The company maintains a precarious financial position with a debt-to-equity ratio of 7.73x as of 2026Q1, compounded by $751.6 million in goodwill that limits tangible asset liquidity.
| Total Current Assets | 2.72B | 2.62B | 2.27B | 2.35B | 2.48B | 2.28B | 1.49B | 1.69B | 1.89B | 1.8B | 1.13B | 1.06B | 877.88M |
| Cash & Short-Term Investments | 199.83M | 215.04M | 208.42M | 39.65M | 130.13M | 267.33M | 166.07M | 147.52M | 138.56M | 224.16M | 114.2M | 92.03M | 110.71M |
| Cash Only | 199.83M | 215.04M | 208.42M | 39.65M | 130.13M | 267.33M | 166.07M | 147.52M | 138.56M | 224.16M | 114.2M | 92.03M | 110.71M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 123.15M | 171.91M | 181.63M | 188.3M | 162.76M | 159.38M | 131.6M | 126.79M | 138.93M | 126.11M | 87.5M | 78.25M | 71.59M |
| Days Sales Outstanding | 11.99 | 9.85 | 10.87 | 11.04 | 8.53 | 8.41 | 8.82 | 9.46 | 10.58 | 10.76 | 9.08 | 8.71 | 9.92 |
| Inventory | 2.19B | 2.11B | 1.82B | 2.04B | 2.12B | 1.79B | 1.14B | 1.36B | 1.56B | 1.42B | 909.25M | 868.94M | 676.81M |
| Days Inventory Outstanding | 171.6 | 171.6 | 155.57 | 171.5 | 164.77 | 147.31 | 110.81 | 139.21 | 165.94 | 170.06 | 131.56 | 133.27 | 130.79 |
| Other Current Assets | 206.68M | 119.42M | 59.4M | 78.22M | 0 | 0 | 60.21M | 57.83M | 0 | 0 | 0 | 0 | 1.23M |
| Total Non-Current Assets | 2.42B | 2.43B | 2.59B | 2.5B | 2.32B | 2.09B | 1.83B | 1.77B | 918.52M | 852.09M | 431.06M | 285.82M | 285.28M |
| Property, Plant & Equipment | 1.62B | 1.62B | 1.59B | 1.57B | 1.5B | 1.35B | 1.14B | 1.12B | 359.86M | 198.02M | 130.76M | 149.72M | 201.81M |
| Fixed Asset Turnover | 3.90x | 3.92x | 3.85x | 3.95x | 4.64x | 5.12x | 4.79x | 4.36x | 13.32x | 21.61x | 26.89x | 21.90x | 13.06x |
| Goodwill | 751.65M | 749.32M | 734.02M | 711.22M | 622.42M | 483.63M | 413.12M | 386.94M | 359.12M | 348.39M | 153.1M | 112.94M | 61.05M |
| Intangible Assets | 14.94M | 15.82M | 19.47M | 13.72M | 20.95M | 30.97M | 30.12M | 29.71M | 35.28M | 38.71M | 3.39M | 1.65M | 2.44M |
| Long-Term Investments | 0 | 0 | 7.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 35.9M | 36.45M | 29.69M | 39.83M | 29.3M | 24.93M | 15.87M | 17.29M | 18.33M | 21.9M | 17.93M | 15.39M | 15.12M |
| Total Assets | 5.14B | 5.04B | 4.86B | 4.85B | 4.8B | 4.37B | 3.33B | 3.46B | 2.81B | 2.65B | 1.56B | 1.34B | 1.16B |
| Asset Turnover | 1.24x | 1.26x | 1.25x | 1.28x | 1.45x | 1.58x | 1.64x | 1.41x | 1.71x | 1.61x | 2.25x | 2.44x | 2.27x |
| Asset Growth % | 15.76% | 3.72% | 0.36% | 0.95% | 9.77% | 31.38% | -3.75% | 23.21% | 5.87% | 69.53% | 16.35% | 15.55% | - |
| Total Current Liabilities | 2.33B | 2.18B | 1.68B | 1.95B | 1.87B | 1.6B | 1.04B | 1.3B | 1.31B | 1.32B | 865.94M | 863.1M | 647.65M |
| Accounts Payable | 227.7M | 147.71M | 145.35M | 133.52M | 127.69M | 136.76M | 148.46M | 106.96M | 144.81M | 125.62M | 68.66M | 56.79M | 50.71M |
| Days Payables Outstanding | 18.08 | 12 | 12.41 | 11.21 | 9.91 | 11.24 | 14.48 | 10.96 | 15.41 | 15.09 | 9.93 | 8.71 | 9.8 |
| Short-Term Debt | 1.77B | 1.74B | 1.18B | 1.39B | 1.42B | 1.03B | 599.27M | 920.73M | 898.98M | 984.35M | 632.86M | 650.51M | 463.25M |
| Deferred Revenue (Current) | 370.68M | 90.46M | 92.12M | 92.37M | 95.69M | 95.47M | 88.21M | 87.09M | 88.05M | 77.67M | 68.64M | 63.62M | 61M |
| Other Current Liabilities | 236.49M | 209.21M | 113.55M | 195.86M | 114.75M | 146.47M | 155.78M | 149.43M | 138.51M | 96.78M | 73M | 39.68M | 31.33M |
