# Synnex (SNX.US)

Canonical: https://gigainvestors.com/s/SNX

Analysis as of: 2026-10-16T07:32:01.630Z. Financial observations: FY2000–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $255.14 per share; close as of 2026-10-15.

Estimated value: low $200.74 per share, central $283.05 per share, high $332.29 per share. Buy at or below the central value $283.05 per share. Valuation as of 2026-10-16T07:32:01.630Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.03×

- FY2018: 0.03×

- FY2019: 0.05×

- FY2020: 0.03×

- FY2021: 0.02×

- FY2022: 0.02×

- FY2023: 0.02×

- FY2024: 0.02×

- FY2025: 0.02×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.5%

- ROIC, second-lowest year: 8.5%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 6.9%

- Recent gross margin (lower of latest and 3-year median): 6.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 8.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.5%

- FY2017: 11.9%

- FY2018: 9.1%

- FY2019: 15.2%

- FY2020: 7.7%

- FY2021: 8.5%

- FY2022: 12.5%

- FY2023: 14.7%

- FY2024: 14.0%

- FY2025: 17.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.38×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.4B

- Net income, five-year total: $3.2B

- Return on incremental invested capital: 60.9%

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: -6.7 pp

- Working capital / revenue, final three-year average: 7.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.24×

- FY2022: 1.53×

- FY2023: 1.43×

- FY2024: 1.34×

- FY2025: 1.33×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.9% vs 14.7%

- Per-share earnings: 5.94 to 8.02 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.7%

- Ordinary dilution, 5-year annual growth: 10.0%

- Market cap gain: $10B

- Cumulative retained earnings: $1.7B

- Diluted shares, 10-year annual growth: 7.7%

- Diluted shares, 5-year annual growth: 10.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.8%

- Per-share value change: $2.08

- Per-share value, starting three-year median: $5.94

- Per-share value, ending three-year median: $8.02

- Buybacks concentrated in cheaper years (correlation): -0.05

- Average buyback yield: 2.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.1B

- Cumulative net income, 10 years: $5.1B

- ROIC, first three-year median: 11.9%

- ROIC, last three-year median: 14.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $5.94

- FY2017: $7.55

- FY2018: $7.24

- FY2019: $9.83

- FY2020: $10.33

- FY2021: $6.30

- FY2022: $6.82

- FY2023: $6.75

- FY2024: $8.02

- FY2025: $10.04

### accounting: pass

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 4.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.85×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.93×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.8%

- FY2017: 1.6%

- FY2018: 1.7%

- FY2019: -0.4%

- FY2020: -9.7%

- FY2021: -1.5%

- FY2022: 2.4%

- FY2023: -2.7%

- FY2024: -1.7%

- FY2025: -2.1%

## Holders

- [Gavin Abrams](https://gigainvestors.com/ABI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 4.9% a year for ten years · sales +6.9%

Story as of 2026-10-16T09:59:36.620Z; price observation 2026-10-15.

Price needs cash profits to grow 4.9% a year for ten years

- 2025-08-22: TD Synnex to Exceed Q3 Estimates on PC, AI-Driven Hyve Growth, RBC Says ([finance.yahoo.com](https://finance.yahoo.com/news/td-synnex-exceed-q3-estimates-151113368.html))

- 2025-09-25: TD SYNNEX (NYSE:SNX) Reports Strong Q3, Provides Optimistic Revenue Guidance for Next Quarter ([finance.yahoo.com](https://finance.yahoo.com/news/td-synnex-nyse-snx-reports-101725848.html))

- 2026-03-05: TD SYNNEX AI Partnership Targets GPU Efficiency And Higher Value Growth ([finance.yahoo.com](https://finance.yahoo.com/news/td-synnex-ai-partnership-targets-070859729.html))

- 2026-04-01: SNX Q1 Deep Dive: Broad-Based Growth in Distribution and Hive Drives Guidance Upside ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/snx-q1-deep-dive-broad-102326198.html))

- 2026-06-30: SNX Q2 Earnings Call Takeaways: Hyve Growth Drives AI Demand ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/snx-q2-earnings-call-takeaways-092300798.html))

- 2026-09-25: TD SYNNEX Q3 Earnings Beat Estimates on Distribution and Hyve Strength ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/td-synnex-q3-earnings-beat-112300659.html))

### Sales · FY2024–2025

sales +6.9%; source https://www.sec.gov/Archives/edgar/data/1177394/000162828026003598/snx-20251130.htm; observed 2026-01-27.

