Truist has lowered its price objective for Camping World Holdings, Inc. (NYSE: CWH) to $14 from $15, though it maintains a “Buy” rating on the stock.
Analyst Michael Swartz noted that North American RV retail revenues for February were weaker than forecasted, experiencing a low-20% loss following a 10.8% decline in January.
Despite the retail headwinds early in the year, Camping World reported adjusted EBITDA of $242.9 million for the full-year 2025, representing an increase of more than 35%, according to an article by Insider Monkey.
The company recorded a net loss of $105.6 million for the period, which leadership attributed primarily to changes in deferred tax assets and tax receivable agreements.
Matthew Wagner, chief executive officer at Camping World, highlighted that the corporation achieved a record market share of more than 13% by the end of the year.
Wagner noted that both new and used vehicle same-store unit revenue grew by 4% during the fourth quarter.
The company concluded 2025 with a liquidity position of $215 million in cash against $1.472 billion in long-term debt.
This brings the firm’s net leverage to 5.7x, though management projects adjusted EBITDA will rise to between $275 million and $325 million in 2026 as debt reduction efforts continue.
Camping World continues to operate through its two primary segments: Good Sam Services & Plans and RV & Outdoor Retail.
The company remains a dominant retailer of recreational vehicles and related outdoor products and services across North America.
This financial update is significant for the RV industry as it serves as a barometer for broader market health and consumer discretionary spending.
While record market share and EBITDA growth indicate strong internal management, the “weaker than anticipated” retail revenues in early 2026 suggest that high interest rates and macroeconomic uncertainty continue to impact the purchasing power of the average outdoor enthusiast.