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Acceleration of enterprise AI infrastructure adoption pulling through complex networking, security consulting, and high-margin recurring managed services.
Second-half 2026 gross margin compressing due to infrastructure product mix and tier-1 volume deals.
CDW Corporation offers steady enterprise compounding through client endpoint refreshes and AI infrastructure adoption, though near-term gross margin dilution and a balanced risk-reward warrant a Hold rating at current levels.
CDW generated $22.42B in FY2025 revenue and $1.66B in operating income, driven by its core Corporate ($9.44B) and Public ($8.54B) segments.78
With a composite fair value of $156.65 representing 10.18% upside from $142.17, the stock is fairly valued, supporting the committee's Hold recommendation.4
Over $22B in revenue and relationships with 1,000+ vendors secure preferred OEM pricing tiers and durable customer switching costs.57
Enterprise device refresh cycles and AI inferencing deployments sustain mid-single digit revenue growth and high single-digit EPS expansion.5
Consistent free cash flow generation ($1.09B in FY2025) funds a targeted ~25% dividend payout and regular share repurchases.567
Hold: CDW's fair value of $156.65 offers 10.18% upside from $142.17 as of October 9, 2026. Investors should maintain existing allocations and monitor second-half margin trends and inventory rationalization.4
CDW Corporation (NASDAQ: CDW) is a Fortune 500 provider of information technology solutions to business, government, education, and healthcare customers in the United States, the United Kingdom, and Canada.
The company acts as a multi-vendor aggregator, offering more than 100,000 products and services from over 1,000 hardware, software, and cloud providers, spanning endpoint devices, data center infrastructure, cybersecurity, and recurring managed services.
Under simultaneous pressures of a 300 bps operating margin compression and revenue deceleration below 3.0% YoY, CDW's cash flow would contract significantly. Fixed interest service on $6.33B of total debt would consume an expanded share of operating profit, restricting share repurchases and forcing capital preservation.
Hardware digestion, public procurement freezes, and OEM direct sales compress gross margins and stall revenue growth at low single digits.
Management guided second-half 2026 gross margins below 2H 2025 levels due to heavy mix of enterprise infrastructure products and tier-1 volume deals. If services attachment lags and operating expenses fail to leverage, operating margin falls from 7.38% toward 5.5%.57
I cinque sviluppi che indebolirebbero la nostra tesi d'investimento.
Shift into low-margin infrastructure deals without pull-through of higher-margin services.
Attuale:20.1% (Q2 2026)
Avviso se< 20.5% (Full Year)
CDW possesses a narrow economic moat underpinned by enterprise customer switching costs and scale-driven procurement advantages. The company aggregates more than 100,000 products from over 1,000 commercial hardware and software vendors, serving as a unified integration partner for complex multi-vendor IT estates.
While gross margins reflect distribution dynamics, CDW consistently achieves solid operating profitability ($1.66B operating income in FY2025) and high returns on equity (44.0%), demonstrating economic value creation above its 9.12% moderate cost of equity.
Moat durability is bounded because CDW operates in a cost-plus distribution framework without proprietary intellectual property pricing power. OEM direct-sales initiatives and cloud marketplace catalogs present ongoing competitive tension, preventing a wide moat designation.
CDW generates returns on invested capital well above its moderate cost of equity of 9.12% and WACC of 7.87%, enabled by low annual capital intensity ($117.1M capex on $22.42B revenue).27
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
The highlighted cell is Fair value when every assumption sits at its base level ($156.65). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $1.2B after modeled reinvestment of $108.1M, with terminal value at 79.9% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
CDW delivers 8.11% top-line growth in FY2026 fading to 3.67% in FY2027, with operating margin stable between 7.4% and 7.6%.1
Demonstrates that high-margin security, cloud, and managed services are successfully attaching to hardware deployments, driving structural operating leverage.
Confirms base-case guidance; CDW executes cost-plus pricing discipline while absorbing infrastructure mix dilution.
Signals prolonged enterprise capex digestion, failure of services attachment, and unmitigated hardware margin compression.
