Synnex Corporation (SNX)

Pretax margin

		Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	866,035	855,976	805,221	838,871	880,298	840,752	869,107	827,130	659,598	598,671	524,740	466,487	629,533	664,314	613,477	630,769	544,314	547,720	627,031	611,825
Revenue (ttm)	US$ in thousands	58,452,500	57,015,200	56,291,100	57,468,600	59,741,300	60,690,100	61,999,300	62,343,900	61,707,200	51,558,160	42,145,180	31,614,190	22,121,730	22,221,030	20,835,140	19,977,150	20,391,740	21,244,640	22,452,530	23,576,000
Pretax margin		1.48%	1.50%	1.43%	1.46%	1.47%	1.39%	1.40%	1.33%	1.07%	1.16%	1.25%	1.48%	2.85%	2.99%	2.94%	3.16%	2.67%	2.58%	2.79%	2.60%

November 30, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $866,035K ÷ $58,452,500K
= 1.48%

The pretax margin for Synnex Corporation has shown some fluctuations over the years. From November 2019 to February 2020, there was a slight increase from 2.60% to 2.79%. However, this was followed by a decrease to 2.58% in May 2020. The margin then picked up again to 2.67% in August 2020. Notably, there was a significant improvement in the pretax margin to 3.16% by November 2020.

Despite this temporary increase, the pretax margin started to decline gradually and stood at 2.85% by August 2021. Subsequently, the margin experienced a sharper decline to 1.48% by November 2021, marking a substantial drop. This downward trend continued into the following quarters, with pretax margins ranging from 1.07% to 1.50% up to August 2024. Overall, the pretax margin for Synnex Corporation has displayed inconsistency and a general decline in recent years, suggesting potential challenges in managing operating costs and generating profits before taxes.