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Held by 727 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 15 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CPNG | $28.4B | 143.8× | 24.0× | 0.8× | 14.1% | 29.4% | 0.6% | 4.5% | 3.3% | -4.8× | 578 |
| CDW | $17.8B | 17.6× | 11.7× | 0.8× | 6.8% | 21.7% | 4.8% | 40.9% | 13.0% | 2.6× | 727 |
| W | $14.5B | — | 50.6× | 1.2× | 5.1% | 30.2% | -2.5% | 11.3% | -63.9% | 5.6× | 454 |
| CHWY | $7.6B | 36.4× | 17.6× | 0.6× | 6.2% | 29.8% | 1.8% | 44.7% | 44.7% | -2.2× | 509 |
| VIPS | $6.1B | 1.3× | 2.7× | 0.4× | 2.0% | 23.1% | 6.8% | 17.7% | 15.5% | -1.8× | 275 |
| NSIT | $4.8B | 33.7× | 10.1× | 0.6× | -5.2% | 21.4% | 1.9% | 9.5% | 9.5% | -0.8× | 315 |
| PTRN | $3.3B | — | 70.6× | 1.3× | 39.3% | 43.6% | 0.6% | 2.8% | 2.8% | -6.8× | 143 |
| GCT | $2.0B | 15.9× | 10.9× | 1.6× | 11.1% | 23.3% | 10.6% | 28.3% | 28.3% | -2.5× | 213 |
| RVLV | $1.5B | 25.2× | 15.9× | 1.3× | 8.5% | 53.5% | 5.0% | 12.0% | 12.0% | -3.7× | 205 |
| HNST | $544M | — | — | 1.5× | -1.9% | 33.3% | -4.2% | -9.2% | -9.2% | — | 148 |
| SFIX | $379M | — | — | 0.3× | -5.3% | 44.4% | -2.3% | -14.2% | -14.2% | — | 187 |
| TDUP | $326M | — | — | 1.1× | 19.5% | 79.4% | -6.5% | -34.1% | -26.1% | — | 176 |
| BZUN | $192M | — | 5.9× | 0.1× | 10.2% | 74.1% | -2.4% | -6.6% | -5.0% | 1.1× | 68 |
| BBBY | $161M | — | — | 0.1× | -25.1% | 24.7% | -8.1% | -38.9% | -36.3% | — | — |
| DIBS | $127M | — | — | 1.4× | 1.5% | 73.0% | -15.2% | -14.6% | -14.6% | — | 86 |
| AKA | $118M | — | — | 0.2× | 4.4% | 57.3% | -5.2% | -32.2% | -15.1% | — | 21 |
Peers = companies sharing CDW's sector (Retail-Catalog & Mail-Order Houses) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $143.76 today, the market must believe free cash flow compounds 1.3%/yr for a decade (off $1.23B on the 3-yr avg basis).
On the basis ($1.15B) the requirement is 2.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 1.3% is more conservative than its 9-yr track record.
Default is 7.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.13B shares (market data) · net debt $5.01B
mean 13.2% · volatility σ 36% · implied rate exceeded in 5/9 yrs
Central path = implied 1.3%/yr growth; shaded band = ±1σ (36%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 30% of free cash flow, leaving room to grow it and fund buybacks. Last year: $328.6M dividends + $653.0M buybacks = $981.6M returned on $1.09B FCF.
