CDW
CDW CorpEvidence as of 2026-09-30The desk's Snapshot
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Overview · CDW Corp
CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise, hybrid, and cloud capabilities across hybrid infrastructure, digital experience, and security. It…
Management team
- Mr. Frederick J. Kulevich · Chief Legal Officer, Executive VP of Risk & Compliance and Corporate SecretaryFind on LinkedIn
- Mr. Albert Joseph Miralles Jr. · CFO & Executive VP of Enterprise Business OperationsFind on LinkedIn
- Ms. Christina M. Corley · President of International & Vice ChairFind on LinkedIn
- Ms. Christine A. Leahy J.D. · Chair of the Board, President & CEOFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
−0.1 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
The evidence balance is Mixed ( -0.1 of a possible +2; confidence high). Revenue rose from $ 5,679,800,000 in fiscal Q1 2026 (fiscal quarter ended 2026-05-01) to $ 6,572,200,000 in fiscal Q2 2026 (fiscal quarter ended 2026-07-31), with gross profit increasing from $ 1,122,300,000 to $ 1,319,800,000 and gross margin moving from about 19.8% to about 20.1% over the same two fiscal quarters. Operating income increased from $ 361,400,000 to $ 428,600,000 (operating margin roughly 6.4% to 6.5%), and diluted shares outstanding declined from 133,500,000 to 127,400,000, consistent with $ 200,100,000 of cash used for repurchases in fiscal Q1 2026 (fiscal quarter ended 2026-05-01).
The company’s balance sheet shows long-term noncurrent debt rose from $ 4,622,300,000 as of 2025-12-31 to $ 4,808,100,000 as of 2026-06-30 while cash and cash equivalents fell from $ 618,700,000 to $ 361,800,000, producing a materially net‑debt position. Filings note increasing AI investment (with attendant reputational, legal and compliance risk), concentrated purchases from Ingram Micro and TD SYNNEX, a past Civil Investigative Demand from the DOJ, and $ 5.6 billion of total debt outstanding as of December 31, 2025. Market and valuation evidence is mixed: price sits below the 50‑day SMA by -8.8% and slightly below the 200‑day SMA by -1.2% as of 2026-09-29, a golden cross is present (cross age 42 days), volatility and historical drawdown are elevated (three‑year max drawdown -60.4%, current drawdown -47.9%), and model-backed implied FCF growth at the current price is about -0.76% per year with P/FCF ≈ 13.19, EV/EBITDA ≈ 10.52 and trailing P/E ≈ 15.76.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Revenue increased from 5,679,800,000 USD in fiscal Q1 2026 (2026-01-01 to 2026-03-31) to 6,572,200,000 USD in fiscal Q2 2026 (2026-04-01 to 2026-06-30).
XBRL companyfacts · 0001402057-26-000025Gross profit rose from 1,122,300,000 USD in fiscal Q1 2026 (2026-01-01 to 2026-03-31) to 1,319,800,000 USD in fiscal Q2 2026 (2026-04-01 to 2026-06-30), implying gross margin moved from about 19.8% to about 20.1% (gross profit divided by revenue for the respective quarters).
XBRL companyfacts · 0001402057-26-000025Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
The Annual Report on Form 10-K filed 20 February 2026 states the company is "increasingly utilizing AI in our business" and "plans to further invest resources to embed AI capabilities throughout our operations and enterprise to drive scale and efficiency," and it added related risk language about reputational, legal, and compliance costs associated with AI.
Item 1A risk-factor diff · 0001402057-26-000011 vs 0001402057-25-000018The Form 10-K filed 20 February 2026 discloses that purchases from two wholesale distributors, Ingram Micro and TD SYNNEX, represent over 25% of the company's total purchases.
Item 1A risk-factor diff · 0001402057-26-000011 vs 0001402057-25-000018Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
Price was below the 50-day simple moving average by -8.8% and slightly below the 200-day simple moving average by -1.2% as of 2026-09-29.
