# Camping World Holdings (CWH.US)

Canonical: https://gigainvestors.com/s/CWH

Analysis as of: 2026-10-16T07:27:52.310Z. Financial observations: FY2013–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $4.57 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 0.58×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.08×

- FY2018: 0.04×

- FY2019: 0.00×

- FY2020: 0.09×

- FY2021: 0.12×

- FY2022: 0.08×

- FY2023: 0.04×

- FY2024: 0.02×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 11.0%

- ROIC, second-lowest year: 3.5%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 29.7%

- Recent gross margin (lower of latest and 3-year median): 29.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: -0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.8%

- FY2017: 16.8%

- FY2018: 8.3%

- FY2019: 0.3%

- FY2020: 20.2%

- FY2021: 25.4%

- FY2022: 13.6%

- FY2023: 8.2%

- FY2024: 3.9%

- FY2025: 3.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $25M

- Net income, five-year total: $320M

- Return on incremental invested capital: -5.5%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 1.9 pp

- Working capital / revenue, final three-year average: 32.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.63×

- FY2023: -2.95×

- FY2024: 1.50×

- FY2025: 2.04×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.8% vs 3.9%

- Per-share earnings: 2.26 to -0.68 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 13.9%

- Ordinary dilution, 5-year annual growth: 9.4%

- Market cap gain: -$2.1B

- Cumulative retained earnings: $10M

- Diluted shares, 10-year annual growth: 13.9%

- Diluted shares, 5-year annual growth: 9.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$2.94

- Per-share value, starting three-year median: $2.26

- Per-share value, ending three-year median: -$0.68

- Buybacks concentrated in cheaper years (correlation): 0.67

- Average buyback yield: 2.1%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $651M

- Cumulative net income, 10 years: $611M

- ROIC, first three-year median: 16.8%

- ROIC, last three-year median: 3.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.26

- FY2017: $1.12

- FY2018: $0.12

- FY2019: -$0.68

- FY2020: $3.06

- FY2021: $3.14

- FY2022: $3.24

- FY2023: $0.39

- FY2024: -$0.68

- FY2025: -$1.43

### accounting: pass

- Sloan accruals: 0.8%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 2

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 3.35×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.7%

- FY2017: 1.7%

- FY2018: -4.5%

- FY2019: -9.0%

- FY2020: -18.8%

- FY2021: 2.8%

- FY2022: -1.1%

- FY2023: -5.7%

- FY2024: -5.8%

- FY2025: 0.8%

## Holders

## Price story

Down 90% since Nov 2021 · "Camping World Holdings suspends dividend to further trim debt; reports mixed Q4 results" (seekingalpha.com, Feb 2026) · sales +4.4%

Story as of 2026-10-16T09:58:36.180Z; price observation 2026-10-15.

- 2026-02-24: Camping World Holdings suspends dividend to further trim debt; reports mixed Q4 results ([seekingalpha.com](https://seekingalpha.com/news/4556273-camping-world-holdings-suspends-dividend-to-further-trim-debt-reports-mixed-q4-results?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +4.4%; source https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm; observed 2026-02-27.

- FY2016: $3.5B 

- FY2017: $4.3B 

- FY2018: $4.8B 

- FY2019: $4.9B 

- FY2020: $5.4B 

- FY2021: $6.9B 

- FY2022: $7.0B 

- FY2023: $6.2B 

- FY2024: $6.1B 

- FY2025: $6.4B 

### Gross margin · FY2025

gross margin 29.5%; source https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm; observed 2026-02-27.

