SNX

CLEARWATER, Fla. & FREMONT, Calif., September 03, 2026--(BUSINESS WIRE)--TD SYNNEX (NYSE: SNX) today announced it will report its financial results for its third fiscal quarter 2026, ended August 31, 2026, before market open on Thursday, September 24, 2026, followed by an earnings conference call and webcast at 9:00 a.m. ET. Links to the live webcast of the conference call as well as the earnings materials will be available in the "Quarterly Results" section of the Company’s website at https://ir.tdsynnex.com/ir-home/default.aspx starting at approximately 7:00 a.m. ET. A replay of the webcast will be available following the call. About TD SYNNEX TD SYNNEX (NYSE: SNX) is a leading global distributor, solutions aggregator, and original design and contract manufacturer that plays a central role in connecting the technology ecosystem. We support more than 150,000 customers across over 100 countries with a comprehensive edge-to-cloud portfolio spanning cybersecurity, analytics, artificial intelligence, mobility, and Everything-as-a-Service. We are a Fortune 100 company that helps partners maximize the value of technology investments and achieve measurable business outcomes through our global reach, expertise and enablement capabilities. Headquartered in Clearwater, Florida, and Fremont, California, the Company's distribution business brings together a broad portfolio of IT hardware, software and systems, providing access to products across the global IT ecosystem. The Company's Hyve Solutions business partners with technology companies to design, manufacture, and deliver traditional and accelerated compute, cloud, and connected infrastructure. For more information, visit www.TDSYNNEX.com, follow our newsroom or follow us on LinkedIn, Facebook and Instagram. Safe Harbor Statement Statements in this news release that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this release. The Company assumes no obligation to update any forward-looking statements contained in this release. Copyright 2026 TD SYNNEX Corporation. All rights reserved. TD SYNNEX, the TD SYNNEX Logo, and all other TD SYNNEX company, product and services names and slogans are trademarks of TD SYNNEX Corporation. Other names and trademarks are the property of their respective owners. View source version on businesswire.com: https://www.businesswire.com/news/home/20260903385170/en/ Contacts Nate Friedel Investor [email protected] Emily MoseleyMedia [email protected]

This article first appeared on GuruFocus. Glenn Greenberg (Trades, Portfolio), co-founder of Chieftain Capital Management in 1984 alongside John Shapiro, has long championed a concentrated investment approach. Under his leadership, Chieftain compounded accounts at 22.5% annually (before fees) from 1984 through 2004, versus 12.9% for the S&P 500. After the firm split, Greenberg established Brave Warrior Advisors, maintaining a portfolio he describes as a "defense against ignorance." His philosophy centers on owning fewer companies to know each deeply, focusing on businesses with little competition and strong returns on invested capital. The recently filed 13F for the second quarter of 2026 reveals significant repositioning, most notably a substantial reduction in TD Synnex Corp. Warning! GuruFocus has detected 5 Warning Sign with ICLR. Is ICLR fairly valued? Test your thesis with our free DCF calculator. Glenn Greenberg (Trades, Portfolio) added a total of 7 stocks to his portfolio during the quarter. The most significant addition was Arthur J. Gallagher & Co (NYSE:AJG), with 1,285,022 shares, accounting for 6.43% of the portfolio and a total value of $295 million. The second largest addition was Analog Devices Inc (NASDAQ:ADI), consisting of 612 shares, representing approximately 0.01% of the portfolio, with a total value of $243,070. The third largest addition was Nu Holdings Ltd (NYSE:NU), with 40,000 shares, accounting for 0.01% of the portfolio and a total value of $534,400. Greenberg also increased stakes in a total of 6 stocks during the quarter. The most notable increase was Ryanair Holdings PLC (NASDAQ:RYAAY), with an additional 919,308 shares, bringing the total to 3,958,684 shares. This adjustment represents a significant 30.25% increase in share count, a 1.3% impact on the current portfolio, and a total value of $256,324,790. The second largest increase was Icon PLC (NASDAQ:ICLR), with an additional 156,497 shares, bringing the total to 3,153,308. This adjustment represents a 5.22% increase in share count and a total value of $547,761,130. Glenn Greenberg (Trades, Portfolio) completely exited 3 holdings in the second quarter of 2026, as detailed below: Apollo Global Management Inc (NYSE:APO): Greenberg sold all 4,500 shares, resulting in a -0.01% impact on the portfolio. Ares Management Corp (NYSE:ARES): Greenberg liquidated all 5,000 shares, causing a -0.01% impact on the portfolio. Greenberg also reduced positions in 15 stocks. The most significant changes include: Reduced TD Synnex Corp (NYSE:SNX) by 1,612,014 shares, resulting in a -52.79% decrease in shares and a -6.73% impact on the portfolio. The stock traded at an average price of $239.75 during the quarter and has returned 10.62% over the past 3 months and 73.53% year-to-date. Reduced F&G Annuities & Life Inc (NYSE:FG) by 2,870,724 shares, resulting in a -53.63% reduction in shares and a -1.8% impact on the portfolio. The stock traded at an average price of $27.32 during the quarter and has returned -3.25% over the past 3 months and -9.31% year-to-date. At the end of the second quarter of 2026, Glenn Greenberg (Trades, Portfolio)'s portfolio included 41 stocks. The top holdings included 11.94% in Icon PLC (NASDAQ:ICLR), 10.08% in OneMain Holdings Inc (NYSE:OMF), 8.4% in TD Synnex Corp (NYSE:SNX), 8.23% in Elevance Health Inc (NYSE:ELV), and 7.56% in SLM Corp (NASDAQ:SLM). The holdings are mainly concentrated in 8 of all 11 industries: Financial Services, Healthcare, Consumer Cyclical, Industrials, Technology, Energy, Real Estate, and Communication Services. The significant reduction in TD Synnex Corp stands out as the quarter's most impactful move, reflecting Greenberg's disciplined approach to trimming positions that have appreciated substantially. With a year-to-date return of 73.53%, the stock's valuation may have reached levels that no longer align with his criteria for high return on invested capital and competitive moats. This strategic rebalancing, alongside new positions in Arthur J. Gallagher and increased stakes in Ryanair and Icon PLC, underscores his commitment to maintaining a focused portfolio of high-quality businesses. Investors tracking Greenberg's moves may find value in monitoring how these adjustments play out in the coming quarters, particularly given his historical track record of outperformance.

