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TD Synnex

SNX NYSE Technology Distributors Financials FY2016–FY2025

TD Synnex's revenue rose 6.9% to $62.5 billion in fiscal 2025. Its operating margin was 2.3%, up from 2.0% a year earlier. Free cash flow was $1.4 billion, up 33.3%. It paid out $742 million in dividends and buybacks, 53% of free cash flow. The diluted share count fell 4.0%.

Last close · Oct 23, 2026

$247.34

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$62.5B
6.9% vs prior year
Operating margin Operating income as a share of revenue.
2.3%
0.2 pts
Net income Profit after all expenses, interest and tax.
$828M
20.1%
Free cash flow Cash from operations minus capital spending.
$1.4B
33.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.3%
1.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$19.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.1x
On $16.40 EPS (TTM)

What TD Synnex does

No business description yet.

Legal name
TD SYNNEX CORPORATION
Fiscal year ends
November 30, 2025
Latest annual report
—
Accession · CIK
0001628280-26-003598
0001177394

Revenue and margins

TD Synnex had $62.5B of revenue in fiscal 2025, up 6.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 6.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.4B in fiscal 2025, 2.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

TD Synnex returned $742M to shareholders in fiscal 2025, 53% of free cash flow. The diluted share count fell 4.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value TD Synnex yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.2B and divides by 82.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.1x · peers 20.9x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably TD Synnex can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $994M$523M$1.0B$1.1B$2.4B
Debt incl. finance leases $4.0B$4.1B$4.1B$3.9B$4.6B
Net debt / EBITDA 3.8x2.4x2.0x1.8x1.2x
Debt / equity 0.5x0.5x0.5x0.5x0.6x
Interest coverage 5.3x4.8x3.7x3.7x4.0x
Current ratio 1.3x1.3x1.2x1.2x1.2x
Quick ratio 0.8x0.7x0.8x0.8x0.8x
Total assets $27.7B$29.7B$29.4B$30.3B$34.3B
Total liabilities $19.8B$21.7B$21.2B$22.2B$25.8B
Shareholders' equity $7.9B$8.0B$8.2B$8.0B$8.5B
Net debt (− = net cash) $3.0B$3.6B$3.0B$2.8B$2.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$15.2M

4 insiders

Of sales under plans

47%

$7.2M

DateInsiderTradeSharesPriceValueFiling
Oct 21, 2026 Dennis PolkChair, Hyve Solutions, Director Sold 3,955 $251.27 $1.0M Form 4
Oct 20, 2026 Reyna ThompsonPresident, North America Sold plan 2,433 $248.45 $0.6M Form 4
Sep 15, 2026 Dennis PolkChair, Hyve Solutions, Director Sold plan 2,500 $264.19 $0.7M Form 4
Aug 17, 2026 Dennis PolkChair, Hyve Solutions, Director Sold plan 2,500 $261.21 $0.7M Form 4
Aug 5, 2026 Richard T HumeDirector Sold plan 5,000 $262.21 $1.3M Form 4
Jul 31, 2026 Ann F VezinaDirector Sold 1,273 $256.05 $0.3M Form 4
Jul 15, 2026 Dennis PolkChair, Hyve Solutions, Director Sold plan 2,500 $249.67 $0.6M Form 4
Jul 6, 2026 Richard T HumeDirector Sold plan 5,000 $242.97 $1.2M Form 4
Jun 30, 2026 Dennis PolkChair, Hyve Solutions, Director Sold 10,000 $268.48 $2.7M Form 4
Jun 29, 2026 Dennis PolkChair, Hyve Solutions, Director Sold 15,000 $265.38 $4.0M Form 4
Jun 15, 2026 Dennis PolkChair, Hyve Solutions, Director Sold plan 2,500 $284.33 $0.7M Form 4
Jun 2, 2026 Richard T HumeDirector Sold plan 5,000 $280.38 $1.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 6 / 98 / 97 / 9
Accruals ratio −2.6%−1.8%−2.2%
Altman Z'' 1.641.831.78

