TD Synnex

SNX

Technology Distributors · Technology

Price

$250.14

-0.63 (-0.25%)

Market Cap

$20.00B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Mixed

Stability

Strong

Valuation

Strong

Dividends

Mixed

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Share count rising — dilution

+31.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 62.7M (2021) → 82.4M (2025)

Winston Score History

The full picture

TD SYNNEX is a technology distributor. It buys products like laptops, servers, software, and networking equipment from big tech companies like Cisco, HP, and Microsoft, then resells them to smaller businesses, retailers, and IT service providers. It is one of the two largest technology distributors in the world, alongside Arrow Electronics and Ingram Micro.

TD SYNNEX makes money by buying products in bulk at a discount and selling them at a slightly higher price, keeping a thin margin on each transaction. It operates across North America, Europe, and Asia-Pacific, generating roughly $58 billion in annual revenue. Its main advantage is scale — the sheer size of its distribution network makes it hard for smaller competitors to match its pricing or reach. The biggest risk is that its profit margins are very thin, meaning any slowdown in IT spending by businesses or pricing pressure from suppliers could quickly hurt earnings.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+31.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+89.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

7.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~10 months

$1.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

TD Synnex grew revenue 31% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

6.8%

Thin — 6.8% gross margin

Profit after running costs

Operating Margin

2.7%

Thin — 2.7% operating margin

Return on the money invested

ROCE

13.1%

Good — 13.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+16.3%

Fast-growing sales (+16.3% YoY)

Profit growth

EPS YoY

+63.9%

Earnings growing fast (+63.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

48%

Weak — only 48% of profit becomes cash

Spare cash per sale

FCF Margin

0.5%

Thin free cash flow (0.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.53

Conservative — low debt load (0.53)

Covers its interest

Interest Cover

5.02x

Adequate interest coverage (5.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

17.8x

Fair value — P/E 17.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+5.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.8 → 12.8)

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Dividends

Dividend

Dividend Yield

0.77%

Small dividend — 0.77% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+9.3%

Dividend growing modestly (9.3% YoY)

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