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PC Connection Inc (CNXN) stock

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NASDAQ: CNXN Nasdaq Technology Distributors Next results ~February 3, 2027

C+ Fundamentals grade

PC Connection Inc is a US-listed company in the technology distributors industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$61

Cash-flow model

Base case. Range ~$49–$77 across our lower- and higher-growth cases (1.3%–11.3% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 29% below it.

Price used: $86.76, November 2, 2026

PC Connection Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 53 sales by directors and officers, last 12 monthsInsider trades
  • Funds94 adding, 83 cuttingOf 36 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter PC Connection files

10-Q filed October 28: PC Connection

PC Connection's revenue reached $3.15bn in the twelve months to September 2026, a 9.5% rise on the prior year and a marked acceleration from the 3.2% growth seen a quarter earlier. Profitability moved the other way, however: free-cash-flow margin slipped to -0.7%, down from 1.9% a year earlier. Buybacks continued to shrink the diluted share count, which fell 2.3% year-on-year and so lifted the value attributable to each remaining share. Despite this, our model value is little changed at $60.12 a share, well below the current price of $88.58. The rating therefore stays Sell. At today's price, the market appears to be pricing in cash-flow growth of around 10.1% a year for five years, a pace well ahead of the 1.7% annual revenue growth the company has actually delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where PC Connection stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.99bn, up 3.2% on a year earlier, faster than the 0.8% growth a quarter earlier. That puts it 7 of 8 for growth among the technology distributors companies we cover. Free-cash-flow margin held at 1.1%. The diluted share count is down 3.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $60.12 a share, against a share price of $89.12. At that price, our model says the market is pricing in about 10.7% a year of cash-flow growth for five years, faster than the 0.7% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

PC Connection Inc's trailing-twelve-month revenue grew 9.5% year on year, with a free-cash-flow margin of -0.7%. Where it stands out: net margin of 3.3% ranks 3 of 12 technology distributors companies we cover.

Our discounted-cash-flow model values the business at ~$61 per share in the base case (~$49–$77 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 9.5% (+6.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 6.3 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 2.3% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.9% over 90 days.

Things to watch

  • Priced above our value. The share price of $86.76 is 29% above our value per share of $61.
  • Burning cash. Free cash flow was -0.7% of revenue over the last 12 months.
  • Insiders selling. 7 insiders sold $18M of stock over the past 365 days and none bought (64% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was -20% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$1.24 against an average estimate of $1.04: beat by 19.2%
Revenue
$874m, up 23.3% on a year earlier
Share reaction
-3.3% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate $1.15

PC Connection's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.1%
  • 1 week-1.9%
  • 1 month-6.1%
  • This year+51.5%
  • 1 year+43.9%
  • 5 years+95.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.2B
Operating margin
4.1%
Net margin
3.3%
EPS (TTM, diluted)
$4.05

Growth

Revenue growth
+9.5%
Change in growth rate
+6.3 pts
Share count change
−2.3%

Cash

Free cash flow (TTM)
-$20.6M
FCF margin
-0.7%
Stock pay % of revenue
0.3%

Earnings

Last results
October 28, 2026
Next results (est.)
February 3, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Leadership
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

PC Connection Inc valuation models and calculator

What the price is pricing in

The share price implies about 13.8% a year of cash-flow growth for five years.That is faster than the 1.7% a year revenue growth PC Connection has delivered.

  • Priced in13.8%
  • Last 12 months9.5%
  • 3 years a year3.0%
  • 5 years a year1.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($86.67, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$61
Price used
$86.67close November 3, 2026
Implied change
▼ 29%
Uncertainty
Low

How we got here: a discounted-cash-flow model of PC Connection Inc's free cash flow after stock-based pay with after-tax interest added back ($57.6M, FY2026 Q3 TTM), growing 7% and 5.8% in the next two years (forecasts, guidance and its record), then back to 6.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$49–~$77 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of PC Connection Inc's free cash flow after stock-based pay ( $57.6M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value PC Connection Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.97 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$61 ~$49–$77 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$72 ~$55–$94 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$46 ~$32–$69 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$47 ~$41–$56 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$58 ~$46–$72 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare PC Connection Inc with Technology Distributors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $46$58$73$94$120$155
8.5% $39$47$58$73$92$116
10% $34$40$49$60$75$93

