CDW (CDW)
Market Price (4/16/2026): $129.56 | Market Cap: $16.9 BilSector: Information Technology | Industry: Technology Distributors
CDW (CDW)
Market Price (4/16/2026): $129.56Market Cap: $16.9 BilSector: Information TechnologyIndustry: Technology Distributors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3%, FCF Yield is 6.5% Stock buyback supportStock Buyback 3Y Total is 1.7 Bil Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and Cybersecurity. Themes include Data Centers & Infrastructure, Show more. | Weak multi-year price returns2Y Excs Rtn is -82%, 3Y Excs Rtn is -100% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.7% Key risksCDW key risks include [1] its heavy dependence on vendor partner relationships, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3%, FCF Yield is 6.5% |
| Stock buyback supportStock Buyback 3Y Total is 1.7 Bil |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and Cybersecurity. Themes include Data Centers & Infrastructure, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -82%, 3Y Excs Rtn is -100% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.7% |
| Key risksCDW key risks include [1] its heavy dependence on vendor partner relationships, Show more. |
Qualitative Assessment
AI Analysis | Feedback
CDW (CDW) stock has lost about 5% since 12/31/2025 because of the following key factors:
1. Cautious 2026 Outlook Despite Q4 2025 Earnings Beat.
CDW reported stronger-than-expected fourth-quarter 2025 results on February 4, 2026, with non-GAAP diluted earnings per share (EPS) of $2.57, surpassing analyst estimates of $2.44 by $0.13, and net sales rising 6.3% year-over-year to $5.51 billion, exceeding estimates of $5.33 billion. However, the company's outlook for 2026 indicated "near-term risks and cost dynamics," including "elevated SG&A, operating margin pressure, memory price and supply volatility," and "federal spending disruptions," expected to cause "unevenness, particularly in Q1." Management projected full-year 2026 gross profit growth in the low single digits and non-GAAP diluted EPS growth in the mid-single digits, which implied a deceleration compared to the 6.8% net sales increase and 3.8% non-GAAP diluted EPS growth seen in 2025.
2. Worsening IT Hardware Market Conditions and Memory Price Surges.
The broader IT hardware market faced significant headwinds beginning in late 2025 and accelerating into early 2026, marked by escalating memory prices and anticipated declines in PC shipments. Prices for DRAM and SSDs increased by up to 130% compared to 2025, with average DRAM prices projected to rise 50-55% in early 2026, and memory prices surging over 100% in the first quarter of 2026. This market volatility is expected to lead to a 17% increase in PC prices year-over-year and a projected 10.4% decline in global PC shipments for 2026, creating pressure on component costs and potentially softening demand for new IT equipment, which directly impacts CDW's business as an IT solutions provider.
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1. Cautious 2026 Outlook Despite Q4 2025 Earnings Beat.
CDW reported stronger-than-expected fourth-quarter 2025 results on February 4, 2026, with non-GAAP diluted earnings per share (EPS) of $2.57, surpassing analyst estimates of $2.44 by $0.13, and net sales rising 6.3% year-over-year to $5.51 billion, exceeding estimates of $5.33 billion. However, the company's outlook for 2026 indicated "near-term risks and cost dynamics," including "elevated SG&A, operating margin pressure, memory price and supply volatility," and "federal spending disruptions," expected to cause "unevenness, particularly in Q1." Management projected full-year 2026 gross profit growth in the low single digits and non-GAAP diluted EPS growth in the mid-single digits, which implied a deceleration compared to the 6.8% net sales increase and 3.8% non-GAAP diluted EPS growth seen in 2025.
2. Worsening IT Hardware Market Conditions and Memory Price Surges.
The broader IT hardware market faced significant headwinds beginning in late 2025 and accelerating into early 2026, marked by escalating memory prices and anticipated declines in PC shipments. Prices for DRAM and SSDs increased by up to 130% compared to 2025, with average DRAM prices projected to rise 50-55% in early 2026, and memory prices surging over 100% in the first quarter of 2026. This market volatility is expected to lead to a 17% increase in PC prices year-over-year and a projected 10.4% decline in global PC shipments for 2026, creating pressure on component costs and potentially softening demand for new IT equipment, which directly impacts CDW's business as an IT solutions provider.
