Camping World Holdings, Inc. (CWH) stock analysis

P/E against its history

Not enough price and earnings history to compare.

P/E against the industry

Needs positive earnings and enough profitable companies in the industry.

EV/EBITDA against its history

Needs positive EBITDA and price history.

P/B above the industry

Camping World's price-to-book of 9.07 is above the Retail-auto dealers & gasoline stations median of 2.37.

Trading below fair value

The share price of $4.46 is below our fair value estimate of $12.84.

Margin of safety over 20%

The price is 65.3% below fair value, more than the 20% cushion we look for.

Revenue growing under 10% a year

Revenue grew -2.9% a year over the last three fiscal years, short of the 10% we look for.

EPS growth over 3 years

Needs positive EPS three years ago and today.

Earnings acceleration

Needs positive net income now, a year ago and five years ago.

Growing slower than the industry

Revenue grew -5.5% over the last twelve months; the Retail-auto dealers & gasoline stations median is 1.5%.

Guidance lowered

Camping World lowered its full year 2026 Adjusted EBITDA outlook on Jul 29, 2026.

Gross margin slipping

Gross margin was 28.4% over the last twelve months, against 29.9% a year earlier.

Return on equity under 15%

Return on equity was -146% over the last twelve months and averaged 71.1% over five years; we look for 15% on both.

Return on capital under 10%

Return on invested capital was -12.0%, below the 10% that usually covers the cost of capital.

Return on equity below the industry

Camping World's return on equity of -146% is below the Retail-auto dealers & gasoline stations median of 12.4%.

Earnings over 5 years

Needs positive net income five years ago and in the latest year.

Net margin below its 5-year average

Net margin was -4.2% over the last twelve months, against a 5-year average of 0.9%.

Net margin below the industry

Camping World's net margin of -4.2% is below the Retail-auto dealers & gasoline stations median of 2.6%.

High debt

Debt is 2802% of shareholders' equity, above the 40% we consider low.

Debt falling against equity

Debt to equity fell from 4239% five years ago to 2802%.

Debt not well covered by cash flow

Operating cash flow over the last twelve months equals 18.3% of total debt; we look for at least 20%.

Interest coverage

Interest expense is not reported separately.

Short-term assets cover short-term debts

Current assets are 1.24 times current liabilities.

Elevated bankruptcy risk

The Altman Z-score is 1.34; above 3 is the safe zone and below 1.8 the distress zone.

Pays a dividend

Camping World paid dividends worth 2.8% of the share price over the last twelve months.

Yield below Treasuries

The 2.8% yield is below the 4.4% on a 1-year Treasury.

Yield below the top quarter

The top quarter of US dividend payers yield 3.8% or more; Camping World yields 2.8%.

Dividend stability

Fewer than five years of dividend history.

Earnings cover

Needs dividends paid and net income.

Cash-flow cover

Needs dividends paid and free cash flow.