- FY2016: $14B 

- FY2017: $17B 

- FY2018: $20B 

- FY2019: $19B 

- FY2020: $20B 

- FY2021: $32B 

- FY2022: $62B 

- FY2023: $58B 

- FY2024: $58B 

- FY2025: $63B 

### Gross margin · FY2025

gross margin 7%; source https://www.sec.gov/Archives/edgar/data/1177394/000162828026003598/snx-20251130.htm; observed 2026-01-27.

- FY2016: 8.7% 

- FY2017: 8.8% 

- FY2018: 9.1% 

- FY2019: 14.0% 

- FY2020: 5.8% 

- FY2021: 5.6% 

- FY2022: 5.7% 

- FY2023: 6.9% 

- FY2024: 6.1% 

- FY2025: 7.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronics & computer distribution; annual sales are USD 62.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1177394/000162828026003598/snx-20251130.htm (filed 2026-01-27); FY2025: revenue 62508086000; grossProfit 4368982000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SNX.US: TD SYNNEX Corporation operates as a distributor and solutions aggregator for the information technology (IT) ecosystem in the United States, Europe, and internationally. It offers endpoint solutions, including personal computing devices and peripherals, mobile phones and accessories, printers, and supplies; and advanced solutions comprising data center technologies, such as hybrid cloud, security, storage, networking, servers, software, converged and hyper-converged infrastructure, and hyperscale infrastructure. The company also provides design, integration, test and other production value-added solutions, such as thermal testing, power-draw efficiency testing, burn-in, quality, and logistics support; logistics and field services; depot repair and customer management services; and cloud services, including public cloud solutions in productivity and collaboration, infrastructure as a service, platform as a service, software as a service, security, mobility, AI, and other hybrid solutions. In addition, it offers online services; financing options, including net terms, third party leasing, floor plan financing and letters-of-credit backed financing and arrangements, as well lease products to reseller customers and their end-users and provides device-as-a-service to end-users; and marketing services comprising direct mail, external media advertising, reseller product training, targeted telemarketing campaigns, national and regional trade shows, trade groups, database analysis, print on demand services, and web-based marketing. It serves value-added resellers, corporate resellers, government resellers, system integrators, direct marketers, retailers, and managed service providers. The company has strategic alliance with EigenQ, Inc. to help public-sector, defense, critical infrastructure and enterprise customers assess and prepare AMD EPYC" processor-based server environments for the post-quantum security transition. The company was formerly known as SYNNEX Corporation and changed its name to TD SYNNEX Corporation in 

### Why customers stay

Margins ranged from 6.1% to 7% during 2023–25; it earns 12.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2023: grossProfit / revenue = 6.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2024: grossProfit / revenue = 6.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1177394/000162828026003598/snx-20251130.htm (filed 2026-01-27); FY2025: grossProfit / revenue = 7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); 10-year return on capital observations [[2016,0.12547199995630376],[2017,0.11926016426826054],[2018,0.09105095570378609],[2019,0.15229194218243192],[2020,0.07745862075911315],[2021,0.08518693923354682],[2022,0.12461400908760464],[2023,0.1471110726589769],[2024,0.1398792447886714],[2025,0.1705856446908836]]; median 0.12504300452195422. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 6% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1177394/000162828026003598/snx-20251130.htm (filed 2026-01-27); Gross margin observations: [[2021,0.05586510909080039],[2022,0.05714564124329264],[2023,0.06874816090287662]]; range within 2 percentage points.

