Here are 1-3 brief analogies for TD Synnex (SNX):

• Sysco for IT: Like Sysco distributes food products and services to restaurants and institutions, TD Synnex distributes IT hardware, software, and services to businesses (like IT resellers and solution providers).
• Amazon for IT resellers: Imagine Amazon, but instead of selling directly to consumers, they sell a vast array of IT products and solutions to other businesses (like your local computer shop or IT consultant) who then sell to end-users.

• Technology Product Distribution: Distributes a vast portfolio of hardware, software, and peripheral products from leading technology manufacturers to a global network of resellers and system integrators.
• Cloud Solutions: Aggregates and delivers various cloud services (IaaS, PaaS, SaaS) and provides a platform and expertise to help partners migrate, manage, and monetize cloud-based solutions.
• Cybersecurity Solutions: Offers a comprehensive suite of cybersecurity software, hardware, and services to protect businesses from evolving threats, including threat detection, identity management, and data protection.
• Data, Analytics & IoT Solutions: Provides technologies and expertise for partners to develop solutions leveraging big data, business intelligence, artificial intelligence, and the Internet of Things.
• Professional & Managed Services: Delivers IT consulting, system integration, deployment, and ongoing managed services for IT infrastructure, applications, and end-user support.
• Global Supply Chain & Logistics Services: Manages end-to-end global logistics, warehousing, configuration, and delivery services for IT products to streamline the supply chain for partners.

TD Synnex (SNX) - Major Customers

TD Synnex (SNX) operates as a global distributor and solutions aggregator for the IT ecosystem, meaning it sells primarily to other businesses rather than directly to individuals. The company's business model involves providing a wide range of technology products, services, and solutions to channel partners who, in turn, sell to their own end-user customers.

According to TD Synnex's most recent public filings (e.g., its 10-K report for the fiscal year ended November 30, 2023), no single customer accounted for 10% or more of its consolidated net sales during fiscal 2023, fiscal 2022, or fiscal 2021. This indicates that TD Synnex has a highly diversified customer base, and therefore, it does not have individually identifiable "major customers" that are required to be disclosed by name and stock symbol.

Instead, TD Synnex serves approximately 150,000 customers globally, which can be categorized into the following primary types of businesses:

• Resellers

  This broad category includes Value-Added Resellers (VARs), Managed Service Providers (MSPs), Independent Software Vendors (ISVs), and other channel partners. These businesses purchase hardware, software, and services from TD Synnex, often add their own value or integrate them into broader solutions, and then sell them to their end-user clients (businesses or consumers).

• System Integrators

  These are companies that specialize in designing, installing, and maintaining complex computing systems for clients by combining hardware and software products from various vendors. They often work on large-scale IT projects and rely on distributors like TD Synnex for component sourcing.

• Retailers

  This category includes businesses that sell IT products directly to end-users through physical stores, online platforms, or catalogs. This can range from large multinational electronics retailers to smaller, specialized tech stores.

• Cisco Systems, Inc. (CSCO)
• HP Inc. (HPQ)
• Dell Technologies Inc. (DELL)
• Microsoft Corporation (MSFT)
• Apple Inc. (AAPL)
• Lenovo Group Limited (0992.HK)
• Alphabet Inc. (GOOGL)

Patrick Zammit, Chief Executive Officer

Patrick Zammit assumed the role of Chief Executive Officer of TD Synnex in September 2024, succeeding Rich Hume. Prior to this, he served as the President of Europe and APJ for TD Synnex from 2021 and joined Tech Data in 2017 as President, Europe. Before joining Tech Data, Mr. Zammit spent over 20 years at Avnet, Inc., where he held various leadership positions, including Global President of Avnet Technology Solutions from 2015 to 2017 and President of Avnet Electronics Marketing EMEA from 2006 to 2015.

