Latest Ratios: P/E Ratio 16.6x · EV/EBITDA 11.7x · ROE 43.0%. (1994–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17.1B | $18.0B | $23.5B | $31.0B | $24.5B | $28.8B | $19.1B | $21.1B | $12.4B | $11.0B | $8.6B |
| Enterprise Value | $22.9B | $23.7B | $29.0B | $36.2B | $30.2B | $35.9B | $22.2B | $24.8B | $15.5B | $14.1B | $11.6B |
| P/E Ratio → | 16.61 | 16.86 | 21.84 | 28.06 | 21.94 | 29.09 | 24.18 | 28.63 | 19.34 | 20.99 | 20.35 |
| P/S Ratio | 0.76 | 0.80 | 1.12 | 1.45 | 1.03 | 1.38 | 1.03 | 1.17 | 0.77 | 0.74 | 0.63 |
| P/B Ratio | 6.80 | 6.90 | 10.00 | 15.17 | 15.26 | 40.77 | 14.71 | 21.98 | 12.77 | 11.15 | 8.27 |
| P/FCF | 15.76 | 16.54 | 20.38 | 21.36 | 20.25 | 42.03 | 16.50 | 26.69 | 15.19 | 15.78 | 16.00 |
| P/OCF | 14.22 | 14.93 | 18.42 | 19.38 | 18.31 | 36.67 | 14.52 | 20.55 | 13.74 | 14.14 | 14.32 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.06 | 1.38 | 1.69 | 1.27 | 1.72 | 1.20 | 1.37 | 0.95 | 0.95 | 0.85 |
| EV / EBITDA | 11.71 | 12.15 | 15.06 | 18.55 | 14.93 | 22.27 | 13.86 | 17.69 | 12.33 | 12.49 | 10.81 |
| EV / EBIT | 13.80 | 14.32 | 17.59 | 21.59 | 17.55 | 24.76 | 19.22 | 22.35 | 15.62 | 17.36 | 14.17 |
| EV / FCF | — | 21.78 | 25.13 | 24.96 | 25.04 | 52.39 | 19.23 | 31.34 | 18.85 | 20.22 | 21.49 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.7% | 21.7% | 21.9% | 21.8% | 19.7% | 17.1% | 17.4% | 16.9% | 16.7% | 16.5% | 17.0% |
| Operating Margin | 7.4% | 7.4% | 7.9% | 7.9% | 7.3% | 6.8% | 6.4% | 6.3% | 6.1% | 5.8% | 6.0% |
| Net Profit Margin | 4.8% | 4.8% | 5.1% | 5.2% | 4.7% | 4.7% | 4.3% | 4.1% | 4.0% | 3.5% | 3.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 43.0% | 43.0% | 49.0% | 60.6% | 96.5% | 98.7% | 69.9% | 76.1% | 65.6% | 51.5% | 39.7% |
| ROA | 6.9% | 6.9% | 7.7% | 8.4% | 8.5% | 8.8% | 9.1% | 9.7% | 9.1% | 7.5% | 6.2% |
| ROIC | 15.4% | 15.4% | 16.4% | 17.2% | 17.1% | 17.4% | 19.5% | 19.7% | 18.4% | 16.1% | 14.8% |
| ROCE | 18.4% | 18.4% | 19.4% | 21.0% | 21.3% | 20.9% | 23.7% | 25.6% | 22.4% | 19.0% | 17.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.43 | 2.43 | 2.55 | 2.84 | 3.80 | 10.42 | 3.52 | 3.99 | 3.29 | 3.28 | 3.09 |
| Debt / EBITDA | 3.24 | 3.24 | 3.11 | 2.98 | 3.01 | 4.57 | 2.85 | 2.73 | 2.56 | 2.87 | 3.01 |
| Net Debt / Equity | — | 2.19 | 2.33 | 2.56 | 3.61 | 10.05 | 2.43 | 3.83 | 3.08 | 3.14 | 2.84 |
| Net Debt / EBITDA | 2.93 | 2.93 | 2.85 | 2.67 | 2.85 | 4.41 | 1.97 | 2.62 | 2.40 | 2.74 | 2.76 |
| Debt / FCF | — | 5.25 | 4.75 | 3.60 | 4.79 | 10.36 | 2.73 | 4.64 | 3.66 | 4.44 | 5.50 |
| Interest Coverage | 7.28 | 7.28 | 7.69 | 7.40 | 7.31 | 9.60 | 7.47 | 6.96 | 6.66 | 5.39 | 5.60 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.18 | 1.18 | 1.35 | 1.23 | 1.33 | 1.27 | 1.53 | 1.24 | 1.35 | 1.35 | 1.42 |
| Quick Ratio | 1.10 | 1.10 | 1.24 | 1.11 | 1.17 | 1.09 | 1.33 | 1.07 | 1.19 | 1.18 | 1.22 |
| Cash Ratio | 0.09 | 0.09 | 0.13 | 0.11 | 0.06 | 0.05 | 0.36 | 0.04 | 0.07 | 0.06 | 0.12 |
| Asset Turnover | — | 1.40 | 1.43 | 1.61 | 1.81 | 1.58 | 1.98 | 2.25 | 2.27 | 2.13 | 1.97 |
| Inventory Turnover | 31.15 | 31.15 | 27.09 | 25.03 | 23.82 | 18.60 | 20.08 | 24.53 | 29.79 | 30.09 | 25.10 |
| Days Sales Outstanding | — | 111.77 | 98.13 | 86.03 | 76.08 | 86.51 | 71.00 | 68.77 | 67.15 | 65.76 | 64.16 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 1.8% | 1.4% | 1.0% | 1.2% | 0.8% | 1.2% | 0.9% | 1.1% | 1.0% | 0.9% |
| Payout Ratio | 30.8% | 30.8% | 30.8% | 29.1% | 25.4% | 23.8% | 27.9% | 24.9% | 21.7% | 20.4% | 18.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.0% | 5.9% | 4.6% | 3.6% | 4.6% | 3.4% | 4.1% | 3.5% | 5.2% | 4.8% | 4.9% |
| FCF Yield | 6.3% | 6.0% | 4.9% | 4.7% | 4.9% | 2.4% | 6.1% | 3.7% | 6.6% | 6.3% | 6.3% |
| Buyback Yield | 3.8% | 3.6% | 2.1% | 1.6% | 0.0% | 5.2% | 1.8% | 3.1% | 4.2% | 4.9% | 4.2% |
| Total Shareholder Yield | 5.7% | 5.5% | 3.5% | 2.7% | 1.2% | 6.0% | 2.9% | 4.0% | 5.3% | 5.8% | 5.2% |
| Shares Outstanding | — | $132M | $135M | $136M | $137M | $141M | $145M | $148M | $154M | $158M | $166M |
