Camping World
CWH Consumer Cyclical Auto & Truck Dealerships
Camping World’s revenue for fiscal 2025 (year ended December 2025) was $6.4 billion, up 4.41% from fiscal 2024. In the quarter to June 2026, revenue fell 2.12%, EPS fell 12.5%, free cash flow grew 168.0% and total debt fell 6.46%, each against the same quarter a year earlier.
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Camping World (CWH) Altman Z-score
Camping World's Altman Z-score for fiscal 2025 is 1.57, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.57 | (0.11) |
| FY2024 | 1.68 | (0.08) |
| FY2023 | 1.76 | (0.42) |
| FY2022 | 2.18 | (0.51) |
| FY2021 | 2.70 | 0.19 |
| FY2020 | 2.50 | 0.85 |
| FY2019 | 1.66 | (0.63) |
| FY2018 | 2.28 | (0.35) |
| FY2017 | 2.64 | (0.85) |
| FY2016 | 3.48 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.09 | — | 0.10 | |
| Retained earnings / total assets | 0.00 | — | 0.00 | |
| EBIT / total assets | 0.04 | — | 0.12 | |
| Market value of equity / total liabilities | 0.13 | — | 0.08 | |
| Sales / total assets | 1.26 | — | 1.26 | |
| Altman Z-score | Distress zone | 1.57 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.90 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CARG CarGurus, Inc. compare | 11.6× |
| GPI Group 1 Automotive, Inc. compare | 3.4× |
| SAH Sonic Automotive, Inc. compare | 3.4× |
| BGSI Boyd Group Services Inc. compare | 2.3× |
| CWH Camping World | 1.6× |
| ACVA ACV Auctions Inc. compare | 1.3× |
| DRVN Driven Brands Holdings Inc. compare | 0.7× |
| RDNW RideNow Group, Inc. compare | 0.4× |
| UXIN Uxin Limited Sponsored ADR compare | −9.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets