SNXTD SYNNEX CORP

Wholesale-Computers & Peripheral Equipment & Software

Revenue: $62.5B; 6.9% YoY
Operating margin: 2.3%; 11% YoY
EBITDA: $1.8B; 14% YoY
Market cap: $8.5B
Employees: —
Net debt / EBITDA: 2.1×; $3.9B net debt
AI in 10-K: 3.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
185% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
48% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
3.4 per 10K words · 74th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$43M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$31.6B	$62.3B	$57.6B	$58.5B	$62.5B	6.9%
Operating income	$623M	$1.1B	$1.1B	$1.2B	$1.4B	18%
Net income	$395M	$651M	$627M	$689M	$828M	20%
Operating cash flow	$810M	−$50M	$1.4B	$1.2B	$1.5B	26%
Capex	$40M	$65M	$150M	$175M	$142M	19%
Stock-based comp	$53M	$91M	$85M	$69M	$66M	4.0%
Buybacks	$0	$125M	$621M	$612M	$596M	2.6%
Dividends	$50M	$115M	$130M	$138M	$146M	6.0%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jun 9, 2021	DEFM14A	—	$145.00	30%
May 3, 2021	PREM14A	—	$145.00	30%

13D filers

Filed	Filer	Form	Stake	Intent
Apr 11, 2024	Apollo Management Holdings GP, LLC	SC 13D/A	0.0%	Passive
Apr 4, 2024	Apollo Management Holdings GP, LLC	SC 13D/A	6.1%	Passive
Feb 5, 2024	Apollo Management Holdings GP, LLC	SC 13D/A	19.8%	Passive
Jan 17, 2024	Apollo Management Holdings GP, LLC	SC 13D/A	29.1%	Passive
Oct 18, 2023	Apollo Management Holdings GP, LLC	SC 13D/A	32.5%	Passive
Jul 13, 2023	Apollo Management Holdings GP, LLC	SC 13D/A	37.9%	Passive
Feb 1, 2023	Apollo Management Holdings GP, LLC	SC 13D/A	40.0%	Passive
Mar 4, 2022	Apollo Management Holdings GP, LLC	SC 13D/A	45.0%	Active
Oct 13, 2021	Apollo Management Holdings GP, LLC	SC 13D/A	45.2%	Active
Sep 10, 2021	Apollo Management Holdings GP, LLC	SC 13D	44.6%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $43M · 139
Net: −$43M

Pay vs performance

No pay-versus-performance disclosure yet.