olivLaw · US equity research
Camping World Holdings, Inc. CWH
Retail-Auto Dealers & Gasoline Stations · SIC 5500 · Vertical: Retail-Auto Dealers & Gasoline Stations (SIC 5500)
Camping World Holdings is America's largest retailer of RVs, combining new and used vehicle sales with Good Sam protection and insurance services. In the second quarter of 2026 the market weakened and the company cut its full-year Adjusted EBITDA outlook, which makes its profile relevant for anyone following the RV industry cycle. Quarterly revenue was 1,934 mn USD, and full-year Adjusted EBITDA is now estimated at 230-270 mn USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Camping World Holdings, Inc. (CWH) stock was 5.42 USD (+12.68% on the day), with market capitalisation 0 USD, P/E 1.8 on diluted EPS of 3.09 USD over the last 12 months, dividend yield 13.65%, beta 1.87, 52-week range 4.20–14.71 USD. Latest reported quarter (Q2 2026): revenue of 1.9 bn USD (−2.1% YoY), net income of 26.9 m USD (−11.1% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.1
- strong (55–70)
- Bollinger (20, 2)
- 3.96 – 5.27
- above the upper band · %B 1.12 · band width 28.3%
- SMA 50 / 200
- 5.30 / 7.26
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.17
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +19.1% | −2.0% | +21.1 pp | — |
| 3 months | −16.5% | −2.2% | −14.3 pp | — |
| 6 months | −31.3% | +4.3% | −35.6 pp | — |
| Year to date | −44.3% | +10.6% | −54.9 pp | — |
| 1 year | −54.9% | +10.5% | −65.4 pp | +0.3% |
| 3 years | −71.7% | +73.7% | −145.3 pp | +18.2% |
| 5 years | −86.8% | +61.7% | −148.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.2 bn | 1.4 bn | 2.0 bn | 1.8 bn | 1.2 bn | 1.4 bn | 1.9 bn |
| Cost of revenue | 1.2 bn | 827.5 m | 983.9 m | 1.4 bn | 1.3 bn | 835.3 m | 951.3 m | 1.4 bn |
| SG&A | 414.2 m | 367.8 m | 387.4 m | 437.5 m | 411.0 m | 367.3 m | 358.3 m | 410.9 m |
| Operating income | 64.4 m | -15.5 m | 20.8 m | 130.3 m | 79.1 m | -50.0 m | 22.1 m | 91.8 m |
| Depreciation & amortisation | 20.6 m | 21.3 m | 22.5 m | 23.4 m | 25.7 m | 23.7 m | 22.7 m | 24.6 m |
| Pre-tax income | 6.0 m | -67.8 m | -28.2 m | 75.8 m | 178.1 m | -105.6 m | -26.7 m | 45.1 m |
| Income tax | -2.0 m | -8.2 m | -3.5 m | 18.3 m | 207.5 m | 3.5 m | -84.0 k | 1.4 m |
| Net income | 5.5 m | -31.6 m | -12.3 m | 30.2 m | -40.4 m | -67.3 m | -16.4 m | 26.9 m |
| Operating cash flow | 324.2 m ≈ | -163.4 m | -232.5 m | 187.9 m ≈ | 139.8 m ≈ | -227.2 m | -65.6 m | 398.8 m ≈ |
| Dividends paid | 5.7 m ≈ | 7.8 m | 7.8 m | 7.8 m ≈ | 7.9 m ≈ | 7.9 m | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 4-quarter history (min 11.8, median 24.6, max 63.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.8 bn | 4.9 bn | 5.4 bn | 6.9 bn | 7.0 bn | 6.2 bn | 6.1 bn | 6.4 bn |
| Revenue YoY | +12.0% | +2.1% | +11.3% | +26.9% | +0.8% | −10.6% | −2.0% | +4.4% |
| Net income | 10.4 m | -60.6 m | 122.3 m | 278.5 m | 123.7 m | 33.4 m | -38.6 m | -89.8 m |
| Net income YoY | −65.2% | −682.7% | unavailable | +127.6% | −55.6% | −73.0% | −215.8% | unavailable |
| Diluted EPS | 0.28 | -1.62 | 3.09 | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | −75.0% | −678.6% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 0.2% | -1.2% | 2.2% | 4.0% | 1.8% | 0.5% | -0.6% | -1.4% |
| Free cash flow | -118.1 m | 163.6 m | 662.7 m | -93.8 m | -20.8 m | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 215.0 m USD
- Financial debt
- 1.5 bn USD
- Net debt
- 1.3 bn USD
- Equity
- 371.8 m USD
- Total assets
- 5.0 bn USD
- Debt / equity
- 3.96x
- Current ratio
- 1.20x
- ROE
- -21.0%
- ROA
