Camping World Holdings, Inc. (CWH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-401.2%

-$16.60

vs $5.51 price

Levered DCF

-$91.14

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.36

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-6.8×	-26.35×	35.01×	6.91×	6.53×	8.38×	-9.1×	40.96×
P/B	2.67×	3.1×	9.41×	6.4×	11.5×	38.32×	-16.87×	9.52×
P/S	0.1×	0.17×	0.19×	0.14×	0.26×	0.19×	0.11×	0.09×
EV / EBITDA	10.8×	17.38×	14.52×	6.96×	5.39×	6.09×	17.51×	8.11×
Gross margin	29.5%	29.9%	30.2%	32.5%	35.7%	31.3%	27.2%	28.4%
Operating margin	2.8%	2.4%	4.3%	8.2%	11.6%	8.7%	0.2%	4.2%
Net margin	-1.4%	-0.6%	0.5%	2.0%	4.0%	2.2%	-1.2%	0.2%
Current ratio	1.2×	1.35×	1.21×	1.33×	1.43×	1.44×	1.3×	1.45×
Debt / equity	17.84×	11.15×	30.95×	26.07×	21.15×	96.18×	-90.75×	47.06×
Interest coverage	2.33×	0.63×	1.22×	4.83×	13.1×	6.4×	0.08×	1.98×
Dividend yield	6.4%	4.3%	8.4%	28.4%	14.3%	19.3%	16.9%	29.3%
Payout ratio	-43.3%	-112.4%	294.7%	196.0%	93.7%	161.8%	-153.6%	1196.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-39.3%	-11.8%	26.8%	92.6%	176.2%	457.0%	185.9%	23.3%
Return on invested capital	-3.4%	2.9%	6.1%	10.0%	18.1%	14.1%	0.3%	5.7%
Return on assets	-1.8%	-0.8%	0.7%	2.9%	6.4%	3.7%	-1.8%	0.4%
Free cash flow yield	-63.0%	14.3%	9.4%	-2.3%	-5.5%	64.6%	29.7%	-27.8%
Earnings yield	-14.7%	-3.8%	2.8%	14.5%	15.3%	11.9%	-11.0%	2.5%
Enterprise value	$4.5B	$4.4B	$5B	$4.7B	$4.9B	$3.4B	$3.4B	$2.4B
Net debt / EBITDA	9.33×	13.43×	11.11×	5.55×	3.39×	4.27×	14.64×	6.67×
Cash conversion cycle (days)	169	154	171	163	144	105	138	161