CWHCamping World Holdings, Inc.
Retail-Auto Dealers & Gasoline Stations
- Revenue
- $6.4B
- 4.4% YoY
- Operating margin
- 2.8%
- 16% YoY
- EBITDA
- $276M
- 20% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 3.4×
- $926M net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear-24% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear15% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $6.9B | $7.0B | $6.2B | $6.1B | $6.4B | 4.4% |
| Operating income | $800M | $569M | $267M | $149M | $180M | 21% |
| Net income | $645M | $338M | $53M | −$79M | −$106M | 34% |
| Operating cash flow | $154M | $190M | $311M | $245M | −$132M | 154% |
| Capex | $248M | $211M | — | — | — | |
| Stock-based comp | $48M | $34M | $24M | $22M | $44M | 105% |
| Buybacks | $156M | $80M | $0 | $0 | — | |
| Dividends | $67M | $105M | $67M | $25M | $31M | 27% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $30M | $14M | 48 | 155 |
| FY2024 | $13K | $13K | 100 | 149 |
| FY2023 | $11K | $11K | 122 | 112 |
| FY2022 | $11K | $11K | 97 | 78 |
| FY2021 | $20M | $20M | 161 | 119 |