olivLaw · US equity research
TD SYNNEX Corporation SNX
Wholesale-Computers & Peripheral Equipment & Software · SIC 5045 · Vertical: Wholesale-Computers & Peripheral Equipment & Software (SIC 5045)
TD SYNNEX is a global distributor and solutions aggregator for IT, with revenue of 62.5 billion USD in fiscal 2025. In the fiscal 2026 third quarter revenue reached 21.6 billion USD, up 37.7% year over year. The company reported a record quarter and announced a quarterly dividend of 0.48 USD per share.
At the close of 04 Nov 2026, TD SYNNEX Corporation (SNX) stock was 230.39 USD (+1.03% on the day), with market capitalisation 18.4 bn USD, P/E 14.0 on diluted EPS of 16.44 USD over the last 12 months, dividend yield 0.82%, beta 1.15, 52-week range 142.42–290.14 USD. Latest reported quarter (Q3 2026): revenue of 21.6 bn USD (+37.7% YoY), net income of 416.2 m USD (+83.5% YoY), diluted EPS 5.18 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.8
- weak (30–45)
- Bollinger (20, 2)
- 222.74 – 280.48
- in the lower half of the band · %B 0.13 · band width 23.0%
- SMA 50 / 200
- 259.25 / 227.43
- mixed trend
- MACD (12, 26, 9)
- -8.32 / -5.46
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.9% | −1.1% | −15.8 pp | — |
| 3 months | −12.4% | −0.5% | −12.0 pp | — |
| 6 months | −1.5% | +4.4% | −5.9 pp | — |
| Year to date | +53.4% | +12.3% | +41.0 pp | — |
| 1 year | +52.7% | +13.5% | +39.1 pp | +22.0% |
| 3 years | +141.8% | +76.4% | +65.4 pp | +58.9% |
| 5 years | +101.3% | +63.7% | +37.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 31 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.8 bn | 14.5 bn | 14.9 bn | 15.7 bn | 17.4 bn | 17.2 bn | 19.6 bn | 21.6 bn |
| Cost of revenue | 14.8 bn | 13.5 bn | 13.9 bn | 14.5 bn | 16.2 bn | 15.9 bn | 18.2 bn | 20.1 bn |
| Gross profit | 1.0 bn | 998.0 m | 1.0 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn |
| SG&A | 715.0 m | 693.5 m | 718.2 m | 746.2 m | 788.9 m | 762.8 m | 820.1 m | 782.5 m |
| Operating income | 324.8 m | 304.5 m | 328.1 m | 383.7 m | 398.7 m | 489.4 m | 519.4 m | 642.9 m |
| Depreciation & amortisation | 102.4 m | 99.7 m | 103.6 m ≈ | 105.8 m ≈ | 105.1 m | 104.7 m | 105.3 m ≈ | 106.2 m ≈ |
| Interest expense | — | -87.9 m | -90.0 m | -91.2 m | 625.7 m | -86.5 m | -97.8 m | -120.5 m |
| Pre-tax income | 237.2 m | 214.9 m | 238.1 m | 293.3 m | 311.0 m | 422.4 m | 429.9 m | 555.3 m |
| Income tax | 42.4 m | 47.3 m | 53.2 m | 66.5 m | 62.6 m | 95.5 m | 95.8 m | 139.0 m |
| Net income | 194.8 m | 167.5 m | 184.9 m | 226.8 m | 248.4 m | 326.9 m | 334.1 m | 416.2 m |
| Diluted EPS | 2.30 ≈ | 1.98 | 2.21 | 2.74 | 3.07 ≈ | 4.04 | 4.15 | 5.18 |
| Operating cash flow | 561.9 m | -748.0 m | 573.2 m ≈ | 246.1 m ≈ | 1.5 bn | -895.9 m | -265.6 m ≈ | -916.7 m ≈ |
| Capex | 49.1 m | 41.5 m | 30.2 m ≈ | 32.2 m ≈ | 38.3 m | 33.1 m | 66.8 m ≈ | 58.9 m ≈ |
| Dividends paid | 34.0 m | 37.2 m | 36.9 m ≈ | 36.3 m ≈ | 36.0 m | 38.7 m | 38.5 m ≈ | 38.4 m ≈ |