Avnet AVT is scheduled to report fourth-quarter fiscal 2026 results on Aug. 5, before market open. For the fourth quarter of fiscal 2026, AVT expects adjusted earnings per share between $1.70 and $1.80. The Zacks Consensus Estimate for the same is pegged at $1.76, suggesting a year-over-year increase of 117.3%. The figure has remained unchanged over the past 60 days. AVT’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average earnings surprise of 9.5%. Avnet, Inc. price-eps-surprise | Avnet, Inc. Quote AVT projects its fourth-quarter fiscal 2026 non-GAAP revenues in the range of $7.30-$7.60 billion. The Zacks Consensus Estimate for the same is pegged at $7.45 billion, suggesting year-over-year growth of 32.7%. Estimates have remained unchanged in the past 60 days. Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for Avnet Inc. this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here. Though Avnet currently carries a Zacks Rank #3, it has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter. You can see the complete list of today’s Zacks #1 Rank stocks here. Avnet’s Electronic Components segment performance in the fiscal fourth quarter is likely to have benefited from improving demand across industrial, networking and data center markets, supported by the ongoing recovery in the semiconductor cycle. Strong demand for AI infrastructure, coupled with broad-based strength across Asia, the Americas and Europe, is expected to have continued driving growth in the to-be-reported quarter. Improving component supply dynamics, rising lead times and growing customer backlog are likely to have supported sales momentum during the quarter. Increasing memory prices amid tighter supply conditions are also expected to have provided an additional boost to revenues. The Farnell business is expected to have maintained its recovery trajectory, benefiting from continued traction in its e-commerce platform, favorable product mix and improving customer demand. Ongoing investments in digital capabilities and inventory availability are likely to have supported the segment's performance in the fiscal fourth quarter. Strength across the Electronic Components and Farnell businesses is expected to have driven Avnet's overall top-line performance in the to-be-reported quarter. Momentum in AI-related infrastructure spending, data center deployments and industrial automation is likely to have remained a key growth driver during the quarter. Increasing design activity, higher book-to-bill ratios and expanding demand creation opportunities are expected to have supported order growth, while disciplined inventory management and operating leverage are likely to have aided profitability. However, lingering macroeconomic uncertainty, geopolitical tensions and foreign exchange headwinds could have weighed on customer spending in certain end markets. Additionally, the pass-through nature of higher component pricing, particularly in memory, might have limited margin expansion despite supporting revenue growth in the fiscal fourth quarter. Avnet shares have soared 85.8% in the year-to-date period, outperforming the Zacks Electronics - Parts Distribution industry’s 61.4% growth. Image Source: Zacks Investment Research Despite this outperformance, AVT stock is trading at a price-to-sales multiple of 0.25X, which is below the P/S multiple of industry’s P/S multiple of 0.39X. The undervaluation is further substantiated by Zacks Value Score of B. Image Source: Zacks Investment Research Avnet is benefiting from strong demand in AI infrastructure, networking and industrial markets. In the third quarter of fiscal 2026, the company reported revenues of $7.1 billion, up 34% year over year and 13% sequentially. Avnet’s networking and industrial markets were the biggest growth drivers during the third quarter. AI-related demand is becoming a larger part of AVT’s business. In the third quarter of fiscal 2026, management stated that the company’s direct exposure to AI and data center customers has increased from around 5-7% previously to nearly 10-15% now. Most of this business is tied to Asia, especially Taiwan, where demand from hyperscalers and server customers remains strong. The company is also benefiting from demand for components that support AI infrastructure. AI buildouts are increasing demand for products tied to power management, cooling systems, connectors, capacitors, resistors and sensors. This helped AVT’s interconnect, passive and electromechanical (IP&E) business grow 25% year over year in the quarter. AI accelerators require surrounding IP&E products, creating additional sales opportunities beyond semiconductors. Growing backlog levels and book-to-bill ratios supported by rising lead times across several component categories benefit AVT. Despite higher volumes, Avnet’s gross profit margin was 10.4% in the third quarter of fiscal 2026, down 70 basis points from the year-ago quarter, reflecting a higher mix of Asia sales and product/customer mix shifts in the Western regions. A large portion of the sales growth involved costly memory products. Avnet operates in a competitive technology distribution market where it competes with global component distributors as well as broader IT distributors, including Arrow Electronics ARW, TD SYNNEX SNX and CDW CDW. However, the