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Not Investment Advice

CDW

NASDAQ · USD
CDW Corporation
Technology · Information Technology Services
CEO Christine A. Leahy Employees 14,800 R&D / revenue 0.0%
Last price
$150.48−2.49%last session
Market cap
$18.8B
P/E (TTM)
18.0x
From 52w high
−6.6%
From 52w low
+54.9%
1-year return
+0.0%
RSI 14 · vs SMA200
58.9 · +14.3%
IS score
48.8/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CDW   SPY   XLK (sector ETF) · weekly closes
80100120140Jan 26Apr 26Jul 26Oct 26XLK 129SPY 116CDW 100

Score DNA

Each bar is a 0-100 score within the scored universe
40
Profitability
49
Growth
51
Value
72
Momentum
50
Risk (safety)
55
Quality
37
Balance sheet
70
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for CDW (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Cost AdvantagePiotroski 6 / 9Altman Z 2.4Beta 0.944 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
2
$2.51M bought
Form 144 notices (12m): 2, $4.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-08-19
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+4
116 new holders, 109 closed
757 filers hold 106.7% · 257 added, 302 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+95
834 funds adding shares
739 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
57.4%
20-day avg 54.0%, 50-day avg 63.1%
Latest 3.4 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$22.4B
Revenue growth YoY+6.8%
Gross margin21.7%
Operating income$1.7B
Operating margin7.4%
Net income$1.1B
Net margin4.8%
EPS (diluted)$8.08
Cash flow
Operating cash flow$1.2B
Capital expenditure$117.1M
Free cash flow$1.1B
FCF conversion (FCF / OCF)90.3%
Stock-based compensation$0
FCF less SBC$1.1B
Buybacks$653.0M
Dividends$328.6M
Balance sheet & returns
Cash & short-term investments$618.7M
Total debt$6.2B
Net debt$5.6B
Shareholders' equity$2.6B
Goodwill & intangibles$5.8B
Debt / equity2.44
ROE (TTM)42.6%
ROIC (TTM)12.6%
Operating margin by fiscal year
6.8%FY20217.3%FY20227.9%FY20237.9%FY20247.4%FY2025
Revenue $20.8B (FY2021) to $22.4B (FY2025), a 1.9% CAGR.

Valuation

P/E (TTM)18.0x
EV / EBITDA13.1x
Price / sales0.80x
Price / FCF17.0x
FCF yield5.89%
Buyback yield3.47%
SBC / revenue0.5%
Price / book7.83x
Forward P/E FY202613.7x
Forward P/E FY202712.5x
Forward P/E FY202811.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $160.50 across 2 analysts last quarter is theirs, not ours.

CDW vs industry median

261 companies in Information Technology Services
Gross margin 21.4% 27.8% Operating margin 7.1% 1.7% Net margin 4.6% -1.0% ROIC 12.6% 7.2%
CDW (TTM)Industry median Asset turnover 1.36 vs industry 0.83 · financial leverage 7.07

Earnings delivery

Next report 2026-11-03 · consensus EPS $2.98
67%
beat rate, 8 of 12 quarters
+3.7%
median EPS surprise
5
longest beat streak
+5+0-11-1-8+6+10+4+3+5+0+4
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-01 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CDW CDW Corporation $18.8B18.0x42.6%4.6%+6.8% +0.0%
FIS Fidelity National Informatio $18.6B5.5x22.3%6.8%+20.4% −45.0%
BR Broadridge Financial Solutio $19.8B18.1x40.9%17.9%+8.5% −22.3%
LDOS Leidos Holdings, Inc. $15.7B11.5x27.9%7.8%+3.4% −32.1%
CACI CACI International Inc $13.6B25.3x12.8%5.8%+10.9% +18.5%
IT Gartner, Inc. $13.0B18.4x113.6%16.4%+0.7% —
CTSH Cognizant Technology Solutio $29.7B14.2x14.9%11.6%+5.6% —
JKHY Jack Henry & Associates, Inc $10.7B21.9x24.0%17.6%+6.7% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-09-21Material Agreement; Financial Obligation; Exhibits
2026-09-15Material Agreement; Exhibits
2026-08-05Earnings Release; Other Events; Exhibits
2026-08-05Officer/Director Change; Regulation FD; Exhibits
2026-05-26Bylaws Amendment; Shareholder Vote; Exhibits
2026-05-13Regulation FD; Other Events; Exhibits

