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CDW Corporation (CDW) 10-Year Financial Performance & Capital Metrics

CDW • • Industrial / General
TechnologyIT ServicesIT Consulting & Professional ServicesSpecialized Digital Services
AboutCDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise, hybrid, and cloud capabilities across data center and networking, digital workspace, and security. Its hardware products comprise notebooks/mobile devices, network communications, desktop computers, video monitors, enterprise and data storage, and others; and software products consists of application suites, security, virtualization, operating systems, and network management. The company also provides advisory and design, software development, implementation, managed, professional, configuration, and telecom services, as well as warranties; mission critical software, systems, and network solutions; and implementation and installation, and repair services to its customers through various third-party service providers. It serves government, education, and healthcare customers; and small, medium, and large business customers. The company was founded in 1984 and is headquartered in Vernon Hills, Illinois.Show more
  • Revenue $21B -1.8%
  • EBITDA $1.93B -1.3%
  • Net Income $1.08B -2.4%
  • EPS (Diluted) 7.97 -1.6%
  • Gross Margin 21.92% +0.7%
  • EBITDA Margin 9.17% +0.5%
  • Operating Margin 7.86%
  • Net Margin 5.13% -0.6%
  • ROE 49.04% -19.0%
  • ROIC 16.4% -4.7%
  • Debt/Equity 2.55 -10.4%
  • Interest Coverage 7.70 +3.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 68.7%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓11 consecutive years of dividend growth
  • ✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

  • ✗High debt to equity ratio of 2.5x
  • ✗Weak momentum: RS Rating 18 (bottom 18%)
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.69%
5Y3.09%
3Y0.28%
TTM6.09%

Profit (Net Income) CAGR

10Y15.97%
5Y7.9%
3Y2.92%
TTM-5.26%

EPS CAGR

10Y18.83%
5Y9.82%
3Y4.22%
TTM-3.3%

ROCE

10Y Avg20.61%
5Y Avg21.26%
3Y Avg20.55%
Latest19.37%

Peer Comparison

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XRXXerox Holdings Corporation344.43M2.69-0.25-9.66%-14.79%-164.48%100%2.75