company has created a niche for itself which helps to protect its margins. As AI infrastructure spending accelerates, these companies are expected to compete for a larger share of enterprise IT spending. Avnet delivered record sales of $6.67 billion in its Electronic Components business, which increased 34.7% year over year. Avnet is entering an upcycle with demand improving across data center and AI builds, industrial, networking and aerospace/defense, driving better sales execution and operating margin expansion. Arrow Electronics competes head-to-head with Avnet in electronic component distribution, semiconductor supply, embedded computing and engineering services. Both Arrow Electronics and Avnet serve OEMs, industrial manufacturers, automotive suppliers, communications equipment vendors, and data center customers. Avnet comes at a crossroads with CDW and TD SYNNEX as they form part of the AI infrastructure value chain. Avnet plays its role much earlier in the technology value chain by supplying electronic components directly to equipment manufacturers, making the overlap minimal with CDW and TD SYNNEX. Avnet is well-positioned to benefit from the ongoing semiconductor upcycle, driven by robust AI infrastructure investments, improving industrial and networking demand, and strengthening order trends. Rising backlog levels, higher book-to-bill ratios and continued Farnell recovery provide additional support for growth. Although margin expansion could remain constrained by memory pricing dynamics, product mix shifts and macroeconomic uncertainties, sustained demand across key end markets makes AVT stock worth retaining. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Avnet, Inc. (AVT) : Free Stock Analysis Report Arrow Electronics, Inc. (ARW) : Free Stock Analysis Report TD SYNNEX Corporation (SNX) : Free Stock Analysis Report CDW Corporation (CDW) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Steven Scruggs (Trades, Portfolio), Portfolio Manager for the FPA Queens Road Small Cap Value Fund and Director of Research at Bragg Financial Advisors (BFA), recently submitted his N-PORT filing for the second quarter of 2026. Since joining BFA in 1999, Scruggs has applied a disciplined, bottom-up investment approach rooted in Benjamin Graham's principles, focusing on small-capitalization companies trading at discounts to their intrinsic value. His process integrates quantitative and qualitative analysis, balance sheet strength, valuation, management quality, and sector considerations. This quarter, Scruggs made notable moves, including adding two new positions and adjusting several existing holdings. Warning! GuruFocus has detected 6 Warning Signs with SNX. Is SNX fairly valued? Test your thesis with our free DCF calculator. Steven Scruggs (Trades, Portfolio) added a total of 2 stocks to his portfolio during the second quarter of 2026: The most significant addition was Vontier Corp (NYSE:VNT), with 1,212,291 shares, accounting for 2.66% of the portfolio and a total value of $35.16 million. The second largest addition to the portfolio was Unitil Corp (NYSE:UTL), consisting of 240,067 shares, representing approximately 0.96% of the portfolio, with a total value of $12.65 million. Steven Scruggs (Trades, Portfolio) also increased stakes in a total of 19 stocks during the quarter. The most notable increases include: The most notable increase was UGI Corp (NYSE:UGI), with an additional 409,251 shares, bringing the total to 1,637,841 shares. This adjustment represents a significant 33.31% increase in share count, a 1.07% impact on the current portfolio, and a total value of $56.57 million. The second largest increase was JBT Marel Corp (NYSE:JBTM), with an additional 95,887 shares, bringing the total to 294,732 shares. This adjustment represents a significant 48.22% increase in share count and a total value of $42.74 million. Steven Scruggs (Trades, Portfolio) completely exited 1 holding in the second quarter of 2026, as detailed below: CSG Systems International Inc (CSGS): Steven Scruggs (Trades, Portfolio) sold all 305,956 shares, resulting in a -2.26% impact on the portfolio. Steven Scruggs (Trades, Portfolio) also reduced positions in 5 stocks. The most significant changes include: Reduced Vishay Intertechnology Inc (NYSE:VSH) by 910,960 shares, resulting in a -52.5% decrease in shares and a -1.51% impact on the portfolio. The stock traded at an average price of $40.54 during the quarter and has returned 12.53% over the past 3 months and 126.27% year-to-date. Reduced Fabrinet (NYSE:FN) by 24,850 shares, resulting in a -56.9% reduction in shares and a -1.19% impact on the portfolio. The stock traded at an average price of $642.54 during the quarter and has returned -35.14% over the past 3 months and -2.63% year-to-date. At the end of the second quarter of 2026, Steven Scruggs (Trades, Portfolio)'s portfolio included 48 stocks. The top holdings included 4.97% in TD Synnex Corp (NYSE:SNX), 4.29% in UGI Corp (NYSE:UGI), 4.04% in Arrow Electronics Inc (NYSE:ARW), 3.53% in RLI Corp (NYSE:RLI), and 3.47% in Vanguard 0-3 Month Treasury Bill ETF (NASDAQ:VBIL). The holdings are mainly concentrated in 7 of all 11 industries: Technology, Financial Services, Industrials, Consumer Cyclical, Utilities, Consumer Defensive, and Communication Services.

