CDW Corporation (CDW)
適正価値ファンダメンタル
59
株価
$132.90
時価総額
$17.43B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
競争優位性(moat)
規模の経済 · 狭い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.
需要を左右する要因
景気循環型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.
主なリスク
- 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.
顧客集中度
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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 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.
貸借対照表と流動性
売上高
$23.50B
直近12か月(2026/6/30まで)
純利益
$1.08B
直近12か月(2026/6/30まで)
フリーキャッシュフロー
$1.09B
自己資本合計
$2.61B
負債合計
$13.42B
流動比率
1.17
利払い倍率
-
負債/EBITDA
3.06
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$160.16
現在株価
$132.90
安全マージン
+17.0%
適正価値レンジ
$113.31 - $207.01
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
15.42
ROE
40.9%
P/B レシオ
6.56
P/FCF
18.63
粗利益率
21.4%
ROIC
14.8%
収益性レーダー
価値創造(経済的モート)
ROIC
14.8%
WACC
7.3%
ROIC − WACC
+7.5 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格(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
不合格(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%
データなし(2)
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-スコア
まちまちのシグナル:一部の領域に注意が必要
利益の質
中程度:利益とキャッシュの間にギャップがある
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
1
取締役会リスク
6
報酬リスク
6
株主権利リスク
4
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for CDW, sourced from Markets Gazette.