- -1.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.4 bn | 6.9 bn | 7.0 bn | 6.2 bn | 6.1 bn | 6.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 3.7 bn | 4.5 bn | 4.7 bn | 4.3 bn | 4.3 bn | 4.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 1.7 bn ≈ | 2.5 bn ≈ | 2.3 bn ≈ | 1.9 bn ≈ | 1.8 bn ≈ | 1.9 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| SG&A | 1.2 bn | 1.6 bn | 1.6 bn | 1.5 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 476.2 m | 799.5 m | 568.5 m | 267.1 m | 148.6 m | 180.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 52.0 m | 66.4 m | 80.3 m | 68.6 m | 81.2 m | 95.3 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 528.2 m ≈ | 866.0 m ≈ | 648.8 m ≈ | 335.7 m ≈ | 229.8 m ≈ | 275.5 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | 402.0 m | 734.2 m | 450.1 m | 49.4 m | -90.3 m | 120.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 57.7 m | 92.1 m | 112.3 m | -3.5 m | -11.4 m | 225.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 122.3 m | 278.5 m | 123.7 m | 33.4 m | -38.6 m | -89.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 3.09 | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| Weighted average diluted shares | 40.0 m | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 166.1 m | 267.3 m | 130.1 m | 39.6 m | 208.4 m | 215.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 83.4 m | 101.6 m | 112.4 m | 128.1 m | 120.4 m | 170.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 1.1 bn | 1.8 bn | 2.1 bn | 2.0 bn | 1.8 bn | 2.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 1.5 bn | 2.3 bn | 2.5 bn | 2.3 bn | 2.3 bn | 2.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 367.9 m | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| Goodwill | 413.1 m | 483.6 m | 622.4 m | 711.2 m | 734.0 m | 749.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 30.1 m | 31.0 m | 20.9 m | 13.7 m | 19.5 m | 15.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 3.3 bn | 4.4 bn | 4.8 bn | 4.9 bn | 4.9 bn | 5.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 148.5 m | 136.8 m | 127.7 m | 133.5 m | 145.3 m | 147.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 12.2 m | 15.8 m | 25.2 m | 22.1 m | 23.3 m | 57.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 1.1 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.5 bn | 1.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 1.0 bn | 1.6 bn | 1.9 bn | 1.9 bn | 1.7 bn | 2.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 3.3 bn | 4.1 bn | 4.6 bn | 4.6 bn | 4.4 bn | 4.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | -9.2 m | 254.6 m | 296.6 m | 258.0 m | 484.9 m | 371.8 m | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 747.7 m | 154.0 m | 189.8 m | 310.8 m | 245.2 m | -132.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 84.9 m | 247.8 m | 210.6 m | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| Free cash flow | 662.7 m ≈ | -93.8 m ≈ | -20.8 m ≈ | — | — | — | SEC (XBRL)· 23 Feb 2023derived |
| Investing cash flow | -125.9 m | -355.8 m | -422.5 m | -369.4 m | -88.2 m | -201.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -603.2 m | 303.0 m | 95.6 m | -31.9 m | 11.8 m | 339.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 61.0 m | 67.2 m | 105.4 m | 66.8 m | 24.7 m | 31.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 21.5 m | 156.3 m | 79.8 m | 0 | 0 | — | SEC (XBRL)· 28 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 0 USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.72 – 13.08 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)9.72 – 13.08 (Mid 11.15)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.9% | 0 (vs peers) | 21% |
| Net margin · Quality | -1.6% | 24 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -2.9% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 4.9x | 0 (vs peers) | 21% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 35 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 4.9x | 92 (on a fixed band) | 21% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial92/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CAMPING WORLD HOLDINGS, INC. (CWH). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 6.4 bn USD in 2025; YoY growth 4.4%; net margin -1.6%; ROE -33.2%; net debt/EBITDA 4.9x.
