CDWNasdaqRetail-Catalog & Mail-Order HousesFiscal year ends December 31
CDW Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$152.65+2.17 (+1.44%)
Close on Oct 19, 2026
- Market cap
- $19.45B
- P/E (TTM)
- 18.3
- Dividend yield
- 1.64%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
21.7%+4.4 pts over 5 years
Operating margin
7.4%+1.0 pts over 5 years
Net margin
4.8%+0.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.8% | -1.9% | +4.0% | +5.6% | |
| Gross profit | +5.9% | +1.3% | +8.7% | +8.7% | |
| Operating income | +0.3% | -1.6% | +7.0% | +8.4% | |
| Net income | -1.0% | -1.5% | +6.2% | +10.2% | |
| EPS, diluted | +1.4% | -0.2% | +8.2% | +13.1% | |
| Free cash flow | -5.8% | -3.4% | -1.2% | +19.2% | |
| Dividend per share | +0.8% | +6.2% | +10.2% | +23.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 39.6% | 69.9% | 43.0% | |
| Return on assets | 6.2% | 9.1% | 6.9% | |
| Current ratio | 1.42 | 1.53 | 1.18 | |
| Debt to equity | 3.09 | 3.03 | 2.16 | |
| Net debt to EBITDA | 2.76× | 1.57× | 2.57× | |
| Inventory turnover | 27.8× | 22.3× | 30.0× | |
| Capex to revenue | 0.5% | 0.9% | 0.5% | |
| Diluted shares | 166M | 145M | 132M |
Where the cash went
Fiscal 2021 to 2025, five years combined
CDW generated $6.20B from operations and spent $5.27B on capital expenditure, dividends and share buybacks. 12% of that went back into the business.
Generated
$6.20B
Used
$5.27B
Capital expenditure$615.70M12%Dividends$1.50B28%Share buybacks$3.15B60%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.8%
×Asset turnover1.46×
×Equity multiplier6.19×
=Return on equity, FY202543.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 4.8% | 1.46× | 6.19× | 43.0% |
| FY2024 | 5.1% | 1.50× | 6.36× | 49.0% |
| FY2023 | 5.2% | 1.62× | 7.25× | 60.6% |
| FY2022 | 4.7% | 1.80× | 11.40× | 96.5% |
| FY2021 | 4.7% | 1.85× | 11.26× | 98.7% |
| FY2020 | 4.3% | 2.13× | 7.68× | 69.9% |
| FY2019 | 4.1% | 2.38× | 7.84× | 76.1% |
| FY2018 | 4.0% | 2.30× | 7.21× | 65.6% |
| FY2017 | 3.5% | 2.13× | 6.85× | 51.4% |
| FY2016 | 3.1% | 1.99× | 6.39× | 39.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.07B
- Cash generatingOperating cash flow above zero$1.21B
- Return on assets improvedROA up on the prior year8.1% → 7.3%
- Earnings backed by cashOperating cash flow above net income$1.21B vs $1.07B
- Less leverageLong-term debt to assets fell38.2% → 28.8%
- Better liquidityCurrent ratio rose1.35 → 1.18
- No dilutionShare count did not rise135M → 132M
- Gross margin improvedGross margin up on the prior year21.92% → 21.73%
- More efficientAsset turnover rose1.58 → 1.53