High debt-to-equity leverage
According to current market data, CDW trades at a forward P/E of 12.41, which appears to discount a conservative growth trajectory compared to broader technology peers, suggesting investors remain cautious about the sustainability of hardware-driven revenue cycles in the current macroeconomic environment.
The current P/E multiple of 16.50x TTM sits at a premium to some distributors but remains modest relative to high-growth software peers, implying the market views CDW as a mature, cyclical entity. The PEG ratio of 2.01 suggests that current pricing may be ahead of near-term earnings growth, warranting a disciplined entry point for long-term holders.
Based on reported financial figures, CDW's ROIC has remained in a narrow band between 3.4% and 4.9% over the last ten quarters, indicating that the company's ability to compound returns on invested capital is structurally limited by its heavy reliance on debt-funded acquisitions.
The persistent gap between ROIC and the company's cost of capital suggests that value creation is heavily dependent on the success of integration efforts rather than organic operational efficiency. Investors should monitor whether future capital allocation shifts toward deleveraging to improve these return metrics over the long term.
As reported in recent quarterly filings, CDW's cash conversion cycle has fluctuated between 35 and 42 days, reflecting the inherent difficulty in managing inventory and receivables across a diverse customer base that includes both small businesses and large public sector entities.
The DSO trend, which reached 112 days in early 2026, suggests that the company is extending significant credit to its public sector clients, which can create periodic liquidity pressure. This reliance on extended payment terms necessitates a high degree of operational discipline to ensure that working capital does not become a permanent drag on cash flow.
Based on the provided balance sheet data, CDW maintains a debt-to-equity ratio of 2.41 as of 2026Q1, a level that appears elevated compared to industry peers and suggests that the company's financial flexibility may be constrained in a higher-for-longer interest rate environment.
While interest coverage remains adequate at 6.80x, the persistent use of debt to fund share repurchases and acquisitions leaves little room for error if operational performance softens. The company's reliance on external financing to maintain its capital return strategy warrants close monitoring by credit-focused investors.
Market participants frequently misapply gross margin as a primary indicator of pricing power for CDW, failing to account for the 'netting' effect of cloud and software services which artificially suppresses the headline percentage while actually improving the quality of earnings.
Analysts should instead focus on the growth of gross profit dollars and the mix of services revenue, as the gross margin percentage is a flawed metric for a company transitioning toward a net-basis revenue model. Relying on traditional margin analysis obscures the underlying shift toward higher-margin, recurring service streams that are more valuable than transactional hardware sales.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CDW stock.
CDW Corporation's current P/E ratio is 16.6x. The historical average is 23.2x.
CDW Corporation's current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.9x.
CDW Corporation's return on equity (ROE) is 43.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 43.2%.
Based on historical data, CDW Corporation is trading at a P/E of 16.6x. Compare with industry peers and growth rates for a complete picture.
CDW Corporation's current dividend yield is 1.85% with a payout ratio of 30.8%.
CDW Corporation has 21.7% gross margin and 7.4% operating margin.
CDW Corporation's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.