- FY2016: 28.3% 

- FY2017: 29.0% 

- FY2018: 28.4% 

- FY2019: 27.2% 

- FY2020: 31.3% 

- FY2021: 35.7% 

- FY2022: 32.5% 

- FY2023: 30.2% 

- FY2024: 29.9% 

- FY2025: 29.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto & truck dealerships; annual sales are USD 6.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm (filed 2026-02-27); FY2025: revenue 6369149000; grossProfit 1877152000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 29.5% to 30.2% during 2023–25; it earns 11% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 30.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 29.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 29.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.2779100078259775],[2017,0.16766409462262113],[2018,0.08327670973064172],[2019,0.0028895642694327906],[2020,0.20160454777477224],[2021,0.2542883709670588],[2022,0.1364755457125923],[2023,0.08159592854421564],[2024,0.03877988235554555],[2025,0.03472361810548331]]; median 0.109876127721617. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 12621812.137376033; upkeep 44321187.86262397; owner earnings 169258812.13737604. Growth capex / owner earnings = 0.07457107832667378.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 39265848.10620475; upkeep 43028151.89379525; owner earnings 18369848.10620475. Growth capex / owner earnings = 2.13751621021526.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 33118000; upkeep 51981000; owner earnings 122345000. Growth capex / owner earnings = 0.2706935305897258.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 187088000; upkeep 66418000; owner earnings 278461000. Growth capex / owner earnings = 0.6718642826104912.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 9841530.325389296; upkeep 201634469.6746107; owner earnings 86179468.27052622. Growth capex / owner earnings = 0.11419808595819737.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,1515000],[2017,22241000],[2018,124452000],[2019,22878000],[2020,197999000],[2021,260911000],[2022,268350000],[2023,98341000],[2024,43431000],[2025,38899000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); CWH.US SharesStats.PercentInsiders = 2.724 percentage points; cache date 2026-10-05.

### What the price says

The price is less than 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Closing price 4.57 USD; reporting-to-trading FX 1; FY2025 annual sales per share 101.54245583827561; price multiple 0.04500580532815295. FY2025 cash earnings/share -2.922476678385204. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $22.36 per share

