CDW Corporation
CDW 6Price and target zones价格与目标区间
What the company does公司做什么
CDW is a reseller of technology. It buys hardware and software from makers such as Dell, Microsoft, Apple, and Cisco, and sells, sets up, and services it for businesses, governments, schools, and hospitals. It sits in the middle, between the makers and the buyers.CDW 是一家技术产品的转售商。它从 Dell、Microsoft、Apple、Cisco 等厂商那里采购硬件和软件，再卖给企业、政府、学校和医院，并负责安装和维护。它处在中间，夹在厂商和买家之间。
Earns from营收来源 the margin on the products it resells, plus configuration and services.它转售产品所赚的差价，再加上配置和服务费用。
Read the full description查看完整介绍
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.
What the company sells公司卖什么
Plus:此外： Corporate大中型企业 (42%) — Mid-size and large businesses. FY2025 revenue was $9.4 billion中型和大型企业客户。2025财年收入为$9.4 billion; Public公共部门 (38%) — Government, education, and healthcare customers. FY2025 revenue was $8.5 billion政府、教育和医疗客户。2025财年收入为$8.5 billion; UK and Canada, and other英国、加拿大及其他 (12%) — Its international business它的海外业务; Small Business小微企业 (8%) — Smaller US firms较小的美国公司.
Company facts公司资料
- Founded成立时间
- 1984
- Employees员工人数
- 14,800
- Industry行业
- Information Technology Services
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 Fairly valued, not cheap. 12.2x fwd, 1.83% yield. Q1'26 rev +9.2% but op income only +1.8% (component-cost pressure). Narrow efficient-scale moat; risk = vendor-direct/cloud disintermediation. FV $130-155. No margin of safety — buy zone $115-125. A2026-07-14
📋 估值合理,不便宜。前瞻市盈率 12.2x,股息率 1.83%。Q1'26 收入 +9.2%,但营业利润仅 +1.8%(零部件成本压力)。狭窄的高效规模护城河;风险 = 供应商直销/云端去中介化。合理价值 $130-155。没有安全边际 — 买入区间 $115-125。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 44%
- Revenue growth营收增长
- +9%
- Dividend yield股息率
- 1.70%
Competitors竞争对手
Why customers stay客户为什么留下
Efficient scale — a national reach, top vendor certifications, and huge purchasing volume that small resellers cannot match. The honest counterweight: margins are structurally thin (a 7.4% operating margin), and about 72% of revenue is hardware, which is at risk as more computing moves to the cloud and buyers purchase directly.高效的规模——覆盖全国的触达能力、顶级的厂商认证，以及小转售商无法企及的巨大采购量。坦白的反面是：利润率在结构上就很薄（营业利润率 7.4%），而且约 72% 的收入来自硬件，随着更多计算转向云端、买家直接采购，这部分正面临风险。