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CDW Corporation (CDW)

Valor Justo
TechnologyInformation Technology ServicesUnited States

Fundamental

59

Precio

$128.16

Capitalización Bursátil

$17.43B

Parte 1 · Cuánto vale la empresa

Resumen

CDW resells and configures IT hardware, software and services — laptops, servers, networking gear, cloud subscriptions and cybersecurity tools — sourced from major technology vendors and sold to businesses, schools, hospitals and government agencies across the US, UK and Canada. It does not manufacture anything: its value is sourcing, financing, configuring and supporting technology purchases that customers would otherwise have to manage themselves across dozens of vendors.

Cómo genera ingresos

CDW earns a margin on every device, license or service it resells, plus fees for configuration, financing and managed services layered on top. Its US business is split by customer type — large corporate accounts, small businesses, and public-sector buyers such as government, education and healthcare — each with different buying cycles and margins, while UK and Canada operations extend the same reseller model internationally. Volume rebates and incentive programmes from vendor partners are a meaningful part of gross profit.

Ingresos por segmento

Corporate42.1%

US private-sector business customers with more than 250 employees, CDW's largest and generally most profitable customer group.

Public38.1%

US government agencies plus education and healthcare institutions, which buy on longer cycles tied to budget calendars.

Other (UK and Canada)12.1%

CDW's operations outside the United States, extending the same reseller model to UK and Canadian customers.

Small Business7.7%

US private-sector business customers with up to 250 employees, generally smaller deal sizes and higher relative service needs.

Ventaja competitiva

Escala · Estrecha

CDW's size gives it purchasing terms, financing capacity and a breadth of vendor relationships that smaller resellers cannot match, and public-sector and education customers value a single vendor that can source almost any technology product. But reselling is a business other large-scale competitors can replicate, and vendors themselves can sell direct, so the advantage is narrow rather than durable pricing power.

Qué impulsa la demanda

Cíclico

Demand tracks corporate and public-sector technology budgets, which expand in good years and are among the first line items businesses cut when conditions weaken. The public-sector segment is more insulated, buying on multi-year budget cycles rather than discretionary spend, which partly offsets swings in the corporate and small-business segments.

Riesgos clave

  • Vendor concentration and dependence — Results depend on maintaining favorable terms and volume incentives with a limited number of major technology vendors; a change in a vendor's distribution strategy, pricing or direct-sales push could materially affect margins.
  • Supply chain and trade policy exposure — A large share of the products CDW sells are manufactured outside the US, mainly in Asia, so tariffs, trade restrictions or regional instability can disrupt the flow of product and raise costs.
  • Gross margin volatility — Gross profit depends on factors CDW does not fully control, including vendor product costs, price protection and the availability of purchase incentives, which can fluctuate materially.
  • Public-sector budget cycles — The Public segment depends on government, education and healthcare budget cycles, so funding delays or cuts at that level can push out or shrink orders.

Concentración de clientes

CDW serves a large, diversified base of business and public-sector customers with no single customer representing a material share of sales; its concentration risk instead runs through a relatively small number of large technology vendors.

Los argumentos a favor

Buyers point to CDW's scale, breadth of vendor relationships and diversified customer base across corporate, small business and public-sector accounts as a durable position in a fragmented reseller market that keeps growing with overall IT spending.

Los argumentos en contra

Sellers worry that vendors expanding direct sales, thin and volatile gross margins tied to incentive programmes outside CDW's control, and cyclical corporate technology budgets leave limited room for the business to differentiate on anything but scale.

Datos por segmento del ejercicio fiscal 2025Fuentes: CDW Reports Fourth Quarter and Full Year 2025 Earnings

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 de septiembre de 2026 with claude-haiku-4-5 — shared with all users

P/E: 23.3Score: 77Market cap: $4.59B

The closest listed peer: it resells the same hardware, software and cloud subscriptions and sells the same integration and managed services to mid-market, enterprise and public-sector customers in North America, and its own 10-K names CDW as a competitor.

SHI International Corp.Not tracked

Private US reseller of comparable scale that competes with CDW on the same large software licensing renewals and device fleets for corporate and government accounts.

World Wide Technology Holding Co., LLCNot tracked

Private integrator that competes for the same enterprise and public-sector infrastructure projects, and since acquiring Softchoice in March 2025 also for the same software and cloud reselling business in North America.

PC Connection, Inc. (Connection)CNXN

Listed US reseller serving the same small-business, corporate and education customers with the same catalogue of IT products and deployment services, though at a much smaller scale.

ePlus inc.PLUS

Listed provider that bids on the same mid-market and state-and-local-government technology deals, combining product resale with professional and managed services as CDW does.

Presidio, Inc.Not tracked

Private US integrator competing for the same enterprise networking, security and cloud engagements, where the customer chooses one partner to both supply and deploy the technology.

