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Friday 6 November 2026
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CDW Corporation
CDW Technology Information Technology Services
CDW Corporation’s revenue for fiscal 2025 (year ended December 2025) was $22.4 billion, up 6.79% from fiscal 2024.
- Revenue
- +17.7%
- EPS
- +11.6%
- Free cash flow
- +24.6%
- Total debt
- +26.6%
Quarter to September 2026, against a year earlier
159.67
9.08
−5.38%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
19.82 | 20.64 | 19.03 | 28.17 | 23.79 | 28.64 | 21.79 | 26.91 | 21.59 | 16.75 |
Piotroski F-Score |
6 | 7 | 9 | 8 | 6 | 3 | 7 | 6 | 6 | 5 |
P/S ratio |
0.62 | 0.73 | 0.75 | 1.15 | 1.02 | 1.36 | 1.02 | 1.39 | 1.11 | 0.80 |
Altman Z-Score |
3.05 | 3.41 | 3.70 | 4.26 | 3.79 | 3.15 | 3.46 | 3.61 | 2.96 | 2.52 |
Altman Z″-Score (non-manufacturers) |
1.10 | 0.97 | 1.14 | 0.96 | 1.83 | 0.83 | 1.40 | 1.29 | 1.51 | 1.16 |
P/FCF ratio |
15.60 | 15.56 | 14.92 | 26.21 | 16.25 | 41.43 | 20.09 | 20.48 | 20.17 | 16.44 |
Beneish M-Score |
(2.61) | (2.56) | (2.59) | (2.52) | (2.82) | (1.88) | (2.65) | (2.68) | (2.42) | (2.35) |
P/Operating CF |
80.53 | 32.02 | 40.28 | 60.09 | 32.63 | 191.76 | 100.33 | 55.36 | 67.44 | 41.22 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 82 |
P/B ratio |
8.07 | 11.00 | 12.54 | 21.58 | 14.49 | 40.19 | 15.14 | 14.54 | 9.90 | 6.86 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
0.83 | 0.94 | 0.94 | 1.32 | 1.15 | 1.68 | 1.26 | 1.63 | 1.35 | 1.02 |
EV/EBITDA |
10.61 | 12.36 | 12.16 | 17.06 | 13.28 | 21.71 | 14.75 | 17.81 | 14.75 | 11.73 |
EV/Operating CF |
18.88 | 17.91 | 16.82 | 23.26 | 16.21 | 44.56 | 22.36 | 21.74 | 22.24 | 19.00 |
EV/FCF |
21.10 | 20.00 | 18.58 | 30.21 | 18.43 | 51.07 | 24.73 | 23.96 | 24.61 | 21.04 |
Quick Ratio |
1.17 | 1.12 | 1.14 | 1.02 | 1.28 | 1.02 | 1.06 | 1.03 | 1.16 | 1.04 |
Current Ratio |
1.42 | 1.35 | 1.35 | 1.24 | 1.53 | 1.27 | 1.33 | 1.23 | 1.35 | 1.18 |
Net Debt/EBITDA |
2.76 | 2.74 | 2.40 | 2.26 | 1.57 | 4.10 | 2.77 | 2.59 | 2.66 | 2.57 |
Debt/Assets |
46.55% | 46.44% | 44.76% | 41.47% | 42.03% | 51.96% | 45.10% | 42.49% | 39.81% | 35.12% |
Debt/Equity |
3.09 | 3.28 | 3.29 | 3.45 | 3.03 | 9.72 | 3.69 | 2.76 | 2.48 | 2.16 |
Asset Turnover |
2.00 | 2.13 | 2.30 | 2.38 | 2.13 | 1.85 | 1.80 | 1.62 | 1.50 | 1.46 |
Operating CF/Net income |
1.42 | 1.49 | 1.41 | 1.39 | 1.67 | 0.79 | 1.20 | 1.45 | 1.19 | 1.13 |
Capex/Depreciation |
(0.25) | (0.31) | (0.32) | (0.88) | (0.37) | (0.52) | (0.44) | (0.55) | (0.45) | (0.40) |
Interest Coverage |
5.60 | 5.76 | 6.64 | 7.11 | 7.61 | 9.40 | 7.36 | 7.42 | 7.70 | 7.28 |
| 39.70% | 51.51% | 65.59% | 76.14% | 69.86% | 98.72% | 96.54% | 60.58% | 49.04% | 43.02% | |
| 6.20% | 7.52% | 9.10% | 9.72% | 9.09% | 8.77% | 8.47% | 8.36% | 7.71% | 6.95% | |
ROIC |
12.76% | 13.28% | 15.51% | 17.18% | 19.32% | 12.14% | 15.04% | 14.80% | 13.80% | 13.58% |
Return on Tangible Assets |
37.92% | 50.53% | 55.92% | 61.10% | 35.35% | 62.65% | 61.72% | 75.71% | 51.55% | 73.77% |
Average Days of Receivables |
64.16 | 65.76 | 67.15 | 68.77 | 71.00 | 86.51 | 76.08 | 86.03 | 98.13 | 111.77 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
11.03% | 10.68% | 10.59% | 10.57% | 11.00% | 10.32% | 12.43% | 13.90% | 14.05% | 14.35% |
Intangible Assets out of Total Assets |
0.51 | 0.48 | 0.44 | 0.39 | 0.33 | 0.46 | 0.44 | 0.44 | 0.41 | 0.36 |
Share Based Compensation of Revenue |