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
TD Synnex SNX $19.6B 6.9% 2.3% 2.2% 10.3% 15.1x 7
Arrow Electronics ARW $10.9B 10.5% 2.7% −0.1% 7.3% 13.4x 6 Compare →
Avnet AVT $7.3B 24.5% 2.6% −1.3% 7.0% 22.0x 5 Compare →
CDW CDW $21.0B 6.8% 7.4% 4.9% 16.4% 19.8x 5 Compare →
Cisco CSCO $424.6B 11.8% 24.3% 20.2% 20.2% 32.0x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $14.1B $17.0B $20.1B $19.1B $20.0B $31.6B $62.3B $57.6B $58.5B $62.5B
Gross profit $1.3B $1.5B $1.9B $1.2B $1.2B $1.9B $3.9B $4.0B $4.0B $4.4B
Operating income $380M $507M $550M $519M $521M $623M $1.1B $1.1B $1.2B $1.4B
Interest expense $31.1M $47.4M $92.9M $173M $133M $117M $221M $288M $320M $357M
Pretax income $356M $463M $457M $473M $436M $467M $827M $790M $866M $1.1B
Income tax $121M $163M $157M $111M $102M $71.4M $176M $163M $177M $230M
Net income $235M $300M $300M $501M $529M $395M $651M $627M $689M $828M
Diluted EPS $5.88 $7.48 $7.17 $9.74 $10.21 $6.24 $6.77 $6.70 $7.95 $9.95
Diluted shares 0.04B 0.04B 0.04B 0.05B 0.05B 0.06B 0.10B 0.09B 0.09B 0.08B
Cash flow
Cash from operations $325M $177M $101M $550M $1.8B $810M −$49.6M $1.4B $1.2B $1.5B
Capital expenditure $123M $97.5M $125M $137M $26.6M $39.7M $65.3M $150M $175M $142M
Free cash flow $201M $79.2M −$24.6M $413M $1.8B $770M −$115M $1.3B $1.0B $1.4B
Depreciation and amortization $121M $160M $225M $372M $342M $152M $463M $418M $408M $414M
Stock-based compensation $14.0M $17.4M $22.7M $28.0M $33.2M $53.2M $91.2M $85.0M $69.2M $66.4M
Acquisitions $415M $527M $1.1B $9.4M $5.6M $907M $0.0M $0.0M $43.7M $83.7M
Share buybacks $6.9M $0.0M $66.0M $15.2M $3.4M $0.0M $125M $621M $612M $596M
Dividends paid $33.7M $41.8M $59.7M $76.6M $20.8M $50.3M $115M $130M $138M $146M
Dividends and buybacks $40.6M $41.8M $126M $91.8M $24.2M $50.3M $240M $751M $750M $742M
Balance sheet
Cash and short-term investments $386M $556M $457M $226M $1.4B $994M $523M $1.0B $1.1B $2.4B
Total debt $967M $1.1B $2.6B $2.7B $1.5B $4.0B $4.1B $4.1B $3.9B $4.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $4.0B $5.7B $7.2B $7.5B $8.8B $17.7B $20.5B $20.1B $21.3B $25.3B
Current liabilities $2.5B $4.0B $5.0B $4.6B $5.6B $14.2B $16.4B $16.7B $17.2B $21.0B
Inventory $1.7B $2.2B $2.4B $2.5B $2.7B $6.6B $9.1B $7.1B $8.3B $9.5B
Property and equipment, net $313M $347M $571M $570M $158M $483M $421M $450M $457M $496M
Total assets $5.2B $7.8B $11.5B $11.7B $13.5B $27.7B $29.7B $29.4B $30.3B $34.3B
Total liabilities $3.2B $5.4B $8.1B $7.9B $9.1B $19.8B $21.7B $21.2B $22.2B $25.8B
Shareholders' equity $2.0B $2.3B $3.4B $3.8B $4.3B $7.9B $8.0B $8.2B $8.0B $8.5B
Margins
Gross margin 9.1% 9.1% 9.6% 6.1% 6.0% 6.0% 6.3% 6.9% 6.8% 7.0%
Operating margin 2.7% 3.0% 2.7% 2.7% 2.6% 2.0% 1.7% 1.9% 2.0% 2.3%
EBITDA margin 3.6% 3.9% 3.9% 4.7% 4.3% 2.5% 2.4% 2.6% 2.7% 2.9%
Net margin 1.7% 1.8% 1.5% 2.6% 2.7% 1.3% 1.0% 1.1% 1.2% 1.3%
FCF margin 1.4% 0.5% −0.1% 2.2% 9.1% 2.4% −0.2% 2.2% 1.8% 2.2%
Returns
Return on capital 10.6% 12.1% 8.5% 6.7% 7.5% 6.9% 7.4% 7.5% 8.6% 10.3%
Return on capital employed 14.4% 15.7% 10.7% 7.6% 7.0% 5.9% 7.9% 8.3% 9.3% 10.7%
Return on equity 12.5% 14.1% 10.5% 13.9% 13.0% 6.5% 8.2% 7.7% 8.5% 10.0%
Return on assets 4.9% 4.6% 3.1% 4.3% 4.2% 1.9% 2.3% 2.1% 2.3% 2.6%
Growth
Revenue growth 5.4% 21.2% 17.7% −4.9% 4.8% 58.3% 97.2% −7.7% 1.6% 6.9%
Net income growth 12.7% 27.8% −0.1% 66.9% 5.7% −25.3% 64.9% −3.8% 9.9% 20.1%
EPS growth 12.2% 27.2% −4.1% 35.8% 4.8% −38.9% 8.5% −1.0% 18.7% 25.2%
FCF growth −62.8% −60.7% −131.1% — 338.2% −57.4% −114.9% — −17.1% 33.3%
Share count change 0.5% 0.6% 4.3% 22.9% 0.6% 22.4% 52.3% −2.8% −7.5% −4.0%
Financial health
Net debt / EBITDA 1.2x 0.9x 2.8x 2.8x 0.1x 3.8x 2.4x 2.0x 1.8x 1.2x
Debt / equity 0.5x 0.5x 0.8x 0.7x 0.3x 0.5x 0.5x 0.5x 0.5x 0.6x
Interest coverage 12.2x 10.7x 5.9x 3.0x 3.9x 5.3x 4.8x 3.7x 3.7x 4.0x
Current ratio 1.6x 1.4x 1.5x 1.6x 1.6x 1.3x 1.3x 1.2x 1.2x 1.2x
Quick ratio 0.9x 0.9x 1.0x 1.1x 1.1x 0.8x 0.7x 0.8x 0.8x 0.8x
Capital allocation
Capex / revenue 0.9% 0.6% 0.6% 0.7% 0.1% 0.1% 0.1% 0.3% 0.3% 0.2%
Stock comp / revenue 0.1% 0.1% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1%
Payouts / FCF 20.2% 52.8% — 22.3% 1.3% 6.5% — 59.7% 71.9% 53.4%
Quality scores
Piotroski F-score 6.0 5.0 4.0 6.0 6.0 5.0 4.0 6.0 8.0 7.0
Altman Z'' 4.1 3.1 2.6 3.1 3.1 1.5 1.7 1.6 1.8 1.8
Accruals ratio −1.9% 1.9% 2.1% −0.4% −10.4% −2.0% 2.4% −2.6% −1.8% −2.2%

Source: SEC EDGAR XBRL filings (CIK 0001177394). Data updated October 17, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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