TD SYNNEX Corporation (SNX) Stock

TD SYNNEX Corporation (SNX) is a Consumer Discretionary stock trading at $253.03 (as of 2026-09-02), with a market capitalization of $20.34B and a trailing P/E of 17.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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.

Understand TD SYNNEX Corporation: how it makes money

TD SYNNEX distributes IT hardware (servers, networking, PCs, consumer electronics) from OEMs to resellers and enterprise buyers, earning a thin commission on each unit moved. The Americas and Europe drive the bulk of revenue, while the HIVE systems-integration arm adds build-to-order and data-center work on top of the core distribution flow.

Every dollar of revenue keeps roughly seven cents at the gross level, making this a volume-and-turn game where incremental profit depends on shifting mix toward HIVE's higher-touch build-to-order and integration work rather than growing the raw distribution book.

Revenue by segment (latest quarter)
Americas$9.5B
Europe$6.5B
Asia-Pacific & Japan$1.4B

Business quality (Mixed): Tollbooth economics on a massive hardware flow: top-line momentum is real (31% YoY), but a 3% operating margin means most of that growth is passed through to suppliers, leaving limited cushion for supply shocks or demand dips.

Valuation: At 18× earnings, SNX trades 24% below the Wholesale average (23×).

Bull case

  • HIVE locks in hyperscaler pipelines: Management confirmed HIVE has secured programs with all five U.S.-based hyperscalers, with additional revenue ramps expected in Q4 FY26 and Q1 FY27, giving the services arm a multi-quarter tailwind beyond spot distribution.
  • Trades at a valuation discount: At 17.8x earnings versus the 23x Wholesale industry average, the stock prices in roughly 24% less than peers despite 31% revenue growth, leaving room for a re-rate if HIVE ramps sustain through the year.

Bear case

  • Component supply hits Q3: Management already factored memory and CPU availability risk into Q3 guidance, and because gross margin is only 7%, any component premium or shipment delay compresses the already-thin 3% operating margin quickly.
  • HIVE ramp margins are unstable: Management noted HIVE's margin profile varies by program and can be pressured during ramp inefficiencies, meaning the higher-value services revenue that offsets distribution thinness is itself lumpy and hard to model.
  • PC cycle turns fragile at high ASPs: Management flagged that PC demand could weaken as higher average selling prices increase consumer elasticity, a risk that hits the Americas ($9.5B, 48% of revenue) and Europe segments where PC distribution is a legacy anchor.
Valuation — source: SEC EDGAR (first-party)
Price$253.03
Market Cap$20.34B
P/E Ratio17.9
EV / EBITDA9.2
Price / Book2.27
Price / Sales0.29
FCF Yield6.8%
DCF Value (model)$215.10
DCF Upside vs Price-15.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$62.51B
Net Margin1.3%
Revenue Growth (YoY)31.0%
EPS Growth (YoY)87.4%
FCF Growth (YoY)-161.2%
Financial Health — source: SEC EDGAR
Altman Z-Score2.73 (grey)
Piotroski F-Score6/9 (moderate)
Valuation vs Sector & Industry
Stock P/E17.9
Sector P/E (Consumer Discretionary)20.1
Industry P/E (Wholesale)23.9
vs Sector-11.0%
vs Industry-24.9%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($1.23B)
Institutional Holders Tracked10
Company
SectorConsumer Discretionary
IndustryWholesale
CEOPatrick Zammit
Employees23,000
CountryUS
IPO Date2003-11-25

TD SYNNEX Corporation earnings call transcripts

  • SNX Q2 FY26 earnings call transcript (reported 2026-06-25) · analysis
  • SNX Q4 FY25 earnings call transcript (reported 2026-01-08) · analysis
  • SNX Q3 FY25 earnings call transcript (reported 2025-09-25) · analysis

All SNX earnings calls

Related Companies (Wholesale; 8 comparable wholesalers)

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  • Jabil Inc. (JBL)
  • Arrow Electronics, Inc. (ARW)
  • ScanSource, Inc. (SCSC)
  • PC Connection, Inc. (CNXN)
  • Performance Food Group Company (PFGC)
  • Sysco Corporation (SYY)
  • US Foods Holding Corp. (USFD)
SNX earnings history · SNX institutional & insider holders · SNX KPIs & operating metrics · SNX financials · SNX investor presentations & press releases · SNX SEC filings · SNX peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.