CDW Corp
CDW · Retail-Catalog & Mail-Order Houses · 127.8M shares · -2%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $480M (gross $500M, SBC $20M)
Reference price $111.43 · est. market cap ~$14.2B — last insider purchase, 2026-05-27 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B81CDW is a scaled, well-run IT solutions channel leader with strong relative margins, high ROE and top-tier free cash flow.
Strengths
- Operating margin 91st pct and net margin 86th pct (strong for a distribution model), ROE ~41% (77th pct), ROA 83rd pct
- FCF 100th pct (>$1B) with consistent cash conversion
- Diversified 250k+ customer base and 1,000+ vendor partners across resilient end-markets
Risks
- Thin-moat distribution model dependent on vendor programs and two distributors (>25% of purchases)
- Elevated leverage (D/E 1.77) flatters ROE
- Soft IT demand and government/education budget uncertainty pressuring growth
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~25% of revenue from one customer/distributor — In addition, purchases from two wholesale distributors, Ingram Micro and TD SYNNEX, represent over 25% of our total purchases
- Insider buyingInsider buying — 2 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$3M, last 6mo) Form 4 ↗
- Buying back stockNet buyback — share count -2%/yr over 4y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
21.7%
Operating margin
7.4%
Net margin
4.8%
Return on equity
40.9%
Return on assets
6.7%
ROIC
18.1%
Revenue growth (QoQ)
3.1%
Net-income growth
-1.0%
Debt / equity
1.8×
Net debt / EBITDA
2.1×
Current ratio
1.2×
Free cash flow
$1.1B
EBITDA
$2.0B
Tangible book value
-$3.2B
Cash & investments
$619M
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-10 | Jones Marc Ellis | Grant | 22 | $129.30 |
| 2026-06-10 | CLARIZIO LYNDA M | Grant | 8 | $129.30 |
| 2026-06-10 | LEAHY CHRISTINE A | Grant | 298 | $129.30 |
| 2026-06-10 | Kumar Mukesh | Grant | 105 | $129.30 |
| 2026-06-10 | LOCY PETER R | Grant | 19 | $129.30 |
| 2026-06-10 | ADDICOTT VIRGINIA C. | Grant | 90 | $129.30 |
| 2026-06-10 | KULEVICH FREDERICK J. | Grant | 65 | $129.30 |
| 2026-06-10 | MIRALLES ALBERT JOSEPH JR | Grant | 108 | $129.30 |
| 2026-06-10 | BELL JAMES A | Grant | 105 | $129.30 |
| 2026-06-10 | Swedish Joseph | Grant | 31 | $129.30 |
| 2026-06-10 | Grier Kelly J | Grant | 8 | $129.30 |
| 2026-06-10 | NELMS DAVID W | Grant | 161 | $129.30 |
| 2026-06-10 | Sanderson Katherine Elizabeth | Grant | 65 | $129.30 |
| 2026-06-10 | CONNELLY ELIZABETH H. | Grant | 88 | $129.30 |
| 2026-06-10 | Foxx Anthony R | Grant | 33 | $129.30 |
| 2026-06-10 | TAN HANG | Grant | 165 | $129.30 |
| 2026-05-27 | NELMS DAVID W | Buy | 18K | $111.43 |
| 2026-05-18 | LEAHY CHRISTINE A | Buy | 4.8K | $103.39 |
| 2026-05-11 | LOCY PETER R | Grant | 1.9K | — |
| 2026-05-11 | TAN HANG | Grant | 34K | — |
| 2026-04-01 | NELMS DAVID W | Grant | 236 | — |
| 2026-04-01 | Swedish Joseph | Grant | 236 | — |