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$20.38$25.59$24.18$27.73$46.61$44.39$41.58$45.49$65.62$68.03$57.27$86.76
Market value$542m$684m$650m$745m$1.2bn$1.2bn$1.1bn$1.2bn$1.7bn$1.8bn$1.5bn$2.2bn
+ Net debt (− = net cash)−$80m−$49m−$50m−$92m−$90m−$96m−$108m−$123m−$145m−$178m−$193m−$125m
Enterprise value$462m$634m$600m$653m$1.1bn$1.1bn$988m$1.1bn$1.6bn$1.6bn$1.3bn$2.1bn
Multiples
Price / sales 0.2x0.3x0.2x0.3x0.4x0.5x0.4x0.4x0.6x0.6x0.5x0.7x
Price / earnings 11.6x14.2x11.9x11.5x15.0x21.0x15.7x13.5x20.8x20.7x17.5x21.4x
Price / free cash flow 29.3x31.5x86.5x—————9.2x10.8x25.3x—
EV / EBITDA 5.3x7.1x6.8x6.6x9.2x12.7x9.2x8.2x13.9x14.9x11.6x15.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

45 /100

Moderate moat

How hard PC Connection's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Cash operating profit has been a median 5.7% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 16.4%, moving by 1.7 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 3.4%; its worst year was 2.7%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 8 of 10 years, at a median 1.3% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.8% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (50 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.46 +30% $3.3bn +15%
Next $4.78 +7% $3.4bn +4%

Next year's EPS estimate has moved +6.9% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.8% on 90 days ago. In the last 30 days, 2 analysts raised PC Connection Inc's forecast and 0 cut it.

Consensus EPS forecast PC Connection Inc, last 90 days
$4.00 $4.20 $4.40 $4.60 $4.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.17 Current fiscal year, 60 days ago: $4.17 Current fiscal year, 30 days ago: $4.17 Current fiscal year, 7 days ago: $4.17 Current fiscal year, Now: $4.46 $4.46 Next fiscal year, 90 days ago: $4.46 Next fiscal year, 60 days ago: $4.46 Next fiscal year, 30 days ago: $4.46 Next fiscal year, 7 days ago: $4.46 Next fiscal year, Now: $4.78 $4.78

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.17$4.46
60 days ago $4.17$4.46
30 days ago $4.17$4.46
7 days ago $4.17$4.46
Now $4.46$4.78

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.04 $1.24 +19.2%
Jun 2026 $1.04 $1.31 +26.0%
Mar 2026 $0.62 $0.77 +24.2%
Dec 2025 $0.86 $0.91 +5.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026

No numeric guidance in PC Connection Inc's latest earnings release (filed October 28, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows PC Connection Inc's revenue by +7.0% next year and +5.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.5%, weight 56%) and the company's own record (+6.3%, weight 44%) . How the weights are set.

Analyst recommendations

1 analysts, Oct 2026
Buy00%
Hold1100%
Sell00%

Monthly trend

  1. Oct 202611
  2. Sep 202611

Counts of recommendations published by analysts covering PC Connection Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.2%
of tradable shares
Days to cover
3.63
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
43%
of shares
Held by insiders
56.9%
of shares
Employees
2,525
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +43.9%

$60.29 on October 31, 2025 to $86.76

ThenNowEffect
Revenue (last 12 months) $2.9bn $3.0bn +3.2%
Net margin 3.0% 3.2% +7.9%
P/E multiple 18.3x 23.0x +25.1%
Share count 26m 25m +3.3%

Biggest factor: p/e multiple.

Last 3 years +49.2%

$58.16 on November 3, 2023 to $86.76

ThenNowEffect
Revenue (last 12 months) $3.0bn $3.0bn +0.6%
Net margin 2.6% 3.2% +25.4%
P/E multiple 20.2x 23.0x +13.3%
Share count 26m 25m +4.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CNXN−6%+9%+44%+4%−16%+52%
Industry peers (median)+40%−12%+29%−1%−12%+45%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CNXN50%58%83%50%33%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CNXN−22%−21%−25%−17%−24%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 42% from January 8, 2020 to March 12, 2020. Getting back needed a 72% gain, reached on March 29, 2022, 747 days after the low.

Price behaviour

52-week range
$55.35 – $95.22
From 52-week high
−8.9%
vs 50-day average
−0.2%
vs 200-day average
+20.0%
Volatility (1 year)
26%
Beta vs S&P 500
0.53

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±5.8%
After a week
7 up, 4 down
typical move ±6.3%
After a month
8 up, 3 down
typical move ±5.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −3.3% 0.0% — —
July 29, 2026 −0.7% +0.1% +3.4% −2.8%
April 29, 2026 +0.2% +1.0% +1.8% +9.7%
February 4, 2026 +11.7% −1.7% +10.8% +3.6%
October 29, 2025 −4.0% −1.1% −6.1% −6.8%
July 30, 2025 −4.1% −0.5% −5.9% +0.1%
April 30, 2025 +6.2% +0.7% +8.2% +4.9%
February 5, 2025 −12.1% +0.8% −11.8% −12.3%
October 30, 2024 −8.0% −2.3% +8.8% +5.0%
July 31, 2024 +6.7% +0.2% −2.1% +2.5%
May 1, 2024 −4.3% +0.6% +2.9% +9.3%
February 14, 2024 +8.5% +1.6% +7.1% +0.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How PC Connection Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed. Check the live chain at your broker before trading.

