PC Connection, Inc.

CNXN

TechnologySmall CapUS Equities · NYSE / NASDAQ

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Company Profile

PC Connection, Inc., together with its subsidiaries, provides various information technology (IT) solutions worldwide. It operates in three segments: Connection Enterprise Solutions, Connection Business Solutions, and Connection Public Sector Solutions. The company offers IT solutions, including computer systems, data center solutions, and artificial intelligence; a portfolio of managed services and professional services; services related to the design, configuration, and implementation of IT solutions; and cybersecurity, digital workspace, modern infrastructure, multicloud, and supply chain and lifecycle solutions and services. It also distributes accessories, cable and adapters, computer parts, computers, conferencing and AV products, electronics, media and supplies, monitors and projectors, networking products, office equipment, power products, printers and supplies, servers and accessories, software, and storage products; hardware, including devices and peripherals; notebooks/mobility products, desktops, communication products, displays, and sound products; and cloud solutions. The company markets its products and services through its websites. It serves large enterprise customers; small to medium-sized businesses, including small office/home office customers; healthcare, manufacturing, and retail industries; federal, state, and local government; educational institutions, including K-12 and higher education; medium-to-large corporations through outbound inside and field sales, digital and web advertising, and targeted marketing programs to specific market segments. PC Connection, Inc. was founded in 1982 and is headquartered in Merrimack, New Hampshire.

Valuation

Market Cap$1.8B

Current Price$70.29as of Jun 23, 2026

P/E Ratio21.55

P/B Ratio1.98

EV / EBITDA11.36

EV / Sales0.49

Profitability

Operating Margin3.9%

Net Profit Margin2.9%

EBITDA Margin4.3%

Returns

ROE9.2%

ROCE12.2%

ROIC %-

ROA6.2%

Solvency

Current Ratio2.90

Debt / Equity0.00

Debt / Assets0.00

CFO / Net Profit0.78

Price History▲ 6.65% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$2.9B▲ 2.5%

EBITDA$123M▲ 5.1%

Net Profit$84M▼ 3.9%

Cash from Ops (CFO)$65M▼ 62.4%

Free Cash Flow (FCF)$58M▼ 65.1%

Revenue CAGR 3Y-2.8%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-2.1%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$2.9B	$123M	$84M	$58M	9.2%	2.5%	-3.9%
2024	$2.8B	$117M	$87M	$166M	9.6%	-1.7%	4.6%
2023	$2.9B	$125M	$83M	$188M	9.9%	-8.8%	-6.7%
2022	$3.1B	$139M	$89M	$26M	11.6%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	3,125	2,850.64	2,802.12	2,872.75
Operating Revenue	-	3,125	2,850.64	2,802.12	2,872.75
Cost Of Revenue	-	2,598.82	2,338.91	2,282.32	2,333.42
Gross Profit	-	526.18	511.74	519.79	539.33
Operating Expense	-	398.70	399.20	415.60	427.90
Selling General And Administration	-	378.10	378.30	395	408.70
Total Expenses	-	2,997.52	2,738.11	2,697.92	2,761.32
Operating Income	-	127.48	112.54	104.19	111.43
Total Operating Income As Reported	-	120.55	103.15	97.06	99.28
EBITDA	-	139.48	125.24	117.19	123.13
Normalized EBITDA	-	139.48	127.92	117.61	129.15
EBIT	-	127.48	112.54	104.19	111.43
Interest Income	-	-	9.96	18.73	14.37
Net Interest Income	-	-5.82	3.26	12.02	8.27
Other Non Operating Income Expenses	-	1.08	9.96	1.70	0.08
Other Income Expense	-	1.08	-2.69	1.28	-5.94
Interest Income Non Operating	-	-	9.96	18.73	14.37
Net Non Operating Interest Income Expense	-	-5.82	3.26	12.02	8.27
Pretax Income	-	121.64	113.11	117.49	113.73
Tax Provision	-	32.42	29.84	30.39	30.01
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0	-0.71	-0.11	-1.59
Net Income Continuous Operations	-	89.22	83.27	87.10	83.72
Net Income From Continuing And Discontinued Operation	-	89.22	83.27	87.10	83.72
Net Income From Continuing Operation Net Minority Interest	-	89.22	83.27	87.10	83.72
Net Income	-	89.22	83.27	87.10	83.72
Net Income Common Stockholders	-	89.22	83.27	87.10	83.72
Net Income Including Noncontrolling Interests	-	89.22	83.27	87.10	83.72
Normalized Income	-	89.22	85.25	87.40	88.15
Diluted NI Availto Com Stockholders	-	89.22	83.27	87.10	83.72
Basic Average Shares	-	26.28	26.29	26.32	25.51
Diluted Average Shares	-	26.44	26.43	26.51	25.63
Reconciled Depreciation	-	11.98	12.65	12.98	11.70
Reconciled Cost Of Revenue	-	2,598.84	2,338.95	2,282.34	2,333.41
Total Unusual Items	-	0	-2.69	-0.42	-6.01
Total Unusual Items Excluding Goodwill	-	0	-2.69	-0.42	-6.01
Special Income Charges	-	0	-2.69	-0.42	-6.01
Restructuring And Mergern Acquisition	-	0	2.69	0.42	6.01
Depreciation Amortization Depletion Income Statement	-	12	12.70	13	11.70
Depreciation And Amortization In Income Statement	-	12	12.70	13	11.70
General And Administrative Expense	-	357.90	355.90	369.90	383.90
Other Gand A	-	49.50	44.30	49.30	53.10
Salaries And Wages	-	308.40	311.60	320.60	330.80
Total Other Finance Cost	-	5.82	6.70	6.70	6.10
Other Operating Expenses	-	8.60	8.20	7.60	7.50
Selling And Marketing Expense	-	20.20	22.40	25.10	24.80

