Avnet vs TD Synnex
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The short version
- TD Synnex is the larger business, with $62.5B of revenue in fiscal 2025 against $27.6B for Avnet, about 2.3 times as much.
- Avnet grew revenue faster (24.5%, against 6.9%).
- TD Synnex turned more of its sales into free cash flow (2.2% FCF margin, against −1.3%).
- TD Synnex earned a higher return on the capital invested in it (10.3%, against 7.0%).
| Latest fiscal year | AVT · FY26 | SNX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.3B | $19.6B |
| Revenue | $27.6B | $62.5B |
| Free cash flow | −$355M | $1.4B |
| Net income | $334M | $828M |
| Growth | ||
| Revenue growth | 24.5% | 6.9% |
| 5-year growth | 7.2% | 25.6% |
| Share count change | −4.6% | −4.0% |
| Profitability | ||
| Gross margin | 10.4% | 7.0% |
| Operating margin | 2.6% | 2.3% |
| Net margin | 1.2% | 1.3% |
| FCF margin | −1.3% | 2.2% |
| Return on capital | 7.0% | 10.3% |
| Return on equity | 6.7% | 10.0% |
| Balance sheet | ||
| Net debt | $2.3B | $2.2B |
| Net debt / EBITDA | 2.9x | 1.2x |
| Dividends and buybacks | $253M | $743M |
| Valuation & quality | ||
| P/E | — | 15.1x |
| Piotroski F-score | 5 | 7 |
Revenue
FY17
AVT $17.4B
SNX $17.0B
FY18
AVT $19.0B
SNX $20.1B
FY19
AVT $19.5B
SNX $19.1B
FY20
AVT $17.6B
SNX $20.0B
FY21
AVT $19.5B
SNX $31.6B
FY22
AVT $24.3B
SNX $62.3B
FY23
AVT $26.5B
SNX $57.6B
FY24
AVT $23.8B
SNX $58.5B
FY25
AVT $22.2B
SNX $62.5B
FY26
AVT $27.6B
SNX —
AVT
SNX
Operating margin
FY17
AVT 2.5%
SNX 3.0%
FY18
AVT 1.1%
SNX 2.7%
FY19
AVT 1.9%
SNX 2.7%
FY20
AVT −0.0%
SNX 2.6%
FY21
AVT 1.4%
SNX 2.0%
FY22
AVT 3.9%
SNX 1.7%
FY23
AVT 4.5%
SNX 1.9%
FY24
AVT 3.6%
SNX 2.0%
FY25
AVT 2.3%
SNX 2.3%
FY26
AVT 2.6%
SNX —
AVT
SNX
Free cash flow
FY17
AVT −$489M
SNX $79.2M
FY18
AVT $97.6M
SNX −$24.6M
FY19
AVT $412M
SNX $413M
FY20
AVT $657M
SNX $1.8B
FY21
AVT $40.6M
SNX $770M
FY22
AVT −$268M
SNX −$115M
FY23
AVT −$908M
SNX $1.3B
FY24
AVT $464M
SNX $1.0B
FY25
AVT $577M
SNX $1.4B
FY26
AVT −$355M
SNX —
AVT
SNX
Return on capital
FY17
AVT 6.8%
SNX 12.1%
FY18
AVT 1.8%
SNX 8.5%
FY19
AVT 5.2%
SNX 6.7%
FY20
AVT −0.1%
SNX 7.5%
FY21
AVT 5.8%
SNX 6.9%
FY22
AVT 14.8%
SNX 7.4%
FY23
AVT 14.4%
SNX 7.5%
FY24
AVT 9.2%
SNX 8.6%
FY25
AVT 6.8%
SNX 10.3%
FY26
AVT 7.0%
SNX —
AVT
SNX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.