Camping World Holdings Inc
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Camping World Holdings Inc AI Insights
Informational only. Not investment advice.Snapshot
- Debt/Equity of 12.8x with 3.8B total debt vs 296M equity; interest expense (199M TTM) exceeds operating income (219M TTM)[Debt to Equity]
- Tangible book value is -469M; goodwill (749M) is 2.5x total equity - impairment would eliminate equity[Tangible Book Value]
- FCF TTM of -306M with negative operating cash flow trend; 2B inventory ties up capital in cyclical downturn[Free Cash Flow TTM]
Watch Triggers
- Interest Expense: Exceeds Operating Income for 2 consecutive quarters — Signals inability to service debt from operations - restructuring becomes likely
- Inventory: Falls below 1.5B or rises above 2.5B — Inventory liquidation signals distress; buildup indicates demand collapse
- Free Cash Flow TTM: Turns positive for 2 consecutive quarters — Would signal turnaround and reduce refinancing risk
Bull Case
Trading at 0.1x P/S vs median 0.32x; if margins normalize to 3% net, equity could triple from depressed base
Gross margin of 29.9% (above 19.3% median) shows pricing power; operating issues are fixable cost structure
Bear Case
Interest coverage below 1.1x (EBIT 219M / Interest 199M); any revenue decline triggers covenant risk
Negative tangible equity (-469M) means debt holders own the business; equity is a call option on recovery
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Balance sheet stress likely forces asset sales or equity raise within 12-18 months
- Interest expense consumes 91% of operating income
- Negative FCF depleting cash reserves
- Current debt of 1.4B due near-term
RV demand recovery could drive rapid operating leverage given fixed cost base
- Gross margin 29.9% near industry median
- High operating leverage structure
Valuation Context
Caveats
Public Strategies Rankings
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CWH Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$0 | — | ||
$0 | — | ||
0.00 | — | ||
$6.37B | +4.4% | — | |
$0.00 | — | ||
2.80% | -0.0% | — | |
-1.41% | -0.8% | — | |
$-384.27M | — | ||
-32.4% | -16.7% | — | |
Beta 5Y (Monthly) | unknown | — |
CWH Dividend History
2025
$0.50002024
$0.50002023
$1.50002022
$2.50002021
$1.48002020
$1.32322019
$0.61282018
$0.46642017
$0.74282016
$0.0800CWH Stock Splits
CWH SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/27/26 | 12/31/25 | 10-K | |
10/30/25 | 09/30/25 | 10-Q | |
07/30/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/28/25 | 12/31/24 | 10-K | |
10/29/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/03/24 | 03/31/24 | 10-Q | |
02/26/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/02/23 | 06/30/23 | 10-Q | |
05/03/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
11/02/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 10-Q | |
05/04/22 | 03/31/22 | 10-Q | |
02/24/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/05/21 | 03/31/21 | 10-Q | |
02/26/21 | 12/31/20 | 10-K | |
11/03/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/08/20 | 03/31/20 | 10-Q | |
02/28/20 | 12/31/19 | 10-K | |
11/12/19 | 09/30/19 | 10-Q | |
08/09/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
03/15/19 | 12/31/18 | 10-K | |
11/07/18 | 09/30/18 | 10-Q | |
08/09/18 | 06/30/18 | 10-Q | |
05/09/18 | 03/31/18 | 10-Q | |
03/13/18 | 12/31/17 | 10-K | |
11/09/17 | 09/30/17 | 10-Q | |
08/10/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
03/13/17 | 12/31/16 | 10-K | |
11/10/16 | 09/30/16 | 10-Q | |
03/13/18 | 09/30/16 | 10-Q/A | |
03/13/18 | 06/30/16 | 10-Q/A | |
10/11/16 | 06/30/16 | 424B4 | |
06/13/16 | 03/31/16 | S-1 | |
03/13/18 | 03/31/16 | 10-Q/A | |
10/11/16 | 12/31/15 | 424B4 | |
11/10/16 | 09/30/15 | 10-Q | |
06/30/15 | 06/30/15 | Unknown | -- |
06/13/16 | 03/31/15 | S-1 |