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CDW Corporation (CDW)

Juste valeur
TechnologyInformation Technology ServicesUnited States

Fondamental

59

Prix

$135.57

Capitalisation boursière

$17.43B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

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.

Comment l'entreprise gagne de l'argent

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.

Chiffre d'affaires par segment

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.

Avantage concurrentiel

Économies d'échelle · Étroit

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.

Ce qui stimule la demande

Cyclique

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.

Principaux risques

  • 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.

Concentration des clients

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.

Les arguments en faveur

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.

Les arguments contre

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.

Données par segment de l'exercice 2025Sources: CDW Reports Fourth Quarter and Full Year 2025 Earnings

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

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

P/E: 23.3Score: 70Market 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.

Bilan & Liquidités

Chiffre d'affaires

$23.50B

12 derniers mois (au 30/06/2026)

Résultat net

$1.08B

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$1.09B

Capitaux propres totaux

$2.61B

Passif total

$13.42B

Ratio de liquidité général

1.17

Couverture des intérêts

-

Dette/EBITDA

3.06

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralJustement valorisé

Juste valeur

$160.16

Prix actuel

$135.57

Marge de sécurité

+15.4%

Fourchette de juste valeur

$113.31 - $207.01

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$158.67
Flux de trésorerie actualisés (DCF):$227.96
Multiple de résultat (P/E):$104.48
Formule de croissance de Graham:$182.23
Valeur de la capacité bénéficiaire (EPV):$107.70
P/B justifié:$137.34
Actualisation des dividendes (Gordon):$46.09
P/FFO, les fonds provenant de l'exploitation:$174.34
Bénéfices de milieu de cycle:$275.96
Multiple sur le chiffre d'affaires:$941.53
Consensus des analystes:Acheter (11B / 5H / 0S)
Dernière surprise sur les résultats:+2.92%

Indicateurs de valorisation

Ratio P/E

15.42

ROE

40.9%

Ratio P/B

6.56

P/FCF

18.63

Marge brute

21.4%

ROIC

14.8%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

14.8%

WACC

7.3%

ROIC − WACC

+7.5 pp

Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.

Critères d'analyse fondamentale

Réussi (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

Échoué (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%

Indisponible (2)

  • Dividend Payout NaN%
  • Interest Coverage

Score F de Piotroski

5/9

Signaux mixtes : certains domaines nécessitent attention

score
criteria

Qualité des bénéfices

0.91

Modérée : certain écart entre profits et trésorerie

Dilution du capital

-2.4%

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
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-

Risque d'audit

1

Risque du conseil

6

Risque de rémunération

6

Risque droits des actionnaires

4

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2026-02-20

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-08-05

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-09-21

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for CDW, sourced from Markets Gazette.

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