The estimated value range is 9.72–13.08 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 11.15 USD, the price of 5.42 USD leaves a potential of 105.8% (value / price − 1) and a margin of safety of 51.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/EBITDA: 4.9x
- The price is below the estimated value range
What contradicts it
- ROIC: 6.9%
- Net margin: -1.6%
- Revenue CAGR 3Y: -2.9%
- Net debt / EBITDA: 4.9x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Interest coverage, P/E (TTM), FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Auto Dealers & Gasoline Stations (SIC 5500) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CPRTCopart, Inc. | 28.8 bn | 20.0 | 16.2% | 31.8% | +0.4% | −20% / −38% |
| CASYCasey’s General Stores, Inc. | 24.6 bn | 32.0 | 20.0% | 4.1% | +10.2% | +17% / +142% |
| PAGPenske Automotive Group, Inc. | 13.9 bn | 15.5 | 15.5% | 2.8% | −0.2% | +31% / +42% |
| MUSAMurphy USA Inc. | 9.1 bn | 14.1 | 99.0% | 2.9% | −4.2% | +30% / +36% |
| KMXCarmax, Inc. | 7.8 bn | 26.9 | 4.7% | 1.1% | −1.8% | +43% / −14% |
| LADLithia Motors, Inc. | 6.8 bn | 9.1 | 11.8% | 2.1% | +4.0% | −1% / +18% |
| ANAutonation, Inc. | 5.9 bn | 8.8 | 30.2% | 2.6% | +3.2% | −13% / +36% |
| OPLNOPENLANE, Inc. | 4.5 bn | 24.5 | 13.4% | 9.7% | +8.2% | +44% / +151% |
| ABGAsbury Automotive Group, Inc. | 3.8 bn | 8.3 | 11.8% | 2.7% | +4.7% | −10% / −0% |
| GPIGroup 1 Automotive, Inc | 3.3 bn | 8.6 | 12.4% | 1.7% | +13.2% | −32% / −3% |
| NXXTNextnrg, Inc. | 427.3 m | — | — | -61.3% | +194.7% | +108% / −43% |
| VRMVroom, Inc. | 36.5 m | — | -45.0% | — | −54.2% | −66% / unavailable |
| KXINKaixin Holdings | 12.2 m | — | -307.2% | -41,788.4% | unavailable | −96% / −100% |
| CRMTAmerica’s Car-Mart, Inc. | 10.5 m | — | -43.0% | -18.6% | −7.9% | −94% / −98% |
| JZXNJiuzi Holdings Inc. | 1.4 m | — | -90.7% | -353.5% | +105.9% | −86% / −100% |
| CWHCamping World Holdings, Inc. | 0 | — | -33.2% | -1.6% | +4.4% | −55% / −72% |
| RUSHARush Enterprises, Inc. | — | 14.0 | 11.8% | 3.7% | −4.7% | +33% / +75% |
| CVNACarvana Co. | 0 | 0.0 | 51.5% | 6.2% | +48.6% | +4% / +1,138% |
| SAHSonic Automotive, Inc. | — | 10.3 | 19.4% | 1.3% | +6.5% | +2% / +25% |
1- and 3-year price returns: for CWH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 3 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 5 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (02 Nov 2026 · results).
