Lumida
/CWH
⌘K
Camping World Holdings Inc

Camping World Holdings Inc

CWH
$6.18USD↓-5.50%-0.36 today

MARKET CAP

636.5M

P/E (TTM)

103.0x

FWD P/E

6.7x

DAY RANGE

$6 – $7

52W RANGE

$6
$19

AI Summary

Stalk
TrimMedium

CWH remains in a Stage 4 decline with lower highs and lows and downward-sloping EMAs acting as resistance. The medium-term bias is bearish, reflecting persistent selling pressure and failure at the EMA cluster. Short-term timing is neutral amid a sideways consolidation at oversold levels. Execution is best deferred—Trim into rallies at the 9/21 EMA zone. A sustained acceptance above the EMA cluster would invalidate the bearish bias.

  • ↑$200M cash balance, net debt leverage cut from 8.1x to 5.6x
  • ↑SG&A expenses down $29M YoY (7.5%), supporting $275M–$325M 2026 EBITDA
  • ↓Q1 revenue $1.35B down YoY; adjusted EBITDA $28M vs $31.2M last year
Full analysis →

The case for & against

Bull & Bear analysis

Bearish

Camping World Holdings, Inc. (NYSE: CWH) is a leading retailer in the recreational vehicle (RV) industry, specializing in sales, service, and accessories while also offering contract manufacturing solutions. The company focuses on both new and used RV markets and maintains a comprehensive service platform through its Good Sam brand, catering to consumers seeking an outdoor lifestyle, which has maintained demand despite fluctuating consumer confidence.

Bull says

  • ↑$200M cash balance, net debt leverage cut from 8.1x to 5.6x
  • ↑SG&A expenses down $29M YoY (7.5%), supporting $275M–$325M 2026 EBITDA
  • ↑Used RV sales +30%; each 1,000 extra units adds ~$6M adjusted EBITDA
  • ↑April same-store sales velocity turned positive for new and used vehicles
  • ↑IT and AI–driven cost savings expected to boost future operating leverage
  • ↑Attractive earnings yield and book-to-price ratio, though leverage remains high

Bear says

  • ↓Q1 revenue $1.35B down YoY; adjusted EBITDA $28M vs $31.2M last year
  • ↓New vehicle gross margin slipped to 12.2%, squeezing profit conversion
  • ↓Net debt leverage still elevated at 5.6x despite improvements
  • ↓2026 EBITDA guidance of $275M–$325M implies muted growth recovery
  • ↓Consumer credit headwinds and weather disruptions may further dent demand
  • ↓Weak stock momentum and rising competition in travel trailers segment

Investment themes with CWH

Travel & Leisure↑ +0.27%

Consumer travel services and hospitality experiences

BKNG · ABNB · RCL
Recreational Durables↑ +0.47%

HZO · MBUU · JOUT
Hi Short Interest↑ +1.03%

Stocks with high short interest ratios

BYND · PLTR · COIN
Most Shorted Stocks↑ +0.54%

Stocks with highest short interest

LITE · FSLY · SPHR

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 05-01-2026neutral

Transcript signals

Bull points

  • We believe we outperformed the broader new RV sales market in every major category, driven largely by our exclusive brand strategy.
  • I'm very pleased with our progress. The 135 basis point improvement in SG&A to gross profit and the $29 million reduction reflect a fundamentally lower cost basis, not one-time savings. This includes $19 million of compensation reduction in the quarter and the consolidation of 13 store locations over the last year that sharpened the efficiency of our footprint.
  • We believe we are building a leaner, stronger company with greater operating leverage, and we expect that to translate into enhanced earnings and free cash flow.

Bear points

  • Market conditions came in softer than expected, but the underlying quality of this quarter is what I want you to take away from this call.
  • Our same-store used sales were down 2.6% in the quarter. We attribute the decline to January and February weather disruptions that limited our ability to aggressively move assets.
  • We believe the new RV industry is likely tracking towards the lower end of our 2026 retail outlook, calling for 325,000 to 350,000 units, while the used RV industry is likely playing out towards the midpoint of our range, which is between 715,000 to 750,000 units.
Read full transcript analysis ›