CDW Corp
CDW—
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CDW Corp AI Insights
Informational only. Not investment advice.Snapshot
- ROE of 43% TTM vs industry median -27% driven by 2.3x debt/equity leverage on thin 4.8% net margin - efficiency play, not margin story[Return on Equity]
- Goodwill of 4.6B is 183% of equity (2.5B) with negative tangible book value (-3.3B) - acquisition-dependent model[Goodwill]
- Asset turnover 1.49x vs industry median 0.27x - 5.5x advantage enables profitability despite 22% gross margin[Asset Turnover]
Watch Triggers
- Inventory: Exceeds 600M or >2.5% of revenue — Signals demand weakness or channel stuffing - inventory already up 254M TTM
- Interest Expense TTM: Exceeds 250M or >15% of EBIT — Currently 14% of EBIT - rate sensitivity on 5.8B debt could compress earnings
- Gross Margin TTM: Falls below 20% — At 21.6%, thin margin leaves no room for pricing pressure in commoditized distribution
Bull Case
Capital-light model (capex 0.5% of revenue) converts 90% of CFO to FCF (1.0B), funding 2.50/share dividend at 18x P/E
Free Cash Flow TTMCapital Expenditure TTMP/E Ratio
Asset turnover 5.5x industry median creates structural moat - competitors can't match 12.5% ROIC at these margins
Asset Turnover TTMROIC TTM
Bear Case
5.8B debt at 2.3x equity with 225M interest expense (21% of operating income) limits flexibility if IT spending slows
Total DebtDebt to EquityInterest Expense TTM
Revenue growth 3.8% 5Y CAGR trails industry 9% median - market share loss or category maturation risk
Total Revenue 5Y GrowthTotal Revenue TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
FCF conversion will compress as IT spending normalizes and inventory builds
1-3ymed
- Inventory up 254M while revenue flat
- AR at 5.8B (26% of revenue) signals extended payment terms
- 5Y revenue CAGR only 3.8% vs industry 9%
Change in inventory +254M TTM5Y revenue growth 3.8% below median 9%Working capital 2.2B tied up in operations
Valuation Context
Caveats
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CDW Fundamentals
Professional, Scientific, and Technical Services → Professional, Scientific, and Technical Services
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$15.93B | — | ||
$21.1B | — | ||
15 | — | ||
$22.42B | +6.8% | — | |
$8.08 | +1.4% | — | |
7.38% | -0.5% | — | |
4.76% | -0.4% | — | |
$1.09B | -5.8% | — | |
43.0% | -6.0% | — | |
Beta 5Y (Monthly) | unknown | — |
CDW Dividend History
50 dividends
2026
$0.630002/25/26$0.6300
2025
$2.505011/25/25$0.6300
08/25/25$0.6250
05/23/25$0.6250
02/25/25$0.6250
2024
$2.485011/25/24$0.6250
08/26/24$0.6200
05/23/24$0.6200
02/23/24$0.6200
2023
$2.390011/22/23$0.6200
08/24/23$0.5900
05/24/23$0.5900
02/23/23$0.5900
2022
$2.090011/23/22$0.5900
08/24/22$0.5000
05/24/22$0.5000
02/24/22$0.5000
2021
$1.700011/23/21$0.5000
08/24/21$0.4000
05/24/21$0.4000
02/24/21$0.4000
2020
$1.540011/24/20$0.4000
08/24/20$0.3800
05/21/20$0.3800
02/24/20$0.3800
2019
$1.265011/22/19$0.3800
08/23/19$0.2950
05/23/19$0.2950
02/22/19$0.2950
2018
$0.925011/23/18$0.2950
08/23/18$0.2100
05/24/18$0.2100
02/23/18$0.2100
2017
$0.690011/22/17$0.2100
08/23/17$0.1600
05/23/17$0.1600
