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Resells and integrates IT hardware, software and services (a value-added reseller) for businesses, government and schools.
Resells and integrates IT hardware, software and services (a value-added reseller) for businesses, government and schools.
Buys technology from vendors such as Microsoft, Apple, Dell and Cisco and resells it with a markup, with account managers selling directly to businesses, government, schools and hospitals; vendor rebates and services such as installation and managed IT add margin. It was bought out by private equity in 2007 and relisted in 2013.
Moat: narrow (scale, distribution, customer qualification). Broad vendor relationships and account-management scale versus smaller regional IT resellers/VARs.
Headquarters: Vernon Hills, Illinois, US · Founded: 1984 · Employees: 14,800
Size CDW (CDW) is a United States Information Technology company (Information Technology Services) with a market value of $19.6B, the 499th largest of 3,117 United States companies the cockpit tracks. Shares closed at $157.00 on 6 Nov 2026.
Performance Over six months the shares gained 50.7%, against +26.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 10.9% over the last twelve months (peer median +10.6%); the operating margin is 7.0% (peer median 10.9%).
Valuation It trades at 12.9× forward earnings against a peer median of 21.8× (5th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.9 points above its cost of capital (8.3% WACC).
Credit CDW has 10 bonds outstanding ($6.50B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 123 bp.
Short interest Short interest is 7.2% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $24.5B | $22.4B | $21.0B | $21.4B | $23.7B |
| Revenue growth | — | +7% | -2% | -10% | — |
| Gross profit | $5.42B | $4.87B | $4.60B | $4.65B | $4.69B |
| EBITDA | n/a | $1.96B | $1.94B | $1.99B | $2.07B |
| Net income | $1.10B | $1.07B | $1.08B | $1.10B | $1.11B |
| Free cash flow | $934M | $1.09B | $1.15B | $1.45B | $1.21B |
| Capital expenditure | $119M | $117M | $123M | $148M | $128M |
| Total debt | $7.87B | $6.17B | $6.38B | $6.27B | $6.65B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CDW CDW | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% |
| Insight Enterprises NSIT | $4.64B | +89% | +3% | 6% | 11.7× | 2.9% |
| PC Connection CNXN | $2.00B | +19% | +10% | 4% | 16.6× | n/a |
| ePlus PLUS | $2.40B | +2% | +15% | 7% | 16.1× | 4.3% |
| Computacenter CCC.L | $6.48B | +15% | +54% | 3% | 16.4× | 7.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CDW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.2% | +4.5% | 8th highest of 21 |
| 6-month return | +50.7% | +26.3% | 2nd highest of 21 |
| Distance from 52-week high | -9.0% | -22.9% | 5th highest of 21 |
| Revenue growth (TTM) | +10.9% | +10.6% | 11th highest of 21 |
| Operating margin | 7.0% | 10.9% | 7th lowest of 21 |
| Forward P/E | 12.9× | 21.8× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 2.6% | 6.4% | 6th least demanding of 19 |
| Growth delivered (Del g) | +4.0% | +8.4% | 4th lowest of 19 |
| Hurdle (Req g minus delivered) | -1.4 pp | -0.9 pp | 10th least demanding of 19 |
| ROIC minus cost of capital | +8.9 pp | +3.9 pp | 8th highest of 20 |
| Bond spread | 123 bp | 100 bp | widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CDW CDW | United States | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% | +4.0% |
| Nomura Research Institute 4307.T | Japan | $20.2B | +40% | +8% | 19% | 26.4× | 0.7% | +8.2% |
| Tech Mahindra TECHM.NS | India | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% | +8.5% |
| Wipro WIPRO.NS | India | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% | +8.4% |
| Rubrik RBRK | United States | $21.9B | +70% | +42% | -18% | 215.0× | 36.2% | +27.7% |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| Credo Technology CRDO | United States | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% | +86.8% |
| OBIC 4684.T | Japan | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% | +10.0% |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |
| HP Inc. HPQ | United States | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% | -0.4% |
| CACI International CACI | United States | $13.6B | +27% | +10% | 10% | 17.6× | 7.3% | +9.6% |
| Bentley Systems BSY | United States | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% | +13.4% |
| Guidewire Software GWRE | United States | $13.3B | +17% | +23% | 10% | 38.5× | 39.4% | +14.7% |
| Cognizant CTSH | United States | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% | +4.9% |
| iflytek 002230.SZ | China | $13.2B | -20% | +11% | -4% | 106.3× | n/a | n/a |
| Samsung Sds 018260.KS | South Korea | $12.4B | +31% | +2% | 5% | 24.9× | 13.0% | +4.8% |
| Ruijie Networks 301165.SZ | China | $11.7B | +6% | +30% | 5% | 48.3× | n/a | n/a |
| Indra Sistemas IDR.MC | Spain | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% | +12.4% |
| Fujitsu 6702.T | Japan | $35.4B | +1% | +4% | 10% | 18.0× | 4.1% | -0.5% |
| Nec 6701.T | Japan | $36.3B | +5% | +7% | 12% | 18.6× | 5.5% | +3.7% |
| Persistent Systems PERSISTENT.NS | India | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% | +28.6% |
CDW has 10 bonds outstanding with $6.50B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 5.80%, a spread of 123 bp over government bonds.