Interested in Fatpipe Inc/UT? Here are five stocks we like better. FatPipe reported strong fiscal Q1 2027 results: Sales rose approximately 27%, income increased roughly 65%, and EPS climbed to $0.09 from $0.05, while gross margins remained around 92%–93%. Channel partnerships and larger deals are driving growth. Nearly all sales come through partners, TD Synnex was added as a distributor, and a recently announced $7 million education-sector order could contribute 30%–35% of its value in the September quarter. The company is investing for expansion while broadening its product portfolio. FatPipe increased inventory, marketing and sales hiring, while advancing VeloCloud replacement opportunities, SATBOOST wireless technology and its Total Security 360 cybersecurity offering. Fatpipe Inc/UT (NASDAQ:FATN) reported first-quarter fiscal 2027 sales growth of about 27% and income growth of roughly 65% from the prior-year period, while earnings per share increased to $0.09 from $0.05, Chief Executive Officer Ragula Bhaskar said during the company’s earnings call. Bhaskar said the company maintained margins of approximately 92% to 93%, though margins can decline modestly as FatPipe pursues larger transactions. He characterized the period as a strong quarter following a previously large quarter and credited employees, partners and customers for supporting the company’s growth efforts. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Management attributed the sales performance to growth across market segments, an increase in deal sizes, additional transactions and expanded contributions from channel partners. Bhaskar said FatPipe has increased investment in its channel program and signed TD Synnex, formerly Tech Data, as a distributor. “Almost all” of FatPipe’s sales come through partners, Bhaskar said, with only a limited number of customers choosing to work directly with the company. The company’s strategy is to use partners as its “feet on the street,” he said. → 3 Value ETFs to Consider as Growth Stocks Lag Behind FatPipe said closer partner relationships and greater trust have led partners to bring the company into larger opportunities. Bhaskar said management expects channel partners to increase both the number and size of deals they bring to FatPipe. The company recently announced a $7 million education-sector deal. Bhaskar said approximately 30% to 35% of that order could be booked during the September quarter as units are delivered, while noting that revenue recognition occurs as products are assigned to customers, shipped or installed. Management said the transaction resulted from working closely with a partner on a request for proposal, with FatPipe displacing a major incumbent based on product capabilities and pricing. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? Management did not disclose June-quarter bookings, though President and Chief Technology Officer Sanchaita Datta said bookings were “significantly higher” and characterized the figure as forward-looking. Bhaskar said there is generally a lag between bookings and revenue recognition, with unfulfilled orders at the end of June carrying into the current quarter. FatPipe said it is balancing growth investments with operating discipline. Bhaskar said the company made a significant inventory investment during the quarter to support larger orders and also bought RAM and SSD components at fixed prices. The company spent nearly $400,000 on marketing during the quarter, according to Bhaskar, largely because multiple trade shows were held during the period. He said FatPipe’s partner-development spending has begun to increase awareness of the company, citing attendance of about 120 partners at an event in Las Vegas, compared with about 80 attendees the prior year and about 40 attendees two years earlier. FatPipe had more than 30 sales employees, up from 24 at the end of March, Bhaskar said. Management expects to add another five or six people by the end of December and to have about 36 to 38 sales employees by the end of March. Newly hired sales personnel have a first-year quota of $2 million, while the company expects between $700,000 and $1 million in first-year contribution, depending in part on each salesperson’s existing relationships, Bhaskar said. Bhaskar said his primary priorities for the remainder of the year are sales growth, sales execution, financial discipline and preserving margins where possible. Management said FatPipe is pursuing customer conversions from competing products, including VeloCloud. Bhaskar said the company has closed enough VeloCloud replacement deals to demonstrate momentum and is working on additional opportunities. He said conversions can occur as customers’ existing contracts come up for renewal. During the call, management said customers have cited FatPipe’s first-party support and responsiveness as advantages, particularly as some competing products have changed ownership. FatPipe also said its products use proprietary software loaded onto commodity hardware, which it said has helped the company avoid some supply-chain price increases and lead-time pressures experienced by competitors. FatPipe said it has begun deploying and marketing its SATBOOST offering, which is intended to improve wireless transmission performance. Management said the product has been deployed with state health agencies, supermarkets and other geographically distributed customers, and that it has drawn interest from public- and private-sector organizations. Bhaskar said variants of the technology could also be used to improve 5G connectivity. The company also said its Total Security 360 cybersecurity solution has completed testing and is being provided to customers. Bhaskar said adoption may take time because customers often change cybersecurity products as existing contracts expire. He described the product as a single offering intended to address potential security gaps created when customers use products from multiple vendors. On artificial intelligence, Bhaskar said FatPipe