TD SYNNEX Corporation (SNX)
NYSE:SNX
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TD SYNNEX Corporation
(NYSE:SNX)
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Rating:75Outperform
Price Target:
$269.00
▲(25.51% Upside)
Action:Reiterated
Date:05/12/26
SNX scores well on fundamentals and valuation: improving earnings, a meaningfully de-risked balance sheet, and a low P/E support the overall rating. The latest earnings call adds upside from strong execution and growth guidance, while the main offsets are cash-flow/working-capital sensitivity and technically overextended momentum that can increase near-term volatility.
Positive Factors
De‑risked balance sheet
A large reduction in total debt and equity build to $8.8B meaningfully lowers financial risk and refinancing pressure. This improves capital flexibility for buybacks, dividends, strategic investments (Hyve, AI platforms) and helps the firm absorb working‑capital swings without stressing liquidity.
Negative Factors
Thin profitability
Low gross and net margins are structural to the distribution model, leaving limited buffers for cost inflation or pricing pressure. The business must rely on high volume and service attach to drive returns, constraining margin expansion and limiting long‑term return on invested capital.
Read all positive and negative factors
Positive Factors
Negative Factors
De‑risked balance sheet
A large reduction in total debt and equity build to $8.8B meaningfully lowers financial risk and refinancing pressure. This improves capital flexibility for buybacks, dividends, strategic investments (Hyve, AI platforms) and helps the firm absorb working‑capital swings without stressing liquidity.
Read all positive factors
TD SYNNEX Corporation (SNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$19.08B
Dividend Yield1.15%
Average Volume (3M)676.21K
Price to Earnings (P/E)9.6
Beta (1Y)1.27
Revenue Growth10.39%
EPS Growth50.26%
CountryUS
Employees23,000
SectorTechnology
Sector Strength88
IndustryTechnology Distributors
Share Statistics
EPS (TTM)12.10
Shares Outstanding80,391,090
10 Day Avg. Volume550,065
30 Day Avg. Volume676,212
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 Cap0.98
Enterprise Value/Revenue0.29
Enterprise Value/Gross Profit4.22
Enterprise Value/Ebitda9.78
Forecast
1Y Price Target
$239.25Price Target Upside11.63% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)16.76
Revenue Forecast (FY)$68.04B
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
214.32
Price Trends
203.32
Positive
180.02
Positive
165.67
Positive
Market Momentum
7.18
Positive
67.28
Neutral
59.65
Neutral
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 214.32 is below the 20-day moving average (MA) of 230.74, above the 50-day MA of 203.32, and above the 200-day MA of 165.67, indicating a bullish trend. The MACD of 7.18 indicates Positive momentum. The RSI at 67.28 is Neutral, neither overbought nor oversold. The STOCH value of 59.65 is Neutral, 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 0 New Risks
TD SYNNEX Corporation Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $19.08B | 9.59 | 11.60% | 1.15% | 10.39% | 50.26% | |
75 Outperform | $11.11B | 7.96 | 11.15% | ― | 20.49% | 92.31% | |
74 Outperform | $1.68B | 21.38 | 9.67% | 1.02% | 0.78% | 3.87% | |
69 Neutral | $896.11M | 11.45 | 8.07% | ― | 3.76% | 18.30% | |
64 Neutral | $2.95B | 17.19 | 11.17% | ― | -1.83% | -2.39% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $7.05B | 12.98 | 4.33% | 2.77% | 12.68% | -27.94% |
* Technology Sector Average
SNX
TD SYNNEX Corporation
237.34
117.30
97.71%
ARW
Arrow Electronics
217.33
100.20
85.55%
AVT
Avnet
85.91
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77.31%
NSIT
Insight Enterprises
97.73
-34.35
-26.01%
CNXN
PC Connection
66.44
1.49
2.30%
SCSC
ScanSource
44.09
4.82
12.27%
TD SYNNEX Corporation Corporate Events
Business Operations and StrategyExecutive/Board Changes
TD SYNNEX Enhances Compensation for Hyve Solutions Chair
Positive
May 11, 2026
On May 5, 2026, TD SYNNEX updated the employment terms for Dennis Polk, confirming his role as Chair of Hyve Solutions Holdings effective December 1, 2025, with continued service on the company’s board and direct reporting to the CEO. Under ...
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, ...
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.