# TD SYNNEX Corporation (SNX)

> Source: Nexqual · https://nexqual.com/SNX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, TD SYNNEX Corporation (SNX), nexqual.com/SNX" · informational, not investment advice.

**Price:** USD 247.08 (-1.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 251.14 · day 237–248.16 · 52w 142.22–298.77 · market cap $19.7B · NYQ

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $75.7B, net income $1.33B (1.8% margin), free cash flow -$815M (SEC filings).
- Valuation: P/E 14.9x (avg 14.9x at the last 3 fiscal year-ends), EV/EBITDA 9.9x, net debt $4.77B.
- 4 of 80 tracked superinvestors hold SNX (13F, Q2 2026): 1 new, 0 added, 3 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 21 Form 4 filings, $21.9M; 7 not under a Rule 10b5-1 plan ($10.2M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 15 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +62.6% vs S&P 500 +14.9%; 5Y +150.9% vs S&P 500 +80.3%.
- Next earnings: 2026-09-24, EPS estimate USD 5.99, revenue estimate $22.2B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $31.6B | $62.3B | $57.6B | $58.5B | $62.5B | $75.7B |
| Gross profit | $1.89B | $3.90B | $3.96B | $3.98B | $4.37B | — |
| Operating income | $623M | $1.05B | $1.08B | $1.19B | $1.41B | $2.05B |
| Net income | $395M | $651M | $627M | $689M | $828M | $1.33B |
| EPS (diluted) | $6.24 | $6.77 | $6.70 | $7.95 | $9.95 | — |
| Free cash flow | $770M | -$115M | $1.26B | $1.04B | $1.39B | -$815M |
| Gross margin | 6.0% | 6.3% | 6.9% | 6.8% | 7.0% | — |
| Operating margin | 2.0% | 1.7% | 1.9% | 2.0% | 2.3% | 2.7% |
| Net margin | 1.2% | 1.0% | 1.1% | 1.2% | 1.3% | 1.8% |
| Revenue growth | +58.3% | +97.2% | -7.7% | +1.6% | +6.9% | — |
| Cash + short-term investments | $994M | $523M | $1.03B | $1.06B | $2.44B | — |
| Total debt | $4.18B | $4.13B | $4.10B | $3.93B | $4.63B | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/E 14.9x · P/S 0.3x · EV/EBITDA 9.9x · EV/Sales 0.3x · P/B 2.1x · FCF yield -4.13% · Earnings yield 6.73% · Dividend yield (paid, TTM) 0.77% · Buyback yield (TTM) 2.36% · Net debt $4.77B · EV $24.5B
P/E at fiscal year-ends: Nov 2025 15.2x, Nov 2024 14.8x, Nov 2023 14.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold SNX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Abrams Bison Investments, LLC |  | 26.38% | $540M | Reduced -18.9% |
| Glenn Greenberg | Brave Warrior Advisors | 8.40% | $385M | Reduced -52.8% |
| David Einhorn | Greenlight Capital | 2.61% | $102M | Reduced -20.5% |
| Lee Ainslie | Maverick Capital | 0.01% | $619K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
14 of 21 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-21 | Polk Dennis | Chair, Hyve Solutions | 3,955 | $994K | 4.3% | No | Routine (sold in Jan & Apr & Jun each year 2023–2025; this trade is outside those months) |
| 2026-10-20 | Thompson Reyna | President, North America | 2,433 | $604K | 14.9% | Yes (adopted January 28, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-15 | Polk Dennis | Chair, Hyve Solutions | 2,500 | $629K | 2.8% | Yes (adopted January 16, 2026) | Routine (sold in Jan & Apr & Jun each year 2023–2025; this trade is outside those months) |