Earnings quality is solid with reported GAAP net income of $1.07B in FY2025 supported by $1.21B in operating cash flow and minimal stock-based compensation ($83.6M). Working capital swings from the $400M inventory build represent timing rather than structural deterioration.457
Consensus estimates post-Q2 earnings remained flat immediately following the release (FY2026 EPS at $10.76 on August 6) before edging up toward $10.97 in October, while FY2026 revenue consensus sits at $24.24B.1
In FY2025, CDW generated $1.21B in operating cash flow and $1.09B in free cash flow on capital expenditures of $117.1M. Free cash flow conversion temporarily dipped in first-half 2026 due to a $400M inventory build, but unwinding this inventory will re-accelerate conversion in the second half of 2026.567
CDW prioritizes disciplined capital returns through a targeted ~25% dividend payout ratio and substantial share repurchases ($653M in FY2025), which significantly exceed stock-based compensation dilution ($83.6M), while managing $6.33B in total debt.
CDW generates durable return on capital supported by an asset-light IT solutions aggregation model with low net capital expenditure needs ($117.1M capex in FY2025).
Economic returns comfortably exceed the estimated cost of capital (WACC of 7.87% and moderate Ke of 9.12%), generating positive economic profit.
FY2026 consensus revenue of $24.24B reflects 8.11% growth over FY2025 revenue of $22.42B.
Top-line expansion confirms market share gains outperforming broader IT spending by 200-300 bps.
| Ricavi | 6.572.200.000 USD |
|---|---|
| Costo del venduto | 5.252.400.000 USD |
| Utile lordo | 1.319.800.000 USD |
| Costi operativi | 891.200.000 USD |
| Reddito operativo | 428.600.000 USD |
| Voci non operative e imposte | -154.200.000 USD |
| Utile netto | 274.400.000 USD |
| Attività totali | 16.028.200.000 USD |
|---|---|
| Disponibilità liquide | 618.700.000 USD |
| Attività correnti | 8.500.500.000 USD |
| Passività totali | 13.422.100.000 USD |
| Passività correnti | 7.226.100.000 USD |
| Patrimonio netto | 2.606.100.000 USD |
| Utile netto | 1.066.600.000 USD |
|---|---|
| Afflusso operativo | 1.445.800.000 USD |
| Ammortamenti e svalutazioni | 295.600.000 USD |
| Compensi basati su azioni | 83.600.000 USD |
| Flusso di cassa operativo | 1.205.200.000 USD |
| Deflusso operativo | 240.600.000 USD |
| Liquidità disponibile | 1.803.400.000 USD |
| Liquidità iniziale | 507.700.000 USD |
| Afflusso da investimenti | 70.200.000 USD |
| Effetto dei tassi di cambio | 20.300.000 USD |
| Deflusso da finanziamenti | 1.184.500.000 USD |
| Riacquisti di azioni | 653.000.000 USD |
| Dividendi pagati | 328.600.000 USD |
| Rimborso netto del debito | 1.000.000 USD |
| Altre attività di finanziamento | 201.900.000 USD |
| Liquidità finale | 618.900.000 USD |
| Flusso da investimenti | 70.200.000 USD |
| Flusso da finanziamenti | -1.184.500.000 USD |
Fonte: SEC EDGAR · Depositato 2026-02-20 · SEC EDGAR
| Ricavi per segmento operativo | Ricavi | Quota | a/a |
|---|---|---|---|
| Corporate Segment Private Sector Business | 9,4 Mld USD | 42,1% | 6,8% |
| Public Segment Government Agencies Educationand Healthcare | 8,5 Mld USD | 38,1% | 4,6% |
| All Other Segments | 2,7 Mld USD | 12,1% | 9,7% |
| Small Business | 1,7 Mld USD | 7,7% | 13,3% |
Fonte: SEC EDGAR · Depositato 2026-02-20 · SEC EDGAR
| Ricavi per area geografica | Ricavi | Quota | a/a |
|---|---|---|---|
| United States | 19,6 Mld USD | 87,5% | 6,3% |
| Non Us | 2,8 Mld USD | 12,5% | 10,3% |
Dati finanziari puntuali utilizzati nell’analisi del 2026-10-11.
