TD SYNNEX Corporation (SNX)
NYSE:SNX
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TD SYNNEX Corporation
(NYSE:SNX)
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Rating:80Outperform
Price Target:
$238.00
▲(15.20% Upside)
Action:ReiteratedDate:04/02/26
The score is driven primarily by solid financial performance (improving earnings and de-risking balance sheet, tempered by working-capital-driven cash-flow variability), strong technical uptrend, and attractive valuation. Earnings call tone and guidance were constructive with meaningful growth and capital-return focus, though management highlighted mix/concentration and inventory-related cash risks.
Positive Factors
Scale & Distribution Reach
Large, global distribution scale and a broad vendor/reseller network create durable volume-driven economics. High transaction throughput and an extensive vendor line-card support stable core revenue, resilience to individual product cycles, and the ability to leverage scale for logistics and services expansion.
Negative Factors
Structurally Thin Margins
Distribution model delivers low absolute margins so profitability relies on scale and services attach. Even modest cost pressure or adverse mix shifts compress net income meaningfully, limiting ROE upside and leaving the company dependent on higher‑value initiatives to materially improve returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Distribution Reach
Large, global distribution scale and a broad vendor/reseller network create durable volume-driven economics. High transaction throughput and an extensive vendor line-card support stable core revenue, resilience to individual product cycles, and the ability to leverage scale for logistics and services expansion.
Read all positive factors
TD SYNNEX Corporation (SNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.61B
Dividend Yield1.15%
Average Volume (3M)815.30K
Price to Earnings (P/E)9.6
Beta (1Y)1.23
Revenue Growth6.95%
EPS Growth19.19%
CountryUS
Employees23,000
SectorTechnology
Sector Strength88
IndustryTechnology Distributors
Share Statistics
EPS (TTM)4.73
Shares Outstanding80,391,090
10 Day Avg. Volume1,319,196
30 Day Avg. Volume815,299
Financial Highlights & Ratios
PEG Ratio0.58
Price to Book (P/B)1.47
Price to Sales (P/S)0.20
P/FCF Ratio8.96
Enterprise Value/Market Cap0.97
Enterprise Value/Revenue0.25
Enterprise Value/Gross Profit3.63
Enterprise Value/Ebitda8.40
Forecast
1Y Price Target
$197.38Price Target Upside-4.47% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)15.96
Revenue Forecast (FY)$66.70B
TD SYNNEX Corporation Business Overview & Revenue Model
Company Description
TD SYNNEX Corporation provides business process services in the United States and internationally. The company distributes PC systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, consumer electroni...
How the Company Makes Money
TD SYNNEX primarily makes money by distributing IT products and solutions on behalf of technology vendors to downstream channel partners. Its core revenue stream is product and solutions sales, where it purchases hardware, software, and cloud offe...
TD SYNNEX Corporation Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jun 30, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance for the quarter: record billings, meaningful operating income and EPS growth, robust Distribution results, and a dramatic surge in Hive. Management highlighted strategic wins (Microsoft designation, Palo Alto award) and AI-enabled platform improvements, and provided constructive guidance. Key risks discussed include Hive margin variability driven by mix, concentration of recent Hive growth in a small number of customers, supply chain volatility and inventory build that tie up cash, and the potential for price-driven demand elasticity later in the year. On balance, the positive results, strong cash-generation track record (TTM), strategic customer wins, and constructive guidance outweigh the listed risks, though management remains appropriately cautious about second-half dynamics.Positive Updates
Record Financial Results
Non-GAAP gross billings of $25.8B, up 24% year-over-year (20% in constant currency); non-GAAP operating income of $590M, up 48% YoY (44% CC); non-GAAP EPS $4.73, up 69% YoY. GAAP operating income $489M, up 61% YoY (57% CC); GAAP EPS $4.04, up 104% YoY. Results exceeded the high end of guidance.
Negative Updates
Hive Margin Compression and Mix Volatility
Hive non-GAAP operating income margin (as % of gross billings) was 4.2%, down 72 basis points YoY, primarily driven by mix (large GPU fulfillment deals) and variability from programs recorded on a net basis. Management noted margins can vary quarter-to-quarter depending on mix.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Financial Results
Non-GAAP gross billings of $25.8B, up 24% year-over-year (20% in constant currency); non-GAAP operating income of $590M, up 48% YoY (44% CC); non-GAAP EPS $4.73, up 69% YoY. GAAP operating income $489M, up 61% YoY (57% CC); GAAP EPS $4.04, up 104% YoY. Results exceeded the high end of guidance.
