CDW 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 $22.4B for CDW, about 2.8 times as much.
- CDW kept more of each dollar of sales as operating profit (7.4% operating margin, against 2.3%).
- CDW turned more of its sales into free cash flow (4.9% FCF margin, against 2.2%).
- CDW earned a higher return on the capital invested in it (16.4%, against 10.3%).
- Investors pay more for each dollar of CDW’s earnings: a P/E of 19.8x against 15.1x for TD Synnex.
| Latest fiscal year | CDW · FY25 | SNX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.0B | $19.6B |
| Revenue | $22.4B | $62.5B |
| Free cash flow | $1.1B | $1.4B |
| Net income | $1.1B | $828M |
| Growth | ||
| Revenue growth | 6.8% | 6.9% |
| 5-year growth | 4.0% | 25.6% |
| Share count change | −2.3% | −4.0% |
| Profitability | ||
| Gross margin | 21.7% | 7.0% |
| Operating margin | 7.4% | 2.3% |
| Net margin | 4.8% | 1.3% |
| FCF margin | 4.9% | 2.2% |
| Return on capital | 16.4% | 10.3% |
| Return on equity | 43.0% | 10.0% |
| Balance sheet | ||
| Net debt | $5.0B | $2.2B |
| Net debt / EBITDA | 2.6x | 1.2x |
| Dividends and buybacks | $982M | $743M |
| Valuation & quality | ||
| P/E | 19.8x | 15.1x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
CDW $13.7B
SNX $14.1B
FY17
CDW $14.8B
SNX $17.0B
FY18
CDW $16.2B
SNX $20.1B
FY19
CDW $18.0B
SNX $19.1B
FY20
CDW $18.5B
SNX $20.0B
FY21
CDW $20.8B
SNX $31.6B
FY22
CDW $23.7B
SNX $62.3B
FY23
CDW $21.4B
SNX $57.6B
FY24
CDW $21.0B
SNX $58.5B
FY25
CDW $22.4B
SNX $62.5B
CDW
SNX
Operating margin
FY16
CDW 6.0%
SNX 2.7%
FY17
CDW 5.8%
SNX 3.0%
FY18
CDW 6.1%
SNX 2.7%
FY19
CDW 6.3%
SNX 2.7%
FY20
CDW 6.4%
SNX 2.6%
FY21
CDW 6.8%
SNX 2.0%
FY22
CDW 7.3%
SNX 1.7%
FY23
CDW 7.9%
SNX 1.9%
FY24
CDW 7.9%
SNX 2.0%
FY25
CDW 7.4%
SNX 2.3%
CDW
SNX
Free cash flow
FY16
CDW $541M
SNX $201M
FY17
CDW $697M
SNX $79.2M
FY18
CDW $820M
SNX −$24.6M
FY19
CDW $791M
SNX $413M
FY20
CDW $1.2B
SNX $1.8B
FY21
CDW $685M
SNX $770M
FY22
CDW $1.2B
SNX −$115M
FY23
CDW $1.5B
SNX $1.3B
FY24
CDW $1.2B
SNX $1.0B
FY25
CDW $1.1B
SNX $1.4B
CDW
SNX
Return on capital
FY16
CDW 12.4%
SNX 10.6%
FY17
CDW 17.0%
SNX 12.1%
FY18
CDW 18.8%
SNX 8.5%
FY19
CDW 21.7%
SNX 6.7%
FY20
CDW 23.4%
SNX 7.5%
FY21
CDW 19.4%
SNX 6.9%
FY22
CDW 17.9%
SNX 7.4%
FY23
CDW 17.9%
SNX 7.5%
FY24
CDW 17.0%
SNX 8.6%
FY25
CDW 16.4%
SNX 10.3%
CDW
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.