Camping World Holdings stock fell to its lowest level in years Monday as the nation’s largest RV dealer continues to navigate a difficult market for new RV sales.
Shares of Camping World, which trade on the New York Stock Exchange under the ticker CWH, dropped as low as $5.39 on September 21 before closing at $5.47, according to historical trading data from Investing.com. The stock finished the day down 2.3% and set a new 52-week low.
It was not an all-time low.
Camping World shares fell to $3.40 on March 18, 2020, during the COVID market crash. Still, Monday’s price brought the stock closer to those pandemic-era lows than it has been in years.
The decline is even more striking when compared with the other end of the stock’s recent range. CWH’s current 52-week high is $17.97, meaning Monday’s closing price was nearly 70% below that level.
Camping World also moved opposite the broader market on Monday. The S&P 500 gained 1.49%, while the Nasdaq closed at a record high. That doesn’t explain why Camping World fell, but it does mean Monday’s drop wasn’t simply part of a broad market selloff.
Camping World has been dealing with a much weaker new RV market
The company’s latest financial results help explain some of the pressure investors are watching.
Camping World reported $1.93 billion in second-quarter revenue, down 2.1% from a year earlier. New RV revenue fell 5%, while the number of new RVs sold dropped 16.4% to 22,312 units. Used RV unit sales moved in the opposite direction, rising 5.2%.
Profitability also weakened. Gross profit fell 9.1%, net income declined 24%, and adjusted EBITDA dropped 21.2% from the same quarter last year.
Camping World CEO Matthew Wagner said new RV industry trends weakened during the peak selling season in May and June and that the company’s efforts to move older inventory pressured vehicle profits. He said the results came in below the company’s expectations.
The company also lowered its full-year adjusted EBITDA forecast from $275 million to $325 million to a new range of $230 million to $270 million.
The broader RV numbers have not helped
Camping World is not dealing with this slowdown alone. The RV Industry Association’s latest shipment report showed manufacturers shipped 19,948 RVs in July, down 11.9% from July 2025.
Through the first seven months of 2026, RV shipments were down 13.9%, with 183,592 units shipped compared with 213,338 during the same period last year. Towable RV shipments were down 16.1% year to date.
Camping World has seen a similar split between new and used RV demand. In its second-quarter report, the company said U.S. new RV registrations were down 16.4% through May, while used registrations were up 2.4%.
Management pointed to high interest rates, high fuel prices, weaker consumer sentiment, and broader economic uncertainty as factors weighing on the RV market.
Debt reduction has become a bigger priority
Camping World ended the second quarter with $224.1 million in cash and $1.405 billion in long-term debt.
The company has made progress on that front. Net debt fell $222.3 million, or 14.5%, from a year earlier, while the company generated $333 million in operating cash flow during the first half of the year.
Earlier this year, Camping World also paused its regular cash dividend. The company said the decision was partly intended to give it more flexibility to reduce debt and strengthen its balance sheet.
Wall Street analysts have also been cutting their expectations. Citi lowered its Camping World price target from $9 to $8 on September 16, while Truist cut its target from $14 to $10 several days earlier. Both firms kept buy ratings on the stock.
Analysts are clearly becoming more cautious about near-term results, but the recent target cuts are not the same thing as widespread calls for the company to fail.
For RVers, Camping World’s stock price doesn’t tell us where RV prices are headed or what will happen at individual dealerships. It does, however, provide another measure of how difficult the current new RV market has become.
Manufacturers are shipping fewer units. New RV registrations have fallen sharply. Camping World has cut its earnings outlook, and its shares are now trading at levels not seen since the aftermath of the 2020 market crash.
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