TD SYNNEX Corporation (SNX) AI Stock Analysis

• Market Cap: $13.27B
• Dividend Yield: 1.15%
• Average Volume (3M): 786.02K
• Price to Earnings (P/E): 16.2
• Beta (1Y): 1.12
• Revenue Growth: 6.95%
• EPS Growth: 19.19%
• Country: US
• Employees: 23,000
• Sector: Technology
• Sector Strength: 88
• Industry: Technology Distributors
• EPS (TTM): 3.83
• Shares Outstanding: 80,729,150
• 10 Day Avg. Volume: 827,498
• 30 Day Avg. Volume: 786,016
• PEG Ratio: 0.58
• Price to Book (P/B): 1.47
• Price to Sales (P/S): 0.20
• P/FCF Ratio: 8.96
• Enterprise Value/Market Cap: 1.17
• Enterprise Value/Revenue: 0.25
• Enterprise Value/Gross Profit: 3.83
• Enterprise Value/Ebitda: 8.50
• 1Y Price Target: $178.57
• Price Target Upside: 8.63% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 14.64
• Revenue Forecast (FY): $65.05B

• Rating: 71 Outperform
• Price Target: $169.00 ▲(2.80% Upside)

Overall score reflects strong fundamental progress (notably improved leverage and solid recent profitability) and a positive earnings call with upbeat Q1 guidance and strong free-cash-flow track record. These are tempered by only neutral technical momentum and the company’s structurally thin margins with some historical volatility in growth and cash conversion.

Positive Factors

Improved Leverage & Balance Sheet

Material deleveraging and a low net leverage position provide durable financial flexibility. Lower debt levels reduce refinancing risk, support continued capital returns and strategic investments, and increase resilience to cyclical IT demand shocks over the next several quarters.

Consistent Free Cash Flow

Sustained FCF generation and management guidance of ~95% cumulative conversion underpin repeatable funding for buybacks, dividends and digital investments. Strong cash conversion supports capital allocation discipline and de-risks execution across uneven revenue cycles.

Diversified Growth Engines (HIVE & Distribution)

High-growth HIVE programs plus steady core distribution broaden revenue mix and channel reach. This diversification increases optionality into higher-value services, helps offset cyclicality in hardware, and supports sustainable medium-term growth and margin uplift potential.

Negative Factors

Structurally Thin Margins

As a distributor, gross and operating margins are inherently low, limiting operating leverage and making earnings sensitive to mix, price competition, and rising costs. This constraint reduces upside from top-line growth and makes profits vulnerable during demand slowdowns.

Elevated Gross-to-Net Conversion

A growing software mix and netted HIVE programs increase gross-to-net adjustments, structurally lowering reported net revenue per billings dollar. This compresses visible revenue growth, complicates margin comparisons and reduces transparency of sustainable top-line performance.

Working-Capital & Cash Swing Risk

Significant historical working-capital volatility (including prior negative operating cash flow) implies cash generation can swing materially year-to-year. That variability can pressure liquidity, capital returns and investment pacing during inventories or receivables disruptions.

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 electronics, information technology (IT) systems including data center server and storage solutions, system components, software, networking, communications and security equipment, consumer electronics, and complementary products. It also provides systems design and integration solutions, build-to-order, and configure-to-order assembly capabilities; logistics services that comprise outsourced fulfillment, virtual distribution, and direct ship to end-users; cloud services; online services; and financing services comprising net terms, third party leasing, floor plan financing, and letters of credit backed financing and arrangements. In addition, the company offers marketing services, such as direct mail, external media advertising, reseller product training, targeted telemarketing campaigns, trade shows, trade groups, database analysis, print on demand services, and web-based marketing. It serves resellers, system integrators, and retailers. The company was formerly known as SYNNEX Corporation and changed its name to TD SYNNEX Corporation in September 2021. TD SYNNEX Corporation was incorporated in 1980 and is headquartered in Fremont, California.

How the Company Makes Money

TD SYNNEX generates revenue through multiple channels, primarily by acting as a distributor of technology products. The company earns a significant portion of its income from the sale of hardware and software products to resellers, who subsequently sell these products to end-users. Additionally, TD SYNNEX provides value-added services such as logistics, marketing support, and cloud solutions, which further contribute to its revenue. The company also benefits from strategic partnerships with leading technology vendors, allowing it to offer a diverse product portfolio and tap into various market segments. Revenue is bolstered by the growing demand for IT solutions and services, particularly in cloud computing and digital transformation initiatives across industries.

