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.
Revenue breakdown营收构成 share of revenue营收占比
CDW's largest segment. It sells computers, software, networking gear, and IT services to mid-size and large US businesses, and helps them plan and set up the technology. This broad base of corporate IT budgets makes it the steadiest source of CDW's profit, though spending rises and falls with the economic cycle.CDW最大的业务分部。它向美国的中型和大型企业出售电脑、软件、网络设备和IT服务，并帮助它们规划和部署这些技术。企业IT预算基础广泛，使该分部成为CDW利润最稳定的来源，不过支出会随经济周期起伏。
CDW's second-largest segment. It supplies technology and IT services to US government agencies, school systems, and hospitals. These budgets move on election cycles and grant funding rather than the stock market, so the segment holds up when private-sector IT spending slows.CDW第二大业务分部。它向美国政府机构、学校系统和医院提供技术产品和IT服务。这类预算的变化取决于选举周期和拨款，而非股市，因此在私营部门IT支出放缓时，该分部仍能保持稳定。
CDW's business outside the United States, run through CDW UK and CDW Canada. It sells the same mix of hardware, software, and IT services CDW offers at home, giving the company a toehold in markets it has not yet built to US scale.CDW在美国以外的业务，通过CDW UK和CDW Canada运营。它提供与CDW在美国本土相同的硬件、软件和IT服务组合，使公司在尚未做到美国市场规模的海外市场中占有一席之地。
CDW's smallest segment. It sells the same hardware, software, and IT services to smaller US companies that lack the scale of its Corporate customers. These buyers order less per deal, but the segment grew faster than the rest of CDW over the past year.CDW规模最小的业务分部。它向没有Corporate客户那种规模的美国中小企业，出售相同的硬件、软件和IT服务。这类客户单笔订单较小，但该分部过去一年的增速快于CDW其他分部。
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.
📋 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
- +10%
- Dividend yield股息率
- 1.86%
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。