CDW vs TD Synnex
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KIRA’s take AI analyst
I put CDW and TD Synnex side by side, using each one’s latest annual report. Here is what stands out:
- 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 19.6x against 15.3x for TD Synnex.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
CDW
CDW
6/11
Gross marginOperating marginNet marginFCF marginReturn on capitalReturn on equity
TD Synnex
SNX
5/11
Revenue growth5-year growthPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | CDW FY25 | SNX FY25 |
|---|---|---|
| Size | ||
| Market cap | $20.8B | $19.9B |
| 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 | 19.6x | 15.3x |
| Piotroski F-score | 5 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.