Camping World Holdings, Inc. (CWH): BCG Matrix [Dec-2025 Updated]

You're looking for a clear, no-nonsense breakdown of Camping World Holdings, Inc.'s business lines as of late 2025, and honestly, the BCG Matrix is the perfect tool to map their current strategic pivot. We're seeing Used RV Sales cementing themselves as a Star, driving market share to 13.5%, while the high-margin Good Sam Services act as a dependable Cash Cow, but the real story is the capital being deployed into Question Marks like the rvs.com platform and aggressive market share goals, all while the company sheds Dogs like underperforming dealerships. Check out the full breakdown below to see where Camping World Holdings, Inc. is investing for growth and where it's cutting losses.

Background of Camping World Holdings, Inc. (CWH)

You're looking at the landscape of the recreational vehicle (RV) market as of late 2025, and Camping World Holdings, Inc. (CWH) remains a central figure; they call themselves the World's Largest Recreational Vehicle Dealer, operating across the RV and outdoor retail space. This company is a major player in selling RVs and all the related products and services through its extensive network of dealerships and service centers.

Looking at their most recent snapshot, the third quarter of 2025, which ended September 30th, shows some real momentum in key areas. Total revenue for that quarter hit $1.8 billion, marking a 4.7% increase compared to the prior year period. More impressively, their Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, which is a good proxy for operating cash flow) jumped by 41.8% to reach $95.7 million for the quarter. That kind of profit growth definitely tells a story about operational focus.

The growth story is heavily weighted toward used units, which is a deliberate strategy given consumer focus on affordability. For the third quarter, used vehicle unit sales were up a strong 32.9% to 18,694 units, while new vehicle unit sales only edged up 1.7% to 20,286 units. Overall, combined new and used unit sales increased by 14.6%, pushing their year-to-date market share to a record 13.5% of new and used units sold in the industry, an improvement of over 200 basis points. Also, remember their Coleman brand of travel trailers was the number one seller by unit volume through March 2025.

Now, the bottom line can be a bit tricky to read at first glance; they reported a net loss of $(29.4) million for Q3 2025. However, that needs context. The gross margin on products, service, and other offerings was quite healthy at 45.2%, showing the service side is working well. Management is confident enough in their operational improvements and the strength of their used and Good Sam businesses to set a conservative Adjusted EBITDA floor for 2026 starting in the low $300 million range, even while operating with only 197 store locations as of the end of September 2025.

Camping World Holdings, Inc. (CWH) - BCG Matrix: Stars

You're looking at the segment of Camping World Holdings, Inc. (CWH) that is dominating a growing market, which is exactly what we want to see in a Star. This category is defined by high market share in a high-growth area, but honestly, it still sucks up a lot of cash to keep that momentum going.

The core engine here is the Used RV Vehicle Sales business. In the third quarter of 2025, the unit volume for used vehicles surged by an impressive 32.9% year-over-year, reaching 18,694 units for that quarter alone. This aggressive growth in volume is what drove the company's total market share to a record 13.5% year-to-date as of Q3 2025. This segment is clearly the leader in its space right now, but keeping that lead requires heavy investment in procurement and placement.

The financial health of this segment supports its Star status. For instance, in the first quarter of 2025, the Used Vehicle Gross Margin stood strong at 18.6%, which is a solid margin for a high-volume used segment. The Q1 2025 used unit sales volume was 13,939 units, contributing to an Adjusted EBITDA of $31.1 million that quarter. By Q3 2025, with revenue hitting around $1.8 billion, the Adjusted EBITDA had climbed to $95.7 million, showing that the investment is translating into bottom-line results, even if the cash in equals the cash out for now.

Another key indicator of market leadership is found in the exclusive product lines. The Coleman Travel Trailers brand is a clear leader, specifically noted as the #1 selling travel trailer by unit volume in the U.S. year-to-date through March 2025. This exclusive brand acts as a magnet, feeding both new and used sales, and the Coleman portfolio is reportedly the company's most traded-in and most sold used unit.

To manage the cash consumption inherent in supporting a Star, Camping World Holdings, Inc. is executing on operational improvements. The company has an aggressive Strategic Cost Reduction plan in place, targeting a 600-700 basis points improvement in Selling, General, and Administrative (SG&A) expenses as a percentage of gross profit. This focus on efficiency, which included reducing headcount by over 900 since January 2025 and consolidating 16 locations by Q2 2025, is designed to accelerate profitability and EBITDA growth, helping this segment transition into a Cash Cow when the high-growth market eventually slows.

