Avnet vs CDW
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The short version
- Avnet is the larger business, with $27.6B of revenue in fiscal 2026 against $22.4B for CDW.
- Avnet grew revenue faster (24.5%, against 6.8%).
- CDW kept more of each dollar of sales as operating profit (7.4% operating margin, against 2.6%).
- CDW turned more of its sales into free cash flow (4.9% FCF margin, against −1.3%).
- CDW earned a higher return on the capital invested in it (16.4%, against 7.0%).
| Latest fiscal year | AVT · FY26 | CDW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.3B | $21.0B |
| Revenue | $27.6B | $22.4B |
| Free cash flow | −$355M | $1.1B |
| Net income | $334M | $1.1B |
| Growth | ||
| Revenue growth | 24.5% | 6.8% |
| 5-year growth | 7.2% | 4.0% |
| Share count change | −4.6% | −2.3% |
| Profitability | ||
| Gross margin | 10.4% | 21.7% |
| Operating margin | 2.6% | 7.4% |
| Net margin | 1.2% | 4.8% |
| FCF margin | −1.3% | 4.9% |
| Return on capital | 7.0% | 16.4% |
| Return on equity | 6.7% | 43.0% |
| Balance sheet | ||
| Net debt | $2.3B | $5.0B |
| Net debt / EBITDA | 2.9x | 2.6x |
| Dividends and buybacks | $253M | $982M |
| Valuation & quality | ||
| P/E | — | 19.8x |
| Piotroski F-score | 5 | 5 |
Revenue
FY17
AVT $17.4B
CDW $14.8B
FY18
AVT $19.0B
CDW $16.2B
FY19
AVT $19.5B
CDW $18.0B
FY20
AVT $17.6B
CDW $18.5B
FY21
AVT $19.5B
CDW $20.8B
FY22
AVT $24.3B
CDW $23.7B
FY23
AVT $26.5B
CDW $21.4B
FY24
AVT $23.8B
CDW $21.0B
FY25
AVT $22.2B
CDW $22.4B
FY26
AVT $27.6B
CDW —
AVT
CDW
Operating margin
FY17
AVT 2.5%
CDW 5.8%
FY18
AVT 1.1%
CDW 6.1%
FY19
AVT 1.9%
CDW 6.3%
FY20
AVT −0.0%
CDW 6.4%
FY21
AVT 1.4%
CDW 6.8%
FY22
AVT 3.9%
CDW 7.3%
FY23
AVT 4.5%
CDW 7.9%
FY24
AVT 3.6%
CDW 7.9%
FY25
AVT 2.3%
CDW 7.4%
FY26
AVT 2.6%
CDW —
AVT
CDW
Free cash flow
FY17
AVT −$489M
CDW $697M
FY18
AVT $97.6M
CDW $820M
FY19
AVT $412M
CDW $791M
FY20
AVT $657M
CDW $1.2B
FY21
AVT $40.6M
CDW $685M
FY22
AVT −$268M
CDW $1.2B
FY23
AVT −$908M
CDW $1.5B
FY24
AVT $464M
CDW $1.2B
FY25
AVT $577M
CDW $1.1B
FY26
AVT −$355M
CDW —
AVT
CDW
Return on capital
FY17
AVT 6.8%
CDW 17.0%
FY18
AVT 1.8%
CDW 18.8%
FY19
AVT 5.2%
CDW 21.7%
FY20
AVT −0.1%
CDW 23.4%
FY21
AVT 5.8%
CDW 19.4%
FY22
AVT 14.8%
CDW 17.9%
FY23
AVT 14.4%
CDW 17.9%
FY24
AVT 9.2%
CDW 17.0%
FY25
AVT 6.8%
CDW 16.4%
FY26
AVT 7.0%
CDW —
AVT
CDW
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.