### Where the cash goes

Reinvests 7.6% of cash earnings; earns 60.9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2016: growth capex 1940000; upkeep 121293000; cash acquisitions 414801000; owner earnings 234946000. Growth capex plus acquisitions / owner earnings = 1.7737735479642132.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2017: growth capex 0; upkeep 97546000; cash acquisitions 526658000; owner earnings 362580000. Growth capex plus acquisitions / owner earnings = 1.452529097026863.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2018: growth capex 0; upkeep 125305000; cash acquisitions 1069946000; owner earnings 399963000. Growth capex plus acquisitions / owner earnings = 2.675112447901431.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2019: growth capex 0; upkeep 137423000; cash acquisitions 9427000; owner earnings 735397000. Growth capex plus acquisitions / owner earnings = 0.012818926375821495.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2020: growth capex 19882115.82932368; upkeep 178082884.17067632; cash acquisitions 5560000; owner earnings 416148115.82932365. Growth capex plus acquisitions / owner earnings = 0.06113716453724939.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2021: growth capex 0; upkeep 54892000; cash acquisitions 907093000; owner earnings 491841000. Growth capex plus acquisitions / owner earnings = 1.8442809769823987.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2022: growth capex 0; upkeep 117049000; cash acquisitions 0; owner earnings 997623000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2023: growth capex 0; upkeep 150007000; cash acquisitions 0; owner earnings 895219000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2024: growth capex 0; upkeep 175112000; cash acquisitions 43677000; owner earnings 921511000. Growth capex plus acquisitions / owner earnings = 0.047397155324244634.

- Source: https://www.sec.gov/Archives/edgar/data/1177394/000162828026003598/snx-20251130.htm (filed 2026-01-27); FY2025: growth capex 0; upkeep 142282000; cash acquisitions 83666000; owner earnings 1099597000. Growth capex plus acquisitions / owner earnings = 0.07608787583087258.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); Incremental return on capital 0.6089177022904991, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); Dividend observations: [[2016,33724000],[2017,41815000],[2018,59720000],[2019,76607000],[2020,20782000],[2021,50272000],[2022,114946000],[2023,130374000],[2024,138081000],[2025,146381000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1177394/000162828026003598/snx-20251130.htm (filed 2026-01-27); FY2025: cash repurchases 627206000 USD.

### Are managers owners

Insiders own 4.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SNX.US SharesStats.PercentInsiders = 4.945 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.9% yearly over ten years; actual growth was 9.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); Ten-year compound average after fade. Initial solved rate 0.056581016191222244. Price 255.14; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.38546960764383 → FY2025 13.33976707509402. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $51.37 per share