| Current Ratio | 1.17x | 1.20x | 1.35x | 1.21x | 1.33x | 1.43x | 1.44x | 1.30x | 1.45x | 1.36x | 1.31x | 1.23x | 1.36x |
| Quick Ratio | 0.23x | 0.23x | 0.27x | 0.16x | 0.19x | 0.31x | 0.35x | 0.26x | 0.25x | 0.29x | 0.26x | 0.22x | 0.31x |
| Cash Conversion Cycle | 165.51 | 169.45 | 154.02 | 171.33 | 163.39 | 144.48 | 105.15 | 137.71 | 161.11 | 165.73 | 130.71 | 133.27 | 130.91 |
| Total Non-Current Liabilities | 2.46B | 2.49B | 2.7B | 2.68B | 2.68B | 2.54B | 2.3B | 2.32B | 1.47B | 1.15B | 726.04M | 769.87M | 752.22M |
| Long-Term Debt | 927.77M | 929.55M | 1.49B | 1.52B | 1.51B | 1.4B | 1.14B | 1.19B | 1.19B | 907.44M | 620.3M | 673.3M | 580.97M |
| Capital Lease Obligations | 1.72B | 0 | 895.12M | 861.71M | 859.05M | 849.64M | 832.3M | 843.31M | 5.15M | 10.22M | 841K | 751K | 1.52M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 5.98M | 0 | 72.02M | 81.83M | 124.76M | 129.6M | 18.19M | 0 | 0 |
| Other Non-Current Liabilities | 1.53B | 1.56B | 245.3M | 235.31M | 245.53M | 223.41M | 192.76M | 143.69M | 204.72M | 168.76M | 52.69M | 43.66M | 123.08M |
| Total Liabilities | 4.79B | 4.67B | 4.38B | 4.63B | 4.55B | 4.14B | 3.34B | 3.62B | 2.77B | 2.47B | 1.59B | 1.63B | 1.4B |
| Total Debt | 2.7B | 2.67B | 3.64B | 3.86B | 3.85B | 3.34B | 2.58B | 2.96B | 2.1B | 1.9B | 1.26B | 1.33B | 1.05B |
| Net Debt | 2.5B | 2.45B | 3.43B | 3.82B | 3.72B | 3.08B | 2.41B | 2.81B | 1.96B | 1.68B | 1.15B | 1.23B | 935.77M |
| Debt / Equity | 7.73x | 7.17x | 7.51x | 18.00x | 15.56x | 14.29x | - | - | 63.67x | 10.55x | - | - | - |
| Debt / EBITDA | 9.85x | 9.73x | 15.85x | 11.48x | 6.02x | 3.86x | 4.88x | 43.08x | 8.37x | 4.91x | 4.20x | 5.01x | 4.99x |
| Net Debt / EBITDA | 9.12x | 8.94x | 14.95x | 11.37x | 5.82x | 3.55x | 4.56x | 40.93x | 7.82x | 4.33x | 3.82x | 4.67x | 4.46x |
| Interest Coverage | 1.14x | 4.15x | 0.74x | 1.26x | 5.02x | 13.80x | 6.88x | 1.21x | 2.40x | 5.04x | 4.13x | 3.71x | 3.22x |
| Total Equity | 349.47M | 371.8M | 484.95M | 214.21M | 247.69M | 233.89M | -9.23M | -159.24M | 32.92M | 180.36M | -28.21M | -288.95M | -236.7M |
| Equity Growth % | 342.51% | -23.33% | 126.39% | -13.52% | 5.9% | 2633.79% | 94.2% | -583.75% | -81.75% | 739.24% | 90.24% | -22.07% | - |
| Book Value per Share | 5.51 | 5.93 | 10.10 | 2.52 | 5.78 | 2.61 | -0.23 | -4.26 | 0.37 | 6.77 | -0.34 | -3.52 | -2.88 |
| Total Shareholders' Equity | 214.95M | 228.59M | 326.56M | 124.58M | 147.83M | 158.06M | 26.77M | -32.6M | 44.54M | 146.03M | 74.98M | -288.95M | -236.7M |
| Common Stock | 639K | 638K | 629K | 500K | 480K | 479K | 433K | 380K | 377K | 372K | 195K | 0 | 0 |
| Retained Earnings | -5.39M | 11.01M | 132.24M | 185.24M | 221.03M | 189.47M | -21.81M | -83.13M | -3.37M | -40.78M | 544K | -288.95M | -236.7M |
| Treasury Stock | 0 | 0 | 0 | -159.44M | -179.73M | -130.01M | -15.19M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200.55M | -161.81M | -142.78M | -138.55M | -126.87M |
| Minority Interest | 134.51M | 143.21M | 158.39M | 89.62M | 99.86M | 75.84M | -36.01M | -126.63M | -11.62M | 34.33M | -103.19M | 0 | 0 |
Excessive debt-to-equity leverage
As reported in recent financial statements, CWH maintains a precarious debt-to-equity ratio of 7.73x as of 2026Q1, highlighting a reliance on external financing that leaves the company exceptionally sensitive to interest rate fluctuations and potential credit market tightening in the current high-rate environment.
