TD Synnex Corp (SNX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-44.6%

$127.78

vs $230.51 price

Levered DCF

$152.61

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.62

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.05×	14.89×	14.68×	15.07×	16.47×	7.81×	6.28×	5.55×
P/B	1.47×	1.27×	1.12×	1.21×	0.81×	0.94×	0.82×	0.49×
P/S	0.2×	0.17×	0.16×	0.16×	0.2×	0.2×	0.16×	0.08×
EV / EBITDA	8×	8.12×	8.04×	8.95×	13.05×	7.88×	4.9×	6.07×
Gross margin	7.0%	6.1%	6.2%	5.7%	5.6%	5.8%	14.0%	9.1%
Operating margin	2.3%	2.1%	2.3%	2.0%	2.3%	2.6%	4.5%	3.0%
Net margin	1.3%	1.2%	1.1%	1.0%	1.2%	2.6%	2.6%	1.5%
Current ratio	1.21×	1.24×	1.2×	1.25×	1.25×	1.56×	1.62×	1.43×
Debt / equity	0.55×	0.49×	0.5×	0.51×	0.52×	0.37×	0.8×	1.01×
Interest coverage	3.99×	3.73×	4.32×	6.24×	6.19×	12.03×	5.56×	6.73×
Dividend yield	1.2%	1.4%	1.4%	1.2%	0.8%	0.5%	2.5%	3.6%
Payout ratio	17.7%	20.0%	20.8%	17.6%	12.7%	3.9%	15.3%	19.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.8%	8.6%	7.7%	8.1%	5.0%	12.2%	13.2%	8.7%
Return on invested capital	7.8%	7.4%	7.7%	7.2%	4.5%	5.1%	8.9%	5.2%
Return on assets	2.4%	2.3%	2.1%	2.2%	1.4%	3.9%	4.3%	2.6%
Free cash flow yield	11.2%	10.2%	13.8%	-1.7%	11.7%	40.0%	13.2%	-1.5%
Earnings yield	6.6%	6.8%	6.9%	6.7%	6.1%	12.9%	16.1%	18.0%
Enterprise value	$14.6B	$13B	$12.2B	$13.3B	$9.6B	$4.3B	$5.9B	$4.7B
Net debt / EBITDA	1.19×	1.78×	2.01×	2.41×	4.28×	0.38×	2.32×	3.9×
Cash conversion cycle (days)	23	25	29	29	43	36	72	60