At a glance
Synnex Corporation is worth $20.48B, about 26 times its fiscal 2025 earnings. Revenue grew 6.9% to $62.51B in fiscal 2025, with 1.3% kept as profit; over 5 years it has grown 25.6% a year. It pays a 0.75% dividend yield, raised every year for at least 5 years, and returned $2.53B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +66.2% over the past year with dividends reinvested and +21.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 54.6% in the 2020 crash (S&P 500: 33.7%) and 30.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 18 months after the lows.
The business in plain English
TD SYNNEX is a wholesaler for the technology industry. It sources more than 200,000 products from about 2,500 manufacturers, including Apple and HP, and resells them to more than 150,000 business customers. Most are resellers: value-added resellers, system integrators, government resellers, retailers and managed service providers (firms that run IT for other companies). They in turn sell to large companies, governments, small businesses and consumers. The combined company took shape when SYNNEX acquired Tech Data in September 2021.
Sales fall into two main groups. Endpoint Solutions covers PCs, peripherals, mobile phones, printers and supplies. Advanced Solutions covers data center technology such as servers, storage, networking, security, software and hybrid cloud. It also includes Hyve, which designs and builds custom servers for hyperscale operators (the giant cloud data center companies). TD SYNNEX also sells services such as logistics, repair, on-site installation and system assembly. It reports three geographic segments: the Americas, Europe, and Asia-Pacific and Japan.
The model relies on huge volume and thin margins. In the fiscal year ended November 30, 2025, revenue was about $62.5 billion. Gross margin (sales minus product costs, as a share of sales) was about 7%, and operating margin was about 2.3%. Apple products made up about 12% of revenue and HP about 10%, and one customer accounted for 11%.
Price history
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SNX +66.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Aug 31, 2026), revenue was $21.56B, up 37.7% from a year earlier, and net income was $416.2M (+83.5%).
- For fiscal 2025, revenue was $62.51B (+6.9% year over year; +25.6% a year from FY2020 to FY2025) with a 1.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.6% good |
|---|---|
| Operating margin | 2.3% weak |
| Free cash flow margin | 2.2% watch |
| Return on equity (FY2025) | 9.8% watch |
| Return on assets (FY2025) | 2.4% weak |
| Net cash (cash minus debt) | $-4.77B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $19.98B | $529.2M | $1.81B |
| FY2021 | $31.61B | $395.1M | $770.1M |
| FY2022 | $62.34B | $651.3M | $-114.9M |
| FY2023 | $57.56B | $626.9M | $1.26B |
| FY2024 | $58.45B | $689.1M | $1.04B |
| FY2025 | $62.51B | $827.7M | $1.39B |
Valuation snapshot
| Market value | $20.48B |
|---|---|
| P/E ratio | 25.8 |
| Dividend yield | 0.75% |
Rank among 1514 US companies
Market value at each year end
Synnex’s market value went from $10.98B at the end of 2021 to $20.48B on Oct 28, 2026, up 87%; since the end of 2025 it is up 67%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $20.48B | +67.4% |
| 2025 | $12.23B | +22.6% |
| 2024 | $9.98B | +0.4% |
| 2023 | $9.94B | +9.8% |
| 2022 | $9.05B | -17.6% |
| 2021 | $10.98B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SNX price data to Oct 28, 2026 | +72.5% | +66.2% | +43.5% | +21.2% | +18.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +72.5% |
| 2025 | +29.8% |
| 2024 | +10.6% |
| 2023 | +15.3% |
| 2022 | -16.1% |
| 2021 | +41.5% |
| 2020 | +26.8% |
| 2019 | +61.8% |
| 2018 | -39.7% |
| 2017 | +13.3% |
| 2016 | +36.1% |
| 2015 | +15.9% |
| 2014 | +16.2% |
| 2013 | +96.0% |
| 2012 | +12.9% |
| 2011 | -2.4% |
| 2010 | +1.8% |
| 2009 | +170.6% |
| 2008 | -42.2% |
| 2007 | -10.7% |
| 2006 | +45.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 34.7% over that stretch · deepest drop along the way 67.3%, back to its old high 5.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 48.2% over that stretch · deepest drop along the way 54.6%, back to its old high 6.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.9% over that stretch · deepest drop along the way 30.2%, back to its old high 17.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 54 sales ($7.9M), 49 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 21, 2026 | Dennis Polk Chair, Hyve Solutions, Director | sell | $994K |
| Oct 22, 2026 | Alim Dhanji Chief Human Resources Officer | sell | $590K |
| Jul 31, 2026 | Ann F Vezina Director | sell | $326K |
| Aug 5, 2026 | Richard T Hume Director | sell (plan) | $321K |
| Oct 22, 2026 | Alim Dhanji Chief Human Resources Officer | sell | $300K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.2% | Sep 30, 2026 |
| FMR LLC | 8% | Jun 30, 2026 |
| JPMORGAN CHASE & CO. | 5.1% | Jun 30, 2025 |
| Vanguard Portfolio Management | 4.88% | Jun 30, 2026 |
| MiTAC Holdings Corp. | 4.3% | Dec 31, 2025 |
ETFs with the most weight in SNX
| RFV Invesco S&P MidCap 400® Pure Value ETF | 2.48% |
| XMVM Invesco S&P MidCap Value with Momentum ETF | 2.39% |
| RSMC Rockefeller U.S. Small-Mid Cap ETF | 2.35% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 2.12% |
| QVAL Alpha Architect U.S. Quantitative Value ETF | 2.12% |
| FXL First Trust Technology AlphaDEX Fund | 1.85% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 1.36% |
| SMCO Hilton Small-MidCap Opportunity ETF | 1.32% |
What could go wrong
- Heavy reliance on Apple and HP. Apple products were about 12% of revenue and HP about 10% in fiscal 2025. Supplier agreements are usually short-term and can often be ended without cause on short notice.