| Share repurchases | 102.0 m | 100.5 m | 148.8 m ≈ | 173.8 m ≈ | 173.0 m | 79.7 m | 112.4 m ≈ | 100.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 61 percentile of its own 44-quarter history (min 4.8, median 11.2, max 18.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20.1 bn | 19.1 bn | 20.0 bn | 31.6 bn | 62.3 bn | 57.6 bn | 58.5 bn | 62.5 bn |
| Revenue YoY | +17.6% | −4.9% | +4.8% | +58.3% | +97.2% | −7.7% | +1.6% | +6.9% |
| Net income | 300.0 m | 500.7 m | 529.2 m | 395.1 m | 651.3 m | 626.9 m | 689.1 m | 827.7 m |
| Net income YoY | −0.1% | +66.9% | +5.7% | −25.3% | +64.9% | −3.7% | +9.9% | +20.1% |
| Diluted EPS | 7.17 | 9.74 | 10.21 | 6.24 | 6.77 | 6.70 | 7.95 | 9.95 |
| Diluted EPS YoY | −4.1% | +35.8% | +4.8% | −38.9% | +8.5% | −1.0% | +18.7% | +25.2% |
| net % | 1.5% | 2.6% | 2.6% | 1.2% | 1.0% | 1.1% | 1.2% | 1.3% |
| Free cash flow | -24.6 m | 412.5 m | 1.8 bn | 770.1 m | -114.9 m | 1.3 bn | 1.0 bn | 1.4 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Nov 2025
- Cash
- 2.4 bn USD
- Financial debt
- 1.0 bn USD
- Net debt
- -1.4 bn USD
- Equity
- 8.5 bn USD
- Total assets
- 34.3 bn USD
- Debt / equity
- 0.12x
- Current ratio
- 1.21x
- ROE
- 10.0%
- ROA
- 2.6%
- FCF margin
- 2.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 20.0 bn | 31.6 bn | 62.3 bn | 57.6 bn | 58.5 bn | 62.5 bn | SEC (XBRL)· 27 Jan 2026verified |
| Cost of revenue | 18.8 bn | 29.7 bn | 58.4 bn | 53.6 bn | 54.5 bn | 58.1 bn | SEC (XBRL)· 27 Jan 2026verified |
| Gross profit | 1.2 bn | 1.9 bn | 3.9 bn | 4.0 bn | 4.0 bn | 4.4 bn | SEC (XBRL)· 27 Jan 2026verified |
| SG&A | 665.1 m | 1.2 bn | 2.6 bn | 2.7 bn | 2.7 bn | 2.9 bn | SEC (XBRL)· 27 Jan 2026verified |
| Operating income | 521.3 m | 623.2 m | 1.1 bn | 1.1 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 27 Jan 2026verified |
| Depreciation & amortisation | 341.6 m | 151.7 m | 463.4 m | 418.3 m | 407.5 m | 414.2 m | SEC (XBRL)· 27 Jan 2026verified |
| EBITDA | 863.0 m ≈ | 774.9 m ≈ | 1.5 bn ≈ | 1.5 bn ≈ | 1.6 bn ≈ | 1.8 bn ≈ | SEC (XBRL)· 27 Jan 2026derived |
| Interest expense | 133.0 m | — | — | 288.3 m | 319.5 m | 356.6 m | SEC (XBRL)· 27 Jan 2026verified |
| Pre-tax income | 436.1 m | 466.5 m | 827.1 m | 789.5 m | 866.0 m | 1.1 bn | SEC (XBRL)· 27 Jan 2026verified |
| Income tax | 101.6 m | 71.4 m | 175.8 m | 162.6 m | 176.9 m | 229.6 m | SEC (XBRL)· 27 Jan 2026verified |
| Net income | 529.2 m | 395.1 m | 651.3 m | 626.9 m | 689.1 m | 827.7 m | SEC (XBRL)· 27 Jan 2026verified |
| Diluted EPS | 10.21 | 6.24 | 6.77 | 6.70 | 7.95 | 9.95 | SEC (XBRL)· 27 Jan 2026verified |
| Weighted average diluted shares | 51.2 m | 62.7 m | 95.5 m | 92.9 m | 85.9 m | 82.4 m | SEC (XBRL)· 27 Jan 2026verified |
| Dividend per share | 0.40 | 0.80 | 1.20 | 1.40 | 1.60 | 1.76 | SEC (XBRL)· 27 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.4 bn | 994.0 m | 522.6 m | 1.0 bn | 1.1 bn | 2.4 bn | SEC (XBRL)· 27 Jan 2026verified |
| Receivables | 2.8 bn | 8.3 bn | 9.4 bn | 10.3 bn | 10.3 bn | 11.7 bn | SEC (XBRL)· 27 Jan 2026verified |
| Inventories | 2.7 bn | 6.6 bn | 9.1 bn | 7.1 bn | 8.3 bn | 9.5 bn | SEC (XBRL)· 27 Jan 2026verified |
| Current assets | 8.8 bn | 17.7 bn | 20.5 bn | 20.1 bn | 21.3 bn | 25.3 bn | SEC (XBRL)· 27 Jan 2026verified |