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+12.99B13.67B14.83B16.24B18.03B18.47B20.82B23.75B21.38B21B
Revenue Growth %0.08%0.05%0.08%0.09%0.11%0.02%0.13%0.14%-0.1%-0.02%
Cost of Goods Sold+10.87B11.34B12.38B13.53B14.99B15.26B17.25B19.06B16.72B16.4B
COGS % of Revenue0.84%0.83%0.83%0.83%0.83%0.83%0.83%0.8%0.78%0.78%
Gross Profit+2.12B2.33B2.45B2.71B3.04B3.21B3.57B4.69B4.65B4.6B
Gross Margin %0.16%0.17%0.17%0.17%0.17%0.17%0.17%0.2%0.22%0.22%
Gross Profit Growth %0.1%0.1%0.05%0.1%0.12%0.06%0.11%0.31%-0.01%-0.01%
Operating Expenses+1.37B1.51B1.58B1.72B1.91B2.03B2.15B2.95B2.97B2.95B
OpEx % of Revenue0.11%0.11%0.11%0.11%0.11%0.11%0.1%0.12%0.14%0.14%
Selling, General & Admin1.37B1.51B1.58B1.72B1.91B2.03B2.15B2.95B2.97B2.93B
SG&A % of Revenue0.11%0.11%0.11%0.11%0.11%0.11%0.1%0.12%0.14%0.14%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses00000000025.4M
Operating Income+742M820M866.5M987.3M1.13B1.18B1.42B1.74B1.68B1.65B
Operating Margin %0.06%0.06%0.06%0.06%0.06%0.06%0.07%0.07%0.08%0.08%
Operating Income Growth %0.1%0.11%0.06%0.14%0.15%0.04%0.2%0.22%-0.03%-0.02%
EBITDA+969.4M1.07B1.13B1.25B1.4B1.6B1.61B2.03B1.95B1.93B
EBITDA Margin %0.07%0.08%0.08%0.08%0.08%0.09%0.08%0.09%0.09%0.09%
EBITDA Growth %0.1%0.11%0.05%0.11%0.12%0.15%0%0.26%-0.04%-0.01%
D&A (Non-Cash Add-back)227.4M254.5M260.9M265.6M267.1M425.6M191.2M290.6M270.7M275.3M
EBIT806.5M819.7M811.2M989.1M1.11B1.16B1.45B1.72B1.68B1.65B
Net Interest Income+-159.5M-146.5M-150.5M-148.6M-159.4M-154.9M-150.9M-235.7M-226.6M-214.5M
Interest Income0000000000
Interest Expense159.5M146.5M150.5M148.6M159.4M154.9M150.9M235.7M226.6M214.5M
Other Income/Expense-95M-146.8M-205.8M-146.8M-183.9M-176.9M-121.2M-247.4M-230.7M-215.9M
Pretax Income+647M673.2M660.7M840.5M949.7M1B1.3B1.49B1.45B1.44B
Pretax Margin %0.05%0.05%0.04%0.05%0.05%0.05%0.06%0.06%0.07%0.07%
Income Tax+243.9M248.1M137.6M197.5M212.9M213.8M309.2M373.3M345.9M357.6M
Effective Tax Rate %0.62%0.63%0.79%0.77%0.78%0.79%0.76%0.75%0.76%0.75%
Net Income+403.1M425.1M523.1M643M736.8M788.5M988.6M1.11B1.1B1.08B
Net Margin %0.03%0.03%0.04%0.04%0.04%0.04%0.05%0.05%0.05%0.05%
Net Income Growth %0.65%0.05%0.23%0.23%0.15%0.07%0.25%0.13%-0.01%-0.02%
Net Income (Continuing)403.1M425.1M523.1M643M736.8M788.5M988.6M1.11B1.1B1.08B
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+2.352.563.314.194.995.457.048.148.107.97
EPS Growth %0.65%0.09%0.29%0.27%0.19%0.09%0.29%0.16%-0%-0.02%
EPS (Basic)2.372.593.374.265.085.537.148.248.208.06
Diluted Shares Outstanding171.8M166M158.2M153.6M147.8M144.8M140.5M137M136.3M135.2M
Basic Shares Outstanding170.3M163.6M155.4M150.9M145.1M142.6M138.5M135.2M134.6M133.8M
Dividend Payout Ratio0.13%0.19%0.2%0.22%0.25%0.28%0.24%0.25%0.29%0.31%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+2.79B3.24B3.4B3.8B4.33B5.95B6.48B6.56B6.71B7.37B
Cash & Short-Term Investments37.6M263.7M144.2M205.8M154M1.41B258.1M315.2M588.7M717.7M
Cash Only37.6M263.7M144.2M205.8M154M1.41B258.1M315.2M588.7M503.5M
Short-Term Investments000000000214.2M
Accounts Receivable2.22B2.4B2.67B2.99B3.4B3.59B4.93B4.95B5.04B5.65B
Days Sales Outstanding62.2764.1665.7667.1568.777186.5176.0886.0398.13
Inventory393.1M452M411.5M454.3M611.2M760M927.6M800.2M668.1M605.3M
Days Inventory Outstanding13.214.5412.1312.2514.8818.1819.6215.3214.5813.47
Other Current Assets00000000410.2M404.4M
Total Non-Current Assets+3.96B3.71B3.57B3.37B3.67B3.39B6.72B6.57B6.58B7.31B
Property, Plant & Equipment175.4M163.7M161.1M156.1M494.9M306.3M351.4M338M324.3M312.2M
Fixed Asset Turnover74.05x83.52x92.07x104.04x36.44x60.29x59.25x70.26x65.91x67.26x
Goodwill2.5B2.46B2.48B2.46B2.55B2.6B4.38B4.34B4.41B4.62B
Intangible Assets1.28B1.06B897M712.2M594.1M445.1M1.63B1.49B1.37B1.36B
Long-Term Investments0000000000
Other Non-Current Assets12.3M36M32.7M39.8M23.3M43.9M358.9M396.1M472.2M1.02B
Total Assets+6.76B6.95B6.97B7.17B8B9.34B13.2B13.13B13.28B14.68B
Asset Turnover1.92x1.97x2.13x2.27x2.25x1.98x1.58x1.81x1.61x1.43x
Asset Growth %0.11%0.03%0%0.03%0.12%0.17%0.41%-0.01%0.01%0.1%
Total Current Liabilities+1.89B2.28B2.52B2.8B3.49B3.9B5.1B4.95B5.44B5.47B
Accounts Payable866.5M1.07B1.32B1.58B1.83B2.09B3.11B2.82B2.88B3.38B
Days Payables Outstanding29.0934.5238.8442.5344.6749.9665.8954.0262.8875.27
Short-Term Debt27.2M18.5M25.5M25.3M413.2M541M412.8M56.3M613.1M235.8M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities286.6M314.8M372.9M418.4M703.7M713.1M816.5M861M857.3M811.8M