Context

Shares outstanding125,017,438
Free float99.6%
Institutional ownership106.7%
Beta0.94
Dividend yield1.67%
Last dividend$0.63 on 2026-08-25
50 / 200-day average$142.21 / $131.74
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CDW sits among 38 scored companies in Information Technology Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCDWIndustry medianIndustry percentileSector median
P/E (TTM) 17.4x 15.1x
64th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 7.54 1.40
94th		 1.36
Price / sales 0.8x 1.2x
36th		 3.9x
Price / book 7.7x 2.2x
97th		 4.4x
Price / tangible book —
Price / free cash flow 17.0x 11.0x
87th		 20.3x
Price / operating cash flow 15.0x 9.6x
91st		 17.9x
Enterprise value $24.4B $6.0B
84th		 $5.5B
EV / sales 1.0x 1.5x
36th		 4.1x
EV / EBITDA 13.1x 9.3x
75th		 18.9x
EV / EBIT 15.7x 12.3x
69th		 26.7x
EV / free cash flow 22.0x 13.2x
93rd		 21.9x
Earnings yield 5.7% 5.7%
51st		 2.0%
FCF yield 5.9% 8.3%
30th		 3.3%
Operating cash flow yield 6.7% 10.1%
19th		 4.4%
Graham number (per share) $60.47 $55.70
56th		 $28.08

Profitability (TTM)

MeasureCDWIndustry medianIndustry percentileSector median
Gross margin 21.4% 31.9%
22nd		 55.7%
EBITDA margin 7.9% 12.6%
30th		 13.7%
Operating margin 7.1% 8.4%
41st		 8.2%
EBIT margin 6.6% 8.1%
41st		 8.6%
Net margin 4.6% 4.9%
46th		 5.7%
NOPAT margin 5.3% 6.3%
43rd		 7.0%
FCF margin 4.7% 10.1%
24th		 15.0%
Operating cash flow margin 5.3% 13.4%
17th		 18.4%
R&D / revenue 0.0% 0.0%
0th		 12.9%
SG&A / revenue 10.4% 17.6%
14th		 25.6%
Stock comp / revenue 0.5% 1.1%
19th		 4.4%
Effective tax rate 25.5% 22.9%
72nd		 21.0%

Returns on capital

MeasureCDWIndustry medianIndustry percentileSector median
ROE (on average equity) 44.0% 14.0%
95th		 9.4%
ROA 6.6% 4.3%
54th		 4.1%
ROIC 15.6% 7.9%
70th		 9.0%
ROCE 17.4% 11.3%
70th		 8.6%
Return on tangible assets 9.6% 7.9%
59th		 5.9%
Cash ROIC (OCF / invested capital) 15.6% 16.3%
47th		 20.7%
Gross profitability (GP / assets) 29.1% 24.4%
59th		 30.0%
ROIC, 3-yr average 13.0% 9.4%
74th		 7.4%
ROIC, 5-yr average 17.1% 9.0%
81st		 7.9%
ROE, 5-yr average 59.4% 12.9%
100th		 6.9%
Incremental ROIC 263.8% 11.4%
94th		 15.3%

