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Camping World Holdings

CWH on NYSE. Camping World sells RVs and related services to people who travel and camp. Market value $1.0bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Retail & consumer stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
11.2×fair

You pay 11.2 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
12.0%five-year median

Each dollar kept in the business earns 12 cents a year. Above 10 is good.

Quality score: 44 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.

$4.53 a share, 14% above its 1-year low

Over the past year the price has ranged from $3.96 to $17.15.

Dividend: 5.5% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.0
n/a
n/a
n/a
20212022202320242025
Revenue
$6.9bn$7.0bn$6.2bn$6.1bn$6.4bn
Operating margin
11.6%8.2%4.3%2.4%2.8%
Debt to equity
9.3210.929.725.077.02
Shares outstanding
n/an/an/an/an/a

Health checks

  • Free cash flow positive0 of 2 years
  • Accounting looks honest (Beneish)Watch
  • Financial strength (Piotroski)2 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt7.02× equity
  • Revenue growth, five yearsSlow, 3.2% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.9 billion last quarter, down 2% on a year ago.
  • Profit: $27 million, down 11% on a year ago.
  • It keeps 2 cents of each $1 of sales as operating profit, down from 3 cents a year earlier.
  • Debt is $1.3 billion more than cash, down from $1.5 billion a year ago.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.7bn
December 2024$1.2bn
March 2025$1.4bn
June 2025$2.0bn
September 2025$1.8bn
December 2025$1.2bn
March 2026$1.4bn
June 2026$1.9bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$6m
December 2024Not reported
March 2025-$12m
June 2025$30m
September 2025-$40m
December 2025-$67m
March 2026-$16m
June 2026$27m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 February 2026
Next quarterly (estimated, 10-Q)
30 October 2026

Who owns it

1 long-term investor we follow owns it, down from 2 last quarter. 210 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

9 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 5 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 7.0× its equity.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.