Camping World (CWH)


Market Price (9/25/2026): $5.195 | Market Cap: $330.8 MilSector: Consumer Discretionary | Industry: Automotive Retail

Camping World (CWH)


Market Price (9/25/2026): $5.195
Market Cap: $330.8 Mil
Sector: Consumer Discretionary
Industry: Automotive Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Dividend Yield is 7.0%, FCF Yield is 15%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization. Themes include Outdoor Recreational Travel, and RV & Camping Lifestyle Products.

Weak multi-year price returns
2Y Excs Rtn is -113%, 3Y Excs Rtn is -146%

Meaningful short interest
Short 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 18%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1063%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.2%, Rev Chg QQuarterly Revenue Change % is -2.1%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26%

Key risks
CWH key risks include [1] exceptionally high financial leverage, Show more.

0 Attractive yield
Dividend Yield is 7.0%, FCF Yield is 15%
1 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization. Themes include Outdoor Recreational Travel, and RV & Camping Lifestyle Products.
2 Weak multi-year price returns
2Y Excs Rtn is -113%, 3Y Excs Rtn is -146%
3 Meaningful short interest
Short 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 18%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1063%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.2%, Rev Chg QQuarterly Revenue Change % is -2.1%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26%
7 Key risks
CWH key risks include [1] exceptionally high financial leverage, Show more.

CWH in ETFs

Weight = CWH's share of each fund

VTI0.00%
ITOT0.00%
IWM0.01%
VB0.00%
FNDA0.04%
VTWO0.01%
IWO0.01%
SCHA0.01%
+6 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/23/2026

Camping World (CWH) stock has lost about 30% since 5/31/2026 because of the following key factors:

1. Deteriorating RV Market Conditions and Weak Fiscal Q2 2026 Performance.

Camping World reported a challenging fiscal Q2 2026 (ended June 30, 2026), with revenue of $1.93 billion, missing consensus estimates that ranged from $1.99 billion to $2.01 billion. This performance occurred amid the weakest RV market in over 15 years. New vehicle unit sales in the quarter were 22,312, falling short of the 24,474 average estimate. The company also experienced a significant decline in gross margins, with new vehicle margins dropping from 13.8% in fiscal Q2 2025 to 10.9% in fiscal Q2 2026, and used vehicle margins decreasing from 20.5% to 16.5% year-over-year.

2. Downward Revision of Full-Year Guidance.

Following the disappointing fiscal Q2 2026 results, management revised its 2026 adjusted EBITDA guidance downward to a range of $230 million-$270 million. This reduction reflects worsening demand within the RV industry, as the company also lowered its industry-wide RV shipment guidance for 2026 to 290,000–310,000 units, a 12.3% year-over-year decline from previous expectations of 315,000–330,000 units.

Show more
Updated on 9/23/2026

Camping World (CWH) stock has lost about 30% since 5/31/2026 because of the following key factors:

1. Deteriorating RV Market Conditions and Weak Fiscal Q2 2026 Performance.

Camping World reported a challenging fiscal Q2 2026 (ended June 30, 2026), with revenue of $1.93 billion, missing consensus estimates that ranged from $1.99 billion to $2.01 billion. This performance occurred amid the weakest RV market in over 15 years. New vehicle unit sales in the quarter were 22,312, falling short of the 24,474 average estimate. The company also experienced a significant decline in gross margins, with new vehicle margins dropping from 13.8% in fiscal Q2 2025 to 10.9% in fiscal Q2 2026, and used vehicle margins decreasing from 20.5% to 16.5% year-over-year.

2. Downward Revision of Full-Year Guidance.

Following the disappointing fiscal Q2 2026 results, management revised its 2026 adjusted EBITDA guidance downward to a range of $230 million-$270 million. This reduction reflects worsening demand within the RV industry, as the company also lowered its industry-wide RV shipment guidance for 2026 to 290,000–310,000 units, a 12.3% year-over-year decline from previous expectations of 315,000–330,000 units.

3. Elevated Debt and Financial Leverage.

Camping World faces significant financial risk due to its highly elevated net leverage of 10.55, with $2.64 billion in net debt. The company carries a total debt of $1.4 billion and has a weak financial health score of 1.41 out of 5. This high level of debt also contributes to insufficient cash flow to support potential mergers and acquisitions.