Growth

MeasureCDWIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.4% 7.0%
51st		 14.3%
Revenue growth (QoQ) 15.7% 3.6%
92nd		 6.6%
Revenue CAGR, 3 yr 1.6% 6.8%
18th		 9.6%
Revenue CAGR, 5 yr 3.6% 8.0%
20th		 11.5%
Gross profit CAGR, 3 yr 2.3% 6.7%
30th		 10.9%
Operating income CAGR, 3 yr -0.0% 6.0%
20th		 11.3%
Net income growth (TTM YoY) 0.3% 7.2%
36th		 21.6%
Net income CAGR, 3 yr 0.1% 6.9%
32nd		 9.9%
EPS growth (TTM YoY) 4.3% 10.5%
36th		 22.3%
EPS CAGR, 3 yr 2.3% 8.9%
32nd		 11.2%
EPS CAGR, 5 yr 5.1% 12.7%
18th		 12.0%
FCF growth (TTM YoY) 8.8% 13.7%
41st		 24.6%
FCF CAGR, 3 yr 2.4% 8.9%
22nd		 19.3%
Operating cash flow CAGR, 3 yr 2.5% 7.3%
23rd		 17.9%
Book value CAGR, 3 yr 17.4% 6.9%
91st		 6.8%
Dividend CAGR, 3 yr 9.4% 3.5%
100th		 3.1%
Sustainable growth rate 27.5% 14.3%
82nd		 14.2%

Margin history & stability

MeasureCDWIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 21.7% 30.8%
32nd		 53.2%
Operating margin, 3-yr average 7.6% 9.1%
38th		 6.6%
Net margin, 3-yr average 4.9% 6.3%
41st		 5.2%
FCF margin, 3-yr average 5.4% 9.7%
26th		 12.7%
Revenue stability (0-1) 0.67 0.88
26th		 0.87
Earnings stability (0-1) 0.63 0.45
68th		 0.45
Margin stability (0-1) 0.90 0.93
35th		 0.95

Liquidity (latest quarter)

MeasureCDWIndustry medianIndustry percentileSector median
Cash & short-term investments $361.8M $330.1M
51st		 $494.1M
Net cash (− = net debt) −$5.6B −$1.0B
11th		 $49.8M
Working capital $1.4B $343.4M
76th		 $391.0M
Current ratio 1.17 1.45
22nd		 1.92
Quick ratio 1.05 1.43
24th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.04 0.35
8th		 0.95
Defensive interval (days) 901 days 591 days
68th		 521 days

Leverage & solvency (latest quarter)

MeasureCDWIndustry medianIndustry percentileSector median
Total debt $6.0B $1.7B
84th		 $349.3M
Debt / equity 2.44 0.94
86th		 0.29
Net debt / equity 2.29 0.73
89th		 −0.13
Debt / assets 34.6% 29.9%
59th		 16.9%
Debt / capital 70.9% 48.4%
86th		 22.3%
Debt / EBITDA 3.21 2.65
56th		 1.78
Net debt / EBITDA 3.02 1.54
69th		 −0.18
Interest coverage (EBIT / interest) 13.2x 5.7x
74th		 5.8x
Cash interest coverage 10.6x 7.2x
63rd		 12.8x
Debt payback (years of OCF) 4.7 yrs 3.0 yrs
73rd		 1.6 yrs
Liabilities / assets 85.8% 62.0%
86th		 48.7%
IS credit model rating BBB — —
Implied credit spread (bps) 275 275
46th		 175

Efficiency

MeasureCDWIndustry medianIndustry percentileSector median
Asset turnover 1.45 0.86
92nd		 0.62
Fixed asset turnover 79.88 11.89
100th		 9.25
Inventory turnover 21.2 19.0
60th		 3.8
Receivables turnover 3.6 5.4
11th		 6.2
Days sales outstanding 101 days 66 days
92nd		 59 days
Days inventory outstanding 17 days 19 days
40th		 94 days
Days payables outstanding 88 days 22 days
86th		 46 days
Cash conversion cycle (days) 30 days 41 days
41st		 50 days
Capex / revenue 0.6% 1.7%
14th		 2.3%
Capex / depreciation 0.50 0.49
53rd		 0.56
Operating expense ratio 13.6% 22.7%
19th		 44.3%