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Stock Movement Drivers
Fundamental Drivers
The -4.4% change in CDW stock from 12/31/2025 to 4/15/2026 was primarily driven by a -6.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 135.52 | 129.56 | -4.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,099 | 22,424 | 1.5% |
| Net Income Margin (%) | 4.8% | 4.8% | 0.0% |
| P/E Multiple | 16.9 | 15.8 | -6.4% |
| Shares Outstanding (Mil) | 131 | 130 | 0.7% |
| Cumulative Contribution | -4.4% |
Market Drivers
12/31/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| CDW | -4.4% | |
| Market (SPY) | -5.4% | 23.4% |
| Sector (XLK) | 4.4% | 15.6% |
Fundamental Drivers
The -17.9% change in CDW stock from 9/30/2025 to 4/15/2026 was primarily driven by a -18.1% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 157.78 | 129.56 | -17.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 21,878 | 22,424 | 2.5% |
| Net Income Margin (%) | 4.9% | 4.8% | -3.3% |
| P/E Multiple | 19.3 | 15.8 | -18.1% |
| Shares Outstanding (Mil) | 132 | 130 | 1.2% |
| Cumulative Contribution | -17.9% |
Market Drivers
9/30/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| CDW | -17.9% | |
| Market (SPY) | -2.9% | 38.7% |
| Sector (XLK) | 6.8% | 30.8% |
Fundamental Drivers
The -17.8% change in CDW stock from 3/31/2025 to 4/15/2026 was primarily driven by a -18.9% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 157.61 | 129.56 | -17.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,999 | 22,424 | 6.8% |
| Net Income Margin (%) | 5.1% | 4.8% | -7.3% |
| P/E Multiple | 19.5 | 15.8 | -18.9% |
| Shares Outstanding (Mil) | 133 | 130 | 2.4% |
| Cumulative Contribution | -17.8% |
Market Drivers
3/31/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| CDW | -17.8% | |
| Market (SPY) | 16.3% | 60.7% |
| Sector (XLK) | 46.2% | 54.1% |
Fundamental Drivers
The -30.8% change in CDW stock from 3/31/2023 to 4/15/2026 was primarily driven by a -30.5% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 187.14 | 129.56 | -30.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,749 | 22,424 | -5.6% |
| Net Income Margin (%) | 4.7% | 4.8% | 1.4% |
| P/E Multiple | 22.8 | 15.8 | -30.5% |
| Shares Outstanding (Mil) | 136 | 130 | 4.2% |
| Cumulative Contribution | -30.8% |
Market Drivers
3/31/2023 to 4/15/2026| Return | Correlation | |
|---|---|---|
| CDW | -30.8% | |
| Market (SPY) | 63.3% | 52.8% |
| Sector (XLK) | 103.0% | 47.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CDW Return | 57% | -12% | 29% | -23% | -21% | -4% | 5% |
| Peers Return | 41% | -20% | 45% | -7% | -15% | -14% | 10% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 85% |
Monthly Win Rates [3] | |||||||
| CDW Win Rate | 75% | 42% | 67% | 42% | 33% | 25% | |
| Peers Win Rate | 67% | 47% | 67% | 43% | 42% | 35% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CDW Max Drawdown | -4% | -25% | -8% | -24% | -21% | -16% | |
| Peers Max Drawdown | -6% | -33% | -14% | -21% | -33% | -22% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACN, EPAM, NSIT, PLUS, CNXN. See CDW Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/15/2026 (YTD)
How Low Can It Go
| Event | CDW | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.7% | -25.4% |
| % Gain to Breakeven | 36.4% | 34.1% |
| Time to Breakeven | 124 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -45.0% | -33.9% |
| % Gain to Breakeven | 81.7% | 51.3% |
| Time to Breakeven | 321 days | 148 days |
| 2018 Correction | ||
| % Loss | -21.5% | -19.8% |
| % Gain to Breakeven | 27.4% | 24.7% |
| Time to Breakeven | 78 days | 120 days |
Compare to ACN, EPAM, NSIT, PLUS, CNXN
In The Past
CDW's stock fell -26.7% during the 2022 Inflation Shock from a high on 1/4/2022. A -26.7% loss requires a 36.4% gain to breakeven.