| 2026-03-19 | Sanderson Katherine Elizabeth | Tax withheld | 8 | $120.74 |
| 2026-03-16 | Sanderson Katherine Elizabeth | Tax withheld | 2.2K | $116.16 |
| 2026-03-12 | Sanderson Katherine Elizabeth | Tax withheld | 645 | $118.91 |
| 2026-03-12 | CONNELLY ELIZABETH H. | Tax withheld | 1.4K | $118.91 |
| 2026-03-12 | LEAHY CHRISTINE A | Tax withheld | 4.9K | $118.91 |
| 2026-03-12 | LOCY PETER R | Tax withheld | 112 | $118.91 |
| 2026-03-12 | MIRALLES ALBERT JOSEPH JR | Tax withheld | 2.0K | $118.91 |
| 2026-03-12 | KULEVICH FREDERICK J. | Tax withheld | 1.2K | $118.91 |
| 2026-03-10 | CONNELLY ELIZABETH H. | Grant | 107 | — |
| 2026-03-10 | KULEVICH FREDERICK J. | Grant | 81 | — |
| 2026-03-10 | ADDICOTT VIRGINIA C. | Grant | 92 | — |
| 2026-03-10 | CLARIZIO LYNDA M | Grant | 14 | — |
| 2026-03-10 | MIRALLES ALBERT JOSEPH JR | Grant | 134 | — |
| 2026-03-10 | ZARCONE DONNA F | Grant | 79 | — |
| 2026-03-10 | MEHROTRA SANJAY | Grant | 19 | — |
| 2026-03-10 | LEAHY CHRISTINE A | Grant | 364 | — |
| 2026-03-10 | NELMS DAVID W | Grant | 164 | — |
| 2026-03-10 | BELL JAMES A | Grant | 113 | — |
| 2026-03-10 | Kumar Mukesh | Grant | 108 | — |
| 2026-03-10 | Swedish Joseph | Grant | 31 | — |
| 2026-03-10 | Sanderson Katherine Elizabeth | Grant | 105 | — |
| 2026-03-10 | Grier Kelly J | Grant | 14 | — |
| 2026-03-10 | LOCY PETER R | Grant | 11 | — |
| 2026-03-10 | Foxx Anthony R | Grant | 33 | — |
| 2026-03-10 | Jones Marc Ellis | Grant | 22 | — |
| 2026-03-05 | BELL JAMES A | Grant | 402 | — |
| 2026-03-05 | Kumar Mukesh | Grant | 11K | — |
| 2026-03-05 | Sanderson Katherine Elizabeth | Grant | 7.8K | — |
| 2026-03-05 | Grier Kelly J | Grant | 1.6K | — |
| 2026-03-05 | LOCY PETER R | Grant | 660 | — |
| 2026-03-05 | Foxx Anthony R | Grant | 1.6K | — |
| 2026-03-05 | Jones Marc Ellis | Grant | 1.6K | — |
| 2026-03-05 | CONNELLY ELIZABETH H. | Grant | 12K | — |
| 2026-03-05 | KULEVICH FREDERICK J. | Grant | 8.3K | — |
| 2026-03-05 | ADDICOTT VIRGINIA C. | Grant | 1.6K | — |
| 2026-03-05 | CLARIZIO LYNDA M | Grant | 1.6K | — |
| 2026-03-05 | MIRALLES ALBERT JOSEPH JR | Grant | 14K | — |
| 2026-03-05 | ZARCONE DONNA F | Grant | 1.6K | — |
| 2026-03-05 | MEHROTRA SANJAY | Grant | 1.6K | — |
| 2026-03-05 | LEAHY CHRISTINE A | Grant | 40K | — |
| 2026-03-05 | NELMS DAVID W | Grant | 1.6K | — |
| 2026-03-05 | BELL JAMES A | Grant | 1.6K | — |
| 2026-03-05 | Swedish Joseph | Grant | 1.6K | — |
| 2026-02-13 | KULEVICH FREDERICK J. | Grant | 2.8K | — |
| 2026-02-13 | KULEVICH FREDERICK J. | Disposition | 1.3K | $126.86 |
| 2026-02-13 | MIRALLES ALBERT JOSEPH JR | Grant | 4.2K | — |
| 2026-02-13 | MIRALLES ALBERT JOSEPH JR | Disposition | 1.9K | $126.86 |
| 2026-02-13 | CONNELLY ELIZABETH H. | Grant | 2.1K | — |
| 2026-02-13 | CONNELLY ELIZABETH H. | Disposition | 971 | $126.86 |
| 2026-02-13 | LEAHY CHRISTINE A | Grant | 14K | — |
| 2026-02-13 | LEAHY CHRISTINE A | Disposition | 6.2K | $126.86 |