9 consecutive years of dividend increases · 20%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 13%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $618.7M is below the $1.01B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $618.7M is below short-term debt of $1.01B — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-12
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.42B 100.0% | $21.00B 100.0% | $21.38B 100.0% | $23.75B 100.0% | $20.82B 100.0% | $18.47B 100.0% | $18.03B 100.0% | $16.24B 100.0% | $14.83B 100.0% | $13.67B 100.0% |
| Cost of Revenue | $17.55B 78.3% | $16.40B 78.1% | $16.72B 78.2% | $19.06B 80.3% | $17.25B 82.9% | $15.26B 82.6% | $14.99B 83.1% | $13.53B 83.3% | $12.38B 83.5% | $11.34B 83.0% |
| Gross Profit | $4.87B 21.7% | $4.60B 21.9% | $4.65B 21.8% | $4.69B 19.7% | $3.57B 17.1% | $3.21B 17.4% | $3.04B 16.9% | $2.71B 16.7% | $2.45B 16.5% | $2.33B 17.0% |
| Selling, General & Admin | $3.22B 14.3% | $2.95B 14.1% | $2.97B 13.9% | $2.95B 12.4% | $2.15B 10.3% | $2.03B 11.0% | $1.91B 10.6% | $1.72B 10.6% | $1.41B 9.5% | $1.35B 9.8% |
| Operating Income | $1.66B 7.4% | $1.65B 7.9% | $1.68B 7.9% | $1.74B 7.3% | $1.42B 6.8% | $1.18B 6.4% | $1.13B 6.3% | $987.3M 6.1% | $866.5M 5.8% | $820.0M 6.0% |
| Other Income (Expense), net | -$800K -0.0% | -$1.4M -0.0% | -$4.1M -0.0% | -$11.7M -0.0% | $29.7M 0.1% | -$22.0M -0.1% | -$24.5M -0.1% | $1.8M 0.0% | -$55.3M -0.4% | $1.8M 0.0% |
| Pretax Income | $1.43B 6.4% | $1.44B 6.8% | $1.45B 6.8% | $1.49B 6.3% | $1.30B 6.2% | $1.00B 5.4% | $949.7M 5.3% | $840.5M 5.2% | $660.7M 4.5% | $673.2M 4.9% |
| Income Tax Expense | $360.8M 1.6% | $357.6M 1.7% | $345.9M 1.6% | $373.3M 1.6% | $309.2M 1.5% | $213.8M 1.2% | $212.9M 1.2% | $197.5M 1.2% | $137.6M 0.9% | $248.1M 1.8% |
| Net Income | $1.07B 4.8% | $1.08B 5.1% | $1.10B 5.2% | $1.11B 4.7% | $988.6M 4.7% | $788.5M 4.3% | $736.8M 4.1% | $643.0M 4.0% | $523.1M 3.5% | $425.1M 3.1% |
| Per Share | ||||||||||
| EPS (Basic) | $8.13 | $8.06 | $8.20 | $8.24 | $7.14 | $5.53 | $5.08 | $4.26 | $3.37 | $2.60 |
| EPS (Diluted) | $8.08 | $7.97 | $8.10 | $8.13 | $7.04 | $5.45 | $4.99 | $4.19 | $3.31 | $2.56 |
| Weighted Avg Shares (Basic) | 131.3M | 133.8M | 134.6M | 135.2M | 138.5M | 142.6M | 145.1M | 150.9M | 155.4M | 163.6M |
| Weighted Avg Shares (Diluted) | 132.1M | 135.2M | 136.3M | 137.0M | 140.5M | 144.8M | 147.8M | 153.6M | 158.2M | 166.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-12
Where each multiple sits in its own 13-yr range · 42th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 41% against ROIC 13% — 28% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 43.0% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 83.3 | 83.1 | 82.6 | 82.9 | 80.3 | 78.2 | 78.1 | 78.3 |
| Gross Profit | 16.7 | 16.9 | 17.4 | 17.1 | 19.7 | 21.8 | 21.9 | 21.7 |
| SG&A | 10.6 | 10.6 | 11.0 | 10.3 | 12.4 | 13.9 | 14.1 | 14.3 |
| Operating Income | 6.1 | 6.3 | 6.4 | 6.8 | 7.3 | 7.9 | 7.9 | 7.4 |
| Income Tax | 1.2 | 1.2 | 1.2 | 1.5 | 1.6 | 1.6 | 1.7 | 1.6 |
| Net Income | 4.0 | 4.1 | 4.3 | 4.7 | 4.7 | 5.2 | 5.1 | 4.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CDW: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 7.56pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 19.2% | 7.5% (today's — no rate published for this year) | 11.7pts |
