Recent News
On Nov. 26, 2025 a law firm announced a securities investigation into Camping World related to prior-period accounting and a restatement tied to deferred tax assets. On Dec. 4, 2025 the company’s board declared a regular cash dividend of $0.125 per share payable Dec. 29, 2025 to holders of record on Dec. 15, 2025. Commentary published Dec. 7, 2025 highlighted the dividend announcement and raised questions about dividend sustainability given recent cash-flow dynamics.
Technical Analysis
Directional indicators show a strong trend environment: ADX at 28.31 signals trend strength, while DI+ at 20.17 decreasing and DI- showing a dip-and-reversal together point to a prevailing bearish directional bias that supports near-term downside risk to price relative to the current valuation.
MACD sits at 0.07 below its signal line (0.35) and the MACD trend decreases, indicating bearish momentum and absence of a bullish crossover that would support a tactical recovery toward the WMDST valuation band.
MRO at -3.06 (negative) indicates the current market price sits below the WMDST target, implying available upside potential if momentum and directional indicators stabilize; the magnitude suggests limited near-term pressure toward a large gap close.
RSI at 50.19 with a peak-and-reversal pattern signals short-term selling pressure despite the neutral midpoint reading, reinforcing the case for range-bound to lower movement while momentum resolves.
Price sits below the 20-day average ($12.91) and the 12-day EMA shows a peak-and-reversal; price trades slightly above the 50-day average ($11.73) but well below the 200-day average ($14.78), which frames a mixed medium-term picture inside a longer-term bearish bias relative to the 200-day trend.
The close at $11.76 falls just below the 1x lower Bollinger band ($12.04), marking short-term price weakness and elevated probability of volatility; combined with elevated 42-day beta (2.46), expect outsized intraday moves while directional momentum remains negative.
Fundamental Analysis
Revenue and profitability: Total revenue $1,806,118,000 with YoY revenue growth of 90.49% and a QoQ change that shows contraction; YoY growth outpaced the sequential cadence but the mix signals lumpy seasonality. Gross margin stands at 28.63% while operating margin equals 4.45% and EBIT margin at 12.58%. EBIT margin exceeds the industry peer mean (7.96%) and sits above the industry peer median (11.72%), indicating relatively stronger operating conversion on reported EBIT despite broader margin pressure at the gross level.
Earnings and cash flow: Reported net income equals -$40,438,000 (a loss), while EPS actual reached $0.43 versus an estimate of $0.31, producing an EPS surprise of 38.71%. Operating cash flow totaled $139,831,000 and free cash flow reached $54,941,000; free-cash-flow yield of 5.35% sits meaningfully above the industry peer mean (1.50%), showing the company generates free cash despite a GAAP loss.
Leverage and liquidity: Total debt $3,778,460,000 produces net debt of $2,612,562,000 and debt-to-assets at 75.59%, which exceeds the industry peer high (68.70%) and signals elevated leverage on the balance sheet. Current ratio of 1.26 and quick ratio of 0.27 show working-capital tightness; cash and short-term investments total $230,513,000 against short-term debt of $1,383,768,000.
Returns and capital efficiency: Return on equity sits at -13.65% and return on assets at -0.79%, reflecting negative net income despite positive cash generation. Asset turnover of 0.354 falls above the industry peer mean (0.158) and median (0.127), indicating efficient use of a large asset base to produce revenue, but inventory days outstanding (134.78 days) and a cash conversion cycle of 124.60 days remain materially longer than the industry peer mean (33.95 days), creating working-capital drag.