uses machine learning in its networking products to support routing and address latency and jitter. The company is also exploring AI applications for network congestion management and has developed technology for identifying and blocking graphical sexual content, which management said could be applicable in schools. FatPipe is a pioneer in enterprise-class, application-aware, secure software-defined wide area network (“SD-WAN”) solutions for organizations, including enterprises, communication service providers, security service providers, government organizations, and middle-market companies. Organizations, large and small, have become increasingly dependent on their information technology (“IT”) network infrastructure for data access and communications, and the critical importance of network reliability, extensibility, and durability has continued to grow as the volume of traffic across those networks expands. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Fatpipe Inc/UT Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

The past six months have been a windfall for TD SYNNEX’s shareholders. The company’s stock price has jumped 53.9%, hitting $244.78 per share. This was partly due to its solid quarterly results, and the performance may have investors wondering how to approach the situation. Is now still a good time to buy SNX? Or are investors being too optimistic? Find out in our full research report, it’s free. Serving as the crucial middleman in the technology supply chain, TD SYNNEX (NYSE:SNX) is a global technology distributor that connects thousands of IT manufacturers with resellers, helping businesses access hardware, software, and technology solutions. Reviewing a company’s long-term sales performance reveals insights into its quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Over the last five years, TD SYNNEX grew its sales at an incredible 25.7% compounded annual growth rate. Its growth surpassed the average business services company and shows its offerings resonate with customers. With $69.77 billion in revenue over the past 12 months, TD SYNNEX is a behemoth in the business services sector and benefits from economies of scale, giving it an edge in distribution. This also enables it to gain more leverage on its fixed costs than smaller competitors and the flexibility to offer lower prices. Although long-term earnings trends give us the big picture, we like to analyze EPS over a shorter period to see if we are missing a change in the business. TD SYNNEX’s EPS grew at an astounding 20.9% compounded annual growth rate over the last two years, higher than its 11.3% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded. These are just a few reasons why we think TD SYNNEX is a great business, and with the recent rally, the stock trades at 12.3× forward P/E (or $244.78 per share). Is now a good time to buy despite the apparent froth? See for yourself in our full research report, it’s free. WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don’t just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses. But our AI platform says the party isn’t over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Fortinet (FTNT) heads into its upcoming second quarter earnings report with attention on forecast growth in both services and products, along with recent FortiEndpoint AI features and a broader global distribution pact with TD SYNNEX. See our latest analysis for Fortinet. Fortinet’s share price momentum has been choppy in the very short term, with a 7 day share price return of 5.7% down, but the 90 day share price return of 80.7% and 3 year total shareholder return of 98.4% point to strong longer term interest, as investors weigh the new FortiEndpoint AI features, the expanded TD SYNNEX distribution deal, and expectations around the upcoming earnings report against the current share price of $152.37. If Fortinet’s AI driven security push has caught your attention, it can be useful to see what else is moving in this space through our curated list of 65 profitable AI stocks that aren't just burning cash Fortinet’s business metrics and AI security story have drawn plenty of attention after the recent share price surge. The next step is clear: how does that strength stack up against what you are currently paying for the stock? Fortinet’s last close of $152.37 sits well above the narrative fair value of $125.56, which frames the current debate around how much AI related growth is already priced in. Read the complete narrative. Curious what earnings power and margin profile need to hold for Fortinet to justify that fair value. The narrative leans on robust profitability, steady revenue expansion and a future earnings multiple that assumes the AI security story keeps pulling weight. Want to see which assumptions do the heavy lifting in that model. Result: Fair Value of $125.56 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Fortinet’s rich valuation and any disappointment around earnings or AI security demand could quickly pressure sentiment and challenge the current narrative of overvaluation. Find out about the key risks to this Fortinet narrative. With all this in mind, are you leaning toward caution or optimism on Fortinet? If you want to see exactly what has investors excited, review the 2 key rewards. If Fortinet has sharpened your focus on quality, do not stop there. Broaden your watchlist with other stocks that match the kind of discipline you expect. Target resilient companies with healthy finances by checking out the solid balance sheet and fundamentals stocks screener (49 results). Spot potential value opportunities early by reviewing the screener containing 20 high quality undiscovered gems before wider attention arrives. Strengthen your income stream by scanning for reliable payouts through the 9 dividend fortresses. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FTNT. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Avnet's AVT profitability continued to improve in the third quarter of fiscal 2026, even as gross margins remained under pressure, highlighting the benefits of disciplined cost management and operating leverage. The company reported an adjusted operating margin of 3.1%, up 38 basis points (bps) sequentially, marking its third consecutive quarter of expansion. Operating income grew more than twice as fast as sales, reflecting stronger execution across the business. However, Avnet’s gross margin declined 68 bps year over year to 10.4%, primarily due to a greater mix of lower-margin Asia sales and memory price pass-throughs. Management noted that approximately half of sequential sales growth and one-quarter of year-over-year sales growth came from higher memory prices. The company's largest Electronic Components (EC) segment expanded its operating margin to 3.5% from 3.2% in the previous quarter, driven by improving business conditions in Europe. Management expects EC operating margins to reach its 4% near-term target within the next fiscal year. Meanwhile, Farnell's operating margin improved to 5.2%, its sixth consecutive quarter of expansion, with management targeting a return to double-digit margins by the second half of 2027. Looking ahead, rising book-to-bill ratios, improving lead times, stronger demand creation activity and continued SG&A discipline should support further operating margin expansion, even if gross margin remains constrained by product and geographic mix. Alongside this, AVT should also monitor how competitors are adapting to market dynamics and stay ahead of any new advancements. Avnet operates in a competitive technology distribution market where it competes with global component distributors as well as broader IT distributors, including Arrow Electronics ARW and TD SYNNEX SNX. However, Avnet benefits from the niche it has created for itself, which helps to protect its margins. Arrow Electronics competes directly with Avnet in electronic component distribution, semiconductor supply, embedded computing and engineering services. Both Arrow Electronics and Avnet serve OEMs, industrial manufacturers, automotive suppliers, communications equipment vendors and data center customers. Avnet comes into crossroads with TD SYNNEX in the broader AI infrastructure value chain. AVT plays its role much earlier in the technology value chain by supplying electronic components directly to equipment manufacturers, making the overlap minimal with TD SYNNEX. Given these dynamics, Avnet has little to worry right now. Avnet shares have soared 86.9% in the year-to-date period, outperforming the Zacks Electronics - Parts Distribution industry’s 60.2% growth. Image Source: Zacks Investment Research Despite this outperformance, AVT stock is trading at a price-to-sales multiple of 0.26X, which is below the P/S multiple of industry’s P/S multiple of 0.39X. The undervaluation is further substantiated by Zacks Value Score of B. Image Source: Zacks Investment Research The Zacks Consensus Estimate for AVT’s fiscal 2026 earnings is pegged at $5.12, implying year-over-year growth of 49%. The estimate has remained unchanged for the past 60 days. Image Source: Zacks Investment Research AVT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Avnet, Inc. (AVT) : Free Stock Analysis Report Arrow Electronics, Inc. (ARW) : Free Stock Analysis Report TD SYNNEX Corporation (SNX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. TD SYNNEX (SNX) is back on investor watchlists after a run of company updates, including second quarter results, fresh earnings guidance, a dividend declaration, buybacks and new index inclusions. See our latest analysis for TD SYNNEX. At a share price of $245.42, TD SYNNEX has seen strong momentum build over the past year, with a 59.96% year to date share price return and a 1 year total shareholder return of 75.44% supported by earnings, guidance, buybacks, dividend commitments and inclusion in Russell defensive indices. If the recent move in TD SYNNEX has you thinking about where else strong execution and capital returns might show up next, it could be worth scanning 19 top founder-led companies After a surge that leaves TD SYNNEX trading well above one fair value estimate yet still below the average analyst target, the real puzzle is where fair value sits in that gap and what the current price actually prices in. With TD SYNNEX trading at $245.42 against a narrative fair value of $269.82, the current setup hinges on how its data center and Hyve story plays out. Read the complete narrative. Want to see what sits behind that confidence in TD SYNNEX? The narrative focuses on paired revenue and margin shifts, together with a punchy earnings multiple. It examines which combination really carries the fair value story. Result: Fair Value of $269.82 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, TD SYNNEX also faces pressure if recent demand, pulled forward from future quarters, fades or if Hyve's heavy reliance on a few large customers backfires. Find out about the key risks to this TD SYNNEX narrative. Given the mix of enthusiasm and concern around TD SYNNEX, it makes sense to move quickly, review the underlying data and decide where you stand on its story by weighing the 5 key rewards and 2 important warning signs. If you are serious about building a stronger portfolio, do not stop with TD SYNNEX. Use the Simply Wall St screener to uncover more focused opportunities aligned with your goals. Target higher potential returns by scanning 20 elite penny stocks with strong financials that pair smaller market sizes with stronger financial underpinnings. Strengthen your core holdings by reviewing 44 high quality undervalued stocks that combine quality metrics with prices that may not fully reflect their fundamentals. Prioritise resilience and sleep better at night by checking 72 resilient stocks with low risk scores with historically steadier profiles and lower overall risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include SNX. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

TD SYNNEX Corporation SNX reported a record second quarter of fiscal 2026, driven by broad-based strength across its Distribution and Hyve Solutions segments, as well as accelerating demand tied to AI infrastructure. Management framed the quarter as a continuation of consistent execution across its global ecosystem. Executives emphasized that rising complexity in technology spending, particularly around AI build-outs and infrastructure modernization, is reinforcing demand rather than weakening it. The earnings call centered on sustained growth momentum, margin discipline and expanding hyperscaler relationships, which are reshaping the company’s long-term profile. Chief executive officer (CEO) Patrick Zammit described AI-driven infrastructure investment as a central growth catalyst, highlighting demand across hyperscale data centers, enterprise modernization and AI-capable devices. He noted that AI-related activity is increasingly embedded across both Distribution and Hyve, expanding addressable demand. Hyve Solutions was positioned as the most direct beneficiary of hyperscaler expansion. Zammit pointed to multiple program wins across all five U.S.-based hyperscalers, with additional ramps expected in late fiscal 2026 or early fiscal 2027.Management also highlighted strategic alignment with major vendors, including HPE, which has selected TD SYNNEX as one of only two global distribution partners across networking, cloud and AI portfolios. This positioning reinforces the company’s role in consolidating global channel execution. Non-GAAP EPS came in at $4.85, topping the Zacks Consensus Estimate of $4.07 by 19.2%. Revenues were $19.57 billion, beating the $16.84 billion Zacks Consensus Estimate by 16.2%. TD SYNNEX Corporation price-consensus-eps-surprise-chart | TD SYNNEX Corporation Quote Distribution delivered another strong quarter, with non-GAAP gross billings rising 22% year over year to $23.4 billion, supported by strength across regions and product categories. Management attributed the gains to both portfolio mix and execution in higher-growth technology areas. CEO Zammit emphasized broad-based demand across endpoints, infrastructure and advanced solutions, noting that AI is increasingly influencing product mix and pricing dynamics. He also pointed to continued strength in SMB and strategic accounts, where share gains are contributing to incremental growth. Chief financial officer David Jordan added that Distribution margins benefited modestly from strategic inventory positioning, though he characterized these effects as temporary rather than structural. Operating leverage remained a key focus, as earnings growth outpaced billings expansion. Hyve posted gross billings of $5.5 billion, up 117% year over year, reflecting strong hyperscaler demand and new program ramps. Management said manufacturing accounted for roughly two-thirds of the segment, underscoring the shift toward large-scale infrastructure builds. The company is expanding manufacturing capacity by more than 1 million square feet in the United States to support anticipated demand ramps. Zammit stressed that investments are being made ahead of customer deployments rather than based on speculative demand assumptions. Margins in Hyve declined year over year due to mix effects, particularly from accelerated manufacturing and supply-chain variability across programs. Jordan noted that margins can vary by workload, with AI server builds carrying different profitability profiles than networking or storage systems. Management detailed a proactive inventory strategy designed to support supply assurance amid tightening component markets. Jordan said that inventory levels rose as TD SYNNEX positioned itself ahead of price increases and supply constraints, particularly in memory and CPU components. Zammit added that strategic inventory positioning helped smooth pricing impacts for customers while supporting vendor relationships. He emphasized that the company’s cost-plus model allows price increases to be passed through, preserving structural margin integrity. However, management acknowledged that some inventory-related margin benefits are expected to fade over time. The focus remains on maintaining balance between working capital efficiency and supply chain stability rather than optimizing short-term gains. Analysts focused heavily on whether rising component costs could suppress demand or alter purchasing behavior. Zammit responded that no meaningful demand destruction has been observed, even as price increases begin to flow through the channel. Questions from Bank of America and other firms centered on PC elasticity and supply constraints. Management acknowledged that PCs are the most sensitive category but noted that enterprise refresh cycles and B2B demand continue to offset pricing pressure. Supply availability, particularly in memory and CPUs, was identified as a potential risk in the second half. However, executives indicated that Hyve customers are generally well-positioned, driven by secured supply agreements with vendors. For the third quarter of fiscal 2026, TD SYNNEX expects non-GAAP gross billings of approximately $27.7 billion at the midpoint, with revenues of about $18.6 billion and non-GAAP EPS of $4.50. Management noted that Hyve's contributions from newly onboarded customers are expected to ramp later in fiscal 2026 or early fiscal 2027. Jordan highlighted that operating leverage remains a central objective, with earnings expected to continue growing faster than top-line billings over time. Cash flow remains temporarily pressured due to working capital investments tied to Hyve's expansion. Overall guidance assumptions reflect continued demand strength in AI-related infrastructure, stable enterprise IT spending and manageable supply constraints across key hardware categories. Management’s overarching message centered on disciplined execution while scaling into AI-driven demand cycles. Zammit emphasized that both Distribution and Hyve are positioned to capture structural growth trends rather than cyclical spikes. Capital allocation