CDWCDW Corp
Retail-Catalog & Mail-Order Houses
- Revenue
- $22.4B
- 6.8% YoY
- Operating margin
- 7.4%
- 6.1% YoY
- EBITDA
- $2.0B
- 1.3% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 2.7×
- $5.3B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear113% of net incomeCash flow under 80% of net income
- Dilutive SBCClear0% of revenueOver 10% of revenue
- Payouts exceed cash flowClear81% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear27% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $20.8B | $23.7B | $21.4B | $21.0B | $22.4B | 6.8% |
| Operating income | $1.4B | $1.7B | $1.7B | $1.7B | $1.7B | 0.3% |
| Net income | $989M | $1.1B | $1.1B | $1.1B | $1.1B | 1.0% |
| Operating cash flow | $785M | $1.3B | $1.6B | $1.3B | $1.2B | 5.6% |
| Capex | $100M | $128M | $148M | $123M | $117M | 4.5% |
| Stock-based comp | $73M | $91M | $94M | $65M | $84M | 29% |
| Buybacks | $1.5B | $0 | $500M | $500M | $653M | 31% |
| Dividends | $235M | $283M | $322M | $332M | $329M | 1.1% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $15M | $10M | 110 | 182 |
| FY2024 | $10M | $3M | 138 | 169 |
| FY2023 | $9M | $16M | 178 | 147 |
| FY2022 | $11M | $8M | 138 | 116 |
| FY2021 | $9M | $31M | 157 | 137 |