SYNNEX (SNX) Stock Forecast & Price Target

TD Synnex experienced significant growth in fiscal Q4/25, with non-GAAP gross billings rising 15% year-over-year (YOY) on a reported basis, and total revenue increasing 10% YOY, driven by substantial gains in both endpoint and advanced solutions. The company's financial outlook for fiscal Q1/26 is promising, with management projecting non-GAAP gross billings of $22.7-$23.7 billion and revenue estimates of $15.1-$15.9 billion, reflecting expected growth of 12% and 7% YOY at the midpoint, respectively. Notably, regional performance was strong, with Europe and Asia-Pacific and Japan showing non-GAAP gross billings growth of 21% and 34% YOY, suggesting robust demand across diverse markets.

TD Synnex is projected to experience flat adjusted EBITDA margins of 2.9% in both fiscal Q1/25 and Q1/26, reflecting a decline from 3.0% in fiscal Q4/25, which raises concerns about operational efficiency. The company is also expected to report fiscal Q1/26 adjusted EBITDA and non-GAAP EPS figures that are 2% lower than market expectations, at $455.8 million and $3.25 respectively, signaling potential challenges in revenue generation. Additionally, total revenue forecasts for fiscal Q1/26 indicate a decrease to $15.55 billion, which is 1% less than consensus, further compounded by significant product mix impacts that adversely affected revenue across its geographical segments.