4. Analyst Downgrades and Price Target Reductions.

In response to the company's performance and revised outlook, several analysts adjusted their ratings and price targets for Camping World. For example, Citi maintained a "Buy" rating but decreased its price target from $9 to $8 on September 16, 2026. Similarly, Roth MKM reiterated a "Buy" rating but lowered its price target from $16 to $12 on August 3, 2026. These revisions indicate a less optimistic outlook from financial analysts regarding the company's near-term prospects.

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Stock Movement Drivers

Fundamental Drivers

The -29.2% change in CWH stock from 5/31/2026 to 9/24/2026 was primarily driven by a -28.5% change in the company's P/S Multiple.
(LTM values as of)53120269242026Change
Stock Price ($)7.335.19-29.2%
Change Contribution By: 
Total Revenues ($ Mil)6,3106,268-0.7%
P/S Multiple0.10.1-28.5%
Shares Outstanding (Mil)6364-0.3%
Cumulative Contribution-29.2%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/24/2026
ReturnCorrelation
CWH-29.2% 
Market (SPY)1.7%45.6%
Sector (XLY)-8.5%63.7%

Fundamental Drivers

The -37.6% change in CWH stock from 2/28/2026 to 9/24/2026 was primarily driven by a -36.0% change in the company's P/S Multiple.
(LTM values as of)22820269242026Change
Stock Price ($)8.325.19-37.6%
Change Contribution By: 
Total Revenues ($ Mil)6,3696,268-1.6%
P/S Multiple0.10.1-36.0%
Shares Outstanding (Mil)6364-1.0%
Cumulative Contribution-37.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/24/2026
ReturnCorrelation
CWH-37.6% 
Market (SPY)12.4%47.5%
Sector (XLY)-5.2%56.2%

Fundamental Drivers

The -69.8% change in CWH stock from 8/31/2025 to 9/24/2026 was primarily driven by a -69.0% change in the company's P/S Multiple.
(LTM values as of)83120259242026Change
Stock Price ($)17.175.19-69.8%
Change Contribution By: 
Total Revenues ($ Mil)6,3196,268-0.8%
P/S Multiple0.20.1-69.0%
Shares Outstanding (Mil)6364-1.7%
Cumulative Contribution-69.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/24/2026
ReturnCorrelation
CWH-69.8% 
Market (SPY)20.3%40.1%
Sector (XLY)-4.1%48.9%

Fundamental Drivers

The -77.6% change in CWH stock from 8/31/2023 to 9/24/2026 was primarily driven by a -66.6% change in the company's P/S Multiple.
(LTM values as of)83120239242026Change
Stock Price ($)23.125.19-77.6%
Change Contribution By: 
Total Revenues ($ Mil)6,5246,268-3.9%
P/S Multiple0.20.1-66.6%
Shares Outstanding (Mil)4464-30.1%
Cumulative Contribution-77.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/24/2026
ReturnCorrelation
CWH-77.6% 
Market (SPY)76.8%45.4%
Sector (XLY)32.4%51.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CWH Return61%-40%25%-18%-52%-45%-74%
Peers Return45%-10%234%80%24%-12%748%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
CWH Win Rate50%33%58%42%33%44% 
Peers Win Rate62%47%62%65%58%33% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
CWH Max Drawdown-25%-45%-49%-38%-60%-64% 
Peers Max Drawdown-22%-39%-25%-17%-27%-29% 
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, ORLY, CVNA.
[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 9/24/2026 (YTD)

How Low Can It Go

EventCWHS&P 500
2023 SVB Regional Banking Crisis
  % Loss-22.0%-6.7%
  % Gain to Breakeven28.2%7.1%
  Time to Breakeven42 days31 days
2020 COVID-19 Crash
  % Loss-75.4%-33.7%
  % Gain to Breakeven306.3%50.9%
  Time to Breakeven58 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-44.0%-19.2%
  % Gain to Breakeven78.4%23.8%
  Time to Breakeven516 days105 days

Compare to MUSA, AN, GPI, ORLY, CVNA

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.

EventCWHS&P 500
2023 SVB Regional Banking Crisis
  % Loss-22.0%-6.7%
  % Gain to Breakeven28.2%7.1%
  Time to Breakeven42 days31 days
2020 COVID-19 Crash
  % Loss-75.4%-33.7%
  % Gain to Breakeven306.3%50.9%
  Time to Breakeven58 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-44.0%-19.2%
  % Gain to Breakeven78.4%23.8%
  Time to Breakeven516 days105 days

Compare to MUSA, AN, GPI, ORLY, CVNA

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.

