Information Technology · Technology Distributors · US stock · price as of 16 Oct 2026
Key indicators
Price
$150.48
52-week range
$96.09 – $158.05
Market cap
$19.2B
P/E (trailing)
18.1×
EV / EBITDA
12.5×
Free-cash-flow yield
4.5%
Dividend yield
1.7%
Revenue (last 12 months)
$23.5B
Revenue growth (3y a year)
−1.9%
Operating margin
7.1%
Return on invested capital
15.8%
Net debt / EBITDA
2.8×
Fair value
Blended fair value$244.39 range $233 – $257
Versus priceUndervalued+62% to fair value
Peer multiples
$289.78
Fundamentals-adjusted multiple
$262.07
10-year DCF (market-scaled)
$181.32
Earnings power value (floor, not blended)
$81.23
Model uncertainty
Medium
X-Ray Score
46/ 100 · High confidence · ahead of 37% of sector peers
Valuation80
Growth21
Profitability43
Financial health30
Dividends53
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
CDW provides information technology products and services to businesses, government agencies, schools and universities, and healthcare organisations in North America and the United Kingdom. It brings together hardware, software and services from many technology makers, including laptops, servers, networking gear, cloud and security offerings, and helps customers choose, set up and manage them. Customers can work with account managers, order online or use technical specialists.
CDW earns money from the margin on the hardware and software it distributes and from service fees. The last twelve months brought revenue of $23.5 billion, and revenue growth over the last three years was -1.9% a year, a decline. The operating margin is 7.1%, and the business earns a profit of 16% on the capital invested in it. It has net debt of 2.8 times EBITDA. The company pays a dividend with a yield of 1.7%.
StocksXray gives CDW Corp an X-Ray Score of 46 out of 100 (high confidence), ahead of 37% of the S&P 500 stocks in its sector. Its strongest lens is valuation (80) and its weakest is growth (21).
Our fair value blend is $244.39 (range $232.78 to $256.72). At $150.48 the stock trades 38% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
CDW Corp (CDW)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$191.69
$169.17
$217.97
$168.78
$134.08
$150.48
Market cap
$26.9B
$23.2B
$29.7B
$22.8B
$17.7B
$19.2B
P/E
27.2×
20.8×
26.9×
21.2×
16.6×
18.1×
EV / revenue
1.6×
1.2×
1.6×
1.3×
1.0×
1.0×
EV / EBITDA
20.8×
14.2×
17.8×
14.5×
11.6×
12.5×
Price / free cash flow
39.3×
19.2×
20.5×
19.8×
16.3×
22.3×
Free-cash-flow yield
2.5%
5.2%
4.9%
5.1%
6.1%
4.5%
Price / book
38.2×
14.5×
14.5×
9.7×
6.8×
7.9×
Dividend yield
0.89%
1.24%
1.10%
1.47%
1.87%
1.67%
Fundamentals checklist ● 3 Good · ● 4 Average · ● 9 Bad · each check graded against the sector
Cash quality
Earnings backed by cash0.6%Bad
Free-cash-flow yield4.5%Average
Risk models
Altman Z score1.1×Bad
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−0.2%Average
Free-cash-flow growth (3y)−3.4%Bad
Revenue growth (3y)−1.9%Bad
Growth consistency70%Bad
Balance sheet
Current ratio1.2×Bad
Net debt / EBITDA2.8×Bad
Interest coverno interest costGood
Valuation
Fair value vs price1.6×Good
EBIT / EV yield6.8%Good
Profitability
Return on invested capital15.8%Average
Operating margin7.1%Bad
Gross profitability29.1%Average
XStocksXray
CDW Corp (CDW)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
20,821
23,749
21,376
20,999
22,424
23,500
Gross profit
3,569
4,687
4,652
4,602
4,873
5,020
Operating income
1,419
1,735
1,681
1,651
1,656
1,679
Net income
989
1,115
1,104
1,078
1,067
1,080
Diluted EPS ($)
7.04
8.13
8.10
7.97
8.08
8.30
Free cash flow
685
1,208
1,451
1,155
1,088
860
Gross margin
17.1%
19.7%
21.8%
21.9%
21.7%
21.4%
Operating margin
6.8%
7.3%
7.9%
7.9%
7.4%
7.1%
Net margin
4.7%
4.7%
5.2%
5.1%
4.8%
4.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
13,199
13,132
13,285
14,678
16,028
17,255
Cash
258
315
589
504
619
362
Total debt
6,859
5,923
5,645
5,843
5,630
5,817
Equity
706
1,603
2,043
2,353
2,606
2,442
Dividend per share ($)
1.70
2.09
2.39
2.49
2.51
2.52
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
5,199
5,977
5,737
5,511
5,680
6,572
Growth vs a year earlier
+6.7%
+10.2%
+4.0%
+6.3%
+9.2%
+10.0%
Net income ($M)
225
271
291
280
235
274
Diluted EPS ($)
1.69
2.05
2.21
–
1.82
2.15
XStocksXray
CDW Corp (CDW)
Peers in Technology Distributors
Company
X-Ray
CDW · CDW Corp
46
Market Compass outlook for Information Technology: Favourable (75/100). It blends regime history, macro sensitivity, momentum and valuation.
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.