| Property, plant & equipment, net | 157.6 m | 483.4 m | 421.1 m | 450.0 m | 457.0 m | 496.3 m | SEC (XBRL)· 27 Jan 2026verified |
| Goodwill | 423.9 m | 3.9 bn | 3.8 bn | 3.9 bn | 3.9 bn | 4.1 bn | SEC (XBRL)· 27 Jan 2026verified |
| Intangibles (excl. goodwill) | 186.0 m | 4.9 bn | 4.4 bn | 4.2 bn | 3.9 bn | 3.8 bn | SEC (XBRL)· 27 Jan 2026verified |
| Total assets | 13.5 bn | 27.7 bn | 29.7 bn | 29.4 bn | 30.3 bn | 34.3 bn | SEC (XBRL)· 27 Jan 2026verified |
| Accounts payable | 3.8 bn | 12.0 bn | 14.0 bn | 13.3 bn | 15.1 bn | 17.6 bn | SEC (XBRL)· 27 Jan 2026verified |
| Short-term debt | 125.0 m | 181.3 m | 268.1 m | 983.6 m | 171.1 m | 1.0 bn | SEC (XBRL)· 27 Jan 2026verified |
| Current liabilities | 5.6 bn | 14.2 bn | 16.4 bn | 16.7 bn | 17.2 bn | 21.0 bn | SEC (XBRL)· 27 Jan 2026verified |
| Total liabilities | 9.1 bn | 19.8 bn | 21.7 bn | 21.2 bn | 22.2 bn | 25.8 bn | SEC (XBRL)· 27 Jan 2026verified |
| Equity | 4.3 bn | 7.9 bn | 8.0 bn | 8.2 bn | 8.0 bn | 8.5 bn † | SEC (XBRL)· 27 Jan 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.8 bn | 809.8 m | -49.6 m | 1.4 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 27 Jan 2026verified |
| Capex | 26.6 m | 39.7 m | 65.3 m | 150.0 m | 175.1 m | 142.3 m | SEC (XBRL)· 27 Jan 2026verified |
| Free cash flow | 1.8 bn ≈ | 770.1 m ≈ | -114.9 m ≈ | 1.3 bn ≈ | 1.0 bn ≈ | 1.4 bn ≈ | SEC (XBRL)· 27 Jan 2026derived |
| Investing cash flow | -209.5 m | -952.3 m | -115.5 m | -156.4 m | -193.8 m | -221.2 m | SEC (XBRL)· 27 Jan 2026verified |
| Financing cash flow | -291.7 m | -392.6 m | -275.6 m | -785.9 m | -953.1 m | -32.9 m | SEC (XBRL)· 27 Jan 2026verified |
| Dividends paid | 20.8 m | 50.3 m | 114.9 m | 130.4 m | 138.1 m | 146.4 m | SEC (XBRL)· 27 Jan 2026verified |
| Share repurchases | 3.4 m | 0 | 125.0 m | 620.7 m | 611.9 m | 596.1 m | SEC (XBRL)· 27 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 58 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 18.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet79
- Growth46
- Quality57
- Returns48
- Valuation52
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 241.55 – 425.47 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA241.55 – 425.47 (Mid 279.38)3 companies used · median multiple 9.5x · quartiles 8.3x – 14.2xCLMB, INGM, SCSC
- Peers: P/E247.10 – 323.45 (Mid 284.86)4 companies used · median multiple 17.3x · quartiles 15.0x – 19.7xCNXN, INGM, PLUS, SCSC
- Dividend discount (DDM)outside the aggregate23.13 – 31.10 (Mid 26.53)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 58/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.4% | 100 (on a fixed band) | 11% |
| Net margin · Quality | 1.8% | 43 (vs peers) | 7% |
| FCF conversion · Quality | -61.5% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 0.1% | 1 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 13.7% | 91 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.5x | 100 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 6.4x | 75 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.2x | 33 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 14.0x | 80 (vs peers) | 11% |
