Camping World is a leveraged RV-cycle turnaround where cost cuts, inventory cleanup, debt reduction, and Good Sam recurring revenue create asymmetric upside from trough valuation.
Overview
Camping World is a high-leverage cyclical turnaround trading near trough valuation after a 60% share-price decline and dividend suspension. Despite weak RV demand, Q1 2026 showed operational progress: EPS beat expectations, SG&A fell $29 million, leverage dropped from 8.1x to 5.6x, and aged inventory was largely cleared. Under new CEO Matthew Wagner, the investment case rests on permanent cost reductions, margin recovery in the second half of 2026, debt paydown, and recurring Good Sam economics offsetting cyclicality.