NASDAQ : CNXN
PC Connection, Inc. — Financial statements
Technology · Electronics & Computer Distribution · United States
Last price 86.83 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.19B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
PC Connection, Inc. (CNXN) reported revenue of 3.15B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.15B | 2.87B | 2.80B | 2.85B | 3.12B | 2.89B |
| Cost of Revenue | 2.57B | 2.33B | 2.28B | 2.34B | 2.60B | 2.43B |
| Gross Profit | 587.68M | 539.33M | 519.79M | 511.74M | 526.18M | 464.58M |
| Selling, General & Admin | 442.73M | 422.33M | 409.32M | 393.20M | 393.62M | 355.90M |
| Other Operating Expenses | -6.00K | -4.00K | -38.00K | |||
| Operating Expenses | 453.72M | 434.04M | 422.32M | 405.90M | 405.62M | 368.06M |
| Operating Income | 133.96M | 105.30M | 97.48M | 105.84M | 120.55M | 96.52M |
| Interest Expense | -113.00K | -22.00K | ||||
| Interest & Investment Income | 11.92M | 14.37M | 18.84M | 9.98M | 1.08M | |
| Other Non Operating Income (Expenses) | 5.00K | |||||
| EBT Excluding Unusual Items | 145.88M | 119.67M | 116.20M | 115.80M | 121.64M | 96.52M |
| Merger & Restructuring Charges | -6.14M | -6.01M | -415.00K | -2.69M | ||
| Gain (Loss) on Sale of Investments | 76.00K | |||||
| Legal Settlements | 1.70M | |||||
| Pretax Income | 139.73M | 113.73M | 117.49M | 113.11M | 121.64M | 96.52M |
| Income Tax Expense | 37.17M | 30.01M | 30.39M | 29.84M | 32.42M | 26.62M |
| Net Income | 102.56M | 83.72M | 87.09M | 83.27M | 89.22M | 69.91M |
| Net Income to Common | 102.56M | 83.72M | 87.09M | 83.27M | 89.22M | 69.91M |
| Shares Outstanding (Basic) | 25.22M | 25.51M | 26.32M | 26.29M | 26.28M | 26.20M |
| Shares Outstanding (Diluted) | 25.35M | 25.63M | 26.51M | 26.43M | 26.44M | 26.36M |
| EPS (Basic) | 4.07 | 3.28 | 3.31 | 3.17 | 3.40 | 2.67 |
| EPS (Diluted) | 4.05 | 3.27 | 3.29 | 3.15 | 3.37 | 2.65 |
| Free Cash Flow | -20.58M | 58.05M | 166.29M | 188.36M | 25.81M | 47.45M |
| Free Cash Flow Per Share | -0.81 | 2.27 | 6.27 | 7.13 | 0.98 | 1.80 |
| Dividend Per Share | 0.75 | 0.60 | 0.40 | 0.32 | ||
| Gross Margin | 18.64% | 18.77% | 18.55% | 17.95% | 16.84% | 16.06% |
| Operating Margin | 4.25% | 3.67% | 3.48% | 3.71% | 3.86% | 3.34% |
| Profit Margin | 3.25% | 2.91% | 3.11% | 2.92% | 2.85% | 2.42% |
| Free Cash Flow Margin | -0.65% | 2.02% | 5.93% | 6.61% | 0.83% | 1.64% |
| EBITDA | 144.98M | 117.00M | 110.46M | 118.49M | 132.53M | 108.72M |
| EBITDA Margin | 4.60% | 4.07% | 3.94% | 4.16% | 4.24% | 3.76% |
| D&A For EBITDA | 11.02M | 11.70M | 12.98M | 12.65M | 11.98M | 12.20M |
| EBIT | 133.96M | 105.30M | 97.48M | 105.84M | 120.55M | 96.52M |
| EBIT Margin | 4.25% | 3.67% | 3.48% | 3.71% | 3.86% | 3.34% |
| Effective Tax Rate | 26.60% | 26.38% | 25.87% | 26.38% | 26.65% | 27.57% |
| Advertising Expenses | 15.80M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 124.60M | 193.22M | 178.32M | 144.95M | 122.93M | 108.31M |
| Short-Term Investments | 218.72M | 213.46M | 264.30M | 152.23M | ||
| Cash & Short-Term Investments | 343.31M | 406.68M | 442.61M | 297.19M | 122.93M | 108.31M |
| Accounts Receivable | 789.59M | 583.71M | 550.74M | 549.63M | 552.78M | 559.92M |
| Other Receivables | 64.31M | 60.69M | 61.55M | 57.50M | 47.61M | |
| Receivables | 789.59M | 648.02M | 611.43M | 611.18M | 610.28M | 607.53M |
| Inventory | 226.60M | 143.57M | 95.05M | 124.18M | 208.68M | 206.56M |
| Prepaid Expenses | 23.72M | 20.85M | 17.75M | 16.09M | 11.90M | 10.02M |
| Other Current Assets | 1.76M | |||||
| Total Current Assets | 1.38B | 1.22B | 1.17B | 1.05B | 953.79M | 932.41M |
| Property, Plant & Equipment | 53.11M | 48.48M | 55.60M | 61.00M | 66.73M | 70.59M |
| Goodwill | 73.60M | 73.60M | 73.60M | 73.60M | 73.60M | 73.60M |
| Other Intangible Assets | 450.00K | 989.00K | 2.21M | 3.43M | 4.65M | 5.87M |
| Long-Term Deferred Charges | 5.39M | |||||
| Other Long-Term Assets | 5.92M | 1.59M | 1.10M | 1.71M | 1.05M | 910.00K |
| Total Assets | 1.52B | 1.35B | 1.30B | 1.19B | 1.10B | 1.08B |
| Accounts Payable | 413.16M | 338.20M | 300.24M | 263.68M | 232.64M | 281.84M |
| Accrued Expenses | 82.03M | 43.91M | 32.38M | 33.93M | 37.85M | 47.32M |
| Current Portion of Leases | 1.12M | 1.29M | 1.80M | 1.73M | 3.17M | 3.42M |
| Current Unearned Revenue | 11.89M | 8.80M | 10.29M | 4.21M | 4.27M | 8.63M |
| Other Current Liabilities | 28.19M | 26.49M | 24.41M | 32.59M | 33.43M | |
| Total Current Liabilities | 508.20M | 420.39M | 371.20M | 327.96M | 310.52M | 374.63M |
| Long-Term Leases | 6.71M | 498.00K | 1.55M | 3.18M | 4.99M | 6.79M |
| Long-Term Deferred Tax Liabilities | 20.26M | 19.91M | 15.09M | 15.84M | 17.97M | 19.28M |
| Other Long-Term Liabilities | 516.00K | 624.00K | 170.00K | 211.00K | ||
| Total Liabilities | 535.17M | 440.80M | 388.36M | 347.61M | 333.65M | 400.91M |
| Common Stock | 296.00K | 295.00K | 294.00K | 293.00K | 291.00K | 290.00K |
| Additional Paid-In Capital | 151.81M | 144.61M | 137.04M | 130.88M | 125.78M | 122.35M |
| Retained Earnings | 972.61M | 905.89M | 837.47M | 760.90M | 686.04M | 605.77M |
| Treasury Stock | -143.16M | -140.74M | -63.98M | -51.38M | -45.94M | -45.94M |
| Comprehensive Income & Other | -414.00K | 78.00K | 174.00K | 81.00K | ||
| Shareholders' Equity | 981.13M | 910.13M | 910.99M | 840.77M | 766.17M | 682.47M |
| Total Liabilities & Equity | 1.52B | 1.35B | 1.30B | 1.19B | 1.10B | 1.08B |
| Total Debt | 7.83M | 1.79M | 3.36M | 4.91M | 8.16M | 10.21M |
| Net Cash (Debt) | 335.48M | 404.89M | 439.26M | 292.27M | 114.77M | 98.10M |
| Net Cash Per Share | 13.23 | 15.80 | 16.57 | 11.06 | 4.34 | 3.72 |
| Filing Date Shares Outstanding | 25.25M | 25.20M | 26.16M | 26.36M | 26.31M | 26.26M |
| Total Common Shares Outstanding | 25.25M | 25.22M | 26.30M | 26.36M | 26.35M | 26.25M |
| Working Capital | 875.02M | 800.48M | 795.64M | 720.67M | 643.27M | 557.78M |
| Book Value Per Share | 38.86 | 36.09 | 34.64 | 31.90 | 29.08 | 26.00 |
| Tangible Book Value | 907.08M | 835.54M | 835.18M | 763.74M | 687.92M | 603.00M |
| Tangible Book Value Per Share | 35.93 | 33.13 | 31.76 | 28.97 | 26.11 | 22.97 |
| Machinery | 30.35M | 32.40M | 36.92M | 39.32M | 37.04M | |
| Leasehold Improvements | 8.43M | 8.43M | 8.46M | 8.96M | 8.67M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 102.56M | 83.72M | 87.09M | 83.27M | 89.22M | 69.91M |
| Depreciation & Amortization | 11.02M | 11.70M | 12.98M | 12.65M | 11.98M | 12.20M |
| Loss (Gain) From Sale of Assets | 163.00K | 44.00K | 58.00K | 572.00K | 17.00K | -36.00K |
| Loss (Gain) From Sale of Investments | 68.00K | 493.00K | -4.24M | -1.52M | ||
| Stock-Based Compensation | 10.19M | 9.34M | 8.47M | 7.02M | 5.67M | 4.23M |
| Provision & Write-off of Bad Debts | 3.84M | 1.86M | 1.91M | 1.85M | 3.25M | 3.31M |
| Other Operating Activities | 2.14M | 4.84M | -777.00K | -2.15M | -1.31M | 753.00K |
| Change in Accounts Receivable | -176.72M | -38.45M | -6.51M | 1.60M | -6.00M | -1.32M |
| Change in Inventory | -91.58M | -48.51M | 29.12M | 84.50M | -2.13M | -65.69M |
| Change in Accounts Payable | 100.67M | 38.08M | 36.45M | 31.15M | -49.06M | 14.81M |
| Change in Other Net Operating Assets | 25.24M | 2.32M | 9.29M | -20.99M | -16.76M | 19.58M |
| Operating Cash Flow | -12.40M | 65.44M | 173.87M | 197.95M | 34.89M | 57.75M |
| Capital Expenditures | -8.18M | -7.39M | -7.58M | -9.60M | -9.08M | -10.30M |
| Sale of Property, Plant & Equipment | 69.00K | |||||
| Investment in Securities | -8.06M | 50.22M | -107.71M | -150.61M | ||
| Other Investing Activities | 1.50M | |||||
| Investing Cash Flow | -16.24M | 42.83M | -115.29M | -160.20M | -9.08M | -8.73M |
| Short-Term Debt Issued | 732.00K | 26.05M | 88.20M | 36.46M | ||
| Total Debt Issued | 732.00K | 26.05M | 88.20M | 36.46M | ||
| Short-Term Debt Repaid | -732.00K | -26.05M | -88.20M | -36.46M | ||
| Total Debt Repaid | -732.00K | -26.05M | -88.20M | -36.46M | ||
| Issuance of Common Stock | 1.22M | 1.23M | 1.11M | 1.09M | ||
| Repurchase of Common Stock | -16.91M | -79.31M | -15.80M | -8.41M | -2.24M | -1.77M |
| Common Dividends Paid | -18.91M | -15.30M | -10.53M | -8.41M | -34.60M | |
| Financing Cash Flow | -34.60M | -93.37M | -25.22M | -15.73M | -11.19M | -36.37M |
| Net Cash Flow | -63.25M | 14.90M | 33.36M | 22.02M | 14.62M | 12.65M |
| Free Cash Flow | -20.58M | 58.05M | 166.29M | 188.36M | 25.81M | 47.45M |
| Free Cash Flow Margin | -0.65% | 2.02% | 5.93% | 6.61% | 0.83% | 1.64% |