| 2026-09-15 | Polk Dennis | Chair, Hyve Solutions | 2,500 | $660K | 2.7% | Yes (adopted January 16, 2026) | Routine (sold in Jan & Apr & Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-17 | Polk Dennis | Chair, Hyve Solutions | 2,500 | $653K | 2.6% | Yes (adopted January 16, 2026) | Routine (sold in Jan & Apr & Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-05 | Hume Richard T | Director | 5,000 | $1.3M | 27% | Yes (adopted February 2, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-07-31 | Vezina Ann F | Director | 1,273 | $326K | 17.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-15 | Polk Dennis | Chair, Hyve Solutions | 2,500 | $624K | 2.5% | Yes (adopted January 16, 2026) | Routine (sold in Jan & Apr & Jun each year 2023–2025; this trade is outside those months) |
| 2026-07-06 | Hume Richard T | Director | 5,000 | $1.2M | 21.2% | Yes (adopted February 2, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-06-30 | Polk Dennis | Chair, Hyve Solutions | 10,000 | $2.7M | 9.2% | No | Routine (sold in Jan & Apr & Jun each year 2023–2025) |
| 2026-06-29 | Polk Dennis | Chair, Hyve Solutions | 15,000 | $4.0M | 13.1% | No | Routine (sold in Jan & Apr & Jun each year 2023–2025) |
| 2026-06-15 | Polk Dennis | Chair, Hyve Solutions | 2,500 | $711K | 2.5% | Yes (adopted January 16, 2026) | Routine (sold in Jan & Apr & Jun each year 2023–2025) |
| 2026-06-02 | Hume Richard T | Director | 5,000 | $1.4M | 17.5% | Yes (adopted February 2, 2026) | Routine (sold in Jun each year 2023–2025) |
| 2026-05-18 | Hume Richard T | Director | 5,000 | $1.1M | 14.9% | Yes (adopted February 2, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-05-15 | Polk Dennis | Chair, Hyve Solutions | 2,500 | $576K | 2.4% | Yes (adopted January 16, 2026) | Routine (sold in Jan & Apr & Jun each year 2023–2025; this trade is outside those months) |
| 2026-05-05 | Hume Richard T | Director | 5,000 | $1.2M | 13% | Yes (adopted February 2, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-05-04 | Saintil Merline | Director | 4,368 | $1.0M | 54.5% | No | Too little history (no open-market trades in 2023) |
| 2026-04-29 | Thompson Reyna | President, North America | 2,196 | $491K | 13.6% | Yes (adopted January 28, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-17 | Polk Dennis | Chair, Hyve Solutions | 2,500 | $527K | 2.3% | Yes (adopted January 16, 2026) | Routine (sold in Jan & Apr & Jun each year 2023–2025) |
| 2026-04-09 | Murphy Miriam Anne | President, Europe | 3,025 | $605K | 21.8% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-25 | UBS | Target raised | Buy | $352 → $379 |
| 2026-09-25 | Morgan Stanley | Target raised | Overweight | $334 → $359 |
| 2026-09-15 | Morgan Stanley | Target lowered | Overweight | $374 → $334 |
| 2026-09-08 | Barclays | Target raised | Equal-Weight | $278 → $287 |
| 2026-07-02 | Barclays | Target raised | Equal-Weight | $237 → $278 |
| 2026-06-26 | UBS | Target raised | Buy | $310 → $352 |
| 2026-06-26 | Barrington Research | Target raised | Outperform | $202 → $325 |
| 2026-06-26 | Morgan Stanley | Target raised | Overweight | $341 → $374 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +62.6% | +150.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +62.8% | +20.1% |
| Volatility (annualized) | 34.9% | 29.8% |
| Max drawdown | -18.8% (Jun 2026→Jul 2026) | -33.7% (Feb 2025→Mar 2025) |