The company's debt load remains a dominant feature of its balance sheet, with total debt hovering around $2.7 billion. This level of leverage appears to limit management's strategic flexibility, as a significant portion of operating cash flow is likely diverted toward servicing interest obligations rather than reinvestment or debt reduction.
Based on the latest quarterly filings, the company's current ratio of 1.17x suggests a limited margin of safety, as cash reserves of $199.8 million provide only a narrow buffer against the significant working capital requirements inherent in the cyclical RV retail business model.
The fluctuation in cash balances, which dropped from $230.5 million in 2025Q3 to $199.8 million in 2026Q1, indicates that liquidity is highly volatile and subject to the timing of inventory procurement. Investors should monitor whether this cash position is sufficient to sustain operations during periods of prolonged demand weakness.
According to the balance sheet data, goodwill accounts for approximately $751.6 million of the $5.1 billion total asset base, suggesting that a significant portion of the company's valuation is tied to past acquisitions rather than tangible, liquid assets that could be easily monetized during a downturn.
The concentration of assets in PPE and goodwill reflects an asset-heavy business model that requires constant capital expenditure to maintain its 180+ dealership footprint. This structure implies that the company's ability to pivot during a market contraction is constrained by the physical nature of its operations.
As indicated by the company's reported figures, equity has declined to $215.0 million in 2026Q1 from a peak of $340.5 million in 2025Q2, reflecting the impact of persistent net losses and the resulting depletion of retained earnings over the recent fiscal periods.
The deterioration of the equity base is a concerning trend that suggests the company is struggling to generate internal capital to support its operations. This erosion may limit the firm's ability to absorb further losses without necessitating dilutive equity financing or further debt accumulation.
While the balance sheet shows $5.1 billion in total assets, the reliance on inventory-heavy operations warrants caution, as rapid depreciation in the broader RV market could lead to future write-downs that are not yet fully reflected in the current carrying values of the company's assets.
The potential for inventory obsolescence or margin-eroding discounting represents a non-obvious risk that could further impair the balance sheet. Analysts should remain wary of the gap between book value and potential liquidation value, especially if the shift toward used vehicle sales fails to stabilize gross margins.
Quick answers to the most common questions about buying CWH stock.
As of 2025, Camping World Holdings, Inc. (CWH) had total assets of $5.04B including $2.62B in current assets.
Camping World Holdings, Inc. (CWH) carries total debt of $2.67B, offset by $215.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Camping World Holdings, Inc. (CWH) has total shareholders' equity (book value) of $228.6M ($5.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Camping World Holdings, Inc. (CWH) reported a current ratio of 1.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.