Cash flow & earnings quality

MeasureCDWIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.16 1.61
14th		 1.61
FCF / net income 1.03 1.30
25th		 1.33
FCF / operating cash flow 88.2% 88.2%
50th		 88.0%
Capex / operating cash flow 11.8% 11.8%
50th		 12.0%
Accruals ratio -1.1% -5.0%
92nd		 -6.3%
Sloan accruals ratio -5.8% -4.2%
41st		 -1.8%
Earnings quality score (0-1) 1.00 1.00
50th		 0.75

Dividends & buybacks

MeasureCDWIndustry medianIndustry percentileSector median
Dividend yield 1.7% 0.0%
73rd		 0.0%
Dividend per share (TTM) $2.52 $0.00
84th		 $0.00
Payout ratio (dividends / net income) 37.5% 9.3%
81st		 0.0%
Dividends / FCF 36.6% 0.0%
90th		 0.0%
Dividend growth (YoY) 27.4% 8.0%
88th		 4.1%
Buyback yield 5.6% 4.0%
68th		 1.2%
Shareholder yield (dividends + buybacks) 7.7% 5.9%
65th		 1.7%
Share count change (YoY) -3.8% -2.3%
34th		 0.1%
Buybacks, last 5 years $3.6B $695.1M
81st		 $215.3M

Scores & forensic checks

MeasureCDWIndustry medianIndustry percentileSector median
IS score 49 50
49th		 56
IS profitability 40 38
57th		 40
IS growth 49 52
40th		 65
IS value 51 62
43rd		 39
IS momentum 72 71
54th		 78
IS risk (safety) 50 65
38th		 100
IS quality 55 62
32nd		 67
IS balance sheet 37 49
30th		 72
IS earnings quality 70 66
70th		 61
IS cash flow 52 62
38th		 66
Piotroski F-score (0-9) 6 6
38th		 6
Altman Z-score 2.4 2.6
46th		 4.0
Beneish M-score −2.10 −2.63
86th		 −2.58
Ohlson O-score −6.09 −7.37
78th		 −8.00
IS credit score 57 58
49th		 69

Per share

MeasureCDWIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $8.48 $1.74
78th		 $0.84
Book value per share $19.17 $16.83
57th		 $9.77
Tangible book per share −$26.03 $1.11
16th		 $3.22
Revenue per share $184.46 $41.09
89th		 $13.00
FCF per share $8.70 $4.29
68th		 $1.78
Operating cash flow per share $9.86 $4.97
65th		 $2.40
Cash per share $2.84 $2.99
46th		 $4.50

Size (TTM)

MeasureCDWIndustry medianIndustry percentileSector median
Market cap $18.8B $4.7B
84th		 $4.7B
Revenue $23.5B $5.4B
89th		 $1.2B
EBITDA $1.9B $585.4M
76th		 $185.8M
Net income $1.1B $230.2M
78th		 $84.9M
Free cash flow $1.1B $370.7M
70th		 $170.6M
Total assets $17.3B $6.7B
84th		 $2.4B
Shareholders' equity $2.4B $1.8B
59th		 $1.1B
Employees 14,800 21,600
38th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Nelms David W
Director
 Award / grant 258——51,821
2026-10-01Swedish Joseph
Director
 Award / grant 212——20,444
2026-09-24Sanderson Katherine Elizabeth
See Remarks
 Tax withholding 232$153.74$35,63824,511
2026-09-10Jones Marc Ellis
Director
 Award / grant 20$142.60$2,8424,533
2026-09-10Nelms David W
Director
 Award / grant 148$142.60$21,04651,563
2026-09-10Kumar Mukesh
See Remarks
 Award / grant 192$142.60$27,42220,723
2026-09-10Addicott Virginia C.
Director
 Award / grant 82$142.60$11,71218,675
2026-09-10Sanderson Katherine Elizabeth
See Remarks
 Award / grant 243$142.60$34,65824,743
2026-09-10Kulevich Frederick J.
See Remarks
 Award / grant 185$142.60$26,33444,825
2026-09-10Clarizio Lynda M
Director
 Award / grant 7$142.60$1,02415,748
2026-09-10Tan Hang
See Remarks
 Award / grant 213$142.60$30,34534,179
2026-09-10Foxx Anthony R
Director
 Award / grant 30$142.60$4,2376,758

