Latest Ratios: P/E Ratio 28.5x · EV/EBITDA 13.5x · ROE 10.0%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $22.7B | $12.6B | $10.2B | $9.2B | $9.8B | $6.5B | $4.1B | $3.1B | $1.7B | $2.7B | $2.3B |
| Enterprise Value | $24.8B | $14.7B | $13.1B | $12.2B | $13.4B | $9.6B | $4.3B | $5.9B | $4.7B | $4.1B | $2.9B |
| P/E Ratio → | 28.47 | 15.32 | 14.97 | 14.72 | 15.11 | 16.58 | 7.87 | 6.32 | 5.58 | 9.00 | 9.86 |
| P/S Ratio | 0.36 | 0.20 | 0.17 | 0.16 | 0.16 | 0.21 | 0.21 | 0.16 | 0.08 | 0.16 | 0.16 |
| P/B Ratio | 2.76 | 1.49 | 1.27 | 1.12 | 1.22 | 0.82 | 0.95 | 0.83 | 0.49 | 1.19 | 1.17 |
| P/FCF | 16.31 | 9.05 | 9.80 | 7.28 | — | 8.59 | 2.51 | 7.60 | — | 34.24 | 11.37 |
| P/OCF | 14.79 | 8.21 | 8.39 | 6.51 | — | 8.01 | 2.24 | 5.70 | 16.65 | 15.35 | 7.08 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.24 | 0.22 | 0.21 | 0.21 | 0.30 | 0.22 | 0.31 | 0.24 | 0.24 | 0.21 |
| EV / EBITDA | 13.52 | 8.03 | 7.99 | 6.99 | 7.86 | 11.11 | 7.28 | 4.81 | 5.76 | 6.09 | 5.64 |
| EV / EBIT | 17.46 | 10.43 | 10.93 | 11.13 | 13.03 | 16.54 | 9.01 | 7.12 | 8.60 | 8.04 | 7.51 |
| EV / FCF | — | 10.61 | 12.53 | 9.71 | — | 12.76 | 2.64 | 14.36 | — | 51.80 | 14.23 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.0% | 7.0% | 6.1% | 6.2% | 5.7% | 5.6% | 5.8% | 14.0% | 9.1% | 8.8% | 8.7% |
| Operating Margin | 2.3% | 2.3% | 2.1% | 2.3% | 2.0% | 2.3% | 2.6% | 4.5% | 3.0% | 3.1% | 2.8% |
| Net Profit Margin | 1.3% | 1.3% | 1.2% | 1.1% | 1.0% | 1.2% | 2.6% | 2.6% | 1.5% | 1.8% | 1.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.0% | 10.0% | 8.5% | 7.7% | 8.2% | 6.5% | 13.0% | 13.9% | 10.5% | 14.1% | 12.4% |
| ROA | 2.6% | 2.6% | 2.3% | 2.1% | 2.3% | 1.9% | 4.2% | 4.3% | 3.1% | 4.6% | 4.9% |
| ROIC | 9.9% | 9.9% | 8.3% | 8.7% | 8.2% | 6.9% | 7.1% | 9.9% | 8.7% | 12.4% | 12.4% |
| ROCE | 10.8% | 10.8% | 9.6% | 10.2% | 9.2% | 6.7% | 7.1% | 12.6% | 11.4% | 16.1% | 14.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.55 | 0.55 | 0.49 | 0.50 | 0.51 | 0.52 | 0.37 | 0.80 | 1.01 | 0.85 | 0.49 |
| Debt / EBITDA | 2.51 | 2.51 | 2.39 | 2.34 | 2.42 | 4.77 | 2.73 | 2.45 | 4.26 | 2.88 | 1.87 |
| Net Debt / Equity | — | 0.26 | 0.35 | 0.37 | 0.45 | 0.40 | 0.05 | 0.74 | 0.87 | 0.61 | 0.30 |
| Net Debt / EBITDA | 1.18 | 1.18 | 1.74 | 1.75 | 2.11 | 3.63 | 0.35 | 2.26 | 3.70 | 2.06 | 1.13 |
| Debt / FCF | — | 1.57 | 2.73 | 2.42 | — | 4.16 | 0.13 | 6.77 | — | 17.56 | 2.86 |
| Interest Coverage | 3.96 | 3.96 | 3.63 | 3.57 | 5.18 | 5.03 | 10.93 | 5.37 | 6.24 | 11.19 | 12.99 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.21 | 1.21 | 1.24 | 1.20 | 1.25 | 1.25 | 1.56 | 1.62 | 1.43 | 1.42 | 1.63 |
| Quick Ratio | 0.75 | 0.75 | 0.76 | 0.77 | 0.70 | 0.78 | 1.08 | 1.06 | 0.95 | 0.89 | 0.93 |
| Cash Ratio | 0.12 | 0.12 | 0.06 | 0.06 | 0.03 | 0.07 | 0.25 | 0.05 | 0.09 | 0.14 | 0.16 |
| Asset Turnover | — | 1.83 | 1.93 | 1.96 | 2.10 | 1.14 | 1.48 | 1.63 | 1.71 | 2.18 | 2.70 |
| Inventory Turnover | 6.12 | 6.12 | 6.63 | 7.55 | 6.48 | 4.49 | 7.01 | 8.28 | 7.51 | 7.20 | 7.37 |
| Days Sales Outstanding | — | 74.04 | 70.56 | 71.42 | 59.95 | 108.86 | 56.24 | 82.21 | 73.71 | 61.95 | 45.60 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 1.2% | 1.4% | 1.4% | 1.2% | 0.8% | 0.5% | 2.4% | 3.6% | 1.5% | 1.5% |
| Payout Ratio | 17.7% | 17.7% | 20.0% | 20.8% | 17.6% | 12.7% | 3.9% | 15.3% | 19.9% | 13.9% | 14.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 6.5% | 6.7% | 6.8% | 6.6% | 6.0% | 12.7% | 15.8% | 17.9% | 11.1% | 10.1% |
| FCF Yield | 6.1% | 11.1% | 10.2% | 13.7% | — | 11.6% | 39.8% | 13.2% | — | 2.9% | 8.8% |
| Buyback Yield | 2.8% | 5.0% | 6.2% | 7.0% | 1.4% | 0.2% | 0.5% | 0.7% | 4.3% | 0.4% | 0.7% |
| Total Shareholder Yield | 3.4% | 6.2% | 7.6% | 8.4% | 2.6% | 0.9% | 1.0% | 3.2% | 7.9% | 1.9% | 2.1% |
| Shares Outstanding | — | $82M | $86M | $93M | $96M | $63M | $51M | $51M | $41M | $40M | $40M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying SNX stock.
TD Synnex Corp's current P/E ratio is 28.5x. The historical average is 8.3x. This places it at the 100th percentile of its historical range.
TD Synnex Corp's current EV/EBITDA is 13.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.4x.
