TD SYNNEX CorporationSNX
NYSE•Technology•Electronics & Computer Distribution
TD SYNNEX Corporation operates as a distributor and solutions aggregator for the information technology (IT) ecosystem in the United States, Europe, and internationally. It offers endpoint solutions, including personal computing devices and peripherals, mobile phones and accessories, printers, and supplies; and advanced solutions comprising data center technologies, such as hybrid cloud, security, storage, networking, servers, software, converged and hyper-converged infrastructure, and hyperscale infrastructure. The company also provides design, integration, test and other production value-added solutions, such as thermal testing, power-draw efficiency testing, burn-in, quality, and logistics support; logistics and field services; depot repair and customer management services; and cloud services, including public cloud solutions in productivity and collaboration, infrastructure as a service, platform as a service, software as a service, security, mobility, AI, and other hybrid solutions. In addition, it offers online services; financing options, including net terms, third party leasing, floor plan financing and letters-of-credit backed financing and arrangements, as well lease products to reseller customers and their end-users and provides device-as-a-service to end-users; and marketing services comprising direct mail, external media advertising, reseller product training, targeted telemarketing campaigns, national and regional trade shows, trade groups, database analysis, print on demand services, and web-based marketing. It serves value-added resellers, corporate resellers, government resellers, system integrators, direct marketers, retailers, and managed service providers. The company was formerly known as SYNNEX Corporation and changed its name to TD SYNNEX Corporation in September 2021. TD SYNNEX Corporation was founded in 1980 and is headquartered in Fremont, California.
TD SYNNEX Corporation (SNX) reported trailing twelve months revenue of $65.14B as of February 2026, a 10.4% increase year-over-year. Quarterly revenue reached $17.16B, reflecting continued top-line momentum.
TD SYNNEX Corporation generated $987.04M in TTM net income, with quarterly EBITDA of $594.03M. The operating margin expanded from 2.1% to 2.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (2.9%) and net margin (1.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 1.2% a year ago, signaling stronger bottom-line efficiency.
SNX trades at a P/E of 12.7x (below the broader market average) and a P/S of 0.2x. The price-to-book ratio of 1.4x reflects a moderate premium to book value.
The company reported negative free cash flow of $-929.01M, indicating cash consumption over the period. The balance sheet shows $35.08B in total assets with $3.59B in long-term debt against $8.78B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~2.2% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~9.0% on average, adequate but below the threshold typically associated with wide moats.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~15.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~2.4% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares decreased 6.4% — net buybacks are reducing shares outstanding and boosting per-share value.