02/22/17$0.1600
2016
$0.482511/22/16$0.1600
08/23/16$0.1075
05/23/16$0.1075
02/23/16$0.1075
2015
$0.310011/23/15$0.1075
08/21/15$0.0675
05/21/15$0.0675
02/23/15$0.0675
2014
$0.195011/21/14$0.0675
08/21/14$0.0425
05/22/14$0.0425
02/21/14$0.0425
2013
$0.042511/13/13$0.0425
CDW Stock Splits
No stock splits
CDW SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/20/26 | 12/31/25 | 10-K | |
11/04/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
02/21/25 | 12/31/24 | Unknown | |
10/30/24 | 09/30/24 | 10-Q | |
07/31/24 | 06/30/24 | 10-Q | |
05/01/24 | 03/31/24 | 10-Q | |
02/26/24 | 12/31/23 | 10-K | |
11/01/23 | 09/30/23 | 10-Q | |
08/02/23 | 06/30/23 | 10-Q | |
05/03/23 | 03/31/23 | 10-Q | |
02/24/23 | 12/31/22 | 10-K | |
11/02/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 10-Q | |
05/04/22 | 03/31/22 | 10-Q | |
02/28/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/05/21 | 03/31/21 | 10-Q | |
02/26/21 | 12/31/20 | 10-K | |
11/02/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/28/20 | 12/31/19 | 10-K | |
10/31/19 | 09/30/19 | 10-Q | |
07/31/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/27/19 | 12/31/18 | 10-K | |
10/31/18 | 09/30/18 | 10-Q | |
08/03/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
03/01/18 | 12/31/17 | 10-K | |
11/02/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
03/01/17 | 12/31/16 | 10-K | |
11/03/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/25/16 | 12/31/15 | 10-K | |
11/06/15 | 09/30/15 | 10-Q | |
08/07/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
02/26/15 | 12/31/14 | 10-K | |
11/12/14 | 09/30/14 | 10-Q | |
08/13/14 | 06/30/14 | 10-Q | |
05/12/14 | 03/31/14 | 10-Q | |
03/05/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/12/13 | 06/30/13 | 10-Q | |
06/28/13 | 03/31/13 | 424B4 | |
02/26/15 | 12/31/12 | 10-K | |
11/07/13 | 09/30/12 | 10-Q | |
08/12/13 | 06/30/12 | 10-Q | |
06/28/13 | 03/31/12 | 424B4 | |
09/03/12 | 12/31/11 | 10-K | |
11/16/11 | 09/30/11 | 10-Q | |
08/15/11 | 06/30/11 | 8-K | |
05/13/11 | 03/31/11 | 10-Q | |
04/03/11 | 12/31/10 | 10-K | |
11/08/13 | 12/31/10 | 10-K/A | |
11/15/10 | 09/30/10 | 10-Q | |
08/15/11 | 06/30/10 | Quarterly | -- |
05/13/11 | 03/31/10 | Quarterly | -- |
09/03/12 | 12/31/09 | Annual | -- |
11/15/10 | 09/30/09 | Quarterly | -- |
08/01/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/31/07 | 10-Q | |
03/01/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/10/06 | 03/31/06 | 10-Q | |
03/06/06 | 12/31/05 | 10-K | |
11/08/05 | 09/30/05 | 10-Q | |
08/08/05 | 06/30/05 | 10-Q | |
05/10/05 | 03/31/05 | 10-Q | |
03/16/05 | 12/31/04 | 10-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/31/04 | 10-Q | |
03/12/04 | 12/31/03 | 10-K | |
11/14/03 | 09/30/03 | 10-Q | |
08/13/03 | 06/30/03 | 10-Q | |
05/15/03 | 03/31/03 | 10-Q | |
03/28/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/13/02 | 06/30/02 | 10-Q | |
05/06/02 | 03/31/02 | 10-Q | |
03/27/02 | 12/31/01 | 10-K | |
11/02/01 | 09/30/01 | 10-Q | |
08/03/01 | 06/30/01 | 10-Q | |
05/07/01 | 03/31/01 | 10-Q | |
03/30/01 | 12/31/00 | 10-K | |
11/13/00 | 09/30/00 | 10-Q | |
08/10/00 | 06/30/00 | 10-Q | |
05/01/00 | 03/31/00 | 10-Q |