CDW Corporation (CDW)
Information Technology · $18.3B market cap · SEC CIK 0001402057
fundamentals score out of 100
Next reports on Nov 2, 2026, before the open, with analysts expecting $2.99 in earnings per share.
The case for CDW
- Earns 43% back on shareholder equity.
- Reasonably priced at 16.9× earnings.
- Pays a modest 1.1% dividend.
- Price/sales of 0.8× is lower than 97% of Information Technology companies.
The case against
- Revenue growth of +7.4% is slower than 88% of Information Technology companies.
- Net margin of 5% is thinner than 89% of Information Technology companies.
- Long-term debt of $4.6B against $619M of cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 76 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 29 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 34 |
| Momentumhow the price has behaved lately | 61 |
| Stabilityhow violently it moves, what it owes and what it pays you | 57 |
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
Key numbers
| Price / earnings | 16.9× |
|---|---|
| Price / book | 7.36× |
| Price / sales | 0.8× |
| Revenue growth (YoY) | +7.4% |
| EPS growth (YoY) | +3.4% |
| Gross margin | 21% |
| Operating margin | 7% |
| Net margin | 5% |
| Return on equity | 43% |
| Debt / equity | 2.38× |
| Current ratio | 1.17 |
| Dividend yield | 1.14% |
| Beta | 0.94 |
| 52-week range | $97.12 – $167.00 |
| Position in that range | 72% of the way up |
| 3-month return | +14.1% |
| 1-year return | -9.2% |
Five years of financials, as filed
Pulled from CDW Corporation's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $22.4B | $21.0B | $21.4B | $23.7B | $20.8B |
| Gross profit | $4.9B | $4.6B | $4.7B | $4.7B | $3.6B |
| Operating income | $1.7B | $1.7B | $1.7B | $1.7B | $1.4B |
| Net income | $1.1B | $1.1B | $1.1B | $1.1B | $989M |
| Operating cash flow | $1.2B | $1.3B | $1.6B | $1.3B | $785M |
| Capital expenditure | $117M | $123M | $148M | $128M | $100M |
| Total assets | $16.0B | $14.7B | $13.3B | $13.1B | $13.2B |
| Shareholder equity | $2.6B | $2.4B | $2.0B | $1.6B | $706M |
| Cash | $619M | $504M | $589M | $315M | $258M |
| Long-term debt | $4.6B | $5.6B | $5.0B | $5.9B | $6.8B |
| Free cash flow | $1.1B | $1.2B | $1.5B | $1.2B | $685M |
| Gross margin | 21.7% | 21.9% | 21.8% | 19.7% | 17.1% |
| Operating margin | 7.4% | 7.9% | 7.9% | 7.3% | 6.8% |
| Net margin | 4.8% | 5.1% | 5.2% | 4.7% | 4.7% |
| Diluted shares | 132M | 135M | 136M | 137M | 141M |
Share count is down 6.0% over 4 years. Buybacks have been shrinking the pie.
What CDW Corporation says it does
Our Company CDW Corporation (together with its subsidiaries, the "Company," "CDW", "we", "us", or "our"), a Fortune 500 company and member of the S&P 500 Index, is a leading multi-brand provider of information technology ("IT") solutions to business, government, education, and healthcare customers in the United States ("US"), the United Kingdom ("UK"), and Canada. Our broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security. We are vendor, technology, and consumption model unbiased, offering a broad selection of products and multi-branded IT solutions. Our solutions are delivered in physical, virtual, and cloud-based environments through approximately 10,500 customer-facing coworkers, including sellers, highly-skilled specialists, and engineers. We are a leading sales…
Risk factors CDW lists in its 10-K
- Information about our Executive Officers
- Our business depends on our vendor partner and wholesale distributor relationships and the terms of the agreements governing those relationships
- Our sales are dependent on continued innovations in technology by our vendor partners and the competitiveness of their offerings, and our ability to partner with new and emerging technology providers
- Issues relating to the use or capabilities of AI, including social, ethical, and safety issues, in hardware, software, and services offerings may result in reputational harm, liability, or increased costs
- Substantial competition could reduce our market share and significantly harm our financial performance
- The success of our business depends on the continuing development, maintenance, and operation of our information technology systems
- Breaches of data security and the failure to protect our information technology systems from cybersecurity threats could adversely impact our business
- If we or our third-party service providers fail to provide high-quality services to our customers, our reputation, brand, business, results of operations, or cash flows could be adversely affected
- We have outsourced certain business processes to third-party outsource partners and any service failures or disruptions related to these outsourcing arrangements could adversely affect our business
- A natural disaster or other adverse occurrence at one of our primary facilities or a third-party provider location could damage our business
- Increases in the cost of commercial delivery services or disruptions of those services could materially adversely impact our business
- We are exposed to accounts receivable and inventory risks
- We could be exposed to additional costs and risks if we continue to make strategic investments or acquisitions or enter into joint ventures or alliances
- Fluctuations in foreign currency have an effect on our reported results of operations