# Camping World Holdings, Inc. (CWH)

> Source: Nexqual · https://nexqual.com/CWH · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Camping World Holdings, Inc. (CWH), nexqual.com/CWH" · informational, not investment advice.

**Price:** USD 4.58 (+2.46% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 4.47 · day 4.42–4.58 · 52w 3.97–16.39 · market cap $292M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.27B, net income -$97.3M (-1.6% margin) (SEC filings).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (13 analysts), mean target USD 8.87 (range 5.3–12).
- Total return with dividends: 1Y -64.2% vs S&P 500 +13.6%; 5Y -84.7% vs S&P 500 +79.8%.
- Next earnings: 2026-11-02, EPS estimate USD 0.14, revenue estimate $1.68B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.91B | $6.97B | $6.23B | $6.10B | $6.37B | $6.27B |
| Gross profit | $2.46B | $2.26B | $1.88B | $1.83B | $1.88B | — |
| Operating income | $800M | $569M | $267M | $149M | $180M | $143M |
| Net income | $278M | $124M | $33.4M | -$38.6M | -$89.8M | -$97.3M |
| Free cash flow | -$93.8M | -$20.8M | — | — | — | — |
| Gross margin | 35.5% | 32.5% | 30.2% | 29.9% | 29.5% | — |
| Operating margin | 11.6% | 8.2% | 4.3% | 2.4% | 2.8% | 2.3% |
| Net margin | 4.0% | 1.8% | 0.5% | -0.6% | -1.4% | -1.6% |
| Revenue growth | +26.9% | +0.8% | -10.6% | -2.0% | +4.4% | — |
| Cash + short-term investments | $267M | $130M | $39.6M | $208M | $215M | — |
| Total debt | $1.39B | $1.51B | $1.52B | $1.52B | $1.47B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.1x · EV/EBITDA 6.1x · EV/Sales 0.2x · P/B 1.2x · Earnings yield -33.28% · Dividend yield (paid, TTM) 5.40% · Net debt $1.18B · EV $1.47B

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 13 analysts; mean target USD 8.87 (low 5.3, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Citigroup | Target lowered | Buy | $8 → $7 |
| 2026-10-08 | Keybanc | Target lowered | Overweight | $9 → $8 |
| 2026-10-06 | JP Morgan | Target lowered | Overweight | $11 → $9 |
| 2026-09-28 | Roth Capital | Target lowered | Buy | $12 → $10 |
| 2026-09-16 | Citigroup | Target lowered | Buy | $9 → $8 |
| 2026-09-10 | Truist Securities | Target lowered | Buy | $14 → $10 |
| 2026-08-03 | Citigroup | Target lowered | Buy | $10 → $9 |
| 2026-07-31 | JP Morgan | Target lowered | Overweight | $16 → $11 |
| 2026-07-31 | Keybanc | Target lowered | Overweight | $12 → $9 |
| 2026-07-24 | Citigroup | Target lowered | Buy | $12 → $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -64.2% | -84.7% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -64.5% | -31.3% |
| Volatility (annualized) | 69.2% | 56.9% |
| Max drawdown | -71.5% (Jan 2026→Oct 2026) | -88.6% (Nov 2021→Oct 2026) |

## Peers (Auto & Truck Dealerships)
DRVN (Driven Brands Holdings Inc.) USD 11.86 +2.15% · SAH (Sonic Automotive, Inc.) USD 63.12 -0.88% · BGSI (Boyd Group Services Inc.) USD 82.04 -0.11% · GPI (Group 1 Automotive, Inc.) USD 249.54 -1.83% · ABG (Asbury Automotive Group Inc) USD 193.53 -0.75% · VVV (Valvoline Inc.) USD 31.77 -0.31%

## More
Full page: https://nexqual.com/CWH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CWH's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | ByteDance | "We also use social media channels, including TikTok, Facebook, and YouTube, to communicate with consumers; any failure to appropriately manage our social media presence, respond to negative posts in a timely manner, or a…" |
| Customer | Meta Platforms (META) | "We also use social media channels, including TikTok, Facebook, and YouTube, to communicate with consumers; any failure to appropriately manage our social media presence, respond to negative posts in a timely manner, or a…" |
| Partner | CWGS | "The Voting Agreement further provides that, for so long as the ML Related Parties, directly or indirectly, beneficially own, in the aggregate, 22.5% or more of our Class A common stock (assuming that all outstanding comm…" |
| Partner | Crestview Partners II GP | "Our Tax Receivable Agreement with the Continuing Equity Owners and Crestview Partners II GP, L.P. requires us to make cash payments to them in respect of certain tax benefits to which we may become entitled, and the amou…" |
| Partner | Costco (COST) | "Our Ultimate RV Show has evolved to be a multi-channel experience that is both online and in store locations and we have become Costco's exclusive RV partner for its auto program." |