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About CDW (CDW)
CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise, hybrid, and cloud capabilities across data center and networking, digital workspace, and security. Its hardware products comprise notebooks/mobile devices, network communications, desktop computers, video monitors, enterprise and data storage, and others; and software products consists of application suites, security, virtualization, operating systems, and network management. The company also provides advisory and design, software development, implementation, managed, professional, configuration, and telecom services, as well as warranties; mission critical software, systems, and network solutions; and implementation and installation, and repair services to its customers through various third-party service providers. It serves government, education, and healthcare customers; and small, medium, and large business customers. The company was founded in 1984 and is headquartered in Vernon Hills, Illinois.
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```htmlHere are 1-3 brief analogies for CDW:
- A Best Buy for business IT.
- An IT general contractor for companies.
- An Amazon for business IT, but with full-service support.
AI Analysis | Feedback
- Hardware Products: The company offers discrete hardware products including notebooks/mobile devices, network communications equipment, desktop computers, video monitors, and enterprise and data storage solutions.
- Software Products: CDW provides discrete software products such as application suites, security software, virtualization software, operating systems, and network management software.
- Integrated IT Solutions: These solutions combine hardware, software, and services, offering on-premise, hybrid, and cloud capabilities across data center and networking, digital workspace, and security.
- Advisory & Design Services: CDW offers expert services for advising on and designing IT infrastructures and solutions.
- Software Development Services: The company provides services for creating custom software applications.
- Implementation & Configuration Services: This includes services for deploying, integrating, installing, and configuring hardware and software solutions.
- Managed & Professional Services: CDW delivers ongoing managed services and specialized professional services for IT systems and operations.
- Telecom Services: These services pertain to telecommunications infrastructure and solutions.
- Repair & Warranty Services: The company provides services for repairing IT equipment and offers warranties on products.
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CDW primarily sells its IT solutions to other organizations and businesses. Its major customer categories include:
- Government customers
- Education customers
- Healthcare customers
- Small, medium, and large business customers
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- Apple (AAPL)
- Broadcom (AVGO)
- Cisco (CSCO)
- Dell Technologies (DELL)
- HP Inc. (HPQ)
- Hewlett Packard Enterprise (HPE)
- Lenovo (LNVGY)
- Microsoft (MSFT)
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Christine Leahy, Chair and Chief Executive Officer
Christine Leahy has served as CEO of CDW since January 2019 and as Board Chair since January 2023. She is a 20-year veteran of CDW, having held various leadership roles prior to becoming CEO. These roles include Chief Revenue Officer, Senior Vice President of International Business Unit (where she led the acquisition of Kelway, now CDW UK), and the company's first Chief Legal Officer. Before joining CDW in 2002, Leahy was a corporate partner in the Chicago office of Sidley Austin LLP, an international business law firm.
Albert Miralles, Chief Financial Officer and Executive Vice President, Enterprise Business Operations
Albert Miralles serves as the Chief Financial Officer and Executive Vice President, Enterprise Business Operations at CDW. He started at CDW in January 2018.
Elizabeth Connelly, Chief Commercial Officer and Executive Vice President
Elizabeth Connelly is the Chief Commercial Officer and Executive Vice President at CDW.
Mukesh Kumar, Chief Services and Solutions Officer and Executive Vice President
Mukesh Kumar serves as the Chief Services and Solutions Officer and Executive Vice President at CDW. He was appointed to this role, effective August 4, 2025.
Katherine Sanderson, Chief Human Resources Officer and Executive Vice President, Coworker Success
Katherine Sanderson holds the position of Chief Human Resources Officer and Executive Vice President, Coworker Success at CDW.
