CDW CORP

CDW · Consumer Discretionary · $17.3B mkt cap · FY2025 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power23

Median gross margin 17.3% over 10y, stable.

Returns on capital88

Median ROIC 17.3%, above the 9% hurdle in 100% of years.

Balance-sheet safety65

Net debt/EBITDA 2.6x, no material interest expense disclosed.

Capital discipline86

Owner earnings +8.1%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

22% below value

Owner earnings (normalized): $1.2B
Est. intrinsic value / share: $171.17
Recent price: $133.78
Discount to value: 22% below value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CDW. See the disclaimer.