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired3840,674$554,239
Open-market buyAcquired222,830$2.5M
Open-market saleDisposed126,695$3.7M
Option exerciseDisposed226,695$2.6M
Option exerciseAcquired226,695$2.6M
Tax withholdingDisposed21,379$195,601
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 2 notices · 34,095 shares · $4.8M
FiledFilerShares proposedEst. proceeds
2026-08-07Connelly Elizabeth H.26,695$3.7M
2025-12-08Chawla Sona7,400$1.1M
2025-05-13Kulevich Frederick J.28,159$5.3M
2025-05-08Leahy Christine A40,917$7.4M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 22 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-19Gilbert CisnerosHousePurchase$1,001 - $15,0002026-09-11
2026-05-19April DelaneyHouseSale$1,001 - $15,0002026-06-08
2026-05-19April McClain DelaneyHouseSale (Full)$1,001 - $15,0002026-06-08
2026-05-18April DelaneyHouseSale$1,001 - $15,0002026-06-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.15,238,070$2.1B12.19%
VANGUARD CAPITAL MANAGEMENT LLC8,341,169$1.2B6.67%
VANGUARD PORTFOLIO MANAGEMENT LLC8,197,577$1.2B6.56%
STATE STREET CORP5,779,688$812.9M4.62%
GEODE CAPITAL MANAGEMENT, LLC3,890,627$547.5M3.11%
Invesco Ltd.3,758,500$528.6M3.01%
JPMORGAN CHASE & CO3,198,115$447.2M2.56%
Allspring Global Investments Holdings, LLC3,084,298$426.9M2.47%
PZENA INVESTMENT MANAGEMENT LLC2,638,900$371.1M2.11%
Jupiter Topco LLC2,133,623$300.1M1.71%
Longview Partners1,867,736$262.7M1.49%
BANK OF AMERICA CORP /DE/1,813,551$255.1M1.45%
PRICE T ROWE ASSOCIATES INC /MD/1,763,554$248.0M1.41%
FMR LLC1,551,646$218.2M1.24%
Boston Partners1,531,232$215.4M1.22%

Institutional ownership by quarter

2023-092026-06106.7%
% of shares held by 13F filers
2023-092026-06757
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30757106.7%116257302109
2026-03-3175399.3%113287262133
2025-12-3179397.0%112245336116
2025-09-3081696.3%93270330109
2025-06-3084697.3%10828534484
2025-03-3183996.3%10230933095
2024-12-3184896.8%111274362129
2024-09-3088596.2%8231634777
2024-06-3089295.5%9135730979
2024-03-3189497.0%10334031857
2023-12-3185698.0%13131529364
2023-09-3080097.8%9827830365

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Portfolio Management6.4%8,200,432
2026-04-29SCHEDULE 13GVanguard Capital Management7.6%9,747,914
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-07-29SCHEDULE 13G/AThe Vanguard Group12.8%16,835,076
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.02%$508.6M
VTSAX0.02%$508.6M
VSMPX0.02%$508.6M
VTI0.02%$508.6M
VWNFX0.71%$469.9M
VWNAX0.71%$469.9M

