| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | 2 | — | — | — | — |
| Sell | — | — | 1 | — | — | — | — | — | — | — | 1 | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 2.55 |
—
—
—
|
| 2025 | 2.51 |
—
—
—
—
|
| 2024 | 2.49 |
—
—
—
—
|
| 2023 | 2.39 |
—
—
—
—
|
| 2022 | 2.09 |
—
—
—
—
|
| 2021 | 1.70 |
—
—
—
—
|
| 2020 | 1.54 |
—
—
—
—
|
| 2019 | 1.27 |
—
—
—
—
|
| 2018 | 0.93 |
—
—
—
—
|
| 2017 | 0.69 |
—
—
—
—
|
| 2016 | 0.48 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 588.70 | 717.70 | 618.70 | 361.80 |
| Receivables | 5,038.00 | 5,645.70 | 6,866.40 | 7,890.50 |
| Inventory | 668.10 | 605.30 | 563.40 | 981.80 |
| Other | — | — | — | — |
| 6,705.00 | 7,373.10 | 8,500.50 | 9,680.50 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 3,311.90 | 3,736.50 | 4,572.70 | 5,582.60 |
| ST’ Debt | 613.10 | 235.80 | 1,007.50 | 1,008.90 |
| Other | 487.40 | 491.00 | 534.00 | 576.60 |
| 5,442.00 | 5,474.40 | 7,226.10 | 8,296.40 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 5,679.80 | 6,572.20 | — | — |
—
|
| ’25 | 5,199.10 | 5,976.60 | 5,737.40 | 5,511.00 |
22,424.10
|
| ’24 | 4,872.70 | 5,423.40 | 5,516.60 | 5,186.00 |
20,998.70
|
| ’23 | 5,103.10 | 5,626.10 | 5,628.30 | 5,018.50 |
21,376.00
|
| ’22 | 5,949.10 | 6,145.80 | 6,215.50 | 5,438.30 |
23,748.70
|
| ’21 | 4,837.50 | 5,146.40 | 5,300.00 | 5,536.90 |
20,820.80
|
| ’20 | 4,389.20 | 4,365.70 | 4,756.40 | 4,956.20 |
18,467.50
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 274.80 | (55.10) | — | — |
—
|
| ’25 | 287.20 | 155.90 | 328.30 | 433.80 |
1,205.20
|
| ’24 | 440.00 | 149.90 | 342.10 | 345.30 |
1,277.30
|
| ’23 | 365.40 | 228.20 | 468.60 | 536.50 |
1,598.70
|
| ’22 | 380.80 | 380.30 | 332.90 | 241.90 |
1,335.90
|
| ’21 | 344.60 | 0.30 | 291.80 | 147.90 |
784.60
|
| ’20 | 223.00 | 292.80 | 222.60 | 575.90 |
1,314.30
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 248.40 | (82.60) | — | — |
—
|
| ’25 | 260.30 | 133.40 | 298.50 | 395.90 |
1,088.10
|
| ’24 | 410.50 | 119.00 | 308.50 | 316.70 |
1,154.70
|
| ’23 | 333.70 | 188.60 | 425.20 | 503.00 |
1,450.50
|
| ’22 | 339.50 | 358.00 | 299.30 | 211.30 |
1,208.10
|
| ’21 | 323.90 | (17.50) | 264.10 | 114.10 |
684.60
|
| ’20 | 197.60 | 218.20 | 189.00 | 551.50 |
1,156.30
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1.82 | 2.15 | — | — |
—
|
| ’25 | 1.69 | 2.05 | 2.21 | 2.14 |
8.08
|
| ’24 | 1.59 | 2.07 | 2.34 | 1.97 |
7.97
|
| ’23 | 1.68 | 1.92 | 2.32 | 2.18 |
8.10
|
| ’22 | 1.83 | 2.04 | 2.17 | 2.09 |
8.13
|
| ’21 | 1.63 | 1.93 | 1.91 | 1.57 |
7.04
|
| ’20 | 1.16 | 1.31 | 1.33 | 1.65 |
5.45
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 147.91 | 160.66 | 170.68 | 135.63 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 208.71 | 229.42 | 263.37 | 222.92 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10,600 | 10,900 | 15,100 | 14,800 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.24 | 1.96 | 1.39 | 1.52 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23,748.70 | 21,376.00 | 20,998.70 | 22,424.10 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.73% | 21.76% | 21.92% | 21.73% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,487.80 | 1,450.20 | 1,435.40 | 1,427.40 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.26% | 6.78% | 6.84% | 6.37% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,114.50 | 1,104.30 | 1,077.80 | 1,066.60 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 290.60 | 270.70 | 275.30 | 295.60 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 175.66 | 158.81 | 156.94 | 170.79 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 8.24 | 8.20 | 8.06 | 8.13 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.88 | 11.88 | 9.55 | 9.18 | ‡‡‡ | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.95) | (1.10) | (0.92) | (0.89) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.94 | 10.78 | 8.63 | 8.29 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.86 | 15.17 | 17.58 | 19.85 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 135.20 | 134.60 | 133.80 | 131.30 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.79 | 26.91 | 21.59 | 16.75 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.02 | 1.39 | 1.11 | 0.80 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.14 | 14.54 | 9.90 | 6.86 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.26 | 1.63 | 1.35 | 1.02 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 24.73 | 23.96 | 24.61 | 21.04 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,335.90 | 1,598.70 | 1,277.30 | 1,205.20 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (127.80) | (148.20) | (122.60) | (117.10) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,208.10 | 1,450.50 | 1,154.70 | 1,088.10 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,616.90 | 1,263.00 | 1,898.70 | 1,274.40 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,922.70 | 5,644.90 | 5,842.80 | 5,629.80 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,607.50 | 5,056.20 | 5,125.10 | 5,011.10 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,603.30 | 2,042.50 | 2,352.70 | 2,606.10 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.47% | 8.36% | 7.71% | 6.95% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.04% | 14.80% | 13.80% | 13.58% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 96.54% | 60.58% | 49.04% | 43.02% | ‡‡‡‡‡ | — | — |
ROE
|
CDW Corporation, a dominant IT distributor pivoting to higher-margin services, has seen its stellar revenue growth from $13.7 billion in 2016 to a 2022 peak of $23.7 billion stall dramatically, dropping 10% in 2023 and another 2% to $21 billion in 2024 amid post-COVID normalization and enterprise spending caution. Productivity has cratered, with revenue per employee plunging 49% to $1.4 million despite a 125% headcount surge, signaling bloat and inefficiency in a high-rate environment. The stock trades at deeply compressed multiples—forward P/E under 14x—37% off recent highs, tempting value hunters but raising trap fears as insiders cash out $13.9 million with zero buys.
While gross margins expanded to 21.9% on services growth (now 30-40% of revenue) and robust FCF supports buybacks, net income dipped 3%, ROE halved to 49%, and net debt swelled 72% to $5.1 billion (2.4x EBITDA), amplifying vulnerability to refinancing costs and macro headwinds. Analysts forecast a rebound to 7% revenue growth in 2025, fueled by AI cycles, with EPS climbing 13% by 2026—but skeptics highlight softening IT budgets, chip risks, and competition as potential derailers.
This contrarian setup offers steady FCF yield potential at current prices, yet demands proof of productivity revival and cost discipline before committing; balance sheet fortitude cushions but doesn’t eliminate downside in a recessionary IT landscape.
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