Forensic Analysis · Retail / Consumer Discretionary · as of Jun 27, 2026
Camping World Holdings, Inc. (CWH)
A forensic read on Camping World Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.9
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-34.8%
ROE
$783M
Market cap
9.35%
Dividend yield
Camping World Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 0.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
4%Return on invested capital.Return on invested capital is 4% and slipping from 15% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+16.8%/yrShare-count dilution.Diluted share count changed +50% over the last 3 years to FY2020 (+16.8%/yr). The count is GROWING — existing holders are being diluted. That's ~16.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2017 has been diluted ~50%.
172dInventory days.Days inventory outstanding moved from 156 to 172 FY2024→FY2025 (against cost of goods sold; inventory +16% vs +5% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
-63%Dividend — cut.The payout was CUT ~63% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-1.4%
Free Cash Flow$-342.6M
Latest Revenue$6.37B
Revenue Growth YoY+4.4%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Camping World Holdings, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CWH's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown