CDW Corporation management check
CDW · Information Technology · Technology Distributors · CEO Ms. Leahy
Filings as of
4 good · 2 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $110, against $182 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.48 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.4% of net income$15.0m of reported pay in fiscal 2025, against $1.1bn of net income.
- Good
Do they own the stock?
Insiders are buying2 insiders bought $2.5m on the open market in the last six months, with their own money, near the lows. Sales: $3.7m.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.6% a year over the last three fiscal years. Stock-based pay was 0.4% of revenue in the latest year.
- Good
Is leadership stable?
6 leadership filings in 3 yearsCEO in the pay table: Ms. Leahy. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 33 | |
| Pay for performance | 74 | 87 | |
| CEO cost | 38 | 35 | |
| Skin in the game | 80 | 47 | |
| Dilution | 69 | 56 | |
| Stable leadership | 95 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Nearest in rank in Information Technology, by management score. CDW Corporation is 31st of 73 in its sector.
- 225VRSNVerisign66
- 228JBLJabil66
- 235MRVLMarvell Technology66
- 236QCOMQualcomm65
- 237CDWCDW Corporation65
- 249ANETArista Networks64
Pay versus performance
From the proxy statement filed April 10, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Ms. Leahy | $15.0m | $9.6m | $5.3m | $110 | $182 | $1.1bn |
| 2024 | Ms. Leahy | $10.1m | $2.9m | $4.5m | $138 | $169 | $1.1bn |
| 2023 | Ms. Leahy | $9.0m | $15.9m | $3.2m | $178 | $147 | $1.1bn |
| 2022 | Ms. Leahy | $11.1m | $8.3m | $4.1m | $138 | $116 | $1.1bn |
| 2021 | Ms. Leahy | $8.9m | $31.1m | $4.1m | $157 | $137 | $988.6m |
The board says pay is tied most to adjusted EPS. Its other key measures: CDW Stock Price, Adjusted EPS, Adjusted FCF, Non-GAAP Operating Income.
Insiders and the CEO's stake
2 insiders bought $2.5m on the open market in the last six months, with their own money, near the lows. Sales: $3.7m.
- BoughtDavid W NelmsDirector$2.0mMay 27, 2026
- BoughtChristine A LeahySee Remarks$499kMay 18, 2026
- SoldElizabeth H. ConnellySee Remarks$3.7mAug 7, 2026
Leadership and governance on file
- Oct 19, 2026Leadership change8-K 5.02
- Aug 5, 2026Leadership change8-K 5.02
- Mar 27, 2026Leadership change8-K 5.02
- Dec 23, 2025Leadership change8-K 5.02
- Oct 28, 2025Leadership change8-K 5.02
- Oct 25, 2024Leadership change8-K 5.02
- Aug 1, 2023Leadership change8-K 5.02
- Mar 28, 2023Leadership change8-K 5.02
- Feb 9, 2023Leadership change8-K/A 5.02
- Jan 5, 2023Leadership change8-K 5.02
- Nov 14, 2022Leadership change8-K 5.02
- Apr 19, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 26, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $4.7bn returned to owners in buybacks and dividends, 87% of net income, and $405.7m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $20.8bn | $23.7bn | $21.4bn | $21.0bn | $22.4bn |
| Net income | $988.6m | $1.1bn | $1.1bn | $1.1bn | $1.1bn |
| Stock-based pay | $72.6m | $91.1m | $93.7m | $64.7m | $83.6m |
| Buybacks | $1.5bn | $0 | $500.0m | $500.0m | $653.0m |
| Dividends | $234.8m | $282.6m | $321.5m | $332.1m | $328.6m |
| Diluted shares | 141m | 137m | 136m | 135m | 132m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.