David Jordan, Chief Financial Officer, Executive Vice President

David Jordan was appointed Chief Financial Officer and Executive Vice President of TD Synnex, effective October 2, 2025. He has held various positions within TD Synnex, including being promoted to Senior Vice President, UK and Ireland in February 2021, and Managing Director in February 2018. He also previously served as General Manager of the PC division. Jordan has over 20 years of experience in the IT channel, almost all of which has been at TD Synnex (and its predecessor, Computer 2000).

Rich Hume, Former Chief Executive Officer, Director

Rich Hume served as the Chief Executive Officer of TD Synnex from September 2021 until September 2024, when he stepped down and was succeeded by Patrick Zammit. He was previously the Chief Executive Officer of Tech Data from 2018 to 2021. Before that, he served as Executive Vice President and Chief Operating Officer of Tech Data from 2016 to 2018, where he played a key role in the acquisition and integration of Avnet's Technology Solutions business. Mr. Hume spent over 30 years at IBM, holding various leadership positions including General Manager and Chief Operating Officer of Global Technology Services.

Dennis Polk, Board Member, Hyve Solutions Executive

Dennis Polk is a member of the Board and a Hyve Solutions executive for TD Synnex. He served as Executive Chair of the Board from September 2021 through August 2023. Before the merger, Mr. Polk served as President and Chief Executive Officer of SYNNEX from March 2018 until September 2021. He also held roles as Chief Operating Officer, Chief Financial Officer, and Senior Vice President of Corporate Finance at SYNNEX, which he joined in 2002.

Sergio Farache, Chief Strategy Officer

Sergio Farache serves as the Chief Strategy Officer for TD Synnex. Prior to this role, he was the Executive Vice President for Strategy and NextGen (Cloud, Security, Data & IoT) at Tech Data. Earlier in his career at Tech Data, he was the Senior Vice President for strategy and global cloud solutions. Mr. Farache is an entrepreneur who founded, grew, and sold two companies before joining the corporate world.

Key Risks to TD Synnex (SNX)

1. Thin Operating Margins and Intense Competition: TD Synnex operates with inherently low gross and operating margins, making it highly susceptible to pricing pressures and fluctuations in vendor rebates. This structural thinness leaves limited cushion against competitive intensity, which could significantly impact profitability.
2. Dependence on Key Suppliers and Customers: The company relies on a concentrated number of Original Equipment Manufacturer (OEM) suppliers, such as Apple and HP, and large customers. A deterioration in these relationships, supplier price increases, supply disruptions, or the loss of a significant customer could materially affect TD Synnex's operations and financial performance.
3. Market Cycles and Macroeconomic Factors: TD Synnex is exposed to the cyclical nature of the IT products industry and broader macroeconomic uncertainties. A slowdown in the PC refresh cycle, which has historically driven revenue, could negatively impact growth. Additionally, potential increases in tariffs, changes in international trade policies, and general economic conditions pose risks to cost of goods, supply chain efficiency, and overall financial performance.

The increasing dominance and direct procurement capabilities of hyperscaler cloud marketplaces (e.g., AWS Marketplace, Azure Marketplace, Google Cloud Marketplace) for software, SaaS, and infrastructure services. These marketplaces offer vast catalogs, streamlined procurement, and integrated billing, which can facilitate direct vendor-to-customer or vendor-to-partner transactions for cloud-native solutions, potentially bypassing traditional IT distributors for a growing segment of IT spending.

TD Synnex (symbol: SNX) operates in the vast IT distribution and solutions aggregation markets, offering a comprehensive portfolio of products and services. Its main offerings include IT systems, data center servers and storage, computer hardware, computer software, consumer electronics, and a range of services such as outsourcing, managed services, IT consulting, systems integration, and supply chain management. The company also focuses on high-growth technology segments, including cloud, cybersecurity, big data/analytics, AI, IoT, mobility, and everything-as-a-service (XaaS).

