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CDW Corporation (CDW)

NEUTRAL
TechnologyInformation Technology ServicesUnited States

Fundamental

60

Preço

$141.44

Capitalização de Mercado

$17.16B

Parte 1 · Quanto vale a empresa

Visão Geral

CDW resells and configures IT hardware, software and services — laptops, servers, networking gear, cloud subscriptions and cybersecurity tools — sourced from major technology vendors and sold to businesses, schools, hospitals and government agencies across the US, UK and Canada. It does not manufacture anything: its value is sourcing, financing, configuring and supporting technology purchases that customers would otherwise have to manage themselves across dozens of vendors.

Como gera receita

CDW earns a margin on every device, license or service it resells, plus fees for configuration, financing and managed services layered on top. Its US business is split by customer type — large corporate accounts, small businesses, and public-sector buyers such as government, education and healthcare — each with different buying cycles and margins, while UK and Canada operations extend the same reseller model internationally. Volume rebates and incentive programmes from vendor partners are a meaningful part of gross profit.

Receita por segmento

Corporate42.1%

US private-sector business customers with more than 250 employees, CDW's largest and generally most profitable customer group.

Public38.1%

US government agencies plus education and healthcare institutions, which buy on longer cycles tied to budget calendars.

Other (UK and Canada)12.1%

CDW's operations outside the United States, extending the same reseller model to UK and Canadian customers.

Small Business7.7%

US private-sector business customers with up to 250 employees, generally smaller deal sizes and higher relative service needs.

Vantagem competitiva

Escala · Estreita

CDW's size gives it purchasing terms, financing capacity and a breadth of vendor relationships that smaller resellers cannot match, and public-sector and education customers value a single vendor that can source almost any technology product. But reselling is a business other large-scale competitors can replicate, and vendors themselves can sell direct, so the advantage is narrow rather than durable pricing power.

O que impulsiona a procura

Cíclico

Demand tracks corporate and public-sector technology budgets, which expand in good years and are among the first line items businesses cut when conditions weaken. The public-sector segment is more insulated, buying on multi-year budget cycles rather than discretionary spend, which partly offsets swings in the corporate and small-business segments.

Principais riscos

  • Vendor concentration and dependence — Results depend on maintaining favorable terms and volume incentives with a limited number of major technology vendors; a change in a vendor's distribution strategy, pricing or direct-sales push could materially affect margins.
  • Supply chain and trade policy exposure — A large share of the products CDW sells are manufactured outside the US, mainly in Asia, so tariffs, trade restrictions or regional instability can disrupt the flow of product and raise costs.
  • Gross margin volatility — Gross profit depends on factors CDW does not fully control, including vendor product costs, price protection and the availability of purchase incentives, which can fluctuate materially.
  • Public-sector budget cycles — The Public segment depends on government, education and healthcare budget cycles, so funding delays or cuts at that level can push out or shrink orders.

Concentração de clientes

CDW serves a large, diversified base of business and public-sector customers with no single customer representing a material share of sales; its concentration risk instead runs through a relatively small number of large technology vendors.

Os argumentos a favor

Buyers point to CDW's scale, breadth of vendor relationships and diversified customer base across corporate, small business and public-sector accounts as a durable position in a fragmented reseller market that keeps growing with overall IT spending.

Os argumentos contra

Sellers worry that vendors expanding direct sales, thin and volatile gross margins tied to incentive programmes outside CDW's control, and cyclical corporate technology budgets leave limited room for the business to differentiate on anything but scale.

Dados por segmento do exercício fiscal 2025Fontes: CDW Reports Fourth Quarter and Full Year 2025 Earnings

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

Balanço & Liquidez

Receita

$23.50B

Últimos 12 meses (até 30/06/2026)

Resultado Líquido

$1.08B

Últimos 12 meses (até 30/06/2026)

Fluxo de Caixa Livre

$1.09B

Capital Próprio Total

$2.61B

Passivo Total

$13.42B

Rácio de Liquidez

1.17

Cobertura de Juros

-

Dívida/EBITDA

3.06

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Justamente Valorizada

Valor Justo

$161.29

Preço Atual

$141.44

Margem de Segurança

+12.3%

Intervalo de Valor Justo

$113.26 - $209.31

Métodos de Estimativa

Analyst Target:$155.89
DCF:$233.21
PE-based:$106.79
Graham Growth:$182.45
EPV:$109.44
Consenso dos Analistas:Comprar (11B / 5H / 0S)
Última Surpresa de Resultados:+2.92%

Métricas de Avaliação

Rácio P/E

15.95

ROE

40.9%

Rácio P/B

6.78

P/FCF

19.26

Margem Bruta

21.4%

ROIC

14.8%

Radar de Rentabilidade

Value Creation (Economic Moat)

ROIC

14.8%

WACC

7.1%

ROIC − WACC

+7.7 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

Critérios de Análise Fundamental

Aprovado (15)

  • EPS shows upward trend
  • Price CAGR 10.17%
  • ROIC 14.8%
  • P/FCF 19.26
  • Operating Margin 7.1%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 42.6%
  • Analyst Consensus 69% Buy
  • Earnings Quality (OCF/NI) 0.91
  • Share Dilution -2.4%
  • Piotroski F-Score 5/9

Reprovado (10)

  • Gross Margin 21.4%
  • P/B Ratio 6.78
  • Debt/Equity ratio
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Revenue Growth 5Y 4.0%
  • Earnings Surprise avg 2.1%
  • PEG Ratio 2.00
  • Net Margin Trend 4.6% vs 4.9%

Indisponível (2)

  • Dividend Payout NaN%
  • Interest Coverage

Piotroski F-Score

5/9

Sinais mistos: algumas áreas requerem atenção

score
criteria

Qualidade dos Resultados

0.91

Moderada: alguma diferença entre lucros e caixa

Diluição de Ações

-2.4%

A recomprar ações. Favorável ao acionista

Governação

Equipa Executiva

NomeCargoIdade
Ms. Christine A. Leahy J.D.Chair of the Board, President & CEO60
Mr. Albert Joseph Miralles Jr.CFO & Executive VP of Enterprise Business Operations55
Ms. Elizabeth H. ConnellyExecutive VP & Chief Commercial Officer60
Mr. Mukesh KumarExecutive VP and Chief Services & Solutions Officer49
Mr. Peter Richard LocySenior VP, Controller & Chief Accounting Officer45
Dr. Sanjay SoodCTO & Senior VP-
Mr. Steven J O'BrienVice President of Investor Relations-
Mr. Frederick J. Kulevich J.D.Chief Legal Officer, Executive VP of Risk & Compliance and Corporate Secretary59
Sara GranackVice President of Corporate Communications & Reputation-
Mr. Anand J. RaoSenior VP and Chief Marketing Officer-

Risco de Auditoria

1

Risco do Conselho

6

Risco de Remuneração

6

Risco dos Direitos dos Acionistas

4

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Latest News

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