| 2026-02-13 | LOCY PETER R | Grant | 329 | — |
| 2026-02-13 | LOCY PETER R | Disposition | 163 | $126.86 |
| 2026-01-02 | NELMS DAVID W | Grant | 211 | — |
| 2026-01-02 | Swedish Joseph | Grant | 211 | — |
| 2025-12-22 | LOCY PETER R | Tax withheld | 139 | $144.88 |
| 2025-12-15 | CLARIZIO LYNDA M | Gift | 345 | — |
| 2025-12-10 | Kumar Mukesh | Grant | 44 | $149.54 |
| 2025-12-10 | Sanderson Katherine Elizabeth | Grant | 55 | $149.54 |
| 2025-12-10 | Grier Kelly J | Grant | 5 | $149.54 |
| 2025-12-10 | LOCY PETER R | Grant | 8 | $149.54 |
| 2025-12-10 | Foxx Anthony R | Grant | 21 | $149.54 |
| 2025-12-10 | Jones Marc Ellis | Grant | 12 | $149.54 |
| 2025-12-10 | CONNELLY ELIZABETH H. | Grant | 41 | $149.54 |
| 2025-12-10 | KULEVICH FREDERICK J. | Grant | 34 | $149.54 |
| 2025-12-10 | ADDICOTT VIRGINIA C. | Grant | 70 | $149.54 |
| 2025-12-10 | CLARIZIO LYNDA M | Grant | 5 | $149.54 |
| 2025-12-10 | MIRALLES ALBERT JOSEPH JR | Grant | 54 | $149.54 |
| 2025-12-10 | Chawla Sona | Grant | 42 | $149.54 |
| 2025-12-10 | ZARCONE DONNA F | Grant | 59 | $149.54 |
| 2025-12-10 | MEHROTRA SANJAY | Grant | 9 | $149.54 |
| 2025-12-10 | LEAHY CHRISTINE A | Grant | 136 | $149.54 |
| 2025-12-10 | NELMS DAVID W | Grant | 129 | $149.54 |
| 2025-12-10 | BELL JAMES A | Grant | 86 | $149.54 |
| 2025-12-10 | Swedish Joseph | Grant | 18 | $149.54 |
| 2025-12-08 | Chawla Sona | Sell | 7.4K | $146.17 |
| 2025-11-24 | CONNELLY ELIZABETH H. | Tax withheld | 363 | $141.92 |
| 2025-11-24 | KULEVICH FREDERICK J. | Tax withheld | 285 | $141.92 |
| 2025-10-01 | NELMS DAVID W | Grant | 177 | — |
| 2025-10-01 | Swedish Joseph | Grant | 177 | — |
| 2025-09-16 | Sanderson Katherine Elizabeth | Tax withheld | 2.6K | $163.13 |
| 2025-09-10 | CLARIZIO LYNDA M | Grant | 4 | — |
| 2025-09-10 | Swedish Joseph | Grant | 15 | — |
| 2025-09-10 | Grier Kelly J | Grant | 4 | — |
| 2025-09-10 | MEHROTRA SANJAY | Grant | 8 | — |
| 2025-09-10 | ADDICOTT VIRGINIA C. | Grant | 61 | — |
| 2025-09-10 | ZARCONE DONNA F | Grant | 51 | — |
| 2025-09-10 | Jones Marc Ellis | Grant | 10 | — |
| 2025-09-10 | BELL JAMES A | Grant | 75 | — |
| 2025-09-10 | Foxx Anthony R | Grant | 18 | — |
| 2025-09-10 | NELMS DAVID W | Grant | 111 | — |
| 2025-09-10 | LOCY PETER R | Grant | 7 | — |
| 2025-09-10 | MIRALLES ALBERT JOSEPH JR | Grant | 47 | — |
| 2025-09-10 | Sanderson Katherine Elizabeth | Grant | 69 | — |
| 2025-09-10 | Chawla Sona | Grant | 37 | — |
| 2025-09-10 | CONNELLY ELIZABETH H. | Grant | 36 | — |
| 2025-09-10 | LEAHY CHRISTINE A | Grant | 118 | — |
| 2025-09-10 | Kumar Mukesh | Grant | 38 | — |
| 2025-09-10 | KULEVICH FREDERICK J. | Grant | 30 | — |
| 2025-08-11 | Kumar Mukesh | Grant | 10K | — |
| 2025-07-01 | Swedish Joseph | Grant | 155 | — |
| 2025-07-01 | NELMS DAVID W | Grant | 176 | — |
| 2025-06-10 | CLARIZIO LYNDA M | Grant | 4 | — |
| 2025-06-10 | ZARCONE DONNA F | Grant | 49 | — |