TD Synnex Corp's return on equity (ROE) is 10.0%. The historical average is 11.7%.
Based on historical data, TD Synnex Corp is trading at a P/E of 28.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TD Synnex Corp's current dividend yield is 0.63% with a payout ratio of 17.7%.
TD Synnex Corp has 7.0% gross margin and 2.3% operating margin.
TD Synnex Corp's Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Working capital volatility
Metrics are mathematically derived from official filings.
Market Pricing Reflects Conglomerate Discount
According to current market data, TD Synnex trades at a forward P/E of 15.57, which appears to discount the company relative to higher-margin technology peers, suggesting investors remain skeptical of the long-term sustainability of its hardware-centric distribution model despite recent revenue acceleration in the enterprise segment.
The valuation gap between SNX and pure-play software distributors implies that the market continues to apply a conglomerate discount, likely due to the thin-margin nature of its core hardware business. While the forward P/E suggests a more attractive entry point than the TTM multiple of 26.76, investors should monitor whether the market begins to re-rate the stock as a logistics-tech hybrid as cloud-based revenue streams mature.
Capital Efficiency Constrained by Scale
Based on reported figures, ROIC has remained in a narrow range between 1.9% and 3.7% over the last ten quarters, indicating that while the company is successfully integrating large-scale acquisitions, it struggles to generate returns on invested capital that significantly exceed its cost of capital.
The persistent low ROIC reflects the structural reality of a high-volume, low-margin distribution business where capital is heavily tied up in inventory and trade receivables. This trend suggests that management's primary challenge is not just growth, but improving the efficiency of the capital deployed across its massive global warehouse footprint.
Working Capital Cycles Dictate Liquidity
As reported in financial statements, the Cash Conversion Cycle has fluctuated between 23 and 31 days over the past ten quarters, highlighting the company's extreme sensitivity to inventory procurement timing and the inherent difficulty of managing supplier-reseller payment terms in a high-volume technology distribution environment.
The variability in the CCC suggests that TD Synnex acts as a critical financing buffer for the IT channel, often absorbing the impact of delayed payments from resellers. Investors should monitor the DPO and DSO trends closely, as any sustained lengthening of the CCC could necessitate increased reliance on external financing to maintain operations.
Deleveraging Enhances Balance Sheet Resilience
According to recent balance sheet data, the debt-to-equity ratio has declined significantly from 0.58 in 2024Q2 to 0.13 in 2026Q2, demonstrating a disciplined approach to capital allocation that has successfully reduced financial risk following the major Tech Data merger integration period.
This reduction in leverage provides a crucial buffer against the cyclicality of the hardware market and rising interest rate environments. The improved debt profile suggests that the company is better positioned to navigate potential downturns, though the low D/E ratio warrants investigation to ensure it does not reflect a temporary shift in financing strategy.
Misapplication of Traditional P/E Multiples
Based on an analysis of the business model, the P/E ratio is frequently misapplied to TD Synnex because it fails to account for the company's net-basis revenue recognition for cloud services, which artificially suppresses the top-line and distorts the perceived earnings quality of the firm.
Investors should instead focus on EV/EBITDA or free cash flow yields, as these metrics better capture the underlying cash-generating capacity of the distribution business. Relying solely on P/E ignores the significant non-cash amortization expenses stemming from past acquisitions, which can obscure the true operational profitability of the company's core logistics and financing services.