| EV/EBITDA · Valuation | 7.9x | 64 (on a fixed band) | 11% |
| FCF yield · Valuation | -4.4% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 3.4% | 48 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet79/100 · 3/3 factors with a value
- Growth46/100 · 2/2 factors with a value
- Quality57/100 · 3/3 factors with a value
- Returns· partial48/100 · 1/2 factors with a value
- Valuation52/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TD SYNNEX CORPORATION (SNX). Latest full fiscal year: 2025; data up to 2026-08-31.
Figures computed from the financial statements: revenue 62.5 bn USD in 2025; YoY growth 6.9%; net margin 1.8%; ROE 14.9%; net debt/EBITDA 0.5x.
The estimated value range is 244.32–374.46 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 282.12 USD, the price of 230.39 USD leaves a potential of 22.5% (value / price − 1) and a margin of safety of 18.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 58/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 16.4%
- EPS CAGR 3Y: 13.7%
- Net debt / EBITDA: 0.5x
- Interest coverage: 6.4x
- P/E (TTM): 14.0x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -61.5%
- Revenue CAGR 3Y: 0.1%
- FCF yield: -4.4%
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Wholesale-Computers & Peripheral Equipment & Software (SIC 5045) · same industry (4-digit SIC) · compared with 7 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SNXTd Synnex Corporation | 18.4 bn | 14.0 | 14.9% | 1.8% | +6.9% | +53% / +142% |
| INGMIngram Micro Holding Corp | 6.0 bn | 13.2 | 10.9% | 0.8% | +9.5% | +22% / unavailable |
| PLUSePlus inc. | 2.4 bn | 19.0 | 12.0% | 5.1% | +22.1% | +1% / +43% |
| CNXNPc Connection, Inc. | 2.2 bn | 21.7 | 10.9% | 3.3% | +2.5% | +51% / +47% |
| SCSCScanSource, Inc. | 1.1 bn | 15.7 | 8.7% | 2.4% | +6.1% | +39% / +70% |
| CLMBClimb Global Solutions, Inc. | 803.2 m | 33.8 | 19.5% | 3.1% | +40.1% | +70% / +261% |
| CGTLCreative Global Technology Holdings Limited | 56.2 m | — | -84.9% | -63.2% | −40.6% | −79% / unavailable |
| PNSkycorp Solar Group Limited | — | — | -14.9% | -4.3% | +27.0% | −85% / unavailable |
1- and 3-year price returns: for SNX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 131.55 Total return -42% · Per year -42% | 233.08 Total return 2% · Per year 2% | 351.79 Total return 54% · Per year 54% |
| 3 years | 116.60 Total return -48% · Per year -19% | 233.49 Total return 4% · Per year 1% | 388.50 Total return 72% · Per year 20% |
| 5 years | 103.35 Total return -52% · Per year -14% | 233.90 Total return 6% · Per year 1% | 429.04 Total return 92% · Per year 14% |
- Exit P/E± 58.37
- Net margin± 40.86
- Annual revenue growth± 35.02
- Annual dilution± 3.43
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TD SYNNEX is a global distributor and solutions aggregator for IT, with revenue of 62.5 billion USD in fiscal 2025 1. In the fiscal 2026 third quarter revenue reached 21.6 billion USD, up 37.7% year over year 3. The company reported a record quarter and announced a quarterly dividend of 0.48 USD per share 3.