Moneyta signal set · 2026-09-29A golden cross is present and the cross age is 42 days as of 2026-09-29.
Moneyta signal set · 2026-09-29Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
13F-reported institutional holdings in CDW totaled $18.31B as of the period ended 2026-06-30, with a reported quarter-over-quarter value change of -8.3% and 757 institutional holders (holder_count_delta_qoq 466).
13F holdings · 757 filers · as of 2026-06-30BlackRock, Inc. was the largest 13F-reported holder listed with a reported holding value of $2.14B as of the period ended 2026-06-30.
13F holdings · 757 filers · as of 2026-06-30Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Multiple outlets published the same headline "Is the Options Market Predicting a Spike in CDW Stock?" on 29 September 2026, indicating syndicated or widely repeated coverage focused on options activity in CDW.
News · finance.yahoo.com · 2026-09-29A similarly titled piece about options activity in CDW appeared on 29 September 2026 on a second outlet with the same headline, showing that the options-interest theme was carried by more than one distinct outlet.
News · zacks.com · 2026-09-29Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
On 10 September 2026, multiple individual insiders reported open-market purchases (action code A) totaling $377k across 16 separate filings (examples include purchases by James A. Bell for $14k (95.7 shares) and Christine A. Leahy for $118k (825.3 shares)).
Form 4 · BELL JAMES A (Director) · $14k code A · 2026-09-10On 17 August 2026, Mukesh Kumar reported a transaction with action code F for $160k (1,147.343 shares) in filing dated 2026-08-17.
Form 4 · Kumar Mukesh (See Remarks) · $160k code F · 2026-08-17Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The model-backed implied free cash flow (FCF) growth rate that today's price would justify is -0.76% per year (implied_growth = -0.0076).
Valuation inputs · SEC XBRL + stored EOD closePrice to trailing-twelve-month free cash flow (P/FCF) is 13.19 based on FCF TTM = $1,252,900,000 and price $129.71/share.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
The evidence set contains multiple company-specific operational and capital-return signals that jointly support a constructive read. Quarterly revenue, gross profit, and operating income all increased from Q1 to Q2 2026 while gross and operating margins ticked up, and share counts fell alongside reported repurchases — outcomes that financial advisors often point to as signs of improving revenue conversion and shareholder-return discipline. Corporate actions and messaging (AI investment in the 10-K and the completed Lovelytics acquisition) plus clustered insider open-market purchases provide additional company-specific corroboration of management activity aligned with strategic growth and execution. While leverage, regulatory inquiry, elevated volatility and large historical drawdown are material negatives, the bull case emphasizes that current earnings and cash-flow multiples (mid-teens P/E, ~13x P/FCF, ~10.5x EV/EBITDA) and notable institutional ownership are consistent with market participants valuing the company for its operating cash generation and strategic investments.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.34
37 surviving claims rest on 17 distinct sources; the heaviest analyst carries 22% of them, and 99% of what the desk raised survived the debate.
The surviving read is moderately robust: claims draw on a modestly diverse set of sources (17), and no single analyst dominates the narrative, so single-analyst bias is limited. However a high internal survival rate (99%) means few internal challenges pared back assertions, and the desk’s heaviest analyst still carries meaningful influence — together those facts make the read informative but somewhat fragile to new external documents or material price moves.
Peer context · computed, not argued
12-1 momentum ranks 3rd of 10 in Information Technology Services (as of 2026-09-29).
6-month relative strength ranks 2nd of 10 in Information Technology Services (as of 2026-09-29).
90-day volatility ranks 6th of 10 in Information Technology Services (as of 2026-09-29).
dividend yield ranks 6th of 10 in Information Technology Services (as of 2026-09-29).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
12 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer+0.7 to the score
12 documents· 2 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes−0.3 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash−0.3 to the score
3 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.5 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
17 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state, with stated and inferred flags kept apart.
Read by Talbot+0.7 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
The full terminal on CDW Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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