AI Analysis | Feedback

Camping World (CWH) primarily sells its products and services directly to individual consumers.

The company serves the following major customer categories:

  1. 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.
  2. 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.
  3. 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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  • Thor Industries, Inc. (THO)
  • Forest River, Inc. (Parent company: Berkshire Hathaway Inc., BRK.A, BRK.B)
  • Winnebago Industries, Inc. (WGO)
  • REV Group, Inc. (REVG)

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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:

  1. 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.

  2. 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.

  3. 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Better Bets vs. Camping World (CWH)

Peer Outperformance in Automotive Retail

CWH has trailed 94% of its 17 Automotive Retail peers over 5Y. Among the peers that beat it are MUSA, AN and KMX. Automotive Retail ranks 6th of 23 industries in Consumer Discretionary by median 5Y return.
Share of Automotive Retail constituents that CWH has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
5%
of 19 industry peers · -69.6% return
3Y
6%
of 18 industry peers · -72.0% return
5Y
6%
of 17 industry peers · -83.6% return
Automotive Retail peers with revenue growth within 4pp of CWH's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
CWH Camping World -1.2% -3.4x -69.6%-72.0%-83.6% —
MUSA Murphy USA -0.8% 15.5x 32.8%52.8%222.6% +306pp
AN AutoNation 1.0% 7.0x -26.1%7.9%31.6% +115pp
KMX CarMax -4.4% 32.4x -1.2%-27.5%-61.0% +23pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Automotive Retail is CWH's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Education Services 14 -16.0%78.1%68.3% LINC 279% · PRDO 222% · CVSA 221%
Homebuilding 18 -9.1%33.5%50.2% GRBK 217% · PHM 161% · TOL 139%
Specialty Stores 7 5.4%46.3%14.2% SIG 33% · ASO 19% · FIVE 15%
Home Improvement Retail 5 -26.7%-5.8%-1.7% HVT 10% · LOW 0% · HD -2%
Hotels, Resorts & Cruise Lines 22 14.9%42.9%-2.6% RCL 173% · MAR 140% · HLT 134%
Automotive Retail ← 18 -21.3%-2.6%-7.6% MUSA 223% · PAG 120% · ORLY 107%
Distributors 4 -12.2%-26.1%-14.0% ARMK 139% · GPC 21% · LKQ -49%
Home Furnishings 4 -8.5%20.6%-17.3% SGI 33% · LZB 1% · MHK -35%
Footwear 10 54.8%47.6%-18.2% WEYS 174% · DECK 21% · SHOO 18%
Specialized Consumer Services 10 -19.0%12.5%-18.9% HRB 97% · FTDR 70% · SCI 38%
Restaurants 35 -8.5%-13.9%-23.8% EAT 300% · CAKE 139% · BH-A 103%
Leisure Products 13 -25.5%-21.6%-40.7% GOLF 73% · HAS 12% · MCFT -20%
Casinos & Gaming 21 -16.4%-22.3%-41.5% MCRI 96% · RRR 29% · BYD 17%
Household Appliances 18 -7.0%0.3%-42.2% FLXS 206% · HBB 169% · KEQU 159%
Automotive Parts & Equipment 38 -16.9%-16.0%-42.3% MOD 1632% · GTX 263% · CAAS 83%
Apparel Retail 26 -4.9%16.1%-42.7% ANF 236% · URBN 134% · ROST 114%
Apparel, Accessories & Luxury Goods 28 -9.4%6.9%-43.6% RL 231% · TPR 223% · ELA 212%
Leisure Facilities 11 -21.6%-8.5%-44.8% OSW 130% · JAKK 117% · ESCA 22%
Computer & Electronics Retail 3 -4.7%41.6%-45.9% BBY 10% · GME -46% · UPBD -65%
Broadline Retail 15 -8.8%14.6%-57.2% DDS 304% · EBAY 61% · AMZN 46%
Automobile Manufacturers 8 -78.3%-51.6%-72.5% GM 61% · TSLA 46% · F 25%
Consumer Electronics 11 -15.3%-18.3%-75.1% AXIL 2253% · GRMN 89% · SONO -50%
Other Specialty Retail 18 -35.9%-45.4%-79.7% TLF 106% · BBW 64% · WINA 58%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CWHMUSAANGPIORLYCVNAMedian
NameCamping .Murphy U.AutoNati.Group 1 .O'Reilly.Carvana  
Mkt Price5.19519.28162.89247.7986.2464.18124.56
Mkt Cap0.39.65.52.971.246.17.5
Rev LTM6,26821,47927,44822,15518,57325,05821,817
Op Inc LTM1539411,2339013,6322,2371,087
FCF LTM50542121662,156929354
FCF 3Y Avg1460-1272151,981761338
CFO LTM2469852934393,2891,120712
CFO 3Y Avg1768931984623,078886674

