CDW Corporation (CDW)
Fair ValueFundamental
59
मूल्य
$128.16
मार्केट कैप
$17.43B
भाग 1 · कंपनी का मूल्य कितना है
अवलोकन
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.
यह पैसा कैसे कमाती है
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.
सेगमेंट के अनुसार राजस्व
US private-sector business customers with more than 250 employees, CDW's largest and generally most profitable customer group.
US government agencies plus education and healthcare institutions, which buy on longer cycles tied to budget calendars.
CDW's operations outside the United States, extending the same reseller model to UK and Canadian customers.
US private-sector business customers with up to 250 employees, generally smaller deal sizes and higher relative service needs.
प्रतिस्पर्धी बढ़त (Moat)
स्केल · संकीर्णCDW'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.
मांग को क्या चलाता है
चक्रीयDemand 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.
प्रमुख जोखिम
- 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.
ग्राहक Concentration
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.
खरीदने के पक्ष में तर्क
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.
बेचने के पक्ष में तर्क
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.
Written by the editors, published on 18 अगस्त 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 सितंबर 2026 with claude-haiku-4-5 — shared with all users
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.
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.
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.
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.
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.
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.
बैलेंस शीट और तरलता
राजस्व
$23.50B
पिछले 12 महीने (30/6/2026 तक)
शुद्ध आय
$1.08B
पिछले 12 महीने (30/6/2026 तक)
Free Cash Flow
$1.09B
कुल इक्विटी
$2.61B
कुल देनदारियाँ
$13.42B
Current Ratio
1.17
Interest Coverage
-
Debt/EBITDA
3.06
Earnings Per Share
राजस्व और शुद्ध आय
Free Cash Flow
आय विवरण
ऐतिहासिक विवरण
समय के साथ मार्जिन
समय के साथ ऋण
ऋण कितना भारी है
वृद्धि तालिका
वृद्धि — राजस्व
Fair Value अनुमान
Fair Value
$160.16
वर्तमान मूल्य
$128.16
Margin of Safety
+20.0%
Fair Value सीमा
$113.31 - $207.01
इस्तेमाल किए गए valuation methods के बीच का फैलाव, कोई सांख्यिकीय रूप से calibrated confidence interval नहीं।
अनुमान विधियाँ
मूल्यांकन मेट्रिक्स
P/E Ratio
15.42
ROE
40.9%
P/B Ratio
6.56
P/FCF
18.63
Gross Margin
21.4%
ROIC
14.8%
लाभप्रदता Radar
मूल्य सृजन (प्रतिस्पर्धी बढ़त)
ROIC
14.8%
WACC
7.3%
ROIC − WACC
+7.5 pp
ROIC पूंजी की लागत से अधिक है — कंपनी शेयरधारकों के लिए मूल्य सृजित कर रही है।
Fundamental विश्लेषण मानदंड
पास (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
फेल (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%
अनुपलब्ध (2)
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-Score
मिश्रित संकेत: कुछ क्षेत्रों पर ध्यान देना आवश्यक
Earnings गुणवत्ता
मध्यम: मुनाफे और नकदी के बीच कुछ अंतर
शेयर Dilution
शेयर वापस खरीद रही है। शेयरधारक अनुकूल
संस्थागत होल्डिंग
प्रशासन
कार्यकारी टीम
| नाम | पद | आयु |
|---|---|---|
| Ms. Christine A. Leahy J.D. | Chair of the Board, President & CEO | 60 |
| Mr. Albert Joseph Miralles Jr. | CFO & Executive VP of Enterprise Business Operations | 55 |
| Ms. Elizabeth H. Connelly | Executive VP & Chief Commercial Officer | 60 |
| Mr. Mukesh Kumar | Executive VP and Chief Services & Solutions Officer | 49 |
| Mr. Peter Richard Locy | Senior VP, Controller & Chief Accounting Officer | 45 |
| Mr. Steven J O'Brien | Vice President of Investor Relations | - |
| Mr. Frederick J. Kulevich J.D. | Chief Legal Officer, Executive VP of Risk & Compliance and Corporate Secretary | 59 |
| Sara Granack | Vice President of Corporate Communications & Reputation | - |
| Mr. Anand J. Rao | Senior VP and Chief Marketing Officer | - |
| Mr. Michael S. Drory J.D. | Senior Vice President of Digital, Strategy & Corporate Development | - |
Audit जोखिम
1
बोर्ड जोखिम
6
मुआवजा जोखिम
6
शेयरधारक अधिकार जोखिम
4
भाग 2 · कीमत और खरीदने का समय
यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।
दस्तावेज़
- दस्तावेज़ देखें
वार्षिक रिपोर्ट (10-K)
कंपनी के कारोबार, वित्तीय नतीजों और जोखिमों का वार्षिक सिंहावलोकन।
दाखिल तिथि: 2026-02-20
- दस्तावेज़ देखें
तिमाही रिपोर्ट (10-Q)
पिछले तीन महीनों के वित्तीय प्रदर्शन का अपडेट।
दाखिल तिथि: 2026-08-05
- दस्तावेज़ देखें
विशेष रिपोर्ट (8-K)
किसी बड़ी घटना, जैसे नेतृत्व में बदलाव या बड़ी घोषणा, की सूचना।
दाखिल तिथि: 2026-09-21
via SEC EDGAR
आय का इतिहास
via SEC EDGAR
Latest News
Recent headlines for CDW, sourced from Markets Gazette.