Valuation context: WMDST values the stock as under-valued. Market multiples show a P/E of 38.00 below the industry peer mean (41.66) and a price-to-book of 3.47 slightly above the industry peer mean (3.08) and median (3.37). Free-cash-flow yield and positive operating cash flow provide the primary fundamental support for the WMDST under-valued assessment, while elevated leverage and negative net income represent the main valuation discounts applied in the model.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-28 |
| NEXT REPORT DATE: | 2026-01-27 |
| CASH FLOW | Begin Period Cash Flow | $ 118.1 M |
| Operating Cash Flow | $ 139.8 M | |
| Capital Expenditures | $ -84.89 M | |
| Change In Working Capital | $ 56.6 M | |
| Dividends Paid | $ -10.24 M | |
| Cash Flow Delta | $ 112.4 M | |
| End Period Cash Flow | $ 230.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.8 B | |
| Forward Revenue | $ -146.23 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.3 B | |
| Depreciation | $ 25.7 M | |
| Depreciation and Amortization | $ 25.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.7 B | |
| PROFITABILITY | ||
| Gross Profit | $ 517.0 M | |
| EBITDA | $ 252.8 M | |
| EBIT | $ 227.2 M | |
| Operating Income | $ 80.4 M | |
| Interest Income | — | |
| Interest Expense | $ 49.0 M | |
| Net Interest Income | $ -49.04 M | |
| Income Before Tax | $ 178.1 M | |
| Tax Provision | $ 207.5 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -40.44 M | |
| Net Income From Continuing Operations | $ -29.35 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.31 | |
| EPS Actual | $ 0.43 | |
| EPS Difference | $ 0.12 | |
| EPS Surprise | 38.71 % | |
| Forward EPS | $ 0.21 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 5.0 B | |
| Intangible Assets | $ 765.7 M | |
| Net Tangible Assets | $ -469.44 M | |
| Total Current Assets | $ 2.6 B | |
| Cash and Short-Term Investments | $ 230.5 M | |
| Cash | $ 230.5 M | |
| Net Receivables | $ 122.4 M | |
| Inventory | $ 2.0 B | |
| Long-Term Investments | $ 34.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 224.6 M | |
| Short-Term Debt | $ 1.4 B | |
| Total Current Liabilities | $ 2.0 B | |
| Net Debt | $ 2.6 B | |
| Total Debt | $ 3.8 B | |
| Total Liabilities | $ 4.5 B | |
| EQUITY | ||
| Total Equity | $ 296.2 M | |
| Retained Earnings | $ 86.2 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 4.72 | |
| Shares Outstanding | 62.819 M | |
| Revenue Per-Share | $ 28.75 | |
| VALUATION | Market Capitalization | $ 1.0 B |
| Enterprise Value | $ 4.6 B | |
| Enterprise Multiple | 18.095 | |
| Enterprise Multiple QoQ | -41.61 % | |
| Enterprise Multiple YoY | -24.098 % | |
| Enterprise Multiple IPRWA | high: 120.84 mean: 18.199 CWH: 18.095 median: 13.982 low: -57.947 |
|
| EV/R | 2.533 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 16.876 | |
| Asset To Liability | 1.107 | |
| Debt To Capital | 0.927 | |
| Debt To Assets | 0.756 | |
| Debt To Assets QoQ | 5.087 % | |
| Debt To Assets YoY | 233.12 % | |
| Debt To Assets IPRWA | CWH: 0.756 high: 0.687 median: 0.379 mean: 0.309 low: 0.001 |
|
| Debt To Equity | 12.756 | |
| Debt To Equity QoQ | 16.323 % | |
| Debt To Equity YoY | 30.483 % | |
| Debt To Equity IPRWA | CWH: 12.756 high: 6.251 median: 1.06 mean: 0.815 low: -2.702 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.465 | |
| Price To Book QoQ | 10.709 % | |
| Price To Book YoY | -62.524 % | |
| Price To Book IPRWA | CWH: 3.465 high: 3.368 median: 3.368 mean: 3.084 low: 0.896 |
|
| Price To Earnings (P/E) | 37.999 | |
| Price To Earnings QoQ | 24.052 % | |
| Price To Earnings YoY | -77.532 % | |
| Price To Earnings IPRWA | high: 217.378 median: 42.179 mean: 41.657 CWH: 37.999 low: -140.479 |
|
| PE/G Ratio | -1.547 | |
| Price To Sales (P/S) | 0.568 | |
| Price To Sales QoQ | 5.356 % | |
| Price To Sales YoY | -1.663 % | |
| Price To Sales IPRWA | high: 5.782 median: 4.989 mean: 4.714 CWH: 0.568 low: 0.555 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 71.0 | |
| Forward PE/G | -2.891 | |
| Forward P/S | -6.097 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -9.066 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.354 | |
| Asset Turnover Ratio QoQ | -7.265 % | |
| Asset Turnover Ratio YoY | -1.292 % | |
| Asset Turnover Ratio IPRWA | CWH: 0.354 high: 0.313 mean: 0.158 low: 0.127 median: 0.127 |
|
| Receivables Turnover | 13.884 | |
| Receivables Turnover Ratio QoQ | -9.844 % | |
| Receivables Turnover Ratio YoY | -0.505 % | |
