Camping World Holdings, Inc. — Earnings Quality Grade F
CWH · Consumer Cyclical
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 5 days, change -0 days YoY
AR growth 0.7% vs revenue growth 4.4%
Revenue 4.4%, CFFO -153.8%. Cash follows revenue
Expense Quality
Inventory 15.9% vs COGS 5.1%. Normal
CapEx growth 150.8% is >2x revenue growth 4.4%
SG&A/Gross Profit = 85.4%, exceeds 70%
Gross margin 29.5%, change -0.5pp. Stable
Cash Flow Quality
CFFO/NI = 1.47. Profits backed by cash
FCF is negative ($-0.4B)
Accruals ratio = 0.8%. Low accruals
Cash $0.2B covers only 5% of debt $4.1B
Balance Sheet Health
Goodwill+Intangibles $0.8B = 335% of equity. Over 50%
Debt/EBITDA = 9.8x (>4x). Interest coverage = 0.9x (<2x). Financial stress
Other assets -2.1% vs revenue 4.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 2% YoY. Normal
Manipulation Score
M-Score = -2.56 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25