TD SYNNEX Corporation Financial Statement Overview

Summary

Financials are healthy overall: profitability improved in the last two years and leverage dropped sharply (strong balance sheet strength). Offsetting factors are structurally thin distributor margins and historically volatile revenue growth and cash conversion, including prior-period cash flow swings.

Income Statement

SNX shows solid top-line scale and generally improving profitability versus the last few years. Revenue grew in 2025 (annual) after a decline in 2023, while gross margin and operating margin expanded in 2024–2025, supporting higher net income. Offsetting this, margins remain structurally thin (typical for distribution) and revenue growth has been volatile year-to-year, which can pressure earnings consistency in weaker demand cycles.

Balance Sheet

Balance sheet strength improved materially in 2025 (annual), highlighted by a sharp reduction in total debt and a very low debt-to-equity level versus 2021–2024. Equity and assets are sizable, and return on equity has trended upward into the high-single digits, indicating improving capital efficiency. The main watch item is that returns are still moderate rather than high, consistent with a lower-margin distributor model.

Cash Flow

Cash generation is strong in 2025 (annual), with operating cash flow and free cash flow both rising and free cash flow covering most of net income. However, cash flow has shown meaningful swings over time (including negative operating and free cash flow in 2022), suggesting working-capital volatility that can meaningfully impact annual cash conversion even when reported earnings are positive.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	62.51B	58.45B	57.56B	62.34B	31.61B
Gross Profit	4.37B	3.54B	3.58B	3.56B	1.77B
EBITDA	1.83B	1.60B	1.51B	1.49B	731.90M
Net Income	827.66M	689.09M	626.91M	651.31M	395.07M
Balance Sheet
Total Assets	34.25B	30.27B	29.41B	29.73B	27.67B
Cash, Cash Equivalents and Short-Term Investments	2.44B	1.06B	1.03B	522.60M	993.97M
Total Debt	4.61B	3.91B	4.08B	4.10B	4.14B
Total Liabilities	25.80B	22.24B	21.23B	21.71B	19.76B
Stockholders Equity	8.45B	8.04B	8.18B	8.03B	7.91B
Cash Flow
Free Cash Flow	1.39B	1.04B	1.26B	-166.65M	754.89M
Operating Cash Flow	1.53B	1.22B	1.41B	-49.60M	809.79M
Investing Cash Flow	-221.17M	-193.84M	-156.41M	-115.51M	-952.35M
Financing Cash Flow	-32.87M	-953.10M	-785.88M	-275.59M	-392.62M

TD SYNNEX Corporation Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 164.39
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 164.39 is above the 20-day moving average (MA) of 154.22, above the 50-day MA of 153.06, and above the 200-day MA of 142.97, indicating a bullish trend. The MACD of 2.79 indicates Negative momentum. The RSI at 66.53 is Neutral, neither overbought nor oversold. The STOCH value of 90.40 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SNX.

TD SYNNEX Corporation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CNXN	73 Outperform	$1.52B	18.15	9.30%	1.02%	3.19%	-4.91%
SNX	71 Outperform	$13.27B	16.20	9.95%	1.15%	6.95%	19.19%
AVT	71 Outperform	$5.24B	25.80	4.71%	2.77%	-2.30%	-29.75%
SCSC	68 Neutral	$972.71M	13.82	8.11%	―	-4.88%	2.57%
ARW	64 Neutral	$7.11B	15.23	7.70%	―	3.16%	1.09%
NSIT	62 Neutral	$2.53B	19.04	8.51%	―	-6.69%	-51.74%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

TD SYNNEX Corporation Corporate Events

TD SYNNEX Extends Trade Receivables Securitization Facility

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 administration agreement and to its receivables sale and servicing agreement. The changes, which included payment of an upfront fee to the lenders, extend the maturity date of the trade receivables securitization facility to January 20, 2028, effectively lengthening the company’s access to this source of liquidity and providing greater certainty around its medium‑term funding structure.

The most recent analyst rating on (SNX) stock is a Buy with a $180.00 price target. To see the full list of analyst forecasts on TD SYNNEX Corporation stock, see the SNX Stock Forecast page.