| FY2020 | 20.3% | 7.5% (today's — no rate published for this year) | 12.8pts |
| FY2021 | 13.7% | 7.5% (today's — no rate published for this year) | 6.2pts |
| FY2022 | 16.9% | 7.5% (today's — no rate published for this year) | 9.4pts |
| FY2023 | 16.4% | 7.5% (today's — no rate published for this year) | 8.9pts |
| FY2024 | 15.0% | 7.5% (today's — no rate published for this year) | 7.5pts |
| FY2025 | 15.1% | 7.5% (today's — no rate published for this year) | 7.6pts |
| Now | 13.0% | 7.5% | 5.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 17.0% | 6.0% | 3.1% |
| FY2017 | 16.5% | 5.8% | 3.5% |
| FY2018 | 16.7% | 6.1% | 4.0% |
| FY2019 | 16.9% | 6.3% | 4.1% |
| FY2020 | 17.4% | 6.4% | 4.3% |
| FY2021 | 17.1% | 6.8% | 4.7% |
| FY2022 | 19.7% | 7.3% | 4.7% |
| FY2023 | 21.8% | 7.9% | 5.2% |
| FY2024 | 21.9% | 7.9% | 5.1% |
| FY2025 | 21.7% | 7.4% | 4.8% |
Leverage and buybacks account for 28 points of the 41% return on equity in FY2025. The business earns 13% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$4.7B of goodwill — 56% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 34.42% against 15.07% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Cash conversion is 1.04x, but receivables have outgrown revenue 3 years running.
Receivables have outgrown revenue for 3 years running — sales are being booked faster than the money arrives, which reaches the cash flow statement a year or more after it shows up here.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $142.17, free cash flow must compound 1.32%/yr for 10 years. It has done 5.46%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 46.2% | 1.3% |
| FY2021 | −40.8% | 1.3% |
| FY2022 | 76.5% | 1.3% |
| FY2023 | 20.1% | 1.3% |
| FY2024 | −20.4% | 1.3% |
| FY2025 | −5.8% | 1.3% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.07B | $1.07B |
| Share-based comp | $84M | $1.15B |
| Other non-cash & working capital | $55M | $1.21B |
| Operating cash flow | $1.21B | $1.21B |
| Capex | −$117M | $1.09B |
| Free cash flow | $1.09B | $1.09B |
| FCF after SBC | $1.00B | $1.00B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 2.4% | 7.0% | 4.6 points |
| FY2021 | 12.7% | 40.0% | 27.3 points |
| FY2022 | 14.1% | -0.8% | -14.9 points |
| FY2023 | -10.0% | 2.4% | 12.4 points |
| FY2024 | -1.8% | 12.4% | 14.2 points |
| FY2025 | 6.8% | 22.9% | 16.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 60.8 days | 14.9 days | 44.7 days | 31 days |
| FY2020 | 63.5 days | 18.2 days | 50 days | 31.7 days |
| FY2021 | 78.9 days | 19.6 days | 65.9 days | 32.6 days |
| FY2022 | 68.6 days | 15.3 days | 54 days | 29.9 days |
| FY2023 | 78 days | 14.6 days | 62.9 days | 29.7 days |
| FY2024 | 89.3 days | 13.5 days | 75.3 days | 27.5 days |
| FY2025 | 102.7 days | 11.7 days | 87.8 days | 26.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.6 percent |
| FY2020 | -5.6 percent |
| FY2021 | 1.6 percent |
| FY2022 | -1.7 percent |
| FY2023 | -3.7 percent |
| FY2024 | -1.4 percent |
| FY2025 | -0.9 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.