TakeoverPE & activists

SNXTD SYNNEX CORP

Wholesale-Computers & Peripheral Equipment & Software · $8.5B market cap

0.3×

Less likely than average to be taken private

Top 45% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

1of 15 firedHow well they predict deals →
14 other checks
  • 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
  • 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
  • Recurring revenueNo
    2 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Jun 9, 2021DEFM14A—$145.0030%

Key numbers

Revenue
$62.5BFY2021: $31.6BFY2022: $62.3BFY2023: $57.6BFY2024: $58.5BFY2025: $62.5B
6.9% YoY
Operating margin
2.3%FY2021: 2.0%FY2022: 1.7%FY2023: 1.9%FY2024: 2.0%FY2025: 2.3%
11% YoY
EBITDA
$1.8BFY2021: $775MFY2022: $1.5BFY2023: $1.5BFY2024: $1.6BFY2025: $1.8B
14% YoY
Net debt / EBITDA
2.1×
$3.9B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$31.6B$62.3B$57.6B$58.5B$62.5B 6.9% FY2021: $31.6BFY2022: $62.3BFY2023: $57.6BFY2024: $58.5BFY2025: $62.5B
Operating income$623M$1.1B$1.1B$1.2B$1.4B 18% FY2021: $623MFY2022: $1.1BFY2023: $1.1BFY2024: $1.2BFY2025: $1.4B
Net income$395M$651M$627M$689M$828M 20% FY2021: $395MFY2022: $651MFY2023: $627MFY2024: $689MFY2025: $828M
Operating cash flow$810M−$50M$1.4B$1.2B$1.5B 26% FY2021: $810MFY2022: −$50MFY2023: $1.4BFY2024: $1.2BFY2025: $1.5B
Capex$40M$65M$150M$175M$142M 19% FY2021: $40MFY2022: $65MFY2023: $150MFY2024: $175MFY2025: $142M
Stock-based comp$53M$91M$85M$69M$66M 4.0% FY2021: $53MFY2022: $91MFY2023: $85MFY2024: $69MFY2025: $66M
Buybacks$0$125M$621M$612M$596M 2.6% FY2021: $0FY2022: $125MFY2023: $621MFY2024: $612MFY2025: $596M
Dividends$50M$115M$130M$138M$146M 6.0% FY2021: $50MFY2022: $115MFY2023: $130MFY2024: $138MFY2025: $146M

13D filers

FiledFilerFormStakeIntent
Apr 11, 2024Apollo Management Holdings GP, LLCSC 13D/A0.0%Passive
Apr 4, 2024Apollo Management Holdings GP, LLCSC 13D/A6.1%Passive
Feb 5, 2024Apollo Management Holdings GP, LLCSC 13D/A19.8%Passive
Jan 17, 2024Apollo Management Holdings GP, LLCSC 13D/A29.1%Passive
Oct 18, 2023Apollo Management Holdings GP, LLCSC 13D/A32.5%Passive
Jul 13, 2023Apollo Management Holdings GP, LLCSC 13D/A37.9%Passive
Feb 1, 2023Apollo Management Holdings GP, LLCSC 13D/A40.0%Passive
Mar 4, 2022Apollo Management Holdings GP, LLCSC 13D/A45.0%Active
Oct 13, 2021Apollo Management Holdings GP, LLCSC 13D/A45.2%Active
Sep 10, 2021Apollo Management Holdings GP, LLCSC 13D44.6%Active

Insider trading

−$42Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $42M · 134 trades

Pay vs performance

No pay-versus-performance disclosure yet.