In brief
Camping World Holdings is America's largest retailer of RVs, combining new and used vehicle sales with Good Sam protection and insurance services. In the second quarter of 2026 the market weakened and the company cut its full-year Adjusted EBITDA outlook, which makes its profile relevant for anyone following the RV industry cycle. Quarterly revenue was 1,934 mn USD 3, and full-year Adjusted EBITDA is now estimated at 230-270 mn USD 3.
SWOT
Strengths
- The company is the largest RV retailer in the country and has a national network of locations and service centers, a position hard for smaller competitors to match.
- The Good Sam segment brings recurring revenue with higher margins, which partly offsets the volatility of vehicle sales.
- The Good Sam Club, with a large base of paid members, creates a customer base that can be cross-sold.
Weaknesses
- New vehicle sales carry low margins, and in the second quarter of 2026 that margin fell significantly, weighing on profitability.
- The company depends on a few RV manufacturers, with a large share of its new vehicle inventory coming from two producers.
- Total debt and the cost of floor plan financing are a pressure when volumes decline.
Opportunities
- If the market stabilizes, the company could recover volume and margins through cleaner inventory and lower structural costs.
- Extending Good Sam programs to other recreational segments such as boating or powersports is an objective the company mentions.
- The structural SG&A savings the company has announced could improve profitability if fully delivered.
Threats
- High interest rates and low consumer confidence could keep RV demand weak for a longer period.
- High fuel prices and emissions regulation could change demand and the range of products available.
- Tariffs on components could raise costs and affect selling prices.
Risks
- Consumer demand sensitive to the economyhigh
RV sales depend on discretionary consumer spending. If unemployment, interest rates or inflation rise, customers may delay purchases, which could reduce revenue.
- Financing of inventory and customershigh
The company relies on its floor plan line and third-party lenders to finance customers. A tightening of credit could limit inventory or demand.
- Dependence on suppliersmedium
A large share of new vehicle inventory comes from two manufacturers. Production or financial problems at these suppliers could affect availability.
- Tariffs and procurement costsmedium
Tariffs on imports and components from China, Mexico and Canada can raise costs, and the company says it is still adjusting its procurement practices.
- Emissions and fuel regulationlow
Changes in emissions rules and energy sources can narrow the range of RVs available or reduce demand for certain models.
Investment thesis
What would need to be true (bull case)
- If the market stabilizes, the company could benefit from its healthier inventory and improving vehicle margins, which would support EBITDA growth versus the prior year as its revised outlook suggests.
- The Good Sam segment, with recurring revenue and higher margins, could keep growing and reduce dependence on the vehicle sales cycle.
- If the announced SG&A savings are fully delivered, profitability could rise even with lower volumes.
What would break the thesis
- If RV demand stays weak amid high interest rates, revenue and margins could fall further than the company expects.
- The EBITDA outlook has already been cut, and a further downward revision could follow if the second-half selling season is weak.
- Dependence on a few suppliers and on third-party financing makes the company vulnerable to supply or credit shocks.
What to watch
- Third-quarter results and the trend in new vehicle unit salesQ3 2026
- Delivery of the announced SG&A savings, especially the year-end run-rate targetend 2026
- Full-year 2026 Adjusted EBITDA outlook and any further revisionQ3 2026
- SSI data on new RV registrations and the trend in new vehicle gross margin2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (02 Nov 2026 · results).
The business
Camping World Holdings, Inc. (ticker CWH) describes its activity as America's largest retailer of RVs and related products, through the Camping World and Good Sam brands 1. As of 31 December 2025 it operated 196 locations, all selling and/or servicing RVs 1, and the count reached 200 by 30 June 2026 2. The company says it operates a national network of dealerships and service centers and serves approximately 4.2 million Active Customers 1. Founded in 1966, it combined with FreedomRoads in 2011 to form what it calls the largest provider of products and services for RVs in North America 1.