## Company outlook (8-K filed 2026-07-29)

- "Wagner added, "Building on the $35 million already realized through April, we have identified an incremental $100 million of structural SG&A savings and operating efficiencies, which we expect to be fully annualized by early 2028, with $50 million of run-rate savings expected to be achieved by the end of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.14 | $0.53 | -73.7% | $1.68B | 11 |
| Next quarter (ends 2026-12-31) | $-0.27 | $-0.30 | +$0.02 | $1.14B | 12 |
| Current fiscal year (ends 2026-12-31) | $0.23 | $0.65 | -64.7% | $6.08B | 10 |
| Next fiscal year (ends 2027-12-31) | $0.57 | $1.10 | -48.1% | $6.41B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±19.6%; last 8 reports averaged ±12.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 91.8% | ±19.6% |
| 2026-12-18 | 51 | 95.2% | ±28.0% |
| 2027-01-15 | 79 | 88.3% | ±31.9% |
| 2027-03-19 | 142 | 76.9% | ±36.4% |
| 2027-06-17 | 232 | 82.2% | ±48.7% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Jul 29, 2026 | Quarter ended Jun 30, 2026 | $0.57 | $0.58 | Miss −1.7% | +0.3% |
| Apr 29, 2026 | Quarter ended Mar 31, 2026 | −$0.21 | −$0.31 | Beat +32.3% | +20.3% |
| Feb 24, 2026 | Quarter ended Dec 31, 2025 | −$0.73 | −$0.47 | Miss −55.3% | -19.7% |
| Oct 28, 2025 | Quarter ended Sep 30, 2025 | $0.43 | $0.31 | Beat +38.7% | -24.4% |
| Jul 29, 2025 | — | — | — | — | -16.6% |
| Apr 29, 2025 | — | — | — | — | -12.4% |
| Feb 25, 2025 | — | — | — | — | -0.5% |
| Oct 28, 2024 | — | — | — | — | +8.6% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | Schedule 13G/A | BANK OF AMERICA CORP /DE/: 3.2% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1669779/000007085826000534/0000070858-26-000534-index.htm |
| 2026-10-21 | Schedule 13G | JANE STREET GROUP, LLC, Jane Street Capital, LLC: 5.9% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1669779/000159588826000125/0001595888-26-000125-index.htm |
| 2026-10-05 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/0001104659-26-113490-index.htm |
| 2026-10-01 | Schedule 13G | Wolf Hill Capital Management, LP, Wolf Hill General Partner, LLC: 7.7% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1669779/000089914026001079/0000899140-26-001079-index.htm |
| 2026-08-31 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation — “On August 25, 2026, certain subsidiaries (the " Borrowers " ) of FRHP Lincolnshire, LLC ( " Holdings " ), each indirect subsidiaries of Camping World Holdings, Inc. (the " Company " ), entered into an Amended and Restated Credit Agreement ( " A&R Mortgage Facility " ) with Manufacturers and Traders Trust Company ( " M&T " ), as administrative agent, and the other lenders party thereto. The A&R Mortgage Facility amends and restates in its entirety the Credit Agreement dated October 27, 2022 with M&T, as…” | https://www.sec.gov/Archives/edgar/data/1669779/000110465926103869/0001104659-26-103869-index.htm |
| 2026-08-14 | Schedule 13G/A | Nantahala Capital Management, LLC, Wilmot B. Harkey: 7.2% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1669779/000110465926097298/0001104659-26-097298-index.htm |
| 2026-08-14 | Schedule 13G/A | Hood River Capital Management LLC: 0.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1669779/000121465926010153/0001214659-26-010153-index.htm |
| 2026-08-11 | Schedule 13G | BANK OF AMERICA CORP /DE/: 6.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1669779/000007085826000426/0000070858-26-000426-index.htm |
| 2026-07-31 | Schedule 13G/A | Vanguard Portfolio Management: 4.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1669779/000210012126000918/0002100121-26-000918-index.htm |
| 2026-07-31 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/0001104659-26-088835-index.htm |
| 2026-07-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/0001104659-26-088141-index.htm |
| 2026-07-02 | Schedule 13G/A | passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1669779/000090266426002997/0000902664-26-002997-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.