Here's a quick look at the key performance indicators supporting the Star classification for the Used Vehicle segment:

The operational focus driving this quadrant includes several key actions:

• Used vehicle unit sales increased 30.3% year-over-year in Q1 2025, totaling 13,939 units.
• The company is on pace to surpass its 2025 market share goal of 12%, having hit 11.2% at the end of 2024.
• The Q3 2025 revenue was approximately $1.8 billion.
• The company noted a reduction of over 900 employees since January 2025 as part of cost controls.

Camping World Holdings, Inc. (CWH) - BCG Matrix: Cash Cows

Cash Cows for Camping World Holdings, Inc. (CWH) are those business units operating in mature, lower-growth segments where the company maintains a high market share, allowing them to generate significant, stable cash flow that funds other parts of the portfolio. These are the profit engines you want to maintain and 'milk' passively.

The core of this category is built around the recurring revenue streams and high-margin services that are less dependent on new vehicle sales cycles. You see this strength clearly when you look at the financial performance of the ancillary businesses.

The Good Sam Services segment is a prime example. This is where the high-margin, recurring revenue from roadside assistance, insurance, and protection plans lives, acting as a key financial differentiator for Camping World Holdings, Inc. For the second quarter of 2025, this segment posted revenue of $54,213 thousand (or $54.213 million), which the company noted as a revenue record for the Good Sam business. While Q2 saw a gross margin of 59.5% for Good Sam Services and Plans, this was noted as a decrease due to higher roadside assistance claim costs, showing the operational risk even in a Cash Cow.

The Finance & Insurance (F&I) operation demonstrates consistent, high-profit contribution. In the second quarter of 2025, F&I revenue hit a record of $201.2 million, a significant driver of the quarter's performance. This strength continued into the third quarter, with F&I net revenue reported at $178.3 million, showing its stable, high-profit add-on nature to vehicle transactions.

The Products, Service, and Other segment also exhibits Cash Cow characteristics, primarily through its high profitability on the services side. As of the third quarter of 2025, this segment maintained a very high gross margin of 45.2%. This margin performance was achieved despite a 7.2% year-over-year decrease in revenue for the segment, which management attributed to labor reallocation toward used reconditioning.

Finally, the Real Estate Portfolio provides a stable, non-operating asset base that supports the balance sheet. As of the second quarter of 2025, Camping World Holdings, Inc. owned approximately $247 million in real estate assets without an associated mortgage, a tangible, low-risk asset base.

Here's a quick look at the key financial metrics for these core Cash Cow components as reported in the 2025 filings:

You should focus on maintaining the efficiency of the infrastructure supporting these units. For instance, the Q3 2025 results showed a $15 million potential cost takeout opportunity for 2026, which directly supports milking these Cash Cows harder by reducing the investment needed to support their current productivity levels.

The recurring nature of these businesses is what makes them essential. The strategy here is to invest just enough to maintain market share and efficiency, like the management team's focus on AI-enabled efficiency upside, to maximize the cash extraction for reinvestment elsewhere.

• Good Sam: Focus on stabilizing gross margin by managing roadside assistance claim costs.
• F&I: Continue to embed these high-margin products into the transaction process to sustain revenue flow.
• Real Estate: This asset base requires minimal ongoing investment, providing a stable, non-operating value cushion.

Finance: draft 13-week cash view by Friday.

Camping World Holdings, Inc. (CWH) - BCG Matrix: Dogs

You're looking at the parts of Camping World Holdings, Inc. (CWH) that are tying up capital without delivering strong returns-the Dogs quadrant. These are the areas where market share is low in slow-growing or shrinking segments, and the strategy here is typically to minimize exposure or divest.

The data from the third quarter of 2025 clearly shows where this pressure is felt. New vehicle sales, for instance, are showing revenue contraction despite unit growth, which points to pricing challenges in that segment. Management's decision to set conservative volume assumptions for new vehicles reflects this reality; they're definitely pulling back on aggressive growth bets here.

Here's a quick look at the key metrics reflecting this Dog behavior as of the third quarter ended September 30, 2025:

New RV Vehicle Sales

New vehicle revenue for the third quarter of 2025 came in at $766.8 million, representing a decrease of $58.1 million, or 7.0%, compared to the prior year period. This revenue decline occurred even as new vehicle unit sales actually increased by 343 units, or 1.7%, reaching 20,286 units. This divergence strongly suggests that the pricing power in this segment is weak, forcing management to adopt a more cautious stance on future volume targets.

