Camping World

CWH · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

CWH · Last close · October 26, 2026

$4.27

Camping World's revenue rose 4.4% to $6.4 billion in fiscal 2025. Its operating margin was 2.8%, up from 2.4% a year earlier. It paid out $31 million in dividends and buybacks.

CAMPING WORLD HOLDINGS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001104659-26-021548 Updated October 23, 2026

Revenue

$6.4B

4.4%

Operating margin

2.8%

0.4 pts

Net income

−$90M

Free cash flow

—

Return on capital

4.9%

1.3 pts

Market cap

—

No share count

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2020, earnings per share grew 157.8% a year and net income fell 10.3% a year. Camping World then lost money in fiscal 2024 and 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Camping World yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Camping World's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Camping World's free cash flow isn't available in its filings' structured data (the notes above say why), and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Camping World's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 11% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $4.27
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Camping World's latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	267	130	40	208	215
Debt incl. finance leases	1,473	1,614	1,636	1,655	1,606
Net debt (negative means net cash)	1,206	1,484	1,596	1,446	1,391
Net debt to EBITDA	1.4x	2.3x	4.8x	6.3x	5.0x
Debt to equity	—	—	—	5.1x	—
Interest coverage	13.7x	5.3x	1.2x	0.6x	0.9x
Current ratio	1.4x	1.3x	1.2x	1.4x	1.2x
Quick ratio	0.3x	0.2x	0.2x	0.3x	0.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

No officer, director or 10% owner of Camping World reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Pass	Fail
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	—	—	—
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	—	—	—
Accruals ratio	−5.7%	−5.8%	0.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Camping World side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Camping World	FY25	4.4%	2.8%	—	4.9%	5.0x	—
Advance Auto Parts	FY25	−5.4%	−0.5%	−3.5%	−1.5%	1.3x	5	Compare
PHINIA	FY25	2.4%	7.3%	5.4%	—	1.5x	—	Compare
Sonic Automotive	FY25	6.5%	2.4%	2.8%	12.2%	3.7x	6	Compare
O'Reilly Automotive	FY25	6.4%	19.5%	9.0%	59.7%	1.5x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,516	4,280	4,792	4,892	5,447	6,914	6,967	6,226	6,100	6,369
Revenue growth	7.2%	21.7%	12.0%	2.1%	11.3%	26.9%	0.8%	−10.6%	−2.0%	4.4%
Gross profit	994	1,241	1,363	1,287	1,702	2,456	2,262	1,879	1,826	1,877
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	276	356	201	9	476	800	568	267	149	180
Net income	189	30	10	−61	122	278	124	33	−39	−90
Diluted EPS (US$)	0.07	1.12	0.28	−1.62	3.09	—	—	—	—	—
Diluted shares (millions)	—	27	89	37	40	—	—	—	—	—
Cash flow
Cash from operations	216	−16	136	252	748	154	190	311	245	−132
Capital expenditure	57	81	254	88	85	248	211	—	—	—
Free cash flow	159	−97	−118	164	663	−94	−21	—	—	—
Dividends paid	2	22	23	23	61	67	105	67	25	31
Share buybacks	0	0	0	0	22	156	80	0	0	0
Acquisitions	79	393	99	48	48	100	217	210	72	81
Stock-based compensation	2	5	14	13	21	48	34	24	22	44
Balance sheet at fiscal year end
Cash and short-term investments	114	224	139	148	166	267	130	40	208	215
Debt incl. finance leases	645	937	1,185	1,183	1,165	1,473	1,614	1,636	1,655	1,606
Total assets	1,456	2,567	2,807	3,376	3,256	4,373	4,800	4,890	4,863	5,044
Total liabilities	1,600	2,495	2,774	3,536	3,266	4,139	4,552	4,632	4,378	4,672
Shareholders' equity	−30	50	44	−33	27	158	148	168	327	229
Margins and ratios
Gross margin	28.3%	29.0%	28.4%	26.3%	31.3%	35.5%	32.5%	30.2%	29.9%	29.5%
Operating margin	7.9%	8.3%	4.2%	0.2%	8.7%	11.6%	8.2%	4.3%	2.4%	2.8%
Net margin	5.4%	0.7%	0.2%	−1.2%	2.2%	4.0%	1.8%	0.5%	−0.6%	−1.4%
Free cash flow margin	4.5%	−2.3%	−2.5%	3.3%	12.2%	−1.4%	−0.3%	—	—	—
Return on capital	—	36.9%	14.7%	0.7%	43.7%	57.1%	26.3%	14.7%	6.2%	4.9%
Return on equity	—	—	—	—	—	—	—	—	−15.6%	−32.4%
Return on assets	13.6%	1.5%	0.4%	−2.0%	3.7%	7.3%	2.7%	0.7%	−0.8%	−1.8%
Net debt to EBITDA	1.8x	1.8x	4.2x	15.1x	1.9x	1.4x	2.3x	4.8x	6.3x	5.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Camping World's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Camping World.