Peer Comparison

Technology sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
PC Connection, Inc.this co.	CNXN	$1.8B	21.55↑ premium	1.98	9.2%	11.36
Five9, Inc.	FIVN	$1.9B	47.51	2.38	5.0%	20.25
SkyWater Technology, Inc.	SKYT	$1.9B	15.70	9.94	63.3%	14.46
Asana, Inc.	ASAN	$1.9B	-	12.07	-122.6%	-
AMBQ	AMBQ	$1.8B	-49.83

Learn while you research

Hand-picked academy chapters to deepen your understanding of PC Connection, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Stock Market Risks

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$2.9B

$123M

$84M

$58M

9.2%

2.5%

-3.9%

2024

$2.8B

$117M

$87M

$166M

9.6%

-1.7%

4.6%

2023

$2.9B

$125M

$83M

$188M

9.9%

-8.8%

-6.7%

2022

$3.1B

$139M

$89M

$26M

11.6%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

3,125

2,850.64

2,802.12

2,872.75

Operating Revenue

3,125

2,850.64

2,802.12

2,872.75

Cost Of Revenue

2,598.82

2,338.91

2,282.32

2,333.42

Gross Profit

526.18

511.74

519.79

539.33

Operating Expense

398.70

399.20

415.60

427.90

Selling General And Administration

378.10

378.30

395

408.70

Total Expenses

2,997.52

2,738.11

2,697.92

2,761.32

Operating Income

127.48

112.54

104.19

111.43

Total Operating Income As Reported

120.55

103.15

97.06

99.28

EBITDA

139.48

125.24

117.19

123.13

Normalized EBITDA

139.48

127.92

117.61

129.15

EBIT

127.48

112.54

104.19

111.43

Interest Income

9.96

18.73

14.37

Net Interest Income

-5.82

3.26

12.02

8.27

Other Non Operating Income Expenses

1.08

9.96

1.70

0.08

Other Income Expense

1.08

-2.69

1.28

-5.94

Interest Income Non Operating

9.96

18.73

14.37

Net Non Operating Interest Income Expense

-5.82

3.26

12.02

8.27

Pretax Income

121.64

113.11

117.49

113.73

Tax Provision

32.42

29.84

30.39

30.01

Tax Rate For Calcs

Tax Effect Of Unusual Items

-0.71

-0.11

-1.59

Net Income Continuous Operations

89.22

83.27

87.10

83.72

Net Income From Continuing And Discontinued Operation

89.22

83.27

87.10

83.72

Net Income From Continuing Operation Net Minority Interest

89.22

83.27

87.10

83.72

Net Income

89.22

83.27

87.10

83.72

Net Income Common Stockholders

89.22

83.27

87.10

83.72

Net Income Including Noncontrolling Interests

89.22

83.27

87.10

83.72

Normalized Income

89.22

85.25

87.40

88.15

Diluted NI Availto Com Stockholders

89.22

83.27

87.10

83.72

Basic Average Shares

26.28

26.29

26.32

25.51

Diluted Average Shares

26.44

26.43

26.51

25.63

Reconciled Depreciation

11.98

12.65

12.98

11.70

Reconciled Cost Of Revenue

2,598.84

2,338.95

2,282.34

2,333.41

Total Unusual Items

-2.69

-0.42

-6.01

Total Unusual Items Excluding Goodwill

-2.69

-0.42

-6.01

Special Income Charges

-2.69

-0.42

-6.01

Restructuring And Mergern Acquisition

2.69

0.42

6.01

Depreciation Amortization Depletion Income Statement

12.70

11.70

Depreciation And Amortization In Income Statement

12.70

11.70

General And Administrative Expense

357.90

355.90

369.90

383.90

Other Gand A

49.50

44.30

49.30

53.10

Salaries And Wages

308.40

311.60

320.60

330.80

Total Other Finance Cost

5.82

6.70

6.10

Other Operating Expenses

8.60

8.20

7.60

7.50

Selling And Marketing Expense

20.20

22.40

25.10

24.80

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

PC Connection, Inc.this co.

CNXN

$1.8B

21.55↑ premium

1.98

9.2%

11.36

Five9, Inc.

FIVN

$1.9B

47.51

2.38

5.0%

20.25

SkyWater Technology, Inc.

SKYT

$1.9B

15.70

9.94

63.3%

14.46

Asana, Inc.

ASAN

$1.9B

12.07

-122.6%

AMBQ

$1.8B

-49.83

PC Connection, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

PC Connection, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on