| Periodo | Ricavi | EBITDA | Utile netto | Flusso di cassa operativo | Flusso di cassa libero | Capex | Ammortamenti e svalutazioni | Compensi basati su azioni | Riacquisti di azioni | Dividendi pagati | Emissione netta di debito | Flusso da investimenti | Flusso da finanziamenti | Liquidità iniziale | Liquidità finale | Liquidità e investimenti | Debito totale | Margine operativo | ROIC | WACC | Differenziale ROIC−WACC |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016-12-31 | 13,7 Mld USD | 1,1 Mld USD | 425,1 Mln USD | 604 Mln USD | 540,5 Mln USD | 63,5 Mln USD | 254,5 Mln USD | 39,2 Mln USD | 367,4 Mln USD | 78,7 Mln USD | — | -65,9 Mln USD | -304,6 Mln USD | — | 263,7 Mln USD | 263,7 Mln USD | 3,2 Mld USD | 6,0% | — | 5,4% | — |
| 2017-12-31 | 14,8 Mld USD | 1,1 Mld USD | 523,1 Mln USD | 777,7 Mln USD | 696,6 Mln USD | 81,1 Mln USD | 260,9 Mln USD | 43,7 Mln USD | 534 Mln USD | 106,9 Mln USD | — | -81,1 Mln USD | -818,7 Mln USD | 263,7 Mln USD | 144,2 Mln USD | 144,2 Mln USD | 3,2 Mld USD | 5,8% | — | 5,7% | — |
| 2018-12-31 | 16,2 Mld USD | 1,3 Mld USD | 643 Mln USD | 905,9 Mln USD | 819,8 Mln USD | 86,1 Mln USD | 265,6 Mln USD | 40,7 Mln USD | 522,3 Mln USD | 139,4 Mln USD | — | -86,1 Mln USD | -754,8 Mln USD | 144,2 Mln USD | 205,8 Mln USD | 205,8 Mln USD | 3,2 Mld USD | 6,1% | — | 6,1% | — |
| 2019-12-31 | 18 Mld USD | 1,4 Mld USD | 736,8 Mln USD | 1 Mld USD | 790,9 Mln USD | 236,3 Mln USD | 267,1 Mln USD | 48,5 Mln USD | 657,2 Mln USD | 183,4 Mln USD | — | -331,4 Mln USD | -749,8 Mln USD | 205,8 Mln USD | 154 Mln USD | 154 Mln USD | 3,8 Mld USD | 6,3% | — | 5,7% | — |
| 2020-12-31 | 18,5 Mld USD | 1,6 Mld USD | 788,5 Mln USD | 1,3 Mld USD | 1,2 Mld USD | 158 Mln USD | 425,6 Mln USD | 42,5 Mln USD | 340,6 Mln USD | 219,6 Mln USD | — | -201 Mln USD | 138,8 Mln USD | 154 Mln USD | 1,4 Mld USD | 1,4 Mld USD | 4,6 Mld USD | 6,4% | — | 4,6% | — |
| 2021-12-31 | 20,8 Mld USD | 1,6 Mld USD | 988,6 Mln USD | 784,6 Mln USD | 684,6 Mln USD | 100 Mln USD | 191,2 Mln USD | 72,6 Mln USD | 1,5 Mld USD | 234,8 Mln USD | — | -2,8 Mld USD | 832,8 Mln USD | 1,4 Mld USD | 258,1 Mln USD | 258,1 Mln USD | 7,4 Mld USD | 6,8% | — | 4,9% | — |
| 2022-12-31 | 23,7 Mld USD | 2 Mld USD | 1,1 Mld USD | 1,3 Mld USD | 1,2 Mld USD | 127,8 Mln USD | 290,6 Mln USD | 91,1 Mln USD | 0 USD | 282,6 Mln USD | -865,3 Mln USD | -164,5 Mln USD | -1,1 Mld USD | 258,1 Mln USD | 315,2 Mln USD | 315,2 Mln USD | 6,1 Mld USD | 7,3% | — | 7,3% | — |
| 2023-12-31 | 21,4 Mld USD | 1,7 Mld USD | 1,1 Mld USD | 1,6 Mld USD | 1,5 Mld USD | 148,2 Mln USD | 270,7 Mln USD | 93,7 Mln USD | 500 Mln USD | 321,5 Mln USD | -74,4 Mln USD | -229,6 Mln USD | -1,1 Mld USD | 315,2 Mln USD | 588,7 Mln USD | 588,7 Mln USD | 5,8 Mld USD | 7,9% | — | 7,5% | — |
| 2024-12-31 | 21 Mld USD | 1,9 Mld USD | 1,1 Mld USD | 1,3 Mld USD | 1,2 Mld USD | 122,6 Mln USD | 275,3 Mln USD | 64,7 Mln USD | 500 Mln USD | 332,1 Mln USD | 235,4 Mln USD | -659,2 Mln USD | -686,9 Mln USD | 588,7 Mln USD | 507,7 Mln USD | 717,7 Mln USD | 6 Mld USD | 7,9% | — | 7,8% | — |
| 2025-12-31 | 22,4 Mld USD | 2 Mld USD | 1,1 Mld USD | 1,2 Mld USD | 1,1 Mld USD | 117,1 Mln USD | 295,6 Mln USD | 83,6 Mln USD | 653 Mln USD | 328,6 Mln USD | -1 Mln USD | 70,2 Mln USD | -1,2 Mld USD | 507,7 Mln USD | 618,9 Mln USD | 618,7 Mln USD | 6,3 Mld USD | 7,4% | — | 7,3% | — |