- Thin margins leave little room for error. Gross margin was about 7% and operating margin about 2.3% in fiscal 2025. Small changes in pricing, supplier rebates or costs can have an outsized effect on profit.
- Customer concentration and unpredictable orders. One customer accounted for 11% of fiscal 2025 revenue. Most sales are made by purchase order rather than long-term contract, so customers can cancel, reduce or delay orders.
- Unsold inventory can lose value fast. Tech products have short life cycles and falling prices. Supplier price protection is limited, so markdowns or obsolete stock can hurt results, including custom parts ordered for server design customers.
- Manufacturers could sell around distributors. Some suppliers may consolidate their distribution or sell more directly to resellers, which would shrink the role of middlemen like TD SYNNEX. Larger resellers already purchase some products straight from manufacturers.
- Debt and interest-rate exposure. Total debt was about $5.5 billion against about $749 million of cash and investments as of August 31, 2026. Variable-rate borrowing means higher interest rates can raise interest costs.
Recent events
- Major agreement signed
- Quarterly results released
- Executive or board change
- Executive or board change
- Major agreement signed
- Other company announcement
- Quarterly results released
- Executive or board change
- Unregistered sale of shares
- Executive or board change
For income and retirement investors
TD SYNNEX pays a small dividend. The yield was 0.75% as of October 28, 2026, which offers little income for the money invested. Regular dividends rose from $0.40 per share in fiscal 2020 to $1.76 in fiscal 2025, about 34.5% a year, with five straight annual increases. In fiscal 2025 the dividend used about 18% of earnings and 11% of free cash flow (cash left after capital spending). Share buybacks have been bigger: about $1.95 billion from fiscal 2021 to 2025, against about $580 million in dividends. The share count fell about 17% from September 2021 to September 2026.
The stock has fallen hard in downturns: 67% in 2008, 55% in the 2020 COVID crash and 30% in the 2022 bear market. It regained its earlier peak within about seven months of each of the first two lows, but needed about 18 months after the 2022 low. A single stock carries more risk than a diversified fund.
Questions investors ask
How does TD SYNNEX make money?
TD SYNNEX makes money by distributing technology products at a small markup. It sources hardware and software from about 2,500 manufacturers and resells them to more than 150,000 resellers, retailers and service providers. It also sells services such as logistics, repair and custom server assembly. The margin on each sale is thin: in fiscal 2025, revenue was about $62.5 billion, but operating income was about $1.4 billion, an operating margin of about 2.3%.
Does TD SYNNEX pay a dividend?
Yes, but the yield is low. TD SYNNEX paid $1.76 per share in regular dividends in fiscal 2025, and the yield was 0.75% as of October 28, 2026. The dividend has risen five years in a row, up from $0.40 per share in fiscal 2020. It used about 18% of fiscal 2025 earnings, a low share that leaves a cushion if profits dip, though increases are never guaranteed. The company spends more on share buybacks than on dividends.
How dependent is TD SYNNEX on Apple?
Fairly dependent. Sales of Apple products made up about 12% of TD SYNNEX revenue in fiscal 2025, the same share as in fiscal 2024, and HP products made up about 10%. These distribution agreements are usually nonexclusive and short-term, and they often allow either side to end them without cause on fairly short notice. Losing a major supplier, or a change in its terms, could hurt revenue and profit.
Is TD SYNNEX the same company as Tech Data?
They are now one company. SYNNEX Corporation acquired Tech Data Corporation on September 1, 2021, and Tech Data became an indirect subsidiary. The combined business changed its name to TD SYNNEX Corporation, effective November 3, 2021. SYNNEX itself dates to 1980, when it began as COMPAC Microelectronics in California. The company has headquarters in both Clearwater, Florida, and Fremont, California, and its shares trade on the NYSE under the symbol SNX.
How has TD SYNNEX stock performed?
It has risen a lot over the long run, with big swings along the way. As of October 28, 2026, the share price had gained about 66% over one year, and averaged about 21% a year over five years and 19% a year over ten. That includes a gain of about 72.5% in 2026 through October 28. The stock has also had deep drops, including 67% in 2008 and a 30% peak-to-low fall in 2022. Its price-to-earnings ratio was about 25.8 on fiscal 2025 earnings. Past returns do not predict future results.