Share structure

Shares outstanding125,017,438
Float124,547,360
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$20.8B$23.7B$21.4B$21.0B$22.4B
Cost of revenue$17.3B$19.1B$16.7B$16.4B$17.6B
Gross profit$3.6B$4.7B$4.7B$4.6B$4.9B
R&D$0$0$0$0$0
SG&A$2.1B$3.0B$3.0B$2.9B$3.2B
Operating income$1.4B$1.7B$1.7B$1.7B$1.7B
EBITDA$1.6B$2.0B$1.9B$1.9B$2.0B
Pretax income$1.3B$1.5B$1.5B$1.4B$1.4B
Income tax$309.2M$373.3M$345.9M$357.6M$360.8M
Net income$988.6M$1.1B$1.1B$1.1B$1.1B
EPS, diluted$7.04$8.14$8.10$7.97$8.08
Diluted shares140.5M137.0M136.3M135.2M132.1M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$258.1M$315.2M$588.7M$717.7M$618.7M
Receivables$4.9B$5.0B$5.0B$5.6B$6.9B
Inventory$927.6M$800.2M$668.1M$605.3M$563.4M
Total current assets$6.5B$6.6B$6.7B$7.4B$8.5B
PP&E, net$351.4M$338.0M$324.3M$312.2M$308.2M
Goodwill & intangibles$6.0B$5.8B$5.8B$6.0B$5.8B
Total assets$13.2B$13.1B$13.3B$14.7B$16.0B
Accounts payable$3.1B$2.8B$2.9B$3.4B$4.2B
Total current liabilities$5.1B$4.9B$5.4B$5.5B$7.2B
Long-term debt$6.8B$5.9B$5.0B$5.6B$4.8B
Total liabilities$12.5B$11.5B$11.2B$12.3B$13.4B
Shareholders' equity$705.7M$1.6B$2.0B$2.4B$2.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$988.6M$1.1B$1.1B$1.1B$1.1B
Depreciation & amortization$191.2M$290.6M$270.7M$275.3M$296.0M
Stock-based compensation$72.6M$91.1M$93.7M$64.7M$0
Change in working capital−$431.6M−$166.6M$118.8M−$162.7M−$286.3M
Operating cash flow$784.6M$1.3B$1.6B$1.3B$1.2B
Capital expenditure−$100.0M−$127.8M−$148.2M−$122.6M−$117.1M
Free cash flow$684.6M$1.2B$1.5B$1.2B$1.1B
Investing cash flow−$2.8B−$164.5M−$229.6M−$659.2M$70.2M
Net debt issued / repaid$2.8B−$865.3M−$224.4M$235.4M−$214.7M
Buybacks−$1.5B$0−$500.0M−$500.0M−$653.0M
Dividends paid−$234.8M−$282.6M−$321.5M−$332.1M−$328.6M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin17.1%19.7%21.8%21.9%21.7%
Operating margin6.8%7.3%7.9%7.9%7.4%
Net margin4.7%4.7%5.2%5.1%4.8%
FCF margin3.3%5.1%6.8%5.5%4.9%
ROE98.7%96.5%60.6%49.0%43.0%
ROIC13.9%17.6%17.6%16.3%14.9%
ROA8.8%8.5%8.4%7.7%6.9%
Debt / equity10.423.802.842.552.43
Interest coverage9.6x7.3x7.4x7.7x7.3x
Current ratio1.271.331.231.351.18
Revenue growth+12.7%+14.1%−10.0%−1.8%+6.8%
EPS growth+32.1%+13.0%+0.2%−1.3%+1.8%
P/E at year end27.1x21.2x27.3x21.4x16.7x
EV / EBITDA at year end20.7x14.6x18.1x14.7x12.0x
FCF yield at year end2.55%5.12%4.82%5.01%6.12%
Dividend payout23.8%25.4%29.1%30.8%30.8%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Total Hardware$16.8B$18.1B$15.7B$15.2B$16.1B
Software Products$2.8B$3.7B$3.8B$3.8B$4.2B
Services$1.1B$1.8B$1.8B$1.9B$2.0B
Other Segments—$130.8M——$114.8M
Other Products and Services$122.7M—$112.8M$107.9M—

