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) Beneish M-score
Camping World's Beneish M-score for fiscal 2025 is −2.17; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.17 | 0.66 |
| FY2024 | −2.83 | (0.35) |
| FY2023 | −2.48 | (0.27) |
| FY2022 | −2.22 | (0.32) |
| FY2021 | −1.90 | 1.13 |
| FY2020 | −3.02 | (0.52) |
| FY2019 | −2.50 | 0.12 |
| FY2018 | −2.62 | (1.19) |
| FY2017 | −1.43 | 0.94 |
| FY2016 | −2.36 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.36 | — | 1.25 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 0.88 | — | 0.36 | |
| Sales growth index | 1.04 | — | 0.93 | |
| Depreciation index | 0.85 | — | 0.10 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | 0.01 | — | 0.02 | |
| Leverage index | 1.09 | — | −0.36 | |
| Beneish M-score | Elevated | −2.17 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CARG CarGurus, Inc. compare | −3.2× |
| RDNW RideNow Group, Inc. compare | −3.1× |
| ACVA ACV Auctions Inc. compare | −2.9× |
| BGSI Boyd Group Services Inc. compare | −2.9× |
| SAH Sonic Automotive, Inc. compare | −2.9× |
| GPI Group 1 Automotive, Inc. compare | −2.7× |
| DRVN Driven Brands Holdings Inc. compare | −2.7× |
| CWH Camping World | −2.2× |
| UXIN Uxin Limited Sponsored ADR compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI