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Side-by-side financial comparison of CDW Corporation (CDW) and Fresenius Medical Care AG (FMS). Click either name above to swap in a different company.
CDW Corporation is the larger business by last-quarter revenue ($5.5B vs $5.5B, roughly 1.0× Fresenius Medical Care AG). On growth, CDW Corporation posted the faster year-over-year revenue change (6.3% vs -0.3%).
CDW Corporation is an American multi-brand provider of information technology services, serving business, government, education, and healthcare sectors across the United States, the United Kingdom, and Canada. Headquartered in Vernon Hills, Illinois, CDW is a Fortune 500 and generated $21 billion in annual net sales in 2023.
Fresenius Medical Care AG & Co. KGaA is a German healthcare company which provides kidney dialysis services through a network of 4,171 outpatient dialysis centers, serving 345,425 patients. The company primarily treats end-stage renal disease (ESRD), which requires patients to undergo dialysis 3 times per week for the rest of their lives.
CDW vs FMS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $5.5B |
| Net Profit | — | $434.2M |
| Gross Margin | 22.8% | 27.4% |
| Operating Margin | 7.8% | 11.7% |
| Net Margin | — | 7.9% |
| Revenue YoY | 6.3% | -0.3% |
| Net Profit YoY | — | 240.4% |
| EPS (diluted) | $2.13 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $5.5B | $5.5B | ||
| Q3 25 | $5.7B | — | ||
| Q2 25 | $6.0B | — | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $5.2B | $5.5B | ||
| Q3 24 | $5.5B | — | ||
| Q2 24 | $5.4B | — | ||
| Q1 24 | $4.9B | — |
| Q4 25 | — | $434.2M | ||
| Q3 25 | $291.0M | — | ||
| Q2 25 | $271.2M | — | ||
| Q1 25 | $224.9M | — | ||
| Q4 24 | — | $127.6M | ||
| Q3 24 | $316.4M | — | ||
| Q2 24 | $281.1M | — | ||
| Q1 24 | $216.1M | — |
| Q4 25 | 22.8% | 27.4% | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 20.8% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 22.3% | 25.0% | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 21.8% | — | ||
| Q1 24 | 21.8% | — |
| Q4 25 | 7.8% | 11.7% | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | 7.0% | — | ||
| Q4 24 | 7.9% | 5.1% | ||
| Q3 24 | 8.7% | — | ||
| Q2 24 | 8.0% | — | ||
| Q1 24 | 6.7% | — |
| Q4 25 | — | 7.9% | ||
| Q3 25 | 5.1% | — | ||
| Q2 25 | 4.5% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | 5.7% | — | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | 4.4% | — |
| Q4 25 | $2.13 | — | ||
| Q3 25 | $2.21 | — | ||
| Q2 25 | $2.05 | — | ||
| Q1 25 | $1.69 | — | ||
| Q4 24 | $1.97 | — | ||
| Q3 24 | $2.34 | — | ||
| Q2 24 | $2.07 | — | ||
| Q1 24 | $1.59 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $618.7M | $1.7B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $15.4B |
| Total Assets | $16.0B | $33.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $1.7B | ||
| Q3 25 | $452.9M | — | ||
| Q2 25 | $481.0M | — | ||
| Q1 25 | $688.1M | — | ||
| Q4 24 | $717.7M | $1.3B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $665.3M | — | ||
| Q1 24 | $803.8M | — |
| Q4 25 | $2.6B | $15.4B | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | $17.0B | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — | ||
| Q1 24 | $2.1B | — |
| Q4 25 | $16.0B | $33.5B | ||
| Q3 25 | $15.2B | — | ||
| Q2 25 | $15.3B | — | ||
| Q1 25 | $15.0B | — | ||
| Q4 24 | $14.7B | $36.3B | ||
| Q3 24 | $14.4B | — | ||
| Q2 24 | $13.6B | — | ||
| Q1 24 | $13.2B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $433.8M | $2.9B |
| Free Cash FlowOCF − Capex | $395.9M | — |
| FCF MarginFCF / Revenue | 7.2% | — |
| Capex IntensityCapex / Revenue | 0.7% | — |
| Cash ConversionOCF / Net Profit | — | 6.67× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $2.9B | ||
| Q3 25 | $328.3M | — | ||
| Q2 25 | $155.9M | — | ||
| Q1 25 | $287.2M | — | ||
| Q4 24 | $345.3M | $2.6B | ||
| Q3 24 | $342.1M | — | ||
| Q2 24 | $149.9M | — | ||
| Q1 24 | $440.0M | — |
| Q4 25 | $395.9M | — | ||
| Q3 25 | $298.5M | — | ||
| Q2 25 | $133.4M | — | ||
| Q1 25 | $260.3M | — | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $308.5M | — | ||
| Q2 24 | $119.0M | — | ||
| Q1 24 | $410.5M | — |
| Q4 25 | 7.2% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 8.4% | — |
| Q4 25 | 0.7% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 0.6% | — |
| Q4 25 | — | 6.67× | ||
| Q3 25 | 1.13× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | — | 20.20× | ||
| Q3 24 | 1.08× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 2.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