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```htmlKey Risks to CDW's Business
- Macroeconomic Uncertainty and Fluctuations in IT Spending: CDW's business is significantly exposed to the broader macroeconomic environment. Economic slowdowns, inflationary pressures, and higher interest rates can lead to customer hesitancy and delays in large IT projects, impacting revenue growth, particularly in its Public (government and education) and Corporate segments. For example, the Education segment specifically saw an 8.5% revenue decline in Q3 2025.
- Intense Competition and Margin Pressures: The IT solutions industry is highly competitive, with numerous resellers, system integrators, and direct offerings from Original Equipment Manufacturers (OEMs). CDW faces ongoing threats from competitors offering similar or more innovative solutions, better pricing, or aggressive marketing strategies. The shift towards public cloud services and pressure from OEM direct channels can also compress CDW's margins.
- Rising Operating Expenses and Stalled Profitability: CDW has experienced increasing operating costs, notably a surge in Selling and Administrative Expenses (SG&A), which rose 12.9% year-over-year in Q3 2025. This rise in expenses has contributed to compressed operating and net profit margins and has been cited as a factor in flat or declining earnings per share (EPS) over recent periods, despite some revenue growth.
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The increasing direct procurement of comprehensive, integrated IT solutions, including managed services, directly from major cloud hyperscalers (e.g., AWS, Microsoft Azure, Google Cloud) by end-customers. As these cloud platforms expand their offerings to cover a broader spectrum of IT needs, including application suites, security, and professional services, they create more holistic ecosystems that can potentially bypass the need for an intermediary like CDW for certain segments of IT infrastructure and services.
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The addressable markets for CDW's main products and services encompass various segments of the information technology (IT) industry across the United States, the United Kingdom, and Canada, as well as globally. **Overall IT Market** The total IT market across the U.S., UK, and Canada is estimated to be approximately $1,300 billion, with CDW's current addressable market estimated at around $440 billion (2025). **IT Solutions and Services** The global IT services market size was valued at USD 1.85 trillion in 2024 and is projected to grow to USD 4.23 trillion by 2033, demonstrating a compound annual growth rate (CAGR) of 9.6% from 2026 to 2033. * **North America:** The IT services market in North America is valued at approximately USD 552 billion. North America also held over 35.0% of the global IT services market revenue share in 2025. * **Canada:** The Canadian IT services industry is projected to reach CAD 68.7 billion (approximately USD 50.5 billion) by 2025. * **United Kingdom:** The UK IT services market is expected to reach a valuation of over Euro 100 billion (approximately USD 108.5 billion) by 2025. * **IT Professional Services:** The global IT professional services market is expected to increase by USD 781.5 billion with a CAGR of 11.4% from 2025 to 2030, with North America accounting for 39% of this growth. **Software Products** The global software market size was valued at USD 837.40 billion in 2025 and is projected to reach nearly USD 1,874.51 billion by 2032, growing at a CAGR of 12.2% from 2025 to 2032. * **North America:** This region accounted for 42% of the global software market in 2025 and is anticipated to hold the largest share over the predicted timeframe. **Cloud Computing** The global cloud computing market size is projected to grow from USD 781.27 billion in 2025 to USD 2,291.59 billion by 2032, exhibiting a CAGR of 16.6%. * **North America:** This region held the largest market share in 2024 and is expected to account for 49% growth during 2025-2029. * **United States:** The U.S. cloud computing market is expected to grow from USD 485.54 billion in 2025 to USD 721.30 billion by 2030. * **Europe:** The European cloud computing market is projected to grow from USD 325.92 billion in 2025 to USD 550.42 billion by 2030. **Data Center and Networking** The global data center networking market size is calculated at USD 47.09 billion in 2025 and is predicted to increase to approximately USD 126.80 billion