CDW vs TD Synnex
TD Synnex reported revenue of $62.5 billion in fiscal 2025, 2.8 times CDW's $22.4 billion in fiscal 2025. CDW's revenue grew 6.8% in its latest year, and TD Synnex's grew 6.9%. CDW had an operating margin of 7.4%, against 2.3% at TD Synnex. Free cash flow was $1.1 billion at CDW and $1.4 billion at TD Synnex. Their fiscal years end in different months (December 31 and November 30), so the periods don't line up exactly.
Side by side
| CDW | TD Synnex | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Nov 30, 2025 |
| Revenue | $22.4B | $62.5B |
| Revenue growth | 6.8% | 6.9% |
| Revenue growth a year, last 5 years | 4.0% | 25.6% |
| Gross margin | 21.7% | 7.0% |
| Operating margin | 7.4% | 2.3% |
| Net margin | 4.8% | 1.3% |
| Free cash flow | $1.1B | $1.4B |
| Free cash flow margin | 4.8% | 2.2% |
| Return on capital | 16.4% | 10.3% |
| Net debt to EBITDA | 2.6x | 1.2x |
| Dividends and buybacks | $982M | $742M |
| Change in diluted share count | −2.3% | −4.0% |
| Last close | $163.23 | $250.48 |
| P/E at the last close | 19.6× | 15.3× |
| Insider trades, last 12 months | bought $2.5 million, sold $4.8 million | sold $42.3 million |
| Piotroski F-score | 5 of 9 | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CDWTD Synnex
Operating margin
Percent of revenue
CDWTD Synnex
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CDWTD Synnex