TD Synnex Corp
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Earnings Call Q3 2026
September 24, 2026 - AI Summary
Another record quarter; Distribution + Hyve both beat expectations (growth above market)
- Non-GAAP gross billings: $31.8B, +40% YoY (constant currency +41%), above the high end of guidance.
- Non-GAAP operating income: $736M, +55% YoY.
- Non-GAAP EPS: $5.68, +59% YoY, also above the high end.
- GAAP EPS: $5.18, +89% YoY.
- Mix of performance: Strength was broad-based by geography, technology, and customer/program, with notable strength in data center infrastructure.
Segmentation: Distribution and Hyve growth rates were exceptional (and very different dynamics)
- Distribution gross billings: $24.8B, +27% YoY, “double-digit growth” across regions; strength in data center infrastructure.
- Endpoint Solutions: +16% (PCs up with higher ASPs; modest unit decline).
- Advanced Solutions: +37% (infrastructure, software, AI-related technologies).
- Hyve gross billings: $7.0B, +117% YoY.
- Manufacturing: >130%, ~2/3 of Hyve billings.
- Supply chain: >90%, linked to component demand for customer infrastructure deployments.
Margin/cash flow headwinds were real (and partly explained)
- Hyve margins pressured: Hyve non-GAAP operating margin fell to 3.61% vs 5.04% prior year (management said this is due to AI rack/server programs that are strategic but dilutive; they believe this headwind has stabilized).
- Overall gross margin decline (investor concern): Management attributed margin softness largely to product/customer/geo mix and some larger, slightly lower-margin transactions, not a broad-based pricing breakdown.
- Cash: Free cash flow consumption ~ $1B for the quarter, primarily due to increased inventory/working capital in Hyve to support ramps and new programs.
- Networking capital: $6.5B; gross cash conversion cycle 22 days (up 5 days sequentially, 6 days YoY) reflecting increased Hyve mix.
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$150.14
36.9% downside
Current Fair Value
36.9% downsideOvervalued by 36.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $17.45 Billion |
|---|---|
| Enterprise Value | $18.63 Billion |
| Annual dividend | $1.92 |
| Dividend yield | 0.88% |
| Earnings per Share | $10.08 |
| Beta | 1.43 |
| Outstanding Shares | 79,213,000 |
Return
| Return on Equity | 18.37% |
|---|---|
| Return on Assets | 4.08% |
| Return on Invested Capital | 12.06% |
Valuation & Multiples
| P/E Ratio | 13.23 |
|---|---|
| PEG | -51.35 |
| Price to Sales | 0.25 |
| Price to Book Ratio | 2.03 |
| Enterprise Value to Revenue | 0.25 |
| Enterprise Value to EBIT | 10.84 |
| Enterprise Value to Net Income | 10 |
| Total Debt to Enterprise | 0.1 |
| Debt to Equity | 0.21 |
Revenue Sources
No data
Last Earnings Call
Report Date
September 24, 2026
EPS
$5.68
Est. $4.70Revenue
$21.56 B
Est. $18.91 BNext Earnings Call
Expected Date
January 14, 2027
EPS Estimate
$5.95
Consensus analyst estimateRevenue Estimate
$22.24 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 42.33% |
|---|---|
| Total Calls | 600▼ 99.87% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 17.59%▼ 75.45% |
|---|---|
| Total Invested | $3.58B▼ 81.86% |
| Investors Holding | 354▼ 407.00% |
About Synnex Corp
240,000 employees
CEO: Dennis Polk
Synnex Corporation is an American multinational corporation that provides B2B IT services. It was founded in 1980 by Robert T. Huang and based in Fremont, California. As an information technology supply chain services company, it offers ...