The addressable markets for TD Synnex's main products and services are substantial:

• Global IT Distribution Market: This market was estimated at US$463 billion in 2024.
• Global Technology Distributors Sector: This sector generated total revenues of $207.6 billion in 2022. The Americas region represented 38.1% of this market's total value in 2022.
• Global Software Distribution Services Market: This market is projected to reach USD 10.2 billion in 2024 and is expected to grow to USD 18.5 billion by 2031, with a compound annual growth rate (CAGR) of 7.9% from 2025 to 2031.
• Global Software Distribution Market (broader category): This market is estimated to be worth USD 147.4 billion in 2025 and is anticipated to reach USD 536.2 billion by 2035, growing at a CAGR of 13.8% over the forecast period.
• U.S. Software Distribution Market: This market is projected to reach USD 51,590.1 million in 2025 and is forecast to expand to USD 214,222.8 million by 2035.
• Global IT Devices Market: This market was valued at approximately USD 1,736.70 billion in 2023 and is projected to grow to USD 3,114.9 billion by 2030, with a CAGR of 9.5% from 2024 to 2030. The Asia Pacific region held the largest market share, over 35%, in 2023.
• U.S. Technology Market: This market was valued at USD 390.94 billion in 2024 and is projected to reach USD 722.89 billion by 2032, exhibiting a CAGR of 7.99% during this forecast period.

TD Synnex (SNX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Growth in High-Growth Technologies (Advanced Solutions): TD Synnex anticipates continued revenue expansion from its Advanced Solutions portfolio, particularly in areas such as cloud, security, artificial intelligence (AI), and data center infrastructure. In Q2 2025, the Advanced Solutions portfolio saw a 12% year-over-year increase in gross billings, driven by accelerated demand in these high-growth technologies. The company's top-line mix is also described as "tilting toward hyperscaler and software".
2. PC Refresh Cycles: The ongoing PC refresh cycle is identified as a significant driver for the company's Endpoint Solutions portfolio. In Q2 2025, the Endpoint Solutions portfolio experienced a 13% year-over-year growth in gross billings due to this refresh cycle and customers' accelerated purchases. This trend is expected to continue contributing to revenue.
3. Strategic Market Expansion and Customer Acquisition: As outlined at its 2025 Investor Day, TD Synnex plans to achieve above-market growth through strategic imperatives including unifying its market reach, targeting new customers, and expanding its distribution market. The company's global footprint and specialized go-to-market strategy are considered crucial for continued growth.
4. Expansion of Services Business: Accelerating its services offerings is another strategic imperative for TD Synnex. The company is actively growing its services business, which is a key component of its strategy to strengthen its market position and diversify its offerings for future revenue generation.

Share Repurchases

• In Q3 Fiscal Year 2025, TD Synnex executed $174 million in share repurchases.
• The company's Board of Directors authorized a new $2.0 billion share repurchase program in Q1 Fiscal Year 2024, supplementing an existing program with approximately $197 million remaining.
• In January 2023 (Fiscal Year 2023), a new three-year $1.0 billion share repurchase program was authorized, replacing a prior $400 million program.

Share Issuance

• In April 2024, a secondary public offering involved 5,309,299 shares held by affiliates of Apollo Global Management. TD Synnex did not sell any shares or receive proceeds, but concurrently repurchased 1,750,000 shares.
• In October 2025, a director sold 17,500 shares for approximately $2.7 million after exercising stock options.
• In November 2025, a trust sold 3,000 shares acquired as Restricted Stock Awards, under a Rule 10b5-1 trading plan.

Outbound Investments

• TD Synnex acquired Apptium Technologies, LLC, a software development company, in October 2025, to expand its capabilities and enhance its solutions portfolio.
• The company is expected to make strategic investments in high-growth areas such as the global hybrid cloud market and artificial intelligence to accelerate future net sales growth.
• Strategic investments in advanced technologies and digital platforms are key differentiators for the company's long-term growth.

Capital Expenditures

• Capital expenditures were $198 million in 2020, $55 million in 2021, $117 million in 2022, $150 million in 2023, and $132 million in 2024.
• Planned capital expenditures for future periods are anticipated to be satisfied through cash flows from operations.
• The primary focus of capital allocation includes strategic investments in the global hybrid cloud market, artificial intelligence, advanced technologies, and digital platforms.