Growth & Margins

CWHMUSAANGPIORLYCVNAMedian
NameCamping .Murphy U.AutoNati.Group 1 .O'Reilly.Carvana  
Rev Chg LTM-0.8%10.3%-0.1%0.8%8.5%54.0%4.6%
Rev Chg 3Y Avg-1.2%-0.8%1.0%9.7%6.9%30.8%3.9%
Rev Chg Q-2.1%36.0%-0.6%-5.6%8.1%52.4%3.7%
QoQ Delta Rev Chg LTM-0.7%9.2%-0.2%-1.4%2.0%11.3%0.9%
Op Inc Chg LTM-24.6%27.2%-6.5%-8.2%10.4%48.9%1.9%
Op Inc Chg 3Y Avg-22.4%4.7%-11.4%-4.5%6.0%156.5%0.1%
Op Mgn LTM2.4%4.4%4.5%4.1%19.6%8.9%4.4%
Op Mgn 3Y Avg3.0%4.0%4.8%4.6%19.5%7.2%4.7%
QoQ Delta Op Mgn LTM-0.4%0.0%-0.2%-0.2%-0.0%-0.3%-0.2%
CFO/Rev LTM3.9%4.6%1.1%2.0%17.7%4.5%4.2%
CFO/Rev 3Y Avg2.8%4.3%0.7%2.1%17.8%5.3%3.6%
FCF/Rev LTM0.8%2.5%0.0%0.8%11.6%3.7%1.7%
FCF/Rev 3Y Avg0.0%2.2%-0.5%0.9%11.4%4.6%1.6%

Valuation

CWHMUSAANGPIORLYCVNAMedian
NameCamping .Murphy U.AutoNati.Group 1 .O'Reilly.Carvana  
Mkt Cap0.39.65.52.971.246.17.5
P/S0.10.40.20.13.81.80.3
P/Op Inc2.210.24.43.219.620.67.3
P/EBIT1.210.43.64.219.5-354.33.9
P/E-3.415.57.010.126.929.412.8
P/CFO1.39.718.66.721.641.114.2
Total Yield-22.4%6.9%14.2%10.8%3.7%3.4%5.3%
Dividend Yield7.0%0.5%0.0%0.9%0.0%0.0%0.2%
FCF Yield 3Y Avg2.0%5.0%-1.6%4.2%2.8%2.7%2.8%
D/E11.30.32.12.00.10.11.1
Net D/E10.60.32.11.90.10.11.1

Returns

CWHMUSAANGPIORLYCVNAMedian
NameCamping .Murphy U.AutoNati.Group 1 .O'Reilly.Carvana  
1M Rtn-19.9%-4.6%-17.2%-6.2%-4.5%-15.3%-10.8%
3M Rtn-30.1%-0.7%-15.2%-17.5%-0.8%-3.1%-9.1%
6M Rtn-25.6%5.1%-16.5%-25.0%-6.5%6.5%-11.5%
12M Rtn-69.6%32.8%-26.1%-44.3%-16.7%-14.4%-21.4%
3Y Rtn-72.0%52.8%7.9%-2.6%38.6%697.3%23.2%
1M Excs Rtn-20.3%-4.9%-17.6%-6.6%-4.9%-15.6%-11.1%
3M Excs Rtn-34.8%-5.4%-19.9%-22.2%-5.5%-7.8%-13.8%
6M Excs Rtn-42.5%-7.8%-32.7%-40.8%-22.3%-12.9%-27.5%
12M Excs Rtn-85.3%17.4%-41.8%-60.8%-32.6%-30.9%-37.2%
3Y Excs Rtn-146.1%-17.4%-68.6%-77.8%-34.1%502.2%-51.4%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Recreational vehicle (RV) and Outdoor Retail6,1805,9176,0456,8036,759
Good Sam Services and Plans201196195193181
Intersegment Eliminations-12-12-13-29-26
Total6,3696,1006,2276,9676,914


Operating Income by Segment
$ Mil20202019
Retail381-98
Consumer Services and Plans8579
Floor plan interest expense2040
Corporate & other-10-12
Total4769


