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CDW Corporation

CDW

Technology · 153.78 +7.8% today

Isolated · not yet confirmedMarket checked 11 Sept, 15:55 GMT-4

Market read

CDW Corporation's current read is isolated; its market group is not confirming.

The latest filing is mixed. 0 of 28 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 13 directly disclosed connections are confirming.

What changed
  • Revenue increased 10.0% versus the comparable filing period.
  • Operating margin fell 0.5 percentage points.
Company+7.8% todayVolume comparison unavailable
Market group0 of 28 activeEquity Risk · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
  • Reported change in interest expense, net and attribution to lower debt levels and the variable rate on the senior unsecured term loan.
  • Quarterly commercial net sales change attributable to increased customer demand in netcomm products, software, and data storage/servers.

Invalidation: The isolated read changes if CDW's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Technology · Information Technology Services

The latest filing is mixed. 0 of 28 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 13 directly disclosed connections are confirming.

Evidence that supports
  • Revenue increased 10.0% versus the comparable filing period.
Evidence that challenges
  • Operating margin fell 0.5 percentage points.
  • Gross margin fell 0.7 percentage points.
What would clarify the read
  • Reported change in interest expense, net and attribution to lower debt levels and the variable rate on the senior unsecured term loan.
  • Quarterly commercial net sales change attributable to increased customer demand in netcomm products, software, and data storage/servers.

Company research

Understand the business, not just the ticker

As of Sep 12, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements136
Verified relationships12
Evidence supporting the case
  • Latest annual revenue changed +6.8% year over year.
  • Credit and interest rates has repeated favorable evidence across 5 filings.
  • Demand and volume has repeated favorable evidence across 5 filings.
Evidence challenging the case

No qualifying adverse evidence was identified; that is not proof there is no downside.

Questions before a position
  • EV/sales is 77% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 11, 2026

153.78
6m+35.5%12m-9.9%24m-27.5%
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$20.8B+12.7%$7.04-3.0%
2022-12-31$23.7B+14.1%$8.13-2.5%
2023-12-31$21.4B-10.0%$8.10-0.5%
2024-12-31$21.0B-1.8%$7.97-0.8%
2025-12-31$22.4B+6.8%$8.08-2.3%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesmixed · 5 filings
“This decrease was primarily driven by repayment of long-term debt in 2025 and proceeds from borrowings under the Revolving Loan Facility in 2026, partially offset by higher share repurchases in 2026.”
10-Q · Aug 5, 2026 ↗
Demand and volumepositive · 5 filings
“The decrease from Merchandise inventory was primarily due to customer-driven stocking positions as a result of higher demand and increased hardware cost.”
10-Q · Aug 5, 2026 ↗
Data center and AI demandpositive · 1 filings
“In addition, there has been increased demand for memory-intensive products driven by the rapid adoption of artificial intelligence (“AI”) applications and related data center investments.”
10-Q · Aug 5, 2026 ↗

Valuation discipline

Descriptive valuation snapshot

Price/sales 0.9× · EV/sales 1.1×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

153.78+7.8% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for CDW. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Latest filing assessment

The latest filing presents a mixed picture

10-Q filed 2026-08-05 against the comparable filing from 2025-08-06.

mixed
OperationsmixedEvidence score 0
liquidityneutralEvidence score 0
valuationmixed

Capital and cash conversion

Inventory built faster than revenue

watch

Inventory growth exceeded revenue growth and inventory intensity increased.

Capital spending YoY
+9.1%
Capital spending / revenue
+0.4%
Free-cash-flow margin
+1.4%
FCF margin change
-2.2 pts

Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.

What improved

  • Revenue increased 10.0% versus the comparable filing period.

What weakened

  • Operating margin fell 0.5 percentage points.
  • Gross margin fell 0.7 percentage points.

Filing receipts

“The decrease from Merchandise inventory was primarily due to customer-driven stocking positions as a result of higher demand and increased hardware cost.”

“Interest expense, net increased $3 million, or 6.0%, primarily due to higher average debt levels on our senior unsecured revolving loan facility.”

“Interest expense, net increased $2 million, or 1.4%, primarily due to higher average debt levels on our senior unsecured revolving loan facility.”

Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.

Business ecosystem

The relationships behind CDW

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

AAPLApple Inc.supplierFeb 20, 2026 ▾

“A significant portion of our sales are derived from products manufactured by Apple, Cisco, Dell Technologies, HP Inc., Lenovo, and Microsoft.”

CSCOCisco Systems, Inc.supplierFeb 20, 2026 ▾

“A significant portion of our sales are derived from products manufactured by Apple, Cisco, Dell Technologies, HP Inc., Lenovo, and Microsoft.”

DELLDell Technologies Inc.supplierFeb 20, 2026 ▾

“A significant portion of our sales are derived from products manufactured by Apple, Cisco, Dell Technologies, HP Inc., Lenovo, and Microsoft.”

Filing peers

SNXNSITCNXN

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 16 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

CDW is currently a Participant in the organic co-movement group Equity Risk. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for CDW; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.