SWOT
Strengths
- The company has a wide global footprint, a large reseller customer base and a very broad catalog of products from numerous suppliers 1.
- The end-to-end portfolio combining distribution, logistics, integration and cloud services helps the company offer complete solutions 12.
- Recent growth in revenue and operating profit shows the company's ability to capture current demand 3.
Weaknesses
- Gross margins are very low, so small changes in revenue or costs can have an amplified effect on results 1.
- Dependence on a few large suppliers and customers creates concentrated exposure that can affect revenue stability 1.
- International activity and inventory management expose the company to currency risk and inventory value losses 1.
Opportunities
- Data center modernization and AI infrastructure could open new demand for Hyve and for the distribution segment 3.
- Extending design, manufacturing and supply chain services to hyperscale customers could diversify revenue sources 2.
- Developing markets and selective geographic expansion could bring new customers and new supplier relationships 1.
Threats
- Inflation, high interest rates and tariff uncertainty could reduce IT product demand from enterprises and consumers 1.
- Suppliers may change contract terms, price protection programs or supply chain financing, with negative effects on liquidity 1.
- Intense competition and industry consolidation could press prices down and limit the ability to maintain margins 1.
Risks
- Dependence on a few suppliershigh
Relationships with major suppliers are short term and can be ended quickly, which could affect revenue if changes occur 1.
- Very low gross marginshigh
Competitive pressure could reduce margins, and fixed costs may make it difficult to reduce expenses quickly 1.
- Inventory value decline riskmedium
Technological change can reduce inventory value, and supplier protections do not always cover the losses 1.
- Currency and international exposuremedium
The large share of international revenue means that currency movements against the dollar can influence reported results 1.
- Acquisition riskslow
Integrating acquired businesses can be difficult, and associated costs and liabilities could affect results 1.
Investment thesis
What would need to be true (bull case)
- Strong revenue and earnings per share growth in the fiscal 2026 third quarter, together with positive guidance for the fourth quarter, suggests IT infrastructure demand could hold up 3.
- A global distribution position with a broad catalog and a large customer network could support growth if data center modernization continues 13.
- The dividend policy, with an increase over the prior year, suggests cash flows are considered sufficient to reward shareholders 3.
What would break the thesis
- Very small margins leave little room for error, and a drop in volumes or pricing pressure could quickly affect profitability 1.
- Dependence on a few large suppliers and customers could make revenue vulnerable if one of these relationships deteriorates 1.
- Rapid revenue growth was partly shaped by changes in net revenue presentation and currency effects, which could nuance how results are read 13.
