CDW vs IBM: CDW and International Business Machines compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- International Business Machines is the larger company, worth $221.1B, about 12.0 times CDW.
- CDW grew revenue faster over the last year (+10.0% vs +1.1%).
- On earnings, CDW is the cheaper stock (17.6x vs 20.8x).
- International Business Machines's price assumes faster free cash flow growth: about 4% a year, against 3% for CDW (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CDW | IBM |
|---|---|---|
| Market cap | $18.5B | $221.1B |
| Share price | $142.17 | $227.13 |
| Revenue (last fiscal year) | $22.4B | $67.5B |
| Free cash flow (last fiscal year) | $1.1B | $12.1B |
| Revenue growth, last year | +10.0% | +1.1% |
| Revenue growth per year, last 5 fiscal years | +1.9% | +4.2% |
| Operating margin | 7.1% | — |
| Net margin | 4.6% | 15.5% |
| Return on equity | 44.2% | 31.1% |
| P/E (trailing) | 17.6x | 20.8x |
| Price / free cash flow | 17.0x | 19.1x |
| EV / EBITDA | 13.7x | 15.9x |
| FCF growth the price implies | 2.8% | 3.8% |
| Dividend yield | 1.7% | 2.9% |
| Debt / equity | 6.07x | 3.41x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 10 |
| Insider purchases, last 12 months | 2 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
CDW
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $20.8B | $685M | 6.8% |
| 2022 | $23.7B | $1.2B | 7.3% |
| 2023 | $21.4B | $1.5B | 7.9% |
| 2024 | $21.0B | $1.2B | 7.9% |
| 2025 | $22.4B | $1.1B | 7.4% |
International Business Machines
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $57.4B | $10.7B | — |
| 2022 | $60.5B | $9.1B | — |
| 2023 | $61.9B | $12.7B | — |
| 2024 | $62.8B | $12.4B | — |
| 2025 | $67.5B | $12.1B | — |
Where the revenue comes from
CDW · by segments, 2025
Corporate$9.4B42%
Public$8.5B38%
Other$2.7B12%
Small Business$1.7B8%
International Business Machines · by segments, 2025
Software$30.0B44%
Consulting$21.1B31%
Infrastructure$15.7B23%
Financing$737M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CDW in InvestinglyQuestions
Which is bigger, CDW or International Business Machines?
International Business Machines (IBM), at $221.1B against $18.5B.
Is CDW or IBM cheaper?
By trailing P/E, CDW (17.6x) is cheaper than International Business Machines (20.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, CDW or IBM?
CDW: revenue grew +10.0% over the last year, against +1.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.