One-glance verdict
Within fair range
$367.80 our estimate vs market $250.48
Wall Street consensus: $339.64 (-7.7% lower than our fair-value estimate)
32% below our estimate
Fundamentals snapshot
TD SYNNEX Corporation
SNX · NYQ · Technology · Electronics & Computer Distribution
Current price
$250.48
52-week range
$142.22 - $298.77
Market cap
$19.98B
Balance sheet
Stretched
3.99x Stretched
Net debt $5.28B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 21.1% last year.
- Reward Returns 14.9% on equity, ahead of 66% of its peers.
- Reward Free cash flow was positive in 8/10 years.
- Risk Stock trades 0.3% above its 5-year average P/E.
What this company does
TD SYNNEX Corporation
TD SYNNEX is a big distributor for technology companies, helping sell everything from computers and phones to complex data center equipment and software. Their main money comes from selling these tech products and related services to other businesses that then sell them to their customers, which is important because it means they are a key part of the technology supply chain (the path products take from creation to the customer). They also make money by offering services like setting up equipment and providing financing, which adds to their overall profit margins (the percentage of money left over after paying the costs of making and selling their products).
How the company got here
TD SYNNEX Corporation was formed in September 2021 through the merger of SYNNEX Corporation and Tech Data. SYNNEX, founded in 1980, and Tech Data, also a long-standing player, were both major distributors of technology products. This combination created a larger, more comprehensive IT solutions provider with a broader reach and a wider array of services. The company's history is rooted in the evolution of technology distribution, adapting from simply moving boxes to offering complex IT solutions and services.
What it actually does
TD SYNNEX acts as a crucial link between technology manufacturers (like Intel or Microsoft) and the businesses that need to buy and implement their products. Think of them as a giant wholesaler for the technology world. They don't make the computers or software themselves, but they buy them in large quantities and then sell them to other businesses, like IT consultants or large companies, who then use or resell them to end-users. They also provide a lot of support services around these products.
Endpoint Solutions
This segment is all about the devices people and businesses use every day. It includes things like desktop computers, laptops, printers, and mobile phones, along with their accessories. TD SYNNEX sells these products to resellers (businesses that then sell to the final customer) who cater to various needs, from individual consumers to large corporate clients. This part of the business is foundational, providing the basic hardware that powers many operations.
Advanced Solutions
This is where TD SYNNEX focuses on more complex and specialized technology for businesses. It covers areas like data center technologies, which are the powerful computer systems and storage that businesses use to run their operations. This includes everything from cloud computing infrastructure, security solutions to protect data, and networking equipment. They provide these advanced technologies to businesses that need robust IT systems to manage large amounts of data and complex applications.
Services and Support
Beyond just distributing hardware and software, TD SYNNEX offers a wide range of services to help businesses implement and manage their technology. This includes designing and integrating IT systems, providing technical support, and offering logistics and field services to get equipment installed and running. They also provide cloud services, helping businesses adopt and manage cloud-based solutions for various needs like productivity, data storage, and security.
What management is betting on now
TD SYNNEX is focusing on expanding its role as a 'solutions aggregator,' meaning they want to be more than just a distributor. They are investing in advanced technologies like cloud computing and cybersecurity, helping their clients navigate these complex areas. Management is also emphasizing value-added services, such as technical support and integration, to deepen relationships with customers and capture more of the IT spending. This strategy aims to position TD SYNNEX as an indispensable partner for businesses undergoing digital transformation.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$512.88M
FY2025 Q1
$-789.52M
FY2025 Q2
$542.94M
FY2025 Q3
$213.92M
FY2025 Q4
$1.42B
FY2026 Q1
$-929.01M
FY2026 Q2
$-332.43M
FY2026 Q3
$-975.60M
Revenue
$21.56B
Net income
$416.24M
Diluted EPS
5.18
Operating cash flow
$-916.72M
Free cash flow
$-975.60M
Fetching…
Sources
Revenue
$19.57B
Net income
$334.09M
Diluted EPS
4.15
Operating cash flow
$-265.61M
Free cash flow
$-332.43M
Fetching…
Sources
Revenue
$17.16B
Net income
$326.92M
Diluted EPS
4.04
Operating cash flow
$-895.87M
Free cash flow
$-929.01M
Fetching…
Sources
Revenue
$17.38B
Net income
$248.41M
Diluted EPS
3.02
Operating cash flow
$1.46B
Free cash flow
$1.42B
Fetching…
Sources
Revenue
$15.65B
Net income
$226.79M
Diluted EPS
2.74
Operating cash flow
$246.14M
Free cash flow
$213.92M
Fetching…
Sources
Revenue
$14.95B
Net income
$184.92M
Diluted EPS
2.21
Operating cash flow
$573.18M
Free cash flow
$542.94M
Fetching…
Sources
Revenue
$14.53B
Net income
$167.54M
Diluted EPS
1.98
Operating cash flow
$-748.00M
Free cash flow
$-789.52M
Fetching…
Sources
Revenue
$15.84B
Net income
$194.80M
Diluted EPS
2.28
Operating cash flow
$561.94M
Free cash flow
$512.88M
Fetching…
Sources
Is it cheap or expensive?
Fair value $367.80 vs current price $250.48
Wall Street consensus is the average analyst price target: $339.64 (-7.7% lower than our fair-value estimate).
Our most-likely fair value is $367.80 a share — about 46.8% away from today's price of $250.48, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $5.3B. Interest coverage 4.0x.
Net debt
$5.28B
Interest coverage
3.99x
TD SYNNEX Corporation's profit covers its interest bill about 4.0 times over.
Stretched
Worse cushion
Baseline
Better cushion
SNX
BASELINE
TD SYNNEX Corporation
Total debt $6.03B Interest coverage 3.99x This is the baseline the peer rows are being compared against.
Total debt $2.17B Interest coverage 4.36x +9% vs SNX Has roughly the same debt cushion as SNX.
Total debt $3.48B Interest coverage 3.43x -14% vs SNX Has roughly the same debt cushion as SNX.
Total debt $6.43B Interest coverage 7.28x +83% vs SNX Carries about 1.8x more debt cushion than SNX.
Total debt $1.74B Interest coverage 4.43x +11% vs SNX Has roughly the same debt cushion as SNX.
Total debt $110.90M Interest coverage 15.39x +286% vs SNX Carries about 3.9x more debt cushion than SNX.
What you should know
The case for and against SNX
3 Rewards
1 Risk
Rewards
-
Revenue grew 21.1% last year.
-
Returns 14.9% on equity, ahead of 66% of its peers.
-
Free cash flow was positive in 8/10 years.
Risks
-
Stock trades 0.3% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
15.08x
Forward P/E
10.17x
P/B
2.13x
P/S
0.26x
EV/EBITDA
10.19x
PEG ratio
0.48x
Profitability
How much profit each dollar creates
Gross margin
6.9%
Operating margin
3.0%
Net margin
1.8%
ROE
14.9%
ROA
3.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.65x
Current ratio
1.19x
Quick ratio
0.60x
Total debt
$6.03B
Total cash
$749.30M
Growth
How the business has been compounding
Revenue TTM
$75.67B
Revenue 5Y CAGR
18.6%
EPS TTM
16.61
EPS 5Y CAGR
13.7%
Cash flow
How much cash the business throws off
Operating CF TTM
$-617.82M
Free CF TTM
$1.39B
FCF margin
1.8%
Dividend
Shareholder payout
Yield
0.8%
Payout ratio
11.5%
Last ex-div date
2026-10-16