by 2035, expanding at a CAGR of 10.41% from 2026 to 2035. * **North America:** This region dominated the global data center networking market with a 38% share in 2024. * **United States:** The U.S. data center networking market generated USD 7.98 billion in revenue within North America in 2024. **Digital Workspace** The global digital workplace market size was estimated at USD 48.8 billion in 2024 and is projected to reach USD 166.27 billion by 2030, growing at a CAGR of 22.8% from 2025 to 2030. * **North America:** This region held the largest share in 2024, accounting for over 37.0% of the market. * **United States:** The U.S. digital workplace market is expected to grow significantly at a CAGR of 21.1% from 2025 to 2030. **Cybersecurity** The global cybersecurity market size is projected to grow from USD 227.59 billion in 2025 to USD 351.92 billion by 2030, at a CAGR of 9.1%. * **North America:** North America contributed approximately USD 94.21 billion to the global market in 2025 and is expected to reach USD 105.81 billion in 2026. * **Europe:** The European cybersecurity market was valued at USD 55.98 billion in 2025 and is projected to grow to USD 63.11 billion in 2026. * **United Kingdom:** The U.K. cybersecurity market is poised to gain USD 11.55 billion in 2026.AI Analysis | Feedback
CDW (symbol: CDW) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Expansion in High-Growth Technology Solutions (Cloud, Cybersecurity, and AI): CDW is strategically focused on broadening its offerings and capabilities in high-demand technology sectors such as cloud, cybersecurity, and artificial intelligence (AI). This includes scaling cloud and SaaS services, strengthening capabilities in hybrid infrastructure and digital and data innovation, and capitalizing on the growing demand for AI solutions and AI-enabled endpoint projects.
- Increased Penetration of Managed and Professional Services: The company is prioritizing the expansion of its managed services, particularly in rapidly growing areas like cybersecurity and cloud solutions. CDW aims to shift towards higher-margin services, including managed security, cloud optimization/FinOps, and data center modernization, which are expected to increase multi-year annuity contracts and recurring revenue.
- Client Device Refresh Cycles: Anticipated client device refresh needs, partly driven by factors such as the Windows 10 expiration and tariff-related price increases, are expected to contribute to revenue growth. This includes demand for notebooks, mobile devices, and desktop computers.
- Strategic Acquisitions and Partnerships: CDW utilizes strategic acquisitions, such as the past integration of Sirius Computer Solutions and Mission Cloud Services, to significantly boost its capabilities, market reach, and service portfolio in key growth areas like hybrid infrastructure, security, digital and data innovation, and AI. The company also leverages partnerships to strengthen its offerings.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- In February 2025, CDW's Board of Directors authorized a $750 million increase to the company's share repurchase program, building on approximately $588 million remaining from the previous program as of December 31, 2024.
- In February 2024, the Board approved a $750 million increase to the share repurchase program, which was incremental to the approximately $338 million available from prior authorizations as of December 31, 2023.
- CDW temporarily suspended share repurchases in 2022 to prioritize managing its net leverage, which had increased due to the $2.5 billion acquisition of Sirius Computer Solutions in December 2021.
Share Issuance
- The number of shares outstanding has generally decreased over the past few years, indicating net share repurchases rather than significant net share issuance. Shares outstanding were 140.99 million as of February 23, 2021, and declined to 134.22 million as of February 20, 2024.
Outbound Investments
- CDW acquired Sirius Computer Solutions for $2.5 billion on December 1, 2021, significantly enhancing its capabilities in complex solutions like hybrid infrastructure, security, and cloud managed services.
- In June 2023, CDW acquired Enquizit, an AWS cloud service provider, to strengthen its public sector cloud services.
- CDW acquired Mission, an AWS cloud and AI services provider, in December 2024.
Capital Expenditures
- CDW's capital expenditures were $100 million in 2021, increasing to $127.8 million in 2022, and $148.2 million in 2023.
