Start here if you're new
what it is
Camping World sells RVs, fixes them, and sells memberships, insurance, financing, and roadside help through Good Sam.
how it gets paid
Last year Camping World made $6.4B in revenue.
why it's growing
Revenue grew 4.4% last year. The 32% jump in used-vehicle revenue mattered most because it offset weaker areas and pushed total Q3 revenue up 5% to $1.81B.
what just happened
The latest reported quarter showed a sharp miss, with EPS at -$1.07 versus a -$0.49 estimate.
At a glance
C+ balance sheet — struggling to keep the lights on
25/100 earnings predictability — expect surprises
trailing p/e screen is noisy after a loss quarter — use forward/through-cycle earnings, not one stale ratio
6.1% dividend yield — cash in your pocket every quarter
11.0% return on capital — nothing to write home about
xvary composite: 17/100 — weak
What they do
Camping World sells RVs, fixes them, and sells memberships, insurance, financing, and roadside help through Good Sam.
Camping World wins on reach. It has 206 selling and service locations, so you can buy an RV, get it fixed, and keep your membership in one network. Good Sam adds insurance, financing, and roadside help, which raises switching costs (switching costs → leaving is annoying and expensive → customers tend to stay).
How they make money
$6.4B
annual revenue · their business grew +4.4% last year
total revenue
$6.4B
+4.4%
The products that matter
rv sales, parts, and service
RV Retail
$6.4B revenue
it is the whole $6.4B revenue engine; company net margin in the health panel is ~1.2% on this feed—thin either way, so your thesis lives and dies on unit demand, finance availability, and whether service work helps smooth the cycle.
~1.2% net margin
Key numbers
$1.5B
long-term debt
Debt is larger than the roughly $1B market cap, so lenders have a louder voice than equity holders when the cycle turns.
6.1%
dividend yield
You are being paid to wait, but high yields in cyclical stocks often mean the market doubts the payout.
n/m
trailing p/e
After a sharply negative quarter, trailing P/E from data feeds is often meaningless—pair any multiple with the same GAAP period and sign.
$22
18-month target
The published 18-month target is 125% above $9.78, which tells you expectations are spread across very different future outcomes.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 20 / 100
- long-term debt $1.5B (59% of capital)
- net profit margin 1.2% net margin (~1¢/$ sales)—TTM/FY-style in this feed, not the same window as a -$1.07 GAAP quarter; check the 10-Q label.
- return on equity 21% — $0.21 profit for every $1 investors have put in
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
You invested $10,000 in CWH 3 years ago → it's now worth $4,760.
The index would have given you $14,770.
source: institutional data · total return
What just happened
missed estimates
The latest reported quarter showed a sharp miss, with EPS at -$1.07 versus a -$0.49 estimate.
That miss is a different quarter than the upbeat Q3 print below—do not blend periods. In Q3, revenue rose about 5% to $1.81B and adjusted EPS improved to $0.43 from $0.13, helped by a 32% jump in used-vehicle revenue and lower floorplan borrowing rates.
$1.81B
Q3 revenue
$0.43
Q3 adj. EPS
-$1.07
later Q GAAP EPS (miss)
the number that mattered
The 32% jump in used-vehicle revenue mattered most because it offset weaker areas and pushed total Q3 revenue up 5% to $1.81B.
-
camping world holdings posted better-than-expected third-quarter results.
-
revenue increased about 5% vs. prior year, to $1.81 billion, thanks to a 32% jump in used-vehicle revenue, which more than offset softness in new recreational vehicle (rv) sales.
-
moreover, adjusted share earnings rose, to $0.43 from $0.13 in the year-ago period.
-
lower floorplan borrowing rates provided a notable boost.
-
industry trends are shifting.
source: company earnings report, 2026
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What could go wrong
the #1 risk is rv demand weakening while financing stays expensive.
high
rv demand slowdown
this is a discretionary purchase. if consumers pull back, the $6.4B revenue base gets hit quickly because there is no defensive product mix hiding underneath it.
at ~1.2% net margin on the health panel here, it does not take a dramatic sales miss to erase earnings.
high
financing tightness
RVs are financed purchases. if rates stay high or lenders tighten standards, demand can fade before shoppers ever reach a dealership.
the street already expects -$0.15 EPS next quarter even with $1.8B of revenue. financing stress is how that gap stays open.
med
balance sheet leverage
long-term debt sits at $1.5B, or 59% of capital. leverage is manageable in recovery mode and much less forgiving when profits compress.
debt reduces how long management can wait for the cycle to improve on its own.
med
dividend pressure
a 6.1% yield looks generous. it also means the payout is part of the thesis, which is dangerous when earnings are thin and next quarter is still expected to lose money.
if profits do not recover, the dividend shifts from shareholder reward to capital allocation problem.
with $1.5B of long-term debt, a 6.1% yield, and just ~1.2% net margin on this feed, CWH does not need a collapse to disappoint you. it needs one part of the recovery story to stall.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
quarterly EPS versus revenue
if revenue holds near $1.8B and EPS stays negative, the operating leverage story is still a story. not a result.
risk
dividend durability
a 6.1% yield can steady the stock until investors doubt it. then the yield stops looking generous and starts looking stressed.
calendar
the next earnings print
you need to see whether growth from last year turns into profit or just into more low-margin volume.
trend
institutional buying versus the stock
institutions bought net for three straight quarters, but the stock still sits at $9.78. when ownership data and price disagree, price is the harder truth.
Analyst rankings
short-term outlook
bottom 5%
momentum score 5. in human-speak: the fundamental setup still ranks among the market's weaker near-term names.
risk profile
high risk
stability score 5 — riskier than 95% of stocks in this framework.
chart momentum
top 20%
technical score 2. in human-speak, the chart has improved faster than the business quality.
earnings predictability
25 / 100
estimates are a loose guide here, not a promise. this company does not earn the benefit of the doubt on quarter-to-quarter execution.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 120 buyers vs. 97 sellers in 3q2025. total institutional holdings: 64.3M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$8
$35
$10
current price
$22
target midpoint · +125% from current · 3-5yr high: $25 (+155% · 32% ann'l return)
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