- 2016-11: $58.57 per share

- 2016-12: $60.63 per share

- 2017-01: $60.21 per share

- 2017-02: $58.57 per share

- 2017-03: $56.08 per share

- 2017-04: $54.32 per share

- 2017-05: $55.74 per share

- 2017-06: $60.10 per share

- 2017-07: $59.58 per share

- 2017-08: $59.92 per share

- 2017-09: $63.38 per share

- 2017-10: $67.57 per share

- 2017-11: $68.23 per share

- 2017-12: $68.11 per share

- 2018-01: $61.48 per share

- 2018-02: $61.94 per share

- 2018-03: $59.31 per share

- 2018-04: $50.18 per share

- 2018-05: $53.51 per share

- 2018-06: $48.35 per share

- 2018-07: $48.33 per share

- 2018-08: $48.58 per share

- 2018-09: $42.43 per share

- 2018-10: $38.88 per share

- 2018-11: $40.45 per share

- 2018-12: $40.50 per share

- 2019-01: $48.47 per share

- 2019-02: $49.15 per share

- 2019-03: $47.79 per share

- 2019-04: $54.04 per share

- 2019-05: $43.44 per share

- 2019-06: $49.30 per share

- 2019-07: $49.37 per share

- 2019-08: $41.99 per share

- 2019-09: $56.56 per share

- 2019-10: $58.98 per share

- 2019-11: $61.52 per share

- 2019-12: $64.52 per share

- 2020-01: $69.01 per share

- 2020-02: $62.64 per share

- 2020-03: $36.62 per share

- 2020-04: $43.86 per share

- 2020-05: $53.43 per share

- 2020-06: $60.00 per share

- 2020-07: $62.49 per share

- 2020-08: $63.70 per share

- 2020-09: $70.17 per share

- 2020-10: $65.95 per share

- 2020-11: $80.31 per share

- 2020-12: $81.44 per share

- 2021-01: $81.62 per share

- 2021-02: $89.16 per share

- 2021-03: $114.84 per share

- 2021-04: $121.20 per share

- 2021-05: $126.60 per share

- 2021-06: $121.76 per share

- 2021-07: $119.54 per share

- 2021-08: $127.07 per share

- 2021-09: $104.10 per share

- 2021-10: $105.00 per share

- 2021-11: $103.46 per share

- 2021-12: $114.36 per share

- 2022-01: $104.57 per share

- 2022-02: $101.83 per share

- 2022-03: $103.21 per share

- 2022-04: $100.09 per share

- 2022-05: $103.85 per share

- 2022-06: $91.10 per share

- 2022-07: $100.42 per share

- 2022-08: $96.28 per share

- 2022-09: $81.19 per share

- 2022-10: $91.51 per share

- 2022-11: $102.30 per share

- 2022-12: $94.71 per share

- 2023-01: $102.15 per share

- 2023-02: $96.52 per share

- 2023-03: $96.79 per share

- 2023-04: $89.04 per share

- 2023-05: $89.38 per share

- 2023-06: $94.00 per share

- 2023-07: $98.71 per share

- 2023-08: $101.75 per share

- 2023-09: $99.86 per share

- 2023-10: $91.68 per share

- 2023-11: $98.64 per share

- 2023-12: $107.61 per share

- 2024-01: $99.98 per share

- 2024-02: $103.90 per share

- 2024-03: $113.10 per share

- 2024-04: $117.84 per share

- 2024-05: $130.84 per share

- 2024-06: $115.40 per share

- 2024-07: $119.17 per share

- 2024-08: $121.42 per share

- 2024-09: $120.08 per share

- 2024-10: $115.35 per share

- 2024-11: $118.99 per share

- 2024-12: $117.28 per share

- 2025-01: $142.51 per share

- 2025-02: $137.49 per share

- 2025-03: $103.96 per share

- 2025-04: $110.80 per share

- 2025-05: $121.34 per share

- 2025-06: $135.70 per share

- 2025-07: $144.39 per share

- 2025-08: $148.07 per share

- 2025-09: $163.75 per share

- 2025-10: $156.49 per share

- 2025-11: $152.48 per share

- 2025-12: $150.23 per share

- 2026-01: $158.67 per share

- 2026-02: $156.81 per share

- 2026-03: $168.71 per share

- 2026-04: $228.18 per share

- 2026-05: $261.28 per share

- 2026-06: $267.34 per share

- 2026-07: $255.70 per share

- 2026-08: $252.85 per share

- 2026-09: $256.85 per share

- 2026-10: $255.14 per share

## Annual estimated value (USD per share)

- FY2016: low $63.71 per share, central $72.13 per share, high $83.33 per share

- FY2017: low $78.81 per share, central $88.91 per share, high $102.36 per share

- FY2018: low $88.59 per share, central $100.59 per share, high $116.58 per share

- FY2019: low $91.83 per share, central $116.49 per share, high $136.07 per share

- FY2020: low $118.30 per share, central $144.86 per share, high $165.88 per share

- FY2021: low $137.93 per share, central $180.05 per share, high $209.73 per share

- FY2022: low $179.49 per share, central $256.31 per share, high $301.08 per share

- FY2023: low $131.08 per share, central $181.87 per share, high $213.35 per share

- FY2024: low $137.85 per share, central $185.73 per share, high $217.58 per share

- FY2025: low $174.86 per share, central $240.66 per share, high $280.03 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1177394/000162828026003598/snx-20251130.htm); period 2025-11-30, filed 2026-01-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.