remains focused on capacity expansion, working capital efficiency and shareholder returns through dividends and buybacks. Executives stressed that investments are tied to committed programs, particularly those involving hyperscaler relationships. The tone throughout the call reflected confidence in demand durability, balanced by caution around supply volatility and execution complexity as Hyve scales rapidly across global infrastructure programs. TD SYNNEX currently carries a Zacks Rank #1 (Strong Buy), reflecting the most favorable tier of the Zacks ranking system, which prioritizes positive earnings estimate revisions. The framework highlights the importance of analyst sentiment shifts in driving near-term stock performance. You can see the complete list of today’s Zacks #1 Rank stocks here. The stock also holds a Value Score of B, a Growth Score of F, a Momentum Score of A and a VGM Score of C. According to the Zacks Style Scores methodology, stronger combinations of Value, Growth, and Momentum characteristics tend to support more favorable risk-adjusted performance over time. While the Zacks Rank reflects current estimate revision trends following the quarter, it may change as analysts reassess forward expectations in response to updated guidance and evolving industry conditions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TD SYNNEX Corporation (SNX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

TD SYNNEX SNX reported non-GAAP earnings of $4.85 per share for the second quarter of fiscal 2026, beating the Zacks Consensus Estimate of $3.92 by 19.9%. The bottom line increased 62.2% year over year. Revenues of $19.58 billion surpassed the consensus mark of $16.84 billion by 16.2% and increased 31% from the year-ago quarter. The strong performance was driven by broad-based momentum across the Distribution and Hyve businesses. Non-GAAP gross billings climbed 33.4% year over year to a record $28.9 billion, reflecting continued demand across infrastructure, security and hyperscale programs. TD SYNNEX's Distribution business generated non-GAAP gross billings of $23.4 billion, up 22% year over year. Management highlighted broad-based strength across all regions and product categories, supported by strong demand, an expanding customer base and continued market-share gains. Distribution non-GAAP operating income rose 36% year over year to $434 million. Non-GAAP operating margin, as a percentage of gross billings, improved 19 basis points year over year to 1.85%, benefiting from favorable mix, disciplined cost management and modest gains from strategic inventory purchases. TD SYNNEX Corporation price-consensus-eps-surprise-chart | TD SYNNEX Corporation Quote Hyve Solutions remained the standout performer during the quarter. Non-GAAP gross billings surged 117% year over year to $5.5 billion, driven by increased manufacturing volumes from existing customers and continued strength in supply-chain services. Non-GAAP operating income for Hyve increased 89% year over year to $181 million. Manufacturing activities accounted for roughly two-thirds of Hyve's business, while supply-chain services represented approximately one-third. The company also announced plans to expand its U.S. manufacturing footprint by more than one million square feet to support future customer demand. Among product categories, Advanced Solutions revenues increased 43% year over year to $7.8 billion, benefiting from sustained demand in infrastructure and cybersecurity offerings. Endpoint Solutions revenues rose 17% year over year to $8.8 billion, supported by strong personal computer demand and higher average selling prices. Consolidated gross profit increased 28% year over year to $1.34 billion. However, gross margin contracted 16 basis points year over year to 6.84%, reflecting a higher contribution from Hyve and changes in business mix. Despite the margin pressure, non-GAAP operating income advanced 48.5% year over year to $615 million, while non-GAAP operating margin expanded 37 basis points to 3.14%. TD SYNNEX ended the quarter with cash and cash equivalents of approximately $1.1 billion and long-term debt of $3.59 billion. TD SYNNEX reported a net leverage ratio of 1.6x. Net working capital stood at $4.9 billion, while gross cash conversion cycle was 17 days. The company returned $151 million to shareholders during the quarter, including $112 million in share repurchases and $39 million in dividends. Management also announced a quarterly cash dividend of 48 cents per share, representing a 9% year-over-year increase. For the third quarter of fiscal 2026, TD SYNNEX expects revenues to be in the range of $18.2-$19 billion. The company expects non-GAAP earnings per share between $4.25 and $4.75. Management noted that the outlook reflects continued momentum across both the Distribution and Hyve businesses, supported by ongoing investments in AI infrastructure, enterprise modernization initiatives and expanding hyperscaler relationships. Currently, SNX carries a Zacks Rank #2 (Buy). Digital Turbine APPS, ASE Technology ASX and CTS CTS are some other top-ranked stocks that investors can consider in the broader Zacks Computer and Technology sector. Digital Turbine, ASE Technology and CTS sport a Zacks Rank #1 (Strong Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Digital Turbine shares have rallied 102.8% in the year-to-date period. The long-term earnings growth rate for Digital Turbine is pegged at 18.98%. ASE Technology shares have surged 159.2% in the year-to-date period. The long-term earnings growth rate for ASE Technology is pegged at 47.66%. Shares of CTS have gained 55.9% in the year-to-date period. The long-term earnings growth rate for CTS is pegged at 16%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CTS Corporation (CTS) : Free Stock Analysis Report TD SYNNEX Corporation (SNX) : Free Stock Analysis Report ASE Technology Holding Co., Ltd. (ASX) : Free Stock Analysis Report Digital Turbine, Inc. (APPS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research