands and Affordability: While prioritizing used RVs, Camping World also plans to grow new RV sales by expanding its exclusive RV brands. Furthermore, the company is implementing a contract manufacturing strategy to offer entry-level price points, aiming to stimulate demand and attract a wider customer base.
- Introduction of Private Label Products and Data-Driven Strategies: Camping World is introducing private label products at competitive price points to capture additional market share and foster growth, particularly within the used vehicle segment. The company also intends to leverage data and artificial intelligence for pricing and predictive models to optimize its market share, ultimately driving increased sales.
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Share Repurchases
- Camping World's Board of Directors authorized a stock repurchase program on October 30, 2020, for up to $100.0 million.
- In January 2022, the Board increased the authorized repurchase program by an additional $152.7 million, with approximately $200.0 million remaining available for repurchases, and extended the program's expiration to December 31, 2025.
- The company repurchased $156.3 million in shares in fiscal year 2021 and $79.8 million in fiscal year 2022, but no share buybacks were recorded in fiscal years 2023 and 2024.
Share Issuance
- On November 1, 2024, Camping World completed an underwritten public offering of 14,634,146 shares of its Class A common stock at $20.50 per share.
- The proceeds from this offering were used by Camping World to purchase common units from CWGS Enterprises, LLC, which intended to use the net proceeds for general corporate purposes, including strengthening the balance sheet, working capital for growth, and debt paydown.
Outbound Investments
- In the second quarter of 2021, Camping World acquired nine RV dealership locations.
- The company has been aggressively expanding its store count, with a goal to add over 100 locations by 2028, having increased its store count to 215 by March 2024, a net growth of 13 since the end of 2023.
- Camping World planned to spend between $100 million and $160 million on acquisitions for the remainder of 2023, and in December 2024, announced the acquisition of seven locations from Lazydays.
Capital Expenditures
- In fiscal year 2021, the company fueled a 75% increase in inventory and opened 16 new stores.
- Camping World completed an extensive dealership portfolio optimization process in 2025, resulting in a more efficient base of nearly 200 locations.
- For 2026, the company is prioritizing reinvestment in the customer experience across the enterprise and proactively accelerating new and used inventory turns.
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 139.48 |
| Mkt Cap | 6.7 |
| Rev LTM | 18,942 |
| Op Inc LTM | 906 |
| FCF LTM | 160 |
| FCF 3Y Avg | 224 |
| CFO LTM | 407 |
| CFO 3Y Avg | 473 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.6% |
| Rev Chg 3Y Avg | 1.1% |
| Rev Chg Q | -1.8% |
| QoQ Delta Rev Chg LTM | -0.4% |
| Op Inc Chg LTM | 1.5% |
| Op Inc Chg 3Y Avg | -3.1% |
| Op Mgn LTM | 4.3% |
| Op Mgn 3Y Avg | 4.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 1.7% |
| CFO/Rev 3Y Avg | 2.3% |
| FCF/Rev LTM | 0.5% |
| FCF/Rev 3Y Avg | 1.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Recreational vehicle (RV) and Outdoor Retail | 6,180 | 5,917 | 6,045 | 6,803 | 6,759 |
| Good Sam Services and Plans | 201 | 196 | 195 | 193 | 181 |
| Intersegment Eliminations | -12 | -12 | -13 | -29 | -26 |
| Total | 6,369 | 6,100 | 6,227 | 6,967 | 6,914 |
| $ Mil | 2020 | 2019 |
|---|---|---|
| Retail | 381 | -98 |
| Consumer Services and Plans | 85 | 79 |
| Floor plan interest expense | 20 | 40 |
| Corporate & other | -10 | -12 |
| Total | 476 | 9 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Recreational vehicle (RV) and Outdoor Retail | 4,906 | 4,510 | 4,568 | 4,448 | 3,849 |
| Good Sam Services and Plans | 127 | 122 | 114 | 131 | 159 |
| Corporate & other | 11 | 232 | 164 | 221 | 365 |
| Total | 5,044 | 4,863 | 4,846 | 4,800 | 4,373 |
Price Behavior
| Market Price | $7.42 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 10/07/2016 | |
| Distance from 52W High | -60.4% | |
| 50 Days | 200 Days | |
| DMA Price | $7.29 | $10.53 |
| DMA Trend | down | up |
| Distance from DMA | 1.8% | -29.6% |
| 3M | 1YR | |
| Volatility | 80.1% | 72.6% |
| Downside Capture | 272.26 | 266.16 |
| Upside Capture | 171.25 | 102.82 |
| Correlation (SPY) | 47.6% | 38.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.25 | 4.00 | 2.78 | 2.55 | 2.31 | 1.79 |