What to watch
- Delivery against the fourth quarter guidance for revenue and profitQ4 2026
- Development of gross margin and the effect of net revenue presentation2027
- Performance of Hyve Solutions amid AI-related demand2027
- Changes in relationships with major suppliers and supplier finance programsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
From the first quarter of fiscal 2026 the company reports four segments, three geographic (Americas, Europe, APJ) and Hyve Solutions, which designs and manufactures compute infrastructure for hyperscale customers 23. The gross margin remains low, at 6.99% in fiscal 2025 1, so volume and inventory management matter greatly for results.
About 48% of consolidated revenue in fiscal 2025 came from international operations 1, so currency movements against the dollar influence reported results. The company also describes itself as an original design and contract manufacturer, extending its offer toward end-to-end solutions for the IT ecosystem 2.
Segments
Distribution in Americas, Europe and APJ
The geographic segments distribute hardware, software and systems to resellers through the Endpoint Solutions and Advanced Solutions portfolios 2. In fiscal 2025 consolidated revenue grew 6.9%, with faster growth in Europe and APJ 1.
Market context
The IT distribution market depends heavily on demand for IT products, replacement cycles and trends toward cloud and software as a service 1. The company's revenue is influenced by customer capital budgets and government purchasing, which have a seasonal character 1.
Enterprise AI adoption and data center modernization are described by management as priorities that could expand the company's opportunities 3. New security and compliance requirements created by AI are also noted as a factor 3.
Trends
- Migration to cloud and hybrid modelstailwind
Hybrid IT consumption, combining physical and virtual delivery, requires tighter integration of products and services, which favors an end-to-end portfolio 2.
- Enterprise AI adoptiontailwind
Management believes that progress toward broader production AI deployments could expand opportunities in distribution and in Hyve 3.
- Economic and tariff uncertaintyheadwind
Persistent inflation, elevated interest rates, market volatility and tariff uncertainty could reduce demand for IT products or intensify price-based competition 1.
- Concentration of suppliers and customersmixed
Dependence on a few large suppliers and important customers could affect margins and revenue if those relationships change 1. The effect depends on how these relationships and supplier finance programs evolve 2.
Competitive position
IT distribution is an intensely competitive sector in which prices and margins are under pressure, and industry consolidation could push margins down further 1. Companies offering integrated cloud, security and systems integration services compete directly with TD SYNNEX 1.
OEM suppliers may distribute directly to customers or through other distributors, which opens room for competition in some regions 1. The company's advantage lies in the breadth of its catalog, its distribution network and its ability to bring complex solutions to market 2.
- Ingram Micro
Global IT product distributor, named as part of the broader competitive market in the industry.
- Arrow Electronics
Company active in component and technology solutions distribution that competes in similar segments.
- Avnet
Technology distributor active in solutions and services for partners across the industry.
- OEM suppliers selling direct
Hardware manufacturers can sell directly to resellers and end users, which is a form of competition.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- TD Synnex (SNX) Shares Jump Over 50% on Cloud Growth and AI Infrastructure DemandYahoo Finance — News · 08 Sept 2026 · EN
- TD SYNNEX (SNX): How Its Data Center Business Is Driving GrowthYahoo Finance — News · 01 Sept 2026 · EN
- Hyve Solutions: The Hidden Growth Engine of TD SYNNEX (SNX)Yahoo Finance — News · 31 Aug 2026 · EN
The latest news item in our archive is from 08 Sept 2026; the newest SEC filing is from 01 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report01 Oct 2026
- Current report30 Sept 2026Material agreement · Financial statements and exhibits
- Current report24 Sept 2026Results of operations · Financial statements and exhibits
- Current report03 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report16 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report02 Jul 2026Material agreement · Financial statements and exhibits
- Quarterly report02 Jul 2026
- Current report29 Jun 2026Other events · Financial statements and exhibits
- Current report25 Jun 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-11-30 · SEC / TD SYNNEX Corporation · 27 Jan 2026
- [2] Form 10-Q, quarter ended 2026-08-31 · SEC / TD SYNNEX Corporation · 01 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TD SYNNEX Corporation · 24 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.