- Forecasted capital expenditures are $122.6 million for 2024 and $117.1 million for 2025.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| CDW Earnings Notes | 12/27/2025 | |
| How Low Can CDW Stock Really Go? | 10/17/2025 | |
| CDW Near Crucial Support Level - Buy Signal Ahead | 09/27/2025 | |
| CDW vs T-Mobile US: Which Is A Better Investment? | 08/18/2025 | |
| CDW vs Western Digital: Which Is A Better Investment? | 08/18/2025 | |
| How Does CDW Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than CDW Stock: Pay Less Than CDW To Get More From UNH, MRK | 08/12/2025 | |
| Better Bet Than CDW Stock: Pay Less Than CDW To Get More From GEN | 08/12/2025 | |
| ARTICLES | ||
| S&P 500 Stocks Trading At 52-Week Low | 03/11/2026 | |
| CDW At Price Support Zone, Right Time To Buy? | 09/27/2025 | |
| S&P 500 Movers | Winners: EA, PCAR, CDW | Losers: COST, ORCL, EBAY | 09/27/2025 | |
| Wait Before You Buy CDW Stock | 05/09/2025 |
Trade Ideas
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| 08312024 | CDW | CDW | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -20.5% | -26.0% | -35.5% |
| 02282022 | CDW | CDW | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 3.8% | 18.8% | -11.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 104.60 |
| Mkt Cap | 4.7 |
| Rev LTM | 6,852 |
| Op Inc LTM | 448 |
| FCF LTM | 446 |
| FCF 3Y Avg | 520 |
| CFO LTM | 479 |
| CFO 3Y Avg | 555 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.0% |
| Rev Chg 3Y Avg | 1.4% |
| Rev Chg Q | 7.3% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Mgn LTM | 7.8% |
| Op Mgn 3Y Avg | 7.4% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 4.5% |
| CFO/Rev 3Y Avg | 6.8% |
| FCF/Rev LTM | 4.1% |
| FCF/Rev 3Y Avg | 6.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.7 |
| P/S | 0.8 |
| P/EBIT | 10.8 |
| P/E | 15.9 |
| P/CFO | 10.0 |
| Total Yield | 6.7% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 6.3% |
| D/E | 0.1 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.5% |
| 3M Rtn | -8.4% |
| 6M Rtn | -11.1% |
| 12M Rtn | -14.0% |
| 3Y Rtn | -27.1% |
| 1M Excs Rtn | -3.3% |
| 3M Excs Rtn | -10.6% |
| 6M Excs Rtn | -17.4% |
| 12M Excs Rtn | -43.2% |
| 3Y Excs Rtn | -98.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate | 8,837 | 8,961 | 10,350 | 8,180 | 6,846 |
| Public | 8,158 | 8,306 | 8,551 | 8,184 | 8,138 |
| Other | 2,480 | 2,554 | 2,908 | 2,587 | 2,087 |
| Small Business | 1,524 | 1,556 | 1,939 | 1,870 | 1,397 |
| Headquarters | 0 | 0 | 0 | 0 | |
| Total | 20,999 | 21,376 | 23,749 | 20,821 | 18,468 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate | 880 | 847 | 932 | 697 | 490 |
| Public | 746 | 735 | 682 | 607 | 678 |
| Small Business | 181 | 177 | 187 | 168 | 99 |
| Other | 112 | 142 | 131 | 116 | 66 |
| Headquarters | -267 | -220 | -196 | -168 | -153 |
| Total | 1,651 | 1,681 | 1,735 | 1,419 | 1,179 |
Price Behavior
Price Behavior
| Market Price | $129.56 | |
| Market Cap ($ Bil) | 16.9 | |
| First Trading Date | 06/27/2013 | |
| Distance from 52W High | -30.9% | |
| 50 Days | 200 Days | |
| DMA Price | $124.69 | $146.17 |
| DMA Trend | down | down |
| Distance from DMA | 3.9% | -11.4% |
| 3M | 1YR | |
| Volatility | 36.4% | 31.1% |
| Downside Capture | 0.04 | 0.65 |
