CDW CorporationCDW
NasdaqGS•Technology•Information Technology Services
CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Commercial, Government, and Education. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security. It also provides hardware products comprising notebooks/mobile devices, tablets, network communications, collaboration hardware, data storage and servers, desktop computers, and other hardware; and software products, such as cloud solutions, software assurance, application suites, security, virtualization, collaboration and productivity applications, operating systems, and network management. In addition, the company offers advisory and design, software development, implementation, and managed services, as well as warranties. It serves business, government, education, and healthcare customers. The company was formerly known as CDW Computer Centers, Inc. and changed its name to CDW Corporation in June 2003. CDW Corporation was founded in 1984 and is based in Vernon Hills, Illinois.
CDW Corporation (CDW) reported trailing twelve months revenue of $22.90B as of March 2026, a 7.4% increase year-over-year. Quarterly revenue reached $5.68B, reflecting continued top-line momentum.
CDW Corporation generated $1.08B in TTM net income, with quarterly EBITDA of $450.90M. The operating margin contracted from 7.0% to 6.6%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (6.6%) and net margin (4.1%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 4.3% a year ago, reflecting increased costs or interest expense.
CDW trades at a P/E of 14.2x (below the broader market average) and a P/S of 0.7x. The price-to-book ratio of 6.0x indicates a significant premium over book value.
The company generated $248.40M in free cash flow over the trailing twelve months, a 4.6% decrease year-over-year, indicating cash generation ability. The balance sheet shows $16.45B in total assets with $4.64B in long-term debt against $2.56B in stockholders equity for a debt-to-equity ratio of 1.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~7.6% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 44.9% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~9.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 7.5% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
D/E ratio is 1.8 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.8% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation