CDW Corporation

Balance sheet strength is solid for a distributor‑integrator: as of 9/30/2025 total debt was about $5.63 billion, cash $453 million, and net debt around $5.18 billion with cash plus revolver availability near $1.8 billion.

Interest coverage remains healthy, and management’s liquidity discipline is shown in a cash conversion cycle running near the low end of their target range, although DSO ticked higher to 92 days in Q3 2025. We estimate TTM free cash flow at roughly $1.01 billion to 9/30/2025 by adding Q4 2024 FCF ($345.3m CFO minus $28.6m capex) to 2025 YTD FCF ($771.4m CFO minus $79.2m capex), supporting rapid deleveraging if needed.

Key watch‑items are working‑capital swings and cyclical public‑sector spending.