Underperforming Dealerships

The active pruning of the physical footprint is a classic move when dealing with Dogs. As of September 30, 2025, Camping World Holdings, Inc. (CWH) operated 197 store locations, marking a net decrease of 10 store locations, or 4.8%, compared to September 30, 2024. This reduction included the consolidation of 15 store locations during the period to improve overall cost efficiency. This action aligns with minimizing assets that are not contributing sufficiently to cash flow.

New Vehicle Average Selling Price (ASP)

Margin compression in the new vehicle segment is directly tied to pricing. The New vehicle gross margin for Q3 2025 settled at 12.7%, which was a decrease of 81 basis points. The primary driver for this margin erosion was an 8.6% decrease in the average selling price per new vehicle sold during the quarter. This pressure on ASP is what makes expensive turn-around plans in this area risky.

Non-Core Divestitures

Shedding non-core operations is a direct way to remove cash traps. Camping World Holdings, Inc. (CWH) completed the divestiture of its RV furniture business, a subsidiary named CWDS LLC, in May 2024. This sale immediately impacted the Products, services and other revenue line in the following quarters, which saw a decline of $10.8 million, or 4.6% in Q3 2024, largely attributed to this exit arrangement.

The impact of these low-return areas is visible in the bottom line, even with strong used vehicle performance:

• Net loss for Q3 2025 was $(29.4) million.
• Adjusted EBITDA for Q3 2025 was $95.7 million, an increase of 41.8% year-over-year, showing core strengths are still driving cash flow.
• The company is relying on its used, service, and Good Sam businesses to be the financial differentiator, implicitly acknowledging the new vehicle segment's Dog-like characteristics.

Camping World Holdings, Inc. (CWH) - BCG Matrix: Question Marks

QUESTION MARKS (high growth products (brands), low market share): These business units are operating in growing markets but currently hold a low market share, consuming cash while possessing significant upside potential if market penetration increases rapidly.

Aggressive Market Share Goal: Targeting a medium-term 20% combined market share, a huge leap from the current 13.5%, requiring significant investment.

Camping World Holdings, Inc. achieved a record 13.5% market share of new and used units year-to-date as of September 30, 2025. This represented an over 200 basis point combined improvement year-to-date. The company had previously set a 12% new and used unit market share goal for 2025. The Q2 2025 market share was reported at over 14% of all new and used RVs registered in North America year-to-date. The required leap to a 20% target signifies a major investment need to quickly capture more of the growing market, a classic Question Mark strategy.

The current operational footprint shows a need for strategic placement to support this growth:

• Total store locations as of September 30, 2025: 197.
• Net decrease in store locations from September 30, 2024: 10 locations, or 4.8%.
• Number of store locations consolidated to improve cost efficiency (as of Q3 2025): 15.
• Total store locations as of June 30, 2025: 201.

Good Sam Acquisitions: Management is in 'heavy discussions' for acquisitions to expand the Good Sam ecosystem, a high-growth potential area needing capital.

The Good Sam business is viewed as a financial performance differentiator. In the prior year, the Good Sam business contributed over $100 million for the first time, driven by roadside assistance, extended warranties, and vehicle insurance. Management continues to focus on M&A to expand distribution points for the Good Sam suite of products. The company is using its fortified balance sheet to pursue dealership M&A and organic growth.

rvs.com Peer-to-Peer Platform: The new digital marketplace for customer-to-customer sales is a low-share venture in the high-growth used market.

Camping World Holdings, Inc. has centralized its used RV buying process in Arizona and launched the rvs.com platform to facilitate customer-to-customer sales. This digital marketplace targets the used RV sector, where the company has seen its used RV market share increase from 5% to 9% in recent years. The strategy involves encouraging customers to sell underutilized assets on this platform.

New Dealership Expansion: The company is using its increased $2.15 billion floor plan facility to fuel future dealership growth and M&A activity.

The company secured an amended and restated RV Inventory Floor Plan Facility in February 2025, increasing the committed borrowing capacity to an aggregate amount of $2.15 billion. This represents an increase of $300 million over the previous capacity. Furthermore, the facility resets an accordion feature that allows for up to an additional $300 million for further growth. This expanded capacity provides greater runway for future dealership growth and M&A.

The financing details are:

• Aggregate Committed Borrowing Capacity (as of Feb 2025): $2.15 billion.
• Increase in Committed Borrowing Capacity: $300 million.
• Accordion Feature Maximum: Up to an additional $300 million.
• Previous Capacity (July 2023): $1.85 billion.

This facility is intended to support the company's growth strategy, including dealership M&A.