CDW Corporation (CDW) trades at 15.2x forward earnings against a peer median of 13.8x. Its EV/EBITDA of 11.7x compares with a peer median of 12.9x. The comparison uses 4 peers: International Business Machines Corporation, Fidelity National Information Services Inc., Skyworks Solutions Inc. and Broadridge Financial Solutions Inc., as of 2026-10-10 to 2026-10-11.
Enterprise customers are actively expanding data center and edge hardware infrastructure, driving strong written bookings exceeding invoicing, while industry capex-to-depreciation stands at 0.35.5
Accelerated enterprise digitalization, Windows 11 endpoint refresh cycles, and generative AI infrastructure upgrades expanding IT budgets beyond historical baseline growth.
Enterprise capex digestion following large-scale deployments, elongated corporate approval cycles, and public sector budget delays stalling hardware deliveries.
As an authorized tier-1 aggregator for over 1,000 technology vendors, CDW occupies a critical intermediate position between fragmented enterprise IT buyers and major OEMs, capturing volume across corporate ($9.44B FY2025 revenue) and public sectors ($8.54B FY2025 revenue).58
Reflects CDW's solid competitive position and steady compounding characteristics, balanced against a Hold rating, modest 10.18% upside to fair value, and near-term gross margin dilution.
Cap exposure at 3% of aggregate equity portfolio. Hedge sector concentration risk via IT distributor or semiconductor peer pairs if enterprise hardware capex digestion broadens.
Trading at 15.15x forward P/E and a 9.2% discount to fair value of $156.65, the margin of safety is insufficient to warrant an aggressive overweight position.4
Revenue growth projected at 8.11% in FY2026 before moderating to mid-single digits provides steady compounding but limited re-rating catalysts.1
Current dividend yield backed by a disciplined 25% payout ratio offers reliable income but remains secondary to share repurchases.5
CDW Corporation is rated Hold with a composite fair value of $156.65, offering 10.18% upside from the current share price of $142.17.4
While CDW benefits from endpoint refreshes and AI infrastructure demand, second-half gross margin dilution and working capital inventory normalization warrant a neutral stance until higher-margin services materialize.
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The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Corporate and Public segments generate $9.44B and $8.54B in revenue respectively. Post-refresh enterprise digestion and budget freezes could cause revenue growth to miss the projected 8.11% in FY2026 and fall below 3.0% YoY.18
CDW trades at 15.15x forward P/E with a modeled terminal P/E of 15.0x. Slower EPS growth, lingering inventory overhang, and $6.33B total debt could derate the multiple by 20% toward peer levels (SWKS at 13.4x, FIS at 5.1x).345
Carrying $6.33B in total debt with pre-tax cost of debt at 5.87% exposes CDW to refinancing headwinds, lifting moderate Ke from 9.12% by 100 bps.24
Enterprise capex pause or public sector procurement delays stalling shipment volumes.