Read all positive updates
Company Guidance
For fiscal 2026, TD SYNNEX guided to non‑GAAP gross billings of about $25.1 billion ± $500 million (≈16% year‑over‑year growth at the midpoint), a gross‑to‑net adjustment of ~34%, revenue of roughly $16.5 billion ± $400 million, non‑GAAP net income of about $322 million ± $20 million, and non‑GAAP diluted EPS of ~$4.00 ± $0.25 based on approximately 79.8 million diluted shares outstanding (about 34% y/y EPS growth at the midpoint); management also said share repurchases will increase from the $118 million bought in Q1 and emphasized capital‑allocation priorities including improving return on equity.TD SYNNEX Corporation Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 65.14B | 62.51B | 58.45B | 57.56B | 62.34B | 31.61B |
| Gross Profit | 4.43B | 4.37B | 3.54B | 3.58B | 3.56B | 1.77B |
| EBITDA | 1.91B | 1.83B | 1.60B | 1.51B | 1.49B | 731.90M |
| Net Income | 987.04M | 827.66M | 689.09M | 626.91M | 651.31M | 395.07M |
Balance Sheet | ||||||
| Total Assets | 35.08B | 34.25B | 30.27B | 29.41B | 29.73B | 27.67B |
| Cash, Cash Equivalents and Short-Term Investments | 1.56B | 2.44B | 1.06B | 1.03B | 522.60M | 993.97M |
| Total Debt | 1.13B | 4.61B | 3.91B | 4.08B | 4.10B | 4.14B |
| Total Liabilities | 26.30B | 25.80B | 22.24B | 21.23B | 21.71B | 19.76B |
| Stockholders Equity | 8.78B | 8.45B | 8.04B | 8.18B | 8.03B | 7.91B |
Cash Flow | ||||||
| Free Cash Flow | 1.25B | 1.39B | 1.04B | 1.26B | -166.65M | 754.89M |
| Operating Cash Flow | 1.38B | 1.53B | 1.22B | 1.41B | -49.60M | 809.79M |
| Investing Cash Flow | -188.23M | -221.17M | -193.84M | -156.41M | -115.51M | -952.35M |
| Financing Cash Flow | -313.88M | -32.87M | -953.10M | -785.88M | -275.59M | -392.62M |
TD SYNNEX Corporation Technical Analysis
Positive
206.60
Price Trends
166.45
Positive
159.24
Positive
154.01
Positive
Market Momentum
12.32
Negative
79.71
Negative
93.83
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNX, the sentiment is Positive. The current price of 206.6 is above the 20-day moving average (MA) of 175.89, above the 50-day MA of 166.45, and above the 200-day MA of 154.01, indicating a bullish trend. The MACD of 12.32 indicates Negative momentum. The RSI at 79.71 is Negative, neither overbought nor oversold. The STOCH value of 93.83 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SNX.
TD SYNNEX Corporation Risk Analysis
TD SYNNEX Corporation disclosed 37 risk factors in its most recent earnings report. TD SYNNEX Corporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Issues related to the development and use of AI could give rise to legal and/or regulatory action, damage our reputation or otherwise materially harm our business. Q4, 2025
TD SYNNEX Corporation Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $16.61B | 9.59 | 11.60% | 1.15% | 6.95% | 19.19% | |
74 Outperform | $1.62B | 17.40 | 9.37% | 1.02% | 3.19% | -4.91% | |
71 Outperform | $6.02B | 16.25 | 4.22% | 2.77% | -2.30% | -29.75% | |
67 Neutral | $841.17M | 12.95 | 8.14% | ― | -4.88% | 2.57% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $8.93B | 9.99 | 9.05% | ― | 3.16% | 1.09% | |
59 Neutral | $2.22B | 16.31 | 9.79% | ― | -6.69% | -51.74% |
* Technology Sector Average
SNX
TD SYNNEX Corporation
204.71
102.48
100.24%
ARW
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AVT
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NSIT
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73.78
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-44.65%
CNXN
PC Connection
64.13
4.51
7.56%
SCSC
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7.26
23.16%
TD SYNNEX Corporation Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
TD SYNNEX Enhances Shareholder Rights and Governance Framework
Positive
Mar 27, 2026
At its Annual Meeting of Stockholders held on March 25, 2026, TD SYNNEX shareholders approved an amendment to the Restated Certificate of Incorporation to allow investors holding at least 25% of outstanding common stock to call a special meeting, ...
Business Operations and StrategyPrivate Placements and Financing
TD SYNNEX Extends Trade Receivables Securitization Facility
Positive
Jan 26, 2026
On January 21, 2026, TD SYNNEX Corporation, together with certain subsidiaries and SIT Funding LLC as borrower, amended its accounts receivable securitization program by entering into a new omnibus amendment to its receivables funding and administ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.