Revenue by region · FY2025

Non-US$2.8B · 100%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $2.98 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$24.3B$23.7B – $24.8B$10.97$10.82 – $11.09713.7x
2027$25.2B$24.0B – $26.4B$12.04$11.33 – $13.50712.5x
2028$26.0B$25.2B – $27.1B$13.30$13.01 – $13.59211.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$2.80$2.91+3.9%$6.2B$6.6B+5.9%
2026-05-06$2.28$2.280.0%$5.5B$5.7B+3.6%
2026-02-04$2.44$2.57+5.3%$5.3B$5.5B+3.4%
2025-11-04$2.62$2.71+3.4%$5.7B$5.7B−0.2%
2025-08-06$2.49$2.60+4.4%$5.5B$6.0B+8.4%
2025-05-07$1.96$2.15+9.7%$4.9B$5.2B+5.3%
2025-02-05$2.33$2.48+6.4%$5.0B$5.2B+4.6%
2024-10-30$2.86$2.63−8.0%$5.7B$5.5B−3.5%
2024-07-31$2.53$2.50−1.2%$5.4B$5.4B−0.0%
2024-05-01$2.15$1.92−10.7%$5.0B$4.9B−2.6%
2024-02-07$2.56$2.57+0.4%$5.3B$5.0B−5.7%
2023-11-01$2.60$2.72+4.6%$5.9B$5.6B−4.1%
2023-08-02$2.34$2.56+9.4%$5.4B$5.6B+4.5%
2023-05-03$2.01$2.03+1.0%$5.1B$5.1B+0.1%
2023-02-08$2.48$2.50+0.8%$6.2B$5.4B−12.2%
2022-11-02$2.52$2.60+3.2%$6.2B$6.2B−0.3%
2022-08-03$2.42$2.49+2.9%$6.2B$6.1B−0.5%
2022-05-04$2.01$2.20+9.5%$5.7B$5.9B+5.0%
2022-02-09$1.93$2.08+7.8%$5.2B$5.5B+5.6%
2021-11-03$2.05$2.13+3.9%$5.4B$5.3B−1.0%
2021-08-04$1.80$2.02+12.2%$5.0B$5.1B+3.6%
2021-05-05$1.53$1.74+13.7%$4.6B$4.8B+5.5%
2021-02-10$1.51$1.82+20.5%$4.4B$5.0B+13.7%
2020-11-02$1.50$1.83+22.0%$3.9B$4.8B+21.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.406-220.306-290.307-060.507-130.307-200.307-270.708-030.308-100.308-170.408-240.408-31
Week ofNotionalSharesTrades
2026-08-31$415.0M2,735,29956,399
2026-08-24$413.3M2,878,84857,241
2026-08-17$316.0M2,313,00148,509
2026-08-10$283.4M2,067,54353,552
2026-08-03$654.9M4,634,10987,707
2026-07-27$334.6M2,309,46562,949

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1557.4%
DateShort shareShort volumeTotal volume
2026-10-1557.4%380,766662,863
2026-10-1456.7%423,583747,629
2026-10-1340.4%467,0961,155,102
2026-10-1248.9%198,923407,100
2026-10-0941.1%298,225724,941
2026-10-0846.7%401,077859,000
2026-10-0769.4%217,156312,858
2026-10-0665.8%206,111313,123
2026-10-0560.8%252,500415,311
2026-10-0238.9%237,497611,078
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.2Jan+2.7Feb-1.9Mar+1.1Apr+2.8May+1.6Jun+3.9Jul+2.7Aug+0.3Sep+0.6Oct+3.3Nov-0.5Dec
MonthAvg returnUp yearsYears
Jan+1.2%54%13
Feb+2.7%62%13
Mar−1.9%46%13
Apr+1.1%50%12
May+2.8%75%12
Jun+1.6%69%13
Jul+3.9%77%13
Aug+2.7%62%13
Sep+0.3%62%13
Oct+0.6%62%13
Nov+3.3%77%13
Dec−0.5%46%13
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1458.9
MFI73.8
ADX20.9
Stochastic %K / %D89.5 / 90.4
Williams %R-19.6
CCI113
TSI / signal8.6 / -1.5
Chaikin money flow-0.08
ATR$5.54
Bollinger width22.0%
Volume vs 20-day avg1.31x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$140.57 (+7.0%)
SMA 50$142.25 (+5.8%)
SMA 200$131.62 (+14.3%)
EMA 21$143.50 (+4.9%)
EMA 50$141.77 (+6.1%)
EMA 200$138.96 (+8.3%)
Bollinger upper$156.03 (−3.6%)
Bollinger lower$125.10 (+20.3%)
Parabolic SAR$134.30 (+12.0%)
Open the live chart, 110+ indicators