| Upside Capture | 1.03 | 76.98 |
| Correlation (SPY) | 22.2% | 46.8% |
CDW Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.24 | 0.31 | 0.68 | 0.99 | 1.10 | 1.02 |
| Up Beta | -0.74 | 0.41 | 1.16 | 0.85 | 0.98 | 0.95 |
| Down Beta | 0.98 | 1.06 | 1.33 | 1.60 | 1.32 | 0.98 |
| Up Capture | -6% | -4% | -3% | 34% | 72% | 72% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 11 | 21 | 32 | 61 | 125 | 389 |
| Down Capture | 9% | 14% | 59% | 107% | 118% | 106% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 11 | 21 | 31 | 65 | 127 | 362 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CDW | |
|---|---|---|---|---|
| CDW | -11.5% | 31.0% | -0.37 | - |
| Sector ETF (XLK) | 52.5% | 21.1% | 1.90 | 39.6% |
| Equity (SPY) | 22.0% | 12.9% | 1.36 | 48.6% |
| Gold (GLD) | 49.0% | 27.5% | 1.44 | -9.8% |
| Commodities (DBC) | 25.0% | 16.1% | 1.38 | 1.3% |
| Real Estate (VNQ) | 17.3% | 13.7% | 0.92 | 34.6% |
| Bitcoin (BTCUSD) | -10.4% | 42.6% | -0.14 | 20.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CDW | |
|---|---|---|---|---|
| CDW | -4.6% | 28.3% | -0.15 | - |
| Sector ETF (XLK) | 17.3% | 24.7% | 0.63 | 58.8% |
| Equity (SPY) | 10.9% | 17.0% | 0.50 | 64.1% |
| Gold (GLD) | 21.9% | 17.8% | 1.01 | 0.1% |
| Commodities (DBC) | 11.5% | 18.8% | 0.50 | 14.0% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.12 | 48.6% |
| Bitcoin (BTCUSD) | 5.1% | 56.5% | 0.31 | 22.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CDW | |
|---|---|---|---|---|
| CDW | 13.2% | 29.7% | 0.48 | - |
| Sector ETF (XLK) | 22.4% | 24.3% | 0.84 | 63.3% |
| Equity (SPY) | 13.8% | 17.9% | 0.67 | 68.0% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | -2.7% |
| Commodities (DBC) | 8.7% | 17.6% | 0.41 | 23.5% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 53.4% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 15.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/4/2026 | 9.4% | 13.2% | -1.0% |
| 11/4/2025 | -8.5% | -7.4% | -6.2% |
| 8/6/2025 | 0.2% | -0.7% | 1.0% |
| 5/7/2025 | 7.1% | 16.3% | 7.6% |
| 2/5/2025 | 3.4% | -3.8% | -15.8% |
| 10/30/2024 | -11.3% | -12.2% | -19.3% |
| 7/31/2024 | -6.2% | -10.3% | -3.2% |
| 5/1/2024 | -11.3% | -8.8% | -7.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 9 | 11 |
| # Negative | 10 | 14 | 12 |
| Median Positive | 3.1% | 4.4% | 7.6% |
| Median Negative | -2.6% | -4.1% | -5.6% |
| Max Positive | 9.4% | 16.3% | 11.4% |
| Max Negative | -11.3% | -12.2% | -19.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 US IT Addressable Market Growth Outperformance | 2.0% | 2.5% | 3.0% | 0.0% | 0.0% | Affirmed | Guidance: 2.5% for 2025 |
Prior: Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 US IT Market Growth Outperformance | 2.0% | 2.5% | 3.0% | 0.0% | 0.0% | Affirmed | Guidance: 2.5% for 2025 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Chawla, Sona | See Remarks | Direct | Sell | 12102025 | 146.17 | 7,400 | 1,081,658 | 4,108,875 | Form |
| 2 | Kulevich, Frederick J | See Remarks | Direct | Sell | 5152025 | 190.90 | 28,159 | 5,375,581 | 6,887,186 | Form |
| 3 | Leahy, Christine A | See Remarks | Direct | Sell | 5092025 | 181.42 | 40,917 | 7,423,293 | 26,293,826 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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