MeritValue

Camping World Holdings, Inc.

CWHdata completeness 75%12 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'interestExpense'

The thesis, from the filings

Camping World Holdings, Inc. earns about 7% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$6.91B1$6.97B2$6.23B3$6.1B3$6.37B3
Net income$278.5M4$123.7M5$33.4M6−$38.6M6−$89.8M6
Operating cash flow$154M7$189.8M8$310.8M9$245.2M9−$132M9
Capital expenditure$247.8M10$210.6M10———
Free cash flow (derived)−$93.8M7−$20.8M8———
Total debt$2.79B11$3.02B12$3.04B13$3.03B14$2.94B14
Cash & equivalents$267.3M15$130.1M16$39.6M17$208.4M18$215M18
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY21 24%FY22 11%FY23 2%FY24 -2%FY25 2%

It earned an average 7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-001703 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001939 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-021548 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-001703 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001939 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-021548 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-001703 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001939 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-021548 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-23-001813 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-23-001813 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2022-12-31 · accession 0001558370-24-001703 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2023-12-31 · accession 0001558370-25-001939 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-12-31 · accession 0001104659-26-021548 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0001558370-23-001813 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001558370-24-001703 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001558370-25-001939 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001104659-26-021548 (CashAndCashEquivalentsAtCarryingValue)