About CDW Corporation

CDW Corporation specializes in delivering comprehensive information technology services and products across North America and the United Kingdom. It strategically targets three core client divisions: corporate enterprises, small to medium-sized businesses, and public sector organizations. Their portfolio encompasses both individual hardware and software offerings, alongside sophisticated integrated IT solution packages. These comprehensive solutions span on-premise, hybrid, and cloud environments, addressing critical areas such as data center infrastructure, network management, digital workspace enablement, and robust security. Key hardware categories include mobile computing devices (laptops, tablets), network infrastructure components, desktop workstations, display units, and enterprise data storage systems, while software offerings feature application suites, cybersecurity tools, virtualization platforms, operating systems, and network management utilities. Beyond products, CDW delivers a broad spectrum of services, including expert advisory and design, custom software development, system implementation, ongoing managed services, specialized professional support, configuration assistance, and telecommunications solutions, complemented by product warranties. They also focus on providing mission-critical software, system, and network solutions. Furthermore, installation, deployment, and repair services are facilitated for customers, often leveraging a network of third-party partners. Their diverse clientele includes governmental bodies, educational institutions, healthcare providers, and businesses of all scales – from small enterprises to major corporations. Established in 1984, the company maintains its primary corporate offices in Vernon Hills, Illinois.

https://www.cdw.com

Key executives

NameTitlePayBorn
Christine A. LeahyChair of the Board, President & Chief Executive Officer$3.2M1965
Albert Joseph Miralles Jr.Chief Financial Officer & Executive Vice President of Enterprise Business Operations$1.6M1970
Elizabeth H. ConnellyExecutive VP & Chief Commercial Officer$1.4M1965
Mukesh KumarExecutive VP and Chief Services & Solutions Officer$1.3M1976
Frederick J. KulevichChief Legal Officer, Executive Vice President of Risk & Compliance and Corporate Secretary$733,9051966
Anand J. RaoSenior VP and Chief Marketing Officer——
Michael S. DrorySenior Vice President of Digital, Strategy & Corporate Development——
Peter Richard LocySenior VP, Controller & Chief Accounting Officer—1980

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Christine A. Leahy Chair, President, and Chief Executive Officer2025$1.1M$11.8M$2.2M$15.0M
Albert J. Miralles Chief Financial Officer and Executive Vice President, Enterprise Business Operations2025$697,596$4.8M$881,056$6.4M
Elizabeth H. Connelly Chief Commercial Officer and Executive Vice President2025$611,827$3.8M$738,886$5.2M
Sona Chawla Chief Growth and Innovation Officer and Executive Vice President2025$705,962$3.5M$876,050$5.1M
Mukesh Kumar Chief Services and Solutions Officer and Executive Vice President2025$237,500$3.0M$780,936$4.3M

Employees

9k201810k201910k202014k202115k202215k202315k202415k2025

Dividends

Ex-dateAmountPaid
2026-08-25$0.632026-09-10
2026-05-22$0.632026-06-10
2026-02-25$0.632026-03-10
2025-11-25$0.632025-12-10
2025-08-25$0.6252025-09-10
2025-05-23$0.6252025-06-10
2025-02-25$0.6252025-03-11
2024-11-25$0.6252024-12-10

Moat model

Weak · Cost Advantage · 2026-06-30
Cost advantage71
Intangibles30
Switching costs42
Network effect32
Efficient scale70
Our component scores (0-100) and overall 47.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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