| 2025-06-10 | NELMS DAVID W | Grant | 105 | — |
| 2025-06-10 | LOCY PETER R | Grant | 7 | — |
| 2025-06-10 | CONNELLY ELIZABETH H. | Grant | 34 | — |
| 2025-06-10 | Jones Marc Ellis | Grant | 10 | — |
| 2025-06-10 | Foxx Anthony R | Grant | 17 | — |
| 2025-06-10 | KULEVICH FREDERICK J. | Grant | 28 | — |
| 2025-06-10 | ADDICOTT VIRGINIA C. | Grant | 58 | — |
| 2025-06-10 | Sanderson Katherine Elizabeth | Grant | 66 | — |
| 2025-06-10 | Grier Kelly J | Grant | 4 | — |
| 2025-06-10 | MIRALLES ALBERT JOSEPH JR | Grant | 45 | — |
| 2025-06-10 | BELL JAMES A | Grant | 71 | — |
| 2025-06-10 | Swedish Joseph | Grant | 14 | — |
| 2025-06-10 | LEAHY CHRISTINE A | Grant | 112 | — |
| 2025-06-10 | MEHROTRA SANJAY | Grant | 8 | — |
| 2025-06-10 | Chawla Sona | Grant | 35 | — |
| 2025-05-13 | KULEVICH FREDERICK J. | Option exercise | 14K | $73.49 |
| 2025-05-13 | KULEVICH FREDERICK J. | Option exercise | 14K | $95.57 |
| 2025-05-13 | KULEVICH FREDERICK J. | Sell | 16K | $190.62 |
| 2025-05-13 | KULEVICH FREDERICK J. | Sell | 12K | $191.28 |
| 2025-05-08 | LEAHY CHRISTINE A | Option exercise | 41K | $58.90 |
| 2025-05-08 | LEAHY CHRISTINE A | Sell | 7.9K | $179.99 |
| 2025-05-08 | LEAHY CHRISTINE A | Sell | 15K | $181.27 |
| 2025-05-08 | LEAHY CHRISTINE A | Sell | 18K | $182.13 |
| 2025-05-08 | LEAHY CHRISTINE A | Sell | 600 | $182.85 |
| 2025-04-01 | Swedish Joseph | Grant | 174 | — |
| 2025-04-01 | NELMS DAVID W | Grant | 197 | — |
| 2025-03-17 | Sanderson Katherine Elizabeth | Tax withheld | 2.3K | $167.00 |
| 2025-03-12 | KULEVICH FREDERICK J. | Tax withheld | 225 | $166.05 |
| 2025-03-12 | CONNELLY ELIZABETH H. | Tax withheld | 164 | $166.05 |
| 2025-03-12 | MIRALLES ALBERT JOSEPH JR | Tax withheld | 365 | $166.05 |
| 2025-03-12 | LEAHY CHRISTINE A | Tax withheld | 993 | $166.05 |
| 2025-03-12 | Chawla Sona | Tax withheld | 498 | $166.05 |
| 2025-03-12 | LOCY PETER R | Tax withheld | 46 | $166.05 |
| 2025-03-11 | CONNELLY ELIZABETH H. | Grant | 38 | — |
| 2025-03-11 | LEAHY CHRISTINE A | Grant | 129 | — |
| 2025-03-11 | BELL JAMES A | Grant | 76 | — |
| 2025-03-11 | Chawla Sona | Grant | 41 | — |
| 2025-03-11 | ZARCONE DONNA F | Grant | 55 | — |
| 2025-03-11 | Grier Kelly J | Grant | 7 | — |
| 2025-03-11 | CLARIZIO LYNDA M | Grant | 7 | — |
| 2025-03-11 | Sanderson Katherine Elizabeth | Grant | 90 | — |
| 2025-03-11 | Jones Marc Ellis | Grant | 11 | — |
| 2025-03-11 | Swedish Joseph | Grant | 14 | — |
| 2025-03-11 | Foxx Anthony R | Grant | 19 | — |
| 2025-03-11 | ADDICOTT VIRGINIA C. | Grant | 62 | — |
| 2025-03-11 | NELMS DAVID W | Grant | 112 | — |
| 2025-03-11 | MIRALLES ALBERT JOSEPH JR | Grant | 51 | — |
| 2025-03-11 | LOCY PETER R | Grant | 7 | — |
| 2025-03-11 | MEHROTRA SANJAY | Grant | 11 | — |
| 2025-03-11 | KULEVICH FREDERICK J. | Grant | 32 | — |
| 2025-03-06 | BELL JAMES A | Grant | 269 | — |
| 2025-03-05 | CLARIZIO LYNDA M | Grant | 1.1K | — |
| 2025-03-05 | ZARCONE DONNA F | Grant | 1.1K | — |
