CDW Corporation

Management has a long record of balanced allocation: reinvest in capacity and services, augment via targeted M&A, and return capital through buybacks and a growing dividend. Strategic deals such as Sirius (2021) and Mission Cloud (2024) expanded solutions depth, particularly in cloud, security and managed services.

In 2025 the Board increased the repurchase authorization and lifted the dividend to $0.63, aligned with a 25% TTM non‑GAAP EPS payout target. We like the services‑led M&A posture and measured leverage.

One caution in 2025: capital returned YTD ran above free cash flow due to timing, something we prefer to see normalize as cash conversion improves.