What Camping World Holdings, Inc. told the SEC could break it.

Camping World depends on two manufacturers — Thor Industries (58.4%) and Forest River (34.4%) — for roughly 93% of its new RV inventory; any adverse change in their production, quality, pricing or relationship would materially disrupt CWH's supply.

“Thor Industries, Inc. and Forest River, Inc. supplied approximately 58.4% and 34.4%, respectively, of our new RV inventory as of December 31, 2025.”

Substantially all of CWH's new RV inventory is financed under a Floor Plan Facility with up to $2.15B borrowing capacity; reliance on inventory financing (and a February 2026 pause of its dividend to reduce net-debt leverage) concentrates interest-rate and refinancing risk.

“As of December 31, 2025, we had up to $2.15 billion in maximum borrowing capacity under our Ninth Amended and Restated Credit Agreement for floor plan financing (the “Floor Plan Facility”)”

CWH facilitated financing for ~80% of new units sold in 2025; its business is sensitive to the availability and cost of financing to both the company and its customers, so higher rates or tighter credit would depress RV demand and raise uncollectible accounts.

“Our business is affected by the availability and cost of financing to us and our customers.”

A portion of products CWH sells for resale is manufactured abroad (notably China and Mexico); escalating U.S.-China/Mexico/Canada trade tensions and new or increased tariffs could raise costs and reduce net sales and profitability.

“As a result, our foreign imports, in particular imports from China and Mexico, subject us to the risks of changes in, or the imposition of new import tariffs, duties or quotas, new restrictions on imports, loss of "most favored nation" status with the United States for a particular foreign country, antidumping or countervailing duty orders, retaliatory actions in response to illegal trade practices, work stoppages, delays in shipment, trade route”