| Receivables Turnover Ratio IPRWA | high: 15.444 CWH: 13.884 mean: 4.382 low: 2.729 median: 2.729 |
|
| Inventory Turnover | 0.631 | |
| Inventory Turnover Ratio QoQ | -4.722 % | |
| Inventory Turnover Ratio YoY | -2.388 % | |
| Inventory Turnover Ratio IPRWA | high: 4.017 median: 4.017 mean: 3.444 low: 0.674 CWH: 0.631 |
|
| Days Sales Outstanding (DSO) | 6.572 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 124.6 | |
| Cash Conversion Cycle Days QoQ | -28.799 % | |
| Cash Conversion Cycle Days YoY | -1.631 % | |
| Cash Conversion Cycle Days IPRWA | CWH: 124.6 high: 111.385 mean: 33.952 low: 20.506 median: 20.506 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 3.34 | |
| CapEx To Revenue | -0.047 | |
| CapEx To Depreciation | -3.309 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.8 B | |
| Net Invested Capital | $ 3.1 B | |
| Invested Capital | $ 3.1 B | |
| Net Tangible Assets | $ -469.44 M | |
| Net Working Capital | $ 540.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.113 | |
| Current Ratio | 1.264 | |
| Current Ratio QoQ | 0.455 % | |
| Current Ratio YoY | 2.618 % | |
| Current Ratio IPRWA | high: 2.736 CWH: 1.264 mean: 1.096 low: 0.903 median: 0.903 |
|
| Quick Ratio | 0.273 | |
| Quick Ratio QoQ | 12.582 % | |
| Quick Ratio YoY | 43.453 % | |
| Quick Ratio IPRWA | high: 1.541 mean: 0.831 median: 0.802 low: 0.284 CWH: 0.273 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 14.946 | |
| Cost Of Debt | 1.031 % | |
| Interest Coverage Ratio | 4.632 | |
| Interest Coverage Ratio QoQ | 88.015 % | |
| Interest Coverage Ratio YoY | 319.866 % | |
| Interest Coverage Ratio IPRWA | high: 286.5 mean: 28.753 CWH: 4.632 median: 2.661 low: -8.35 |
|
| Operating Cash Flow Ratio | -0.011 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 16.753 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -3.949 | |
| Dividend Payout Ratio | -0.253 | |
| Dividend Rate | $ 0.16 | |
| Dividend Yield | 0.01 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -3.715 % | |
| Revenue Growth | -8.595 % | |
| Revenue Growth QoQ | -121.601 % | |
| Revenue Growth YoY | 90.492 % | |
| Revenue Growth IPRWA | high: -2.778 % median: -2.778 % mean: -5.66 % CWH: -8.595 % low: -21.493 % |
|
| Earnings Growth | -24.561 % | |
| Earnings Growth QoQ | -94.883 % | |
| Earnings Growth YoY | -62.667 % | |
| Earnings Growth IPRWA | high: 95.745 % mean: 9.01 % median: 6.393 % CWH: -24.561 % low: -160.194 % |
|
| MARGINS | ||
| Gross Margin | 28.627 % | |
| Gross Margin QoQ | -4.491 % | |
| Gross Margin YoY | -0.945 % | |
| Gross Margin IPRWA | high: 50.37 % median: 50.37 % mean: 45.219 % CWH: 28.627 % low: 19.244 % |
|
| EBIT Margin | 12.577 % | |
| EBIT Margin QoQ | 94.66 % | |
| EBIT Margin YoY | 237.638 % | |
| EBIT Margin IPRWA | CWH: 12.577 % high: 11.724 % median: 11.724 % mean: 7.955 % low: -28.405 % |
|
| Return On Sales (ROS) | 4.45 % | |
| Return On Sales QoQ | -33.053 % | |
| Return On Sales YoY | 19.463 % | |
| Return On Sales IPRWA | high: 11.562 % median: 11.562 % mean: 10.31 % CWH: 4.45 % low: 3.127 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 54.9 M | |
| Free Cash Flow Yield | 5.353 % | |
| Free Cash Flow Yield QoQ | -58.626 % | |
| Free Cash Flow Yield YoY | -82.478 % | |
| Free Cash Flow Yield IPRWA | CWH: 5.353 % high: 2.751 % mean: 1.502 % median: 1.476 % low: 0.694 % |
|
| Free Cash Growth | -60.158 % | |
| Free Cash Growth QoQ | -58.59 % | |
| Free Cash Growth YoY | -144.606 % | |
| Free Cash Growth IPRWA | high: 338.351 % median: 338.351 % mean: 252.762 % CWH: -60.158 % low: -204.973 % |
|
| Free Cash To Net Income | -1.359 | |
| Cash Flow Margin | -1.295 % | |
| Cash Flow To Earnings | 0.578 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -0.794 % | |
| Return On Assets QoQ | -235.726 % | |
| Return On Assets YoY | -790.435 % | |
| Return On Assets IPRWA | high: 1.503 % median: 1.443 % mean: 0.729 % CWH: -0.794 % low: -7.673 % |
|
| Return On Capital Employed (ROCE) | 7.689 % | |
| Return On Equity (ROE) | -0.137 | |
| Return On Equity QoQ | -253.86 % | |
| Return On Equity YoY | -367.581 % | |
| Return On Equity IPRWA | high: 0.077 median: 0.077 mean: 0.034 CWH: -0.137 low: -0.396 |
|
| DuPont ROE | -12.702 % | |
| Return On Invested Capital (ROIC) | 5.716 % | |
| Return On Invested Capital QoQ | 84.625 % | |
| Return On Invested Capital YoY | 15.498 % | |
| Return On Invested Capital IPRWA | CWH: 5.716 % high: 1.818 % median: 1.65 % mean: 0.823 % low: -9.033 % |
|