| Up Beta | 7.76 | 5.98 | 4.22 | 3.44 | 3.76 | 1.78 |
| Down Beta | 3.46 | 5.66 | 2.11 | 2.21 | 1.98 | 1.69 |
| Up Capture | 7% | 137% | 166% | 159% | 101% | 269% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 8 | 19 | 29 | 50 | 115 | 351 |
| Down Capture | 400% | 385% | 268% | 233% | 181% | 113% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 22 | 32 | 72 | 132 | 392 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWH | |
|---|---|---|---|---|
| CWH | -58.9% | 72.6% | -0.91 | - |
| Sector ETF (XLY) | 5.8% | 18.6% | 0.17 | 47.0% |
| Equity (SPY) | 22.1% | 12.4% | 1.33 | 38.6% |
| Gold (GLD) | 20.8% | 27.7% | 0.67 | 12.6% |
| Commodities (DBC) | 23.3% | 18.5% | 0.99 | -18.6% |
| Real Estate (VNQ) | 11.6% | 13.8% | 0.55 | 42.4% |
| Bitcoin (BTCUSD) | -42.9% | 42.5% | -1.20 | 15.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWH | |
|---|---|---|---|---|
| CWH | -23.6% | 55.3% | -0.27 | - |
| Sector ETF (XLY) | 6.4% | 23.9% | 0.23 | 50.5% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 46.6% |
| Gold (GLD) | 17.4% | 18.3% | 0.77 | 7.7% |
| Commodities (DBC) | 7.9% | 19.5% | 0.30 | 3.7% |
| Real Estate (VNQ) | 2.8% | 18.9% | 0.05 | 43.1% |
| Bitcoin (BTCUSD) | 9.8% | 54.1% | 0.38 | 19.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWH | |
|---|---|---|---|---|
| CWH | -6.7% | 62.7% | 0.16 | - |
| Sector ETF (XLY) | 12.4% | 22.1% | 0.51 | 49.3% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 45.7% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 5.1% |
| Commodities (DBC) | 5.9% | 18.0% | 0.25 | 13.6% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 39.7% |
| Bitcoin (BTCUSD) | 56.4% | 66.5% | 0.97 | 13.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 18.2% | 13.9% | 5.8% |
| 2/24/2026 | -16.5% | -29.7% | -35.7% |
| 10/28/2025 | -24.8% | -28.5% | -32.6% |
| 7/29/2025 | -15.4% | -15.0% | 0.4% |
| 4/29/2025 | -14.3% | -1.3% | 21.2% |
| 2/25/2025 | -0.2% | -13.9% | -14.5% |
| 10/28/2024 | 6.9% | -3.9% | 15.6% |
| 7/31/2024 | -4.0% | -14.8% | -4.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 11 |
| # Negative | 13 | 14 | 13 |
| Median Positive | 7.7% | 8.1% | 13.5% |
| Median Negative | -12.4% | -11.9% | -7.4% |
| Max Positive | 18.2% | 16.2% | 28.6% |
| Max Negative | -24.8% | -29.7% | -35.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 18.2% | 13.9% | 5.8% |
| 2/24/2026 | -16.5% | -29.7% | -35.7% |
| 10/28/2025 | -24.8% | -28.5% | -32.6% |
| 7/29/2025 | -15.4% | -15.0% | 0.4% |
| 4/29/2025 | -14.3% | -1.3% | 21.2% |
| 2/25/2025 | -0.2% | -13.9% | -14.5% |
| 10/28/2024 | 6.9% | -3.9% | 15.6% |
| 7/31/2024 | -4.0% | -14.8% | -4.2% |
| 5/1/2024 | 0.1% | 6.9% | 0.0% |
| 2/21/2024 | 0.5% | 5.1% | 2.5% |
| 11/1/2023 | 7.7% | 9.4% | 28.6% |
| 8/1/2023 | -12.4% | -9.8% | -19.6% |
| 5/2/2023 | 11.9% | 16.2% | 22.0% |
| 2/21/2023 | -0.3% | -3.3% | -13.3% |
| 11/1/2022 | -9.2% | -3.6% | -3.2% |
| 8/2/2022 | 12.5% | 10.9% | 13.5% |
| 5/3/2022 | 7.4% | -2.3% | -7.4% |
| 2/22/2022 | -9.4% | -1.1% | -6.0% |
| 11/2/2021 | 11.3% | 9.2% | 6.2% |
| 8/3/2021 | -0.3% | 0.4% | -0.7% |
| 5/4/2021 | 10.0% | 2.6% | -4.0% |
| 2/25/2021 | -14.0% | -14.6% | -3.1% |
| 11/2/2020 | 3.1% | 7.1% | 20.6% |
| 8/5/2020 | -22.0% | -23.4% | -26.9% |
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 11 |
| # Negative | 13 | 14 | 13 |
| Median Positive | 7.7% | 8.1% | 13.5% |
| Median Negative | -12.4% | -11.9% | -7.4% |
| Max Positive | 18.2% | 16.2% | 28.6% |
| Max Negative | -24.8% | -29.7% | -35.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
| 06/30/2019 | 08/09/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | 275.00 Mil | 300.00 Mil | 325.00 Mil | 0 | Affirmed | Guidance: 300.00 Mil for 2026 | |
| 2026 Equity-based compensation | 16.00 Mil | 17.50 Mil | 19.00 Mil | -28.6% | Lowered | Guidance: 24.50 Mil for 2026 | |
| 2026 Depreciation and amortization | 85.00 Mil | 90.00 Mil | 95.00 Mil | 0 | Affirmed | Guidance: 90.00 Mil for 2026 | |
| 2026 Other interest expense | 110.00 Mil | 115.00 Mil | 120.00 Mil | 0 | Affirmed | Guidance: 115.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | 275.00 Mil | 300.00 Mil | 325.00 Mil | 0 | Affirmed | Guidance: 300.00 Mil for 2026 | |
| 2026 Equity-based compensation | 23.00 Mil | 24.50 Mil | 26.00 Mil | ||||
| 2026 Depreciation and amortization | 85.00 Mil | 90.00 Mil | 95.00 Mil | ||||
| 2026 Other interest expense | 110.00 Mil | 115.00 Mil | 120.00 Mil | ||||
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Automotive Retail Resources |
| Automotive News |
| Ward's Auto |
| CBT News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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