Current Ratio1.48x1.42x1.35x1.35x1.24x1.53x1.27x1.33x1.23x1.35x
Quick Ratio1.27x1.22x1.18x1.19x1.07x1.33x1.09x1.17x1.11x1.24x
Cash Conversion Cycle46.3844.1939.0536.8638.9739.2240.2537.3837.7336.34
Total Non-Current Liabilities+3.77B3.62B3.46B3.39B3.55B4.15B7.4B6.58B5.8B6.85B
Long-Term Debt3.23B3.22B3.21B3.18B3.28B3.86B6.76B5.87B5.03B5.61B
Capital Lease Obligations0000131.1M169M184.2M175.2M164M149.1M
Deferred Tax Liabilities469.6M369.2M196.3M141.9M62.4M55.3M222.3M203.4M171.4M167.4M
Other Non-Current Liabilities70M37.1M52.7M64.2M71M68.7M235.4M336.1M432.9M927.8M
Total Liabilities5.66B5.9B5.98B6.19B7.04B8.05B12.49B11.53B11.24B12.33B
Total Debt+3.26B3.23B3.24B3.21B3.83B4.57B7.35B6.1B5.81B5.99B
Net Debt3.22B2.97B3.09B3B3.67B3.16B7.09B5.78B5.22B5.49B
Debt / Equity2.97x3.09x3.28x3.29x3.99x3.52x10.42x3.80x2.84x2.55x
Debt / EBITDA3.36x3.01x2.87x2.56x2.73x2.85x4.57x3.01x2.98x3.11x
Net Debt / EBITDA3.32x2.76x2.74x2.40x2.62x1.97x4.41x2.85x2.67x2.85x
Interest Coverage4.65x5.60x5.76x6.64x7.11x7.61x9.40x7.36x7.42x7.70x
Total Equity+1.1B1.05B985.6M975.2M960.3M1.3B705.7M1.6B2.04B2.35B
Equity Growth %0.17%-0.05%-0.06%-0.01%-0.02%0.35%-0.46%1.27%0.27%0.15%
Book Value per Share6.386.306.236.356.508.965.0211.7014.9917.40
Total Shareholders' Equity1.1B1.05B985.6M975.2M960.3M1.3B705.7M1.6B2.04B2.35B
Common Stock1.7M1.6M1.5M1.5M1.4M1.4M1.3M1.4M1.3M1.3M
Retained Earnings-1.65B-1.67B-1.83B-1.89B-2.02B-1.81B-2.57B-1.76B-1.53B-1.32B
Treasury Stock0000000000
Accumulated OCI-61.1M-139.6M-95.9M-130.6M-117.8M-95.8M-94.4M-152.4M-124.6M-160.1M
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+277.5M604M777.7M905.9M1.03B1.31B784.6M1.34B1.6B1.28B
Operating CF Margin %0.02%0.04%0.05%0.06%0.06%0.07%0.04%0.06%0.07%0.06%
Operating CF Growth %-0.36%1.18%0.29%0.16%0.13%0.28%-0.4%0.7%0.2%-0.2%
Net Income403.1M425.1M523.1M643M736.8M788.5M988.6M1.11B1.1B1.08B
Depreciation & Amortization227.4M254.5M260.9M265.6M267.1M425.6M191.2M290.6M270.7M275.3M
Stock-Based Compensation31.2M39.2M43.7M40.7M48.5M42.5M72.6M91.1M93.7M64.7M
Deferred Taxes-54.5M-97.2M-172.7M-56.1M-87.9M-20.2M-6.7M-18.2M-32.7M-14.1M
Other Non-Cash Items-53.8M6.4M62.4M10.9M29M73M-29.5M24.5M43.9M36.3M
Working Capital Changes-275.9M-24M60.3M1.8M33.7M4.9M-431.6M-166.6M118.8M-162.7M
Change in Receivables-342.6M-178.9M-136.8M-365.1M-244.8M-226.4M-616.8M-34.8M-54.5M-559.4M
Change in Inventory-31.5M-68M16.9M-46.8M-153M-71.4M-151M111.9M139M61.1M
Change in Payables100.5M225.1M231.5M271.2M194.1M253.7M374.5M-260M-55.4M443.8M
Cash from Investing+-354.4M-65.9M-81.1M-86.1M-331.4M-201M-2.77B-164.5M-229.6M-659.2M
Capital Expenditures-90.1M-63.5M-81.1M-86.1M-236.3M-158M-100M-127.8M-148.2M-122.6M
CapEx % of Revenue0.01%0%0.01%0.01%0.01%0.01%0%0.01%0.01%0.01%
Acquisitions----------
Investments----------
Other Investing00000000-5M-1.6M
Cash from Financing+-226.5M-304.6M-818.7M-754.8M-749.8M138.8M832.8M-1.1B-1.1B-686.9M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-52.9M-78.7M-106.9M-139.4M-183.4M-219.6M-234.8M-282.6M-321.5M-332.1M
Share Repurchases----------
Other Financing100.8M169.5M-124.6M-93.1M-21.2M93.9M-188.3M45.8M-52.8M-90.2M
Net Change in Cash----------
Free Cash Flow+187.4M540.5M696.6M819.8M790.9M1.16B684.6M1.21B1.45B1.15B
FCF Margin %0.01%0.04%0.05%0.05%0.04%0.06%0.03%0.05%0.07%0.05%
FCF Growth %-0.51%1.88%0.29%0.18%-0.04%0.46%-0.41%0.76%0.2%-0.2%
FCF per Share1.093.264.405.345.357.994.878.8210.648.54
FCF Conversion (FCF/Net Income)0.69x1.42x1.49x1.41x1.39x1.67x0.79x1.20x1.45x1.19x
Interest Paid154.6M144.3M148.5M148.8M154.2M139.4M134.3M224.3M233.2M217.5M
Taxes Paid300.2M329.2M275.7M261.2M272.2M245.6M351M362.2M401.4M398.6M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)39.67%39.7%51.51%65.59%76.14%69.86%98.72%96.54%60.58%49.04%
Return on Invested Capital (ROIC)13.78%14.76%16.06%18.39%19.74%19.47%17.37%17.14%17.21%16.4%
Gross Margin16.29%17.03%16.52%16.67%16.86%17.38%17.14%19.73%21.76%21.92%
Net Margin3.1%3.11%3.53%3.96%4.09%4.27%4.75%4.69%5.17%5.13%
Debt / Equity2.97x3.09x3.28x3.29x3.99x3.52x10.42x3.80x2.84x2.55x
Interest Coverage4.65x5.60x5.76x6.64x7.11x7.61x9.40x7.36x7.42x7.70x
FCF Conversion0.69x1.42x1.49x1.41x1.39x1.67x0.79x1.20x1.45x1.19x
Revenue Growth7.57%5.27%8.49%9.49%11.03%2.41%12.74%14.06%-9.99%-1.77%