| 2025-03-05 | LOCY PETER R | Grant | 466 | — |
| 2025-03-05 | LOCY PETER R | Grant | 440 | — |
| 2025-03-05 | LOCY PETER R | Grant | 440 | — |
| 2025-03-05 | NELMS DAVID W | Grant | 1.1K | — |
| 2025-03-05 | ADDICOTT VIRGINIA C. | Grant | 1.1K | — |
| 2025-03-05 | Grier Kelly J | Grant | 1.1K | — |
| 2025-03-05 | MIRALLES ALBERT JOSEPH JR | Grant | 11K | — |
| 2025-03-05 | MEHROTRA SANJAY | Grant | 1.1K | — |
| 2025-03-05 | KULEVICH FREDERICK J. | Grant | 7.0K | — |
| 2025-03-05 | Swedish Joseph | Grant | 1.1K | — |
| 2025-03-05 | Chawla Sona | Grant | 8.1K | — |
| 2025-03-05 | Sanderson Katherine Elizabeth | Grant | 6.6K | — |
| 2025-03-05 | LEAHY CHRISTINE A | Grant | 27K | — |
| 2025-03-05 | Jones Marc Ellis | Grant | 1.1K | — |
| 2025-03-05 | CONNELLY ELIZABETH H. | Grant | 8.9K | — |
| 2025-03-05 | BELL JAMES A | Grant | 1.1K | — |
| 2025-03-05 | Foxx Anthony R | Grant | 1.1K | — |
| 2025-02-18 | CONNELLY ELIZABETH H. | Grant | 5.0K | — |
| 2025-02-18 | CONNELLY ELIZABETH H. | Tax withheld | 2.2K | $194.50 |
| 2025-02-18 | LOCY PETER R | Grant | 843 | — |
| 2025-02-18 | LOCY PETER R | Tax withheld | 407 | $194.50 |
| 2025-02-18 | KULEVICH FREDERICK J. | Grant | 6.6K | — |
| 2025-02-18 | KULEVICH FREDERICK J. | Tax withheld | 2.7K | $194.50 |
| 2025-02-18 | LEAHY CHRISTINE A | Grant | 30K | — |
| 2025-02-18 | MIRALLES ALBERT JOSEPH JR | Tax withheld | 4.1K | $194.50 |
| 2025-02-18 | MIRALLES ALBERT JOSEPH JR | Grant | 9.4K | — |
| 2025-02-18 | Chawla Sona | Tax withheld | 6.8K | $194.50 |
| 2025-02-18 | Chawla Sona | Grant | 12K | — |
| 2025-02-18 | LEAHY CHRISTINE A | Tax withheld | 13K | $194.50 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-26 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-05-13 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-06 | ResultsOtherExhibits | filing ↗ |
| 2026-05-01 | Reg FD | filing ↗ |
| 2026-03-27 | Exec/director change | filing ↗ |
| 2026-02-04 | ResultsOtherExhibits | filing ↗ |
| 2025-12-23 | Material agreement1.02Debt obligationExec/director changeExhibits | filing ↗ |
| 2025-11-04 | ResultsOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-26 | 2026-05-21 | 0001402057-26-000038 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001402057-26-000031 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001402057-26-000025 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001402057-26-000023 ↗ |
| 8-K | 2026-05-01 | 2026-05-01 | 0001402057-26-000019 ↗ |
| 8-K | 2026-03-27 | 2026-03-24 | 0001402057-26-000016 ↗ |
| 10-K | 2026-02-20 | 2025-12-31 | 0001402057-26-000011 ↗ |
| 8-K | 2026-02-04 | 2026-02-04 | 0001402057-26-000001 ↗ |
| 8-K | 2025-12-23 | 2025-12-17 | 0001193125-25-329779 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001402057-25-000191 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001402057-25-000193 ↗ |
| 8-K | 2025-10-28 | 2025-10-27 | 0001402057-25-000188 ↗ |