Attuale:8.11% (FY2026 consensus)
Avviso se< 3.0% YoY
Supply chain bottlenecks or order delivery delays trapping operating cash flow.
Attuale:$400M build in 1H 2026
Avviso seFailure to decline by Q4 2026
Delays in inventory liquidation reducing cash available for share repurchases.
Attuale:$1.09B in FY2025
Avviso se< $900M in FY2026
Elevated debt service costs impeding capital returns and share repurchases.
Attuale:$6.33B total debt
| Cloud Hyperscaler Marketplaces |
| medium |
| 2 to 4 years |
| Providing hybrid cloud optimization, migration consulting, and security management across multi-cloud environments.5 |
Under the moderate discount rate, 41,86 USD comes from forecast-period earnings and 156 USD from the long-term value, totaling 197 USD.
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and terminal value at WACC, then adjust for signed net debt per current share.
Discounted forecast-period cash flows (42,19 USD) plus discounted terminal value (167 USD) minus signed per current share (45,69 USD) equals the 164 USD lens value shown above. Negative net debt is , so subtracting it raises value.
Add depreciation to net income, subtract maintenance capex, divide by diluted shares, and apply a normalized valuation multiple.
Discount the explicit dividend path and its Gordon-growth terminal value at cost of equity.
Solve for the growth rate that makes the model value equal the report-date share price.
Multiply the peer median PEG by this stock's forecast growth to derive an implied forward P/E, then apply it to forward EPS.
Accelerated enterprise AI infrastructure deployment drives robust pull-through for higher-margin security, cloud, and managed services.5
Unwinding the $400M inventory build is critical for restoring free cash flow conversion.5
Sustaining ~25% payout ratio and buybacks enhances per-share earnings growth.5
| $26.01B |
| $26.79B |
| $27.46B |
| Revenue growth | 8.1% | 3.7% | 3.5% | 3.0% | 2.5% |
| Operating margin | 7.4% | 7.5% | 7.5% | 7.6% | 7.6% |
| Operating income | $1.79B | $1.88B | $1.95B | $2.04B | $2.09B |
| Tax rate | 24.7% | 24.7% | 24.7% | 24.7% | 24.7% |
| NOPAT | $1.35B | $1.42B | $1.47B | $1.53B | $1.57B |
| Reinvestment | $108.10M | $113.58M | $117.55M | $122.69M | $125.76M |
| Reinvestment rate (of NOPAT) | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% |
| Free cash flow to firm | $1.24B | $1.31B | $1.35B | $1.41B | $1.45B |
| Corporate Segment Private Sector Business revenue | $10.21B | $10.58B | $10.95B | $11.28B | $11.56B |
| Public Segment Government Agencies Educationand Healthcare revenue | $9.23B | $9.57B | $9.90B | $10.20B | $10.45B |
| All Other Segments revenue | $2.94B | $3.05B | $3.16B | $3.25B | $3.33B |
| Small Business revenue | $1.87B | $1.94B | $2.00B | $2.06B | $2.11B |
| Terminal growth | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% |
Second-half 2026 gross margins guided below 2H 2025 levels due to infrastructure mix, but operating leverage improves into 2027.
Operating margins remain stable in the 7.4% to 7.6% range, sustaining operating profit growth.
$400M inventory build accumulated in 1H 2026 will be rationalized by year-end.
Restores annual free cash flow conversion toward historical levels above $1.0B.
| Margine |
|---|
| CDW | CDW Corporation | $17.8B | 15.2x | 0.8x | 11.7x | 44.0% | — |
| IBM | International Business Machines Corporation | $214.0B | 17.3x | 3.1x | 16.4x | 34.5% | 16.5% |
| FIS | Fidelity National Information Services Inc. | $17.6B | 5.1x | 1.4x | 10.8x | 22.3% | 20.7% |
| SWKS | Skyworks Solutions Inc. | $18.0B | 13.4x | 4.5x | 13.7x | 5.1% | 8.8% |
| BR | Broadridge Financial Solutions Inc. | $18.7B | 14.3x | 2.5x | 12.1x | 40.9% | 24.6% |
| Corporate Segment Revenue Growth | <= 0.0% YoY | Demote corporate segment growth outlook and lower house operating margin assumptions. |
