Episode Details

TD SYNNEX Corporation (SNX) Q3 FY2026 — A thin pre-market trade was $256.60 at 08:31 ET on September 24, about 10.9% below the $287.89 prior close; the nearby bid/ask spread was wide. TD SYNNEX reported record operating profit, but quarterly free cash flow was negative $975.6 million. Inventory and receivables are consuming capital, making cash conversion the test of the stronger earnings engine. THE CALL: HOLD (3/5, MODERATE) — base-case value ~$280.00 vs ~$256.60 today. KEY METRICS: - Revenue $21,558.4M, up 37.7% YoY - GAAP operating income $642.9M, up 67.6% YoY - Non-GAAP diluted EPS $5.68 vs $3.58 - Quarterly OCF −$916.7M; capex $58.9M; FCF −$975.6M - Inventory $15,291.6M; net debt $4,772.4M, computed - Q4 adjusted EPS outlook $5.65–$6.15 - Thin pre-market reference $256.60 at 08:31 ET September 24 What to watch: Positive quarterly free cash flow, net debt below $4.5B and adjusted operating margin at least 3.4%; analyst thresholds, not guidance. Full research packet: https://chargedalpha.com/research/snx-q3-fy2026 Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.