CDW Corp (CDW)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	5,031,800	5,866,400	6,755,800	3,856,300	3,283,200
Total stockholders’ equity	US$ in thousands	2,042,500	1,603,300	705,700	1,297,100	960,300
Debt-to-capital ratio		0.71	0.79	0.91	0.75	0.77

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $5,031,800K ÷ ($5,031,800K + $2,042,500K)
= 0.71

The debt-to-capital ratio of CDW Corp has shown fluctuations over the past five years. In 2023, the ratio decreased to 0.73 from 0.79 in 2022, indicating a lower proportion of debt relative to total capital. This could suggest improved financial stability and reduced reliance on debt financing. However, it is worth noting that the ratio was higher in 2021 at 0.91. Overall, the trend in the debt-to-capital ratio for CDW Corp appears to be somewhat volatile but has shown signs of improvement in recent years.

Peer comparison

Dec 31, 2023

Company name

Symbol

Debt-to-capital ratio

CDW Corp

CDW

0.71

Amazon.com Inc

AMZN

0.22

Insight Enterprises Inc