## Peers (Electronics & Computer Distribution)
ARW (Arrow Electronics, Inc.) USD 209.4 -4.44% · AVT (Avnet, Inc.) USD 88.64 -4.82% · NSIT (Insight Enterprises, Inc.) USD 171.27 +0.05% · CNXN (PC Connection, Inc.) USD 88.51 +0.89% · SCSC (ScanSource, Inc.) USD 59.96 -1.79% · CLMB (Climb Global Solutions, Inc.) USD 31.95 +1.98%

## More
Full page: https://nexqual.com/SNX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SNX's own 10-K filed 2026-01-27 (https://www.sec.gov/Archives/edgar/data/1177394/000162828026003598/snx-20251130.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | HP Inc. (HPQ) | "We have distribution agreements with most of our suppliers, including Apple Inc. and HP Inc. These agreements usually provide for nonexclusive distribution rights and pertain to specific geographic territories." |
| Supplier | FedEx (FDX) | "We rely almost entirely on arrangements with independent shipping companies, such as FedEx and UPS, for the delivery of our products from OEM suppliers and delivery of products to reseller and retail customers." |
| Supplier | UPS (UPS) | "We rely almost entirely on arrangements with independent shipping companies, such as FedEx and UPS, for the delivery of our products from OEM suppliers and delivery of products to reseller and retail customers." |
| Customer | Concentrix Corp (CNXC) | "On December 1, 2020, the Company completed the previously announced separation of its customer experience services business (the "Separation"), in a tax-free transaction for federal income tax purposes, which was accompl…" |
| Competitor | Apple (AAPL) | "In 2013, the French Autorité de la Concurrence ("Competition Authority") began an investigation into the French market for certain products of Apple, Inc., ("Apple") for which we are a distributor." |
| Competitor | Jabil (JBL) | "We also compete against companies who participate within the hyperscale computing infrastructure market including Jabil Inc., Celestica, Flex Ltd., Quanta Computer Inc. and Wiwynn Corporation." |
| Competitor | Celestica (CLS) | "We also compete against companies who participate within the hyperscale computing infrastructure market including Jabil Inc., Celestica, Flex Ltd., Quanta Computer Inc. and Wiwynn Corporation." |
| Competitor | Flex (FLEX) | "We also compete against companies who participate within the hyperscale computing infrastructure market including Jabil Inc., Celestica, Flex Ltd., Quanta Computer Inc. and Wiwynn Corporation." |
| Competitor | Quanta Computer | "We also compete against companies who participate within the hyperscale computing infrastructure market including Jabil Inc., Celestica, Flex Ltd., Quanta Computer Inc. and Wiwynn Corporation." |

Other companies that name SNX in their own reports (relationship from SNX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Penguin Solutions, Inc. (PENG) | 10-K 2026-10-20 | "They also include some of the world's largest providers of computing, communications and graphics processors, including Intel Corporation ("Intel"), Advanced Micro Devices, Inc. and TD SYNNEX Corporat…" |
| supplier | Autodesk, Inc. (ADSK) | 10-K 2026-03-03 | "Total revenue from TD Synnex accounted for 14%, 33%, and 39% of Autodesk's total net revenue during fiscal 2026, 2025, and 2024, respectively." |
| customer | PC CONNECTION INC (CNXN) | 10-K 2026-02-24 | "Although we purchase from a diverse vendor base, product purchases from TD Synnex Corporation, Ingram Micro, Inc., and Microsoft Corporation accounted for approximately 25%, 21%, and 13%, respectively…" |

## Revenue by business segment (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Americas distribution | $10.32B | 47.9% | +39.9% | $255.4M | 2.5% |
| Europe distribution | $6.37B | 29.5% | +30.2% | $117.5M | 1.8% |
| Hyve Solutions | $3.80B | 17.6% | +51.7% | $249.4M | 6.6% |
| APJ distribution | $1.07B | 5.0% | +21.7% | $20.6M | 1.9% |
| Total revenue | $21.56B | 100% | — | $642.9M | 3.0% |

## Revenue by region (quarter ended 2025-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $9.27B | 59.2% | +2.0% |
| Europe | $5.17B | 33.1% | +12.7% |
| Asia Pacific | $1.21B | 7.7% | +20.4% |
| Total revenue | $15.65B | 100% | — |

## Customer concentration

Period ended 2025-08-31: 11% of revenue from unnamed direct customers (10-Q, filed 2026-10-01).

## Company outlook (8-K filed 2026-09-24)

- "The following statements are based on TD SYNNEX's current expectations for the fiscal 2026 fourth quarter."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $5.99 | $4.77 | +25.6% | $22.24B | 11 |
| Next quarter (ends 2027-02-28) | $5.39 | $4.96 | +8.6% | $20.45B | 9 |
| Current fiscal year (ends 2026-11-30) | $21.24 | $18.97 | +11.9% | $80.53B | 11 |
| Next fiscal year (ends 2027-11-30) | $24.63 | $21.42 | +15.0% | $89.16B | 11 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 38.2% | ±8.7% |
| 2026-12-18 | 56 | 37.2% | ±11.8% |
| 2027-03-19 | 147 | 39.4% | ±20.1% |
| 2027-06-17 | 237 | 40.1% | ±25.8% |