| Free Cash Flow Per Share | -0.81 | 2.27 | 6.27 | 7.13 | 0.98 | 1.80 |
| Levered Free Cash Flow | -43.65M | 39.21M | 145.12M | 174.51M | 13.30M | 38.98M |
| Unlevered Free Cash Flow | -43.65M | 39.21M | 145.19M | 174.53M | 13.30M | 38.98M |
| Cash Interest Paid | 6.00K | 24.00K | 4.00K | |||
| Cash Income Tax Paid | 30.04M | 29.70M | 29.30M | 41.67M | 33.69M | 21.46M |
| Change in Working Capital | -142.39M | -46.57M | 68.35M | 96.26M | -73.94M | -32.61M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.19B | 1.46B | 1.82B | 1.77B | 1.23B | 1.13B |
| Enterprise Value | 1.86B | 1.06B | 1.40B | 1.48B | 1.13B | 1.05B |
| Last Close Price | 86.83 | 57.27 | 68.03 | 65.62 | 45.49 | 41.58 |
| PE Ratio | 21.44 | 17.42 | 20.91 | 21.20 | 13.82 | 16.17 |
| Forward PE | 18.22 | 15.93 | 19.00 | 19.59 | 13.67 | 15.38 |
| PS Ratio | 0.70 | 0.51 | 0.65 | 0.62 | 0.40 | 0.39 |
| PB Ratio | 2.23 | 1.60 | 2.00 | 2.10 | 1.61 | 1.66 |
| P/TBV Ratio | 2.42 | 1.75 | 2.18 | 2.31 | 1.79 | 1.88 |
| P/FCF Ratio | 25.12 | 10.95 | 9.37 | 47.77 | 23.82 | |
| P/OCF Ratio | 22.28 | 10.47 | 8.92 | 35.34 | 19.57 | |
| PEG Ratio | 1.82 | 1.59 | 1.90 | 1.96 | 1.37 | 1.54 |
| EV/Sales Ratio | 0.59 | 0.37 | 0.50 | 0.52 | 0.36 | 0.36 |
| EV/EBITDA Ratio | 12.81 | 9.07 | 12.64 | 12.51 | 8.49 | 9.67 |
| EV/EBIT Ratio | 13.86 | 10.08 | 14.32 | 14.00 | 9.34 | 10.89 |
| EV/FCF Ratio | 18.28 | 8.39 | 7.87 | 43.62 | 22.16 | |
| Debt / Equity Ratio | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 |
| Debt / EBITDA Ratio | 0.05 | 0.01 | 0.03 | 0.04 | 0.06 | 0.09 |
| Debt / FCF Ratio | 0.03 | 0.02 | 0.03 | 0.32 | 0.21 | |
| Net Debt / Equity Ratio | -0.34 | -0.45 | -0.48 | -0.35 | -0.15 | -0.14 |
| Net Debt / EBITDA Ratio | -2.31 | -3.46 | -3.98 | -2.47 | -0.87 | -0.90 |
| Net Debt / FCF Ratio | 16.30 | -6.97 | -2.64 | -1.55 | -4.45 | -2.07 |
| Asset Turnover | 2.23 | 2.17 | 2.25 | 2.49 | 2.86 | 2.76 |
| Inventory Turnover | 14.19 | 19.56 | 20.82 | 14.05 | 12.52 | 13.98 |
| Quick Ratio | 2.23 | 2.51 | 2.84 | 2.77 | 2.36 | 1.91 |
| Current Ratio | 2.72 | 2.90 | 3.14 | 3.20 | 3.07 | 2.49 |
| Return on Equity (ROE) | 10.89% | 9.20% | 9.94% | 10.36% | 12.32% | 10.60% |
| Return on Assets (ROA) | 5.93% | 4.97% | 4.90% | 5.78% | 6.90% | 5.75% |
| Return on Invested Capital (ROIC) | 15.54% | 15.87% | 14.17% | 12.99% | 14.31% | 12.28% |
| Return on Capital Employed (ROCE) | 13.30% | 11.30% | 10.50% | 12.30% | 15.30% | 13.60% |
| Earnings Yield | 4.66% | 5.74% | 4.78% | 4.72% | 7.24% | 6.18% |
| FCF Yield | -0.94% | 3.98% | 9.13% | 10.67% | 2.09% | 4.20% |
| Dividend Yield | 0.92% | 1.04% | 0.58% | 0.48% | ||
| Payout Ratio | 19.75% | 18.27% | 12.09% | 10.10% | 49.49% | |
| Buyback Yield / Dilution | 2.18% | 3.30% | -0.30% | 0.05% | -0.30% | -0.11% |
| Total Shareholder Return | 3.11% | 4.34% | 0.28% | 0.53% | -0.30% | -0.11% |