Revenue by Segment

2015201620172018201920202021202220232024
Total Hardware--11.94B13.08B14.36B14.83B16.77B18.09B15.7B15.22B
Total Hardware Growth---9.55%9.79%3.27%13.05%7.88%-13.20%-3.08%
Software Products--2.54B2.35B2.64B2.58B2.8B3.68B3.8B3.8B
Software Products Growth----7.60%12.36%-2.13%8.58%31.49%3.10%0.13%
Services--611.3M697.3M907.6M913.9M1.13B1.84B1.76B1.87B
Services Growth---14.07%30.16%0.69%23.22%63.57%-4.38%6.02%
Other Products and Services--98.2M113.8M124.4M139.2M122.7M-112.8M107.9M
Other Products and Services Growth---15.89%9.31%11.90%-11.85%---4.34%
Others1.05B1.36B-----130.8M--
Others Growth-30.17%--------
Corporate: Private Sector Business6.82B7.03B--------
Corporate: Private Sector Business Growth-3.13%--------
Public: Government Agencies, Education and Healthcare5.13B5.59B--------
Public: Government Agencies, Education and Healthcare Growth-9.05%--------

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES---14.38B15.89B16.38B18.24B20.83B18.75B18.46B
UNITED STATES Growth----10.53%3.06%11.35%14.20%-9.96%-1.59%
Non-US---1.86B2.14B2.09B2.58B2.92B2.62B2.54B
Non-US Growth----14.95%-2.37%23.64%13.09%-10.24%-3.03%

Frequently Asked Questions

Valuation & Price

CDW Corporation (CDW) has a price-to-earnings (P/E) ratio of 16.6x. This is roughly in line with market averages.

Growth & Financials

CDW Corporation (CDW) reported $22.10B in revenue for fiscal year 2024. This represents a 130% increase from $9.60B in 2011.

CDW Corporation (CDW) saw revenue decline by 1.8% over the past year.

Yes, CDW Corporation (CDW) is profitable, generating $1.05B in net income for fiscal year 2024 (5.1% net margin).

Dividend & Returns

Yes, CDW Corporation (CDW) pays a dividend with a yield of 1.86%. This makes it attractive for income-focused investors.

CDW Corporation (CDW) has a return on equity (ROE) of 49.0%. This is excellent, indicating efficient use of shareholder capital.

CDW Corporation (CDW) generated $1.01B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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