The business model rests on two complementary areas: vehicle sales and dealer services, which drive volume, and recurring Good Sam programs, which carry higher margins. The company says the RV and Outdoor Retail segment, which made up 96.9% of revenue in 2025, is its primary means of acquiring new customers, to whom it then cross-sells Good Sam products and services 1. The Good Sam Club had approximately 1.6 million paid members at year-end 2025 1.
Financing is an important component: the company facilitated financing for approximately 80.0% of its new units sold in 2025 through third-party lenders 1. For new vehicle inventory it relies on a floor plan facility with up to 2.15 bn USD of maximum borrowing capacity at 31 December 2025 1.
Segments
RV and Outdoor Retail
This segment, which accounts for nearly all of the company's revenue, includes new and used RV sales, financing, service, parts and accessories, and the Good Sam Club 1. New vehicle sales made up 43.4% of revenue in 2025 and used vehicle sales 30.9% 1. In the second quarter of 2026, new vehicle unit sales fell 16.4% while used vehicle unit sales rose 5.2% 2.
Good Sam Services and Plans
The Good Sam segment includes extended service plans, roadside assistance, insurance, travel protection and access to campground and resort networks 1. Although it is a small share of revenue, it generated 33.5% of segment Adjusted EBITDA in 2025 1. Its margin is far above that of RV sales, and the company notes that these programs are often purchased to cover several years 1.
Market context
The RV industry has entered a contraction after the pandemic peak. The RV Industry Association reported 342,220 wholesale shipments for 2025, 2.5% more than in 2024 1. In summer 2026 the median forecast for 2026 shipments was revised down to 314,100 units, 8.2% below 2025 levels 2. New RV registrations in the U.S. fell 16.4% in the first five months of 2026 2.
The company itself lowered its retail outlook to 290,000-310,000 new units for 2026, down 15% at the midpoint versus the prior year 3. Pressures come from economic conditions, weaker consumer sentiment, high fuel prices and a persistently high interest rate environment 2.
Trends
- Weak demand for new RVsheadwind
The decline in registrations and new vehicle sales has weighed on volumes and margins. If interest rates and fuel prices stay high, demand could remain soft in the second half of the year.
- Healthier inventory and used salesmixed
The company says it entered the second half with healthier inventory and sequentially improving vehicle margins 3. Used vehicle unit sales rose in the second quarter, suggesting demand holds in the lower-priced segment.
- Recurring Good Sam revenuetailwind
Protection programs and club memberships are recurring and carry higher margins than vehicle sales. If these programs grow, they could partly offset the drop in RV sales.
- Tariffs and component costsheadwind
Tariffs on imports from China, Mexico and Canada can raise procurement costs, and the company notes that many U.S. suppliers source components from these countries 2. Cost pressure could weigh on margins if tariffs persist.
Competitive position
The company is the largest RV retailer in the U.S., but competition comes from independent dealers, regional chains and online platforms that list RVs at or below cost, according to the annual report 1. The company says such practices have affected its gross margin and SG&A, and that its response has been pricing, marketing programs and alliances 1.
In the protection and service space around the RV lifestyle, competition comes from specialized insurance providers, service plan providers and campground networks. The company stresses its advantage is the breadth of its product range and national service network 1.
- Thor IndustriesTHO
RV manufacturer and principal supplier, which provided about 58.4% of the company's new RV inventory at 31 December 2025 1. The relationship is one of supplier as well as market participant, since its production decisions affect stock availability.
- Forest River
RV manufacturer and subsidiary of Berkshire Hathaway, supplying about 34.4% of the company's new RV inventory at 31 December 2025 1. It is also a supplier rather than only a rival, and its financial health matters for supply continuity.
- Independent RV dealers
Regional and local dealers compete for new and used vehicle sales as well as service work. The sources do not identify a dominant player in this group.
- Online RV sales and rental platforms
Platforms that list RVs or facilitate RV rentals compete for customers looking for used vehicles or travel experiences without buying.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report05 Oct 2026Regulation FD disclosure
- Current report31 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report26 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Current report10 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Proxy statement09 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Camping World Holdings, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Camping World Holdings, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Camping World Holdings, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.