Balance y Liquidez

Ingresos

$23.50B

Últimos 12 meses (hasta 30/6/2026)

Beneficio Neto

$1.08B

Últimos 12 meses (hasta 30/6/2026)

Flujo de Caja Libre

$1.09B

Patrimonio Neto Total

$2.61B

Pasivo Total

$13.42B

Ratio de Liquidez

1.17

Cobertura de Intereses

-

Deuda/EBITDA

3.06

Beneficio Por Acción

Ingresos y Beneficio Neto

Flujo de Caja Libre

Desglose de Ingresos

Estado histórico

Márgenes en el tiempo

La deuda en el tiempo

Cuánto pesa la deuda

Cuadro de crecimiento

Crecimiento — Ingresos

Estimación de Valor Justo

Caso generalValoración Justa

Valor Justo

$160.16

Precio Actual

$128.16

Margen de Seguridad

+20.0%

Rango de Valor Justo

$113.31 - $207.01

Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.

Métodos de Estimación

Precio objetivo de los analistas:$158.67
Flujo de caja descontado (DCF):$227.96
Múltiplo sobre beneficios (P/E):$104.48
Fórmula de crecimiento de Graham:$182.23
Valor de la capacidad de generar beneficios (EPV):$107.70
P/B justificado:$137.34
Descuento de dividendos (Gordon):$46.09
P/FFO, fondos de operaciones:$174.34
Beneficios de mitad de ciclo:$275.96
Múltiplo sobre ingresos:$941.53
Consenso de Analistas:Comprar (11B / 5H / 0S)
Última Sorpresa de Resultados:+2.92%

Métricas de Valoración

Ratio P/E

15.42

ROE

40.9%

Ratio P/B

6.56

P/FCF

18.63

Margen Bruto

21.4%

ROIC

14.8%

Radar de Rentabilidad

Creación de Valor (Ventaja Competitiva)

ROIC

14.8%

WACC

7.3%

ROIC − WACC

+7.5 pp

El ROIC supera el coste del capital: la empresa está creando valor para los accionistas.

Criterios de Análisis Fundamental

Superado (15)

  • EPS shows upward trend
  • Price CAGR 10.87%
  • ROIC 14.8%
  • P/FCF 18.63
  • Operating Margin 7.1%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 42.6%
  • Analyst Consensus 69% Buy
  • Earnings Quality (OCF/NI) 0.91
  • Share Dilution -2.4%
  • Piotroski F-Score 5/9

Fallido (10)

  • Gross Margin 21.4%
  • P/B Ratio 6.56
  • Debt/Equity ratio
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Revenue Growth 5Y 4.0%
  • Earnings Surprise avg 2.1%
  • PEG Ratio 2.06
  • Net Margin Trend 4.6% vs 4.9%

No disponible (2)

  • Dividend Payout NaN%
  • Interest Coverage

Piotroski F-Score

5/9

Señales mixtas: algunas áreas requieren atención

score
criteria

Calidad de los Beneficios

0.91

Moderada: cierta brecha entre beneficios y efectivo

Dilución de Acciones

-2.4%

Recomprando acciones. Favorable para el accionista

Participaciones institucionales

Gobernanza

Equipo Directivo

NombreCargoEdad
Ms. Christine A. Leahy J.D.Chair of the Board, President & CEO60
Mr. Albert Joseph Miralles Jr.CFO & Executive VP of Enterprise Business Operations55
Ms. Elizabeth H. ConnellyExecutive VP & Chief Commercial Officer60
Mr. Mukesh KumarExecutive VP and Chief Services & Solutions Officer49
Mr. Peter Richard LocySenior VP, Controller & Chief Accounting Officer45
Mr. Steven J O'BrienVice President of Investor Relations-
Mr. Frederick J. Kulevich J.D.Chief Legal Officer, Executive VP of Risk & Compliance and Corporate Secretary59
Sara GranackVice President of Corporate Communications & Reputation-
Mr. Anand J. RaoSenior VP and Chief Marketing Officer-
Mr. Michael S. Drory J.D.Senior Vice President of Digital, Strategy & Corporate Development-

Riesgo de Auditoría

1

Riesgo del Consejo

6

Riesgo de Compensación

6

Riesgo de Derechos del Accionista

4

Parte 2 · El precio y el momento de entrar

Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.

Documentos

  • Informe anual (10-K)

    Un resumen anual del negocio, los resultados financieros y los riesgos de la empresa.

    Presentado el 2026-02-20

    Ver documento
  • Informe trimestral (10-Q)

    Una actualización del desempeño financiero de los últimos tres meses.

    Presentado el 2026-08-05

    Ver documento
  • Informe de hecho relevante (8-K)

    Un aviso sobre un hecho relevante, como un cambio de dirección o un anuncio importante.

    Presentado el 2026-09-21

    Ver documento

via SEC EDGAR

Historial de Resultados

via SEC EDGAR

Latest News

Recent headlines for CDW, sourced from Markets Gazette.

No recent news for CDW.