0.29% | 0.29% | 0.25% | 0.27% | 0.23% | 0.35% | 0.38% | 0.44% | 0.31% | 0.37% |
Graham Net Nets |
(0.32) | (0.24) | (0.20) | (0.13) | (0.11) | (0.21) | (0.20) | (0.15) | (0.21) | (0.28) |
Graham Number |
19.34 | 21.96 | 24.89 | 27.48 | 33.67 | 28.63 | 46.89 | 52.91 | 56.47 | 60.26 |
Earnings Yield |
5.04% | 4.85% | 5.26% | 3.55% | 4.20% | 3.49% | 4.59% | 3.72% | 4.63% | 5.97% |
Free Cash Flow Yield |
6.41% | 6.43% | 6.70% | 3.82% | 6.15% | 2.41% | 4.98% | 4.88% | 4.96% | 6.08% |
Revenue per Share |
83.57 | 95.45 | 107.62 | 124.28 | 129.51 | 150.33 | 175.66 | 158.81 | 156.94 | 170.79 |
Operating CF per Share |
3.69 | 5.00 | 6.00 | 7.08 | 9.22 | 5.67 | 9.88 | 11.88 | 9.55 | 9.18 |
Capex per Share |
(0.39) | (0.52) | (0.57) | (1.63) | (1.11) | (0.72) | (0.95) | (1.10) | (0.92) | (0.89) |
Free Cash Flow per Share |
3.30 | 4.48 | 5.43 | 5.45 | 8.11 | 4.94 | 8.94 | 10.78 | 8.63 | 8.29 |
Cash per Share |
1.61 | 0.93 | 1.36 | 1.06 | 9.89 | 1.86 | 2.33 | 4.37 | 5.36 | 4.71 |
Shareholders Equity per Share |
6.39 | 6.34 | 6.46 | 6.62 | 9.10 | 5.10 | 11.86 | 15.17 | 17.58 | 19.85 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
6.39 | 6.34 | 6.46 | 6.62 | 9.10 | 5.10 | 11.86 | 15.17 | 17.58 | 19.85 |
Free Cash Flow |
540.50 | 696.60 | 819.80 | 790.90 | 1,156.30 | 684.60 | 1,208.10 | 1,450.50 | 1,154.70 | 1,088.10 |
Working Capital |
957.40 | 874.20 | 993.70 | 842.70 | 2,055.20 | 1,382.10 | 1,616.90 | 1,263.00 | 1,898.70 | 1,274.40 |
Capital Expenditures |
(63.50) | (81.10) | (86.10) | (236.30) | (158.00) | (100.00) | (127.80) | (148.20) | (122.60) | (117.10) |
Net Current Asset Value |
(2,664.80) | (2,584.80) | (2,395.70) | (2,705.00) | (2,094.10) | (6,015.60) | (4,964.20) | (4,537.10) | (4,952.60) | (4,921.60) |
EV/EBIT |
13.91 | 16.08 | 15.43 | 21.07 | 18.07 | 24.64 | 17.22 | 20.68 | 17.21 | 13.83 |
Capex to Sales |
0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 |
Price to Operating Income |
10.28 | 12.51 | 12.39 | 18.28 | 15.94 | 19.99 | 13.99 | 17.67 | 14.10 | 10.80 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
1.55 | 1.62 | 1.70 | 0.74 | 2.43 | 0.98 | 1.54 | 1.38 | 1.43 | 1.72 |
Cash ROIC |
11.90% | 15.96% | 18.68% | 17.85% | 17.43% | 8.75% | 15.41% | 17.53% | 12.95% | 12.29% |
Accounts Receivable Turnover |
5.92 | 5.84 | 5.74 | 5.65 | 5.28 | 4.88 | 4.80 | 4.28 | 3.93 | 3.58 |
Accounts Payable Turnover |
7.67 | 7.14 | 7.08 | 7.02 | 6.26 | 5.59 | 5.52 | 5.03 | 4.65 | 4.22 |
Inventory Turnover |
26.85 | 28.68 | 31.26 | 28.14 | 22.25 | 20.45 | 22.07 | 22.78 | 25.75 | 30.03 |
Average Days of Payables |
53.19 | 53.52 | 54.11 | 55.14 | 62.51 | 75.37 | 63.96 | 72.28 | 83.18 | 95.10 |
Days of Inventory on Hand |
14.54 | 12.13 | 12.25 | 14.88 | 18.18 | 19.62 | 15.32 | 14.58 | 13.47 | 11.72 |
Average Receivables |
2,309.65 | 2,537.90 | 2,829.95 | 3,192.45 | 3,494.70 | 4,263.50 | 4,942.65 | 4,994.20 | 5,341.85 | 6,256.05 |
Average Payables |
1,479.70 | 1,734.50 | 1,911.05 | 2,135.65 | 2,438.95 | 3,087.75 | 3,451.40 | 3,326.10 | 3,524.20 | 4,154.60 |
Average Inventory |
422.55 | 431.75 | 432.90 | 532.75 | 685.60 | 843.80 | 863.90 | 734.15 | 636.70 | 584.35 |
Average Assets |
6,851.85 | 6,957.55 | 7,067.20 | 7,583.55 | 8,672.05 | 11,272.05 | 13,165.45 | 13,208.05 | 13,981.50 | 15,353.30 |
Average Common Equity |
1,070.70 | 1,015.55 | 980.40 | 967.75 | 1,128.70 | 1,001.40 | 1,154.50 | 1,822.90 | 2,197.60 | 2,479.40 |
Columns are period end dates · fundamentals updated 5 Nov 2026