Forensic Analysis · Retail / Consumer Discretionary · as of Nov 11, 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
Distress distance
3
Forensic signals
-32.4%
ROE
4.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Camping World Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.9, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
4.1%
FY2025
Return on invested capital.Return on invested capital is 4.1% in the latest fiscal year and slipping across FY2023–FY2025 from 8.2%. After-tax operating profit was $240M in FY2023 and $117M in FY2025, with operating income at 4.3% of revenue in FY2023, 2.4% in FY2024 and 2.8% in FY2025. The capital base behind it went from $2.9B in FY2023 to $2.9B in FY2025 (-3%), while the revenue it carried went from $6.2B to $6.4B. FY2023's operating profit carried a $9M asset write-down and a $6M restructuring charge that alone took about 0.5 points off that year's return, so the FY2025 return is being compared with a base year that charge had already pulled down. FY2024's operating profit carried a $15M asset write-down that alone took about 0.4 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
OCF ($132M)
FY2025
Shareholder returns.Returned $31M to shareholders (buybacks + dividends) in FY2025, while operating cash flow itself was ($132M) — zero or negative. Capex isn't disclosed for FY2025, but free cash flow can't have been positive when operating cash flow already isn't, so the entire return is coming from debt or cash reserves, not cash the business generated.
-63%
FY2023→FY2024
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.
Key fundamentals
Latest Revenue$6.37B
Revenue Growth YoY+4.4%
Revenue CAGR (2yr)+1.1%
Net Margin-1.4%
Return on Equity-32.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Camping World Holdings, Inc.'s actual 10-K/10-Q/8-K filings?