Assets by Segment
$ Mil20252024202320222021
Recreational vehicle (RV) and Outdoor Retail4,9064,5104,5684,4483,849
Good Sam Services and Plans127122114131159
Corporate & other11232164221365
Total5,0444,8634,8464,8004,373


Price Behavior

Price Behavior
Market Price$5.19 
Market Cap ($ Bil)0.3 
First Trading Date10/07/2016 
Distance from 52W High-69.6% 
   50 Days200 Days
DMA Price$6.22$8.14
DMA Trenddowndown
Distance from DMA-16.5%-36.2%
 3M1YR
Volatility60.9%72.6%
Downside Capture448.07315.38
Upside Capture177.83121.41
Correlation (SPY)40.1%40.6%
CWH Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta1.892.442.302.542.261.80
Up Beta-0.26-0.740.232.492.781.73
Down Beta0.813.863.022.612.311.73
Up Capture308%265%277%243%123%300%
Bmk +ve Days10213268138427
Stock +ve Days11192857108355
Down Capture362%387%260%224%175%112%
Bmk -ve Days11213259113324
Stock -ve Days10233668141389

[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-69.7%72.5%-1.33-
Sector ETF (XLY)-6.7%19.5%-0.4849.3%
Equity (SPY)16.7%13.0%0.9240.9%
Gold (GLD)13.1%29.3%0.4214.3%
Commodities (DBC)45.1%20.7%1.71-26.1%
Real Estate (VNQ)3.7%13.7%0.0136.0%
Bitcoin (BTCUSD)-24.8%44.8%-0.5113.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CWH
CWH-30.3%56.3%-0.42-
Sector ETF (XLY)4.5%24.1%0.1551.1%
Equity (SPY)12.9%17.2%0.5746.5%
Gold (GLD)19.0%18.8%0.828.4%
Commodities (DBC)10.6%19.6%0.42-0.2%
Real Estate (VNQ)0.7%18.9%-0.0742.6%
Bitcoin (BTCUSD)12.0%52.6%0.4120.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CWH
CWH-9.9%62.6%0.10-
Sector ETF (XLY)12.1%22.2%0.5049.5%
Equity (SPY)15.5%17.9%0.7345.6%
Gold (GLD)12.0%16.4%0.605.5%
Commodities (DBC)8.5%18.1%0.3911.9%
Real Estate (VNQ)4.8%20.7%0.1939.4%
Bitcoin (BTCUSD)63.7%66.2%1.0313.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity11.5 Mil
Short Interest: % Change Since 81520266.9%
Average Daily Volume1.5 Mil
Days-to-Cover Short Interest7.4 days
Basic Shares Quantity63.7 Mil
Short % of Basic Shares18.0%

Earnings Returns History

Updated 8/31/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/20264.1%7.3%6.3%
4/29/202618.2%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%
10/28/20246.9%-3.9%15.6%
...
SUMMARY STATS   
# Positive121112
# Negative121312
Median Positive7.5%7.3%9.9%
Median Negative-10.9%-9.8%-6.7%
Max Positive18.2%16.2%28.6%
Max Negative-24.8%-29.7%-35.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/20264.1%7.3%6.3%
4/29/202618.2%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%
10/28/20246.9%-3.9%15.6%
7/31/2024-4.0%-14.8%-4.2%
5/1/20240.1%6.9%0.0%
2/21/20240.5%5.1%2.5%
11/1/20237.7%9.4%28.6%
8/1/2023-12.4%-9.8%-19.6%
5/2/202311.9%16.2%22.0%
2/21/2023-0.3%-3.3%-13.3%
11/1/2022-9.2%-3.6%-3.2%
8/2/202212.5%10.9%13.5%
5/3/20227.4%-2.3%-7.4%
2/22/2022-9.4%-1.1%-6.0%
11/2/202111.3%9.2%6.2%
8/3/2021-0.3%0.4%-0.7%
5/4/202110.0%2.6%-4.0%
2/25/2021-14.0%-14.6%-3.1%
11/2/20203.1%7.1%20.6%
SUMMARY STATS   
# Positive121112
# Negative121312
Median Positive7.5%7.3%9.9%
Median Negative-10.9%-9.8%-6.7%
Max Positive18.2%16.2%28.6%
Max Negative-24.8%-29.7%-35.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/31/202610-Q
03/31/202604/30/202610-Q
12/31/202502/27/202610-K
09/30/202510/30/202510-Q
06/30/202507/30/202510-Q
03/31/202505/01/202510-Q
12/31/202402/28/202510-K
09/30/202410/29/202410-Q
06/30/202408/01/202410-Q
03/31/202405/03/202410-Q
12/31/202302/26/202410-K
09/30/202311/02/202310-Q
06/30/202308/02/202310-Q
03/31/202305/03/202310-Q
12/31/202202/23/202310-K
09/30/202211/02/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/31/202610-Q
03/31/202604/30/202610-Q
12/31/202502/27/202610-K
09/30/202510/30/202510-Q
06/30/202507/30/202510-Q
03/31/202505/01/202510-Q
12/31/202402/28/202510-K
09/30/202410/29/202410-Q
06/30/202408/01/202410-Q
03/31/202405/03/202410-Q
12/31/202302/26/202410-K
09/30/202311/02/202310-Q
06/30/202308/02/202310-Q
03/31/202305/03/202310-Q
12/31/202202/23/202310-K
09/30/202211/02/202210-Q
06/30/202208/03/202210-Q
03/31/202205/04/202210-Q
12/31/202102/24/202210-K
09/30/202111/03/202110-Q
06/30/202108/04/202110-Q
03/31/202105/05/202110-Q
12/31/202002/26/202110-K
09/30/202011/03/202010-Q
06/30/202008/06/202010-Q
03/31/202005/08/202010-Q
12/31/201902/28/202010-K
09/30/201911/12/201910-Q