- 2016-11: $27.90 per share

- 2016-12: $32.59 per share

- 2017-01: $31.48 per share

- 2017-02: $35.17 per share

- 2017-03: $32.24 per share

- 2017-04: $30.92 per share

- 2017-05: $27.00 per share

- 2017-06: $30.85 per share

- 2017-07: $31.96 per share

- 2017-08: $36.75 per share

- 2017-09: $40.74 per share

- 2017-10: $42.02 per share

- 2017-11: $46.36 per share

- 2017-12: $44.73 per share

- 2018-01: $44.75 per share

- 2018-02: $41.80 per share

- 2018-03: $32.25 per share

- 2018-04: $28.63 per share

- 2018-05: $19.00 per share

- 2018-06: $24.98 per share

- 2018-07: $22.17 per share

- 2018-08: $20.71 per share

- 2018-09: $21.32 per share

- 2018-10: $17.15 per share

- 2018-11: $18.87 per share

- 2018-12: $11.47 per share

- 2019-01: $14.18 per share

- 2019-02: $12.90 per share

- 2019-03: $13.91 per share

- 2019-04: $14.92 per share

- 2019-05: $10.53 per share

- 2019-06: $12.42 per share

- 2019-07: $11.73 per share

- 2019-08: $7.60 per share

- 2019-09: $8.90 per share

- 2019-10: $9.45 per share

- 2019-11: $12.04 per share

- 2019-12: $14.74 per share

- 2020-01: $15.57 per share

- 2020-02: $13.68 per share

- 2020-03: $5.69 per share

- 2020-04: $8.87 per share

- 2020-05: $21.18 per share

- 2020-06: $27.16 per share

- 2020-07: $36.62 per share

- 2020-08: $29.06 per share

- 2020-09: $29.75 per share

- 2020-10: $26.44 per share

- 2020-11: $30.65 per share

- 2020-12: $26.05 per share

- 2021-01: $34.16 per share

- 2021-02: $31.30 per share

- 2021-03: $36.38 per share

- 2021-04: $43.54 per share

- 2021-05: $44.39 per share

- 2021-06: $40.99 per share

- 2021-07: $39.36 per share

- 2021-08: $39.94 per share

- 2021-09: $38.87 per share

- 2021-10: $37.25 per share

- 2021-11: $43.86 per share

- 2021-12: $40.40 per share

- 2022-01: $33.20 per share

- 2022-02: $30.71 per share

- 2022-03: $27.95 per share

- 2022-04: $25.68 per share

- 2022-05: $27.13 per share

- 2022-06: $21.59 per share

- 2022-07: $27.04 per share

- 2022-08: $30.12 per share

- 2022-09: $25.32 per share

- 2022-10: $27.83 per share

- 2022-11: $27.53 per share

- 2022-12: $22.32 per share

- 2023-01: $25.41 per share

- 2023-02: $22.83 per share

- 2023-03: $20.87 per share

- 2023-04: $22.39 per share

- 2023-05: $26.95 per share

- 2023-06: $30.10 per share

- 2023-07: $32.03 per share

- 2023-08: $24.73 per share

- 2023-09: $20.41 per share

- 2023-10: $16.75 per share

- 2023-11: $21.14 per share

- 2023-12: $26.26 per share

- 2024-01: $24.85 per share

- 2024-02: $26.69 per share

- 2024-03: $27.85 per share

- 2024-04: $20.27 per share

- 2024-05: $20.10 per share

- 2024-06: $17.86 per share

- 2024-07: $22.88 per share

- 2024-08: $21.94 per share

- 2024-09: $24.22 per share

- 2024-10: $20.06 per share

- 2024-11: $24.44 per share

- 2024-12: $21.08 per share

- 2025-01: $23.09 per share

- 2025-02: $19.49 per share

- 2025-03: $16.16 per share

- 2025-04: $12.06 per share

- 2025-05: $16.26 per share

- 2025-06: $17.19 per share

- 2025-07: $13.84 per share

- 2025-08: $17.51 per share

- 2025-09: $15.79 per share

- 2025-10: $13.16 per share

- 2025-11: $11.19 per share

- 2025-12: $9.73 per share

- 2026-01: $13.19 per share

- 2026-02: $8.32 per share

- 2026-03: $6.83 per share

- 2026-04: $8.19 per share

- 2026-05: $7.33 per share

- 2026-06: $7.63 per share

- 2026-07: $6.19 per share

- 2026-08: $6.46 per share

- 2026-09: $5.02 per share

- 2026-10: $4.57 per share

## Annual estimated value (USD per share)

- FY2017: low $85.54 per share, central $96.91 per share, high $112.04 per share

- FY2018: low $28.13 per share, central $31.94 per share, high $37.02 per share

- FY2019: low $3.13 per share, central $3.49 per share, high $3.96 per share

- FY2020: low $7.81 per share, central $8.70 per share, high $9.87 per share

- FY2021: low $4.29 per share, central $4.80 per share, high $5.47 per share

- FY2022: low $22.28 per share, central $25.35 per share, high $29.44 per share

- FY2023: low $9.91 per share, central $11.28 per share, high $13.10 per share

- FY2024: low $15.60 per share, central $17.61 per share, high $20.29 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# CWH — Camping World Holdings Inc.

Held by 1 investor · USD 75,295,330 total · 2024 Q3 · reported price USD 24.22 (split-adjusted).
Page: https://gigainvestors.com/s/CWH

## Holders (2024 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Abrams (https://gigainvestors.com/abc) | USD 75,295,330 | 1.2% | reduce -39.15% |

## Total held by quarter

- 2018 Q3: USD 49,635,092 · 1 holder · USD 11.47
- 2018 Q4: USD 44,260,528 · 1 holder · USD 11.47
- 2019 Q1: USD 54,879,985 · 1 holder · USD 13.91
- 2019 Q2: USD 63,451,395 · 1 holder · USD 12.42
- 2019 Q3: USD 48,581,771 · 1 holder · USD 8.90
- 2019 Q4: USD 90,043,830 · 1 holder · USD 14.74
- 2020 Q1: USD 34,759,118 · 1 holder · USD 5.69
- 2020 Q2: USD 165,915,225 · 1 holder · USD 27.16
- 2020 Q3: USD 151,987,038 · 1 holder · USD 29.75
- 2020 Q4: USD 133,084,448 · 1 holder · USD 26.05
- 2021 Q1: USD 185,858,435 · 1 holder · USD 36.38
- 2021 Q2: USD 209,410,040 · 1 holder · USD 40.99
- 2021 Q3: USD 198,579,367 · 1 holder · USD 38.87
- 2021 Q4: USD 206,395,843 · 1 holder · USD 40.40
- 2022 Q1: USD 142,791,184 · 1 holder · USD 27.95
- 2022 Q2: USD 110,299,165 · 1 holder · USD 21.59
- 2022 Q3: USD 131,050,789 · 2 holders · USD 25.32
- 2022 Q4: USD 115,523,365 · 2 holders · USD 22.32
- 2023 Q1: USD 108,019,113 · 2 holders · USD 20.87
- 2023 Q2: USD 155,791,821 · 2 holders · USD 30.10
- 2023 Q3: USD 104,270,771 · 1 holder · USD 20.41
- 2023 Q4: USD 134,157,298 · 1 holder · USD 26.26
- 2024 Q1: USD 142,280,303 · 1 holder · USD 27.85
- 2024 Q2: USD 91,243,311 · 1 holder · USD 17.86
- 2024 Q3: USD 75,295,330 · 1 holder · USD 24.22
- 2024 Q4: USD 0 · 0 holders