Recent Forward Guidance

Updated 7/30/2026

Latest: Q2 2026 Earnings Reported 7/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Equity-based compensationReported16.00 Mil17.50 Mil19.00 Mil0 AffirmedGuidance: 17.50 Mil for 2026
2026 Depreciation and amortizationReported90.00 Mil95.00 Mil100.00 Mil5.6% RaisedGuidance: 90.00 Mil for 2026
2026 Adjusted EBITDAReported230.00 Mil250.00 Mil270.00 Mil-16.7% LoweredGuidance: 300.00 Mil for 2026
2026 Other interest expenseReported110.00 Mil115.00 Mil120.00 Mil0 AffirmedGuidance: 115.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Equity-based compensationReported16.00 Mil17.50 Mil19.00 Mil-28.6% LoweredGuidance: 24.50 Mil for 2026
2026 Depreciation and amortizationReported85.00 Mil90.00 Mil95.00 Mil0 AffirmedGuidance: 90.00 Mil for 2026
2026 Adjusted EBITDAReported275.00 Mil300.00 Mil325.00 Mil0 AffirmedGuidance: 300.00 Mil for 2026
2026 Other interest expenseReported110.00 Mil115.00 Mil120.00 Mil0 AffirmedGuidance: 115.00 Mil for 2026

Q4 2025 Earnings Reported 2/24/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Equity-based compensationReported23.00 Mil24.50 Mil26.00 Mil   
2026 Depreciation and amortizationReported85.00 Mil90.00 Mil95.00 Mil   
2026 Adjusted EBITDAReported275.00 Mil300.00 Mil325.00 Mil0 AffirmedGuidance: 300.00 Mil for 2026
2026 Other interest expenseReported110.00 Mil115.00 Mil120.00 Mil   

Q3 2025 Earnings Reported 10/28/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Cost Takeout OpportunityReported 15.00 Mil    
2026 Adjusted EBITDAReported 300.00 Mil -40.0% Lower NewActual: 500.00 Mil for 2025

Investor Activity (13F)

Updated Sep 25, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Crestview Partners II GP, L.P.$13.1 Mil3.8%3Hold13F
Philosophy Capital Management LLC$18.2 Mil2.1%36ADD +123.1%13F
Eminence Capital, LP$39.8 Mil0.9%33Hold13F
Wolf Hill Capital Management, LP$5.2 Mil0.7%20New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Wolf Hill Capital Management, LP$5.2 Mil0.7%20New13F
Philosophy Capital Management LLC$18.2 Mil2.1%36ADD +123.1%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Eminence Capital, LP$39.8 Mil0.9%33Hold13F
Philosophy Capital Management LLC$18.2 Mil2.1%36ADD +123.1%13F
Crestview Partners II GP, L.P.$13.1 Mil3.8%3Hold13F
Wolf Hill Capital Management, LP$5.2 Mil0.7%20New13F
Core Cache Last Updated: 9/24/2026