Option prices are read during US trading hours (9:30 to 16:00 New York time). Outside them the chain shows no bids or offers, so this screen fills in after the next session opens.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

PC Connection Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) PC Connection Inc
$2.7B $2.8B $2.9B $3B $3.1B $3.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.9B Revenue (TTM), FY24 Q1: $2.8B Revenue (TTM), FY24 Q2: $2.8B Revenue (TTM), FY24 Q3: $2.8B Revenue (TTM), FY24 Q4: $2.8B Revenue (TTM), FY25 Q1: $2.9B Revenue (TTM), FY25 Q2: $2.9B Revenue (TTM), FY25 Q3: $2.9B Revenue (TTM), FY25 Q4: $2.9B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $3B Revenue (TTM), FY26 Q3: $3.2B $3.2B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.9B
FY24 Q1 $2.8B
FY24 Q2 $2.8B
FY24 Q3 $2.8B
FY24 Q4 $2.8B
FY25 Q1 $2.9B
FY25 Q2 $2.9B
FY25 Q3 $2.9B
FY25 Q4 $2.9B
FY26 Q1 $2.9B
FY26 Q2 $3B
FY26 Q3 $3.2B
Revenue growth, TTM YoY PC Connection Inc
-15% -10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -8.8% Revenue growth, TTM YoY, FY24 Q1: -10.1% Revenue growth, TTM YoY, FY24 Q2: -7.1% Revenue growth, TTM YoY, FY24 Q3: -3.4% Revenue growth, TTM YoY, FY24 Q4: -1.7% Revenue growth, TTM YoY, FY25 Q1: 4.2% Revenue growth, TTM YoY, FY25 Q2: 4.9% Revenue growth, TTM YoY, FY25 Q3: 3.2% Revenue growth, TTM YoY, FY25 Q4: 2.5% Revenue growth, TTM YoY, FY26 Q1: 0.8% Revenue growth, TTM YoY, FY26 Q2: 3.2% Revenue growth, TTM YoY, FY26 Q3: 9.5% 9.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -8.8%
FY24 Q1 -10.1%
FY24 Q2 -7.1%
FY24 Q3 -3.4%
FY24 Q4 -1.7%
FY25 Q1 4.2%
FY25 Q2 4.9%
FY25 Q3 3.2%
FY25 Q4 2.5%
FY26 Q1 0.8%
FY26 Q2 3.2%
FY26 Q3 9.5%
Operating margin (TTM) PC Connection Inc
3.2% 3.4% 3.6% 3.8% 4% 4.2% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 3.6% Operating margin (TTM), FY24 Q1: 3.6% Operating margin (TTM), FY24 Q2: 3.8% Operating margin (TTM), FY24 Q3: 3.7% Operating margin (TTM), FY24 Q4: 3.5% Operating margin (TTM), FY25 Q1: 3.4% Operating margin (TTM), FY25 Q2: 3.4% Operating margin (TTM), FY25 Q3: 3.4% Operating margin (TTM), FY25 Q4: 3.5% Operating margin (TTM), FY26 Q1: 3.6% Operating margin (TTM), FY26 Q2: 3.9% Operating margin (TTM), FY26 Q3: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 3.6%
FY24 Q1 3.6%
FY24 Q2 3.8%
FY24 Q3 3.7%
FY24 Q4 3.5%
FY25 Q1 3.4%
FY25 Q2 3.4%
FY25 Q3 3.4%
FY25 Q4 3.5%
FY26 Q1 3.6%
FY26 Q2 3.9%
FY26 Q3 4.1%
FCF margin (TTM) PC Connection Inc
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 6.6% FCF margin (TTM), FY24 Q1: 8.2% FCF margin (TTM), FY24 Q2: 5.4% FCF margin (TTM), FY24 Q3: 5.5% FCF margin (TTM), FY24 Q4: 5.9% FCF margin (TTM), FY25 Q1: 2.0% FCF margin (TTM), FY25 Q2: 1.5% FCF margin (TTM), FY25 Q3: 1.9% FCF margin (TTM), FY25 Q4: 2.0% FCF margin (TTM), FY26 Q1: 4.3% FCF margin (TTM), FY26 Q2: 1.1% FCF margin (TTM), FY26 Q3: -0.7% -0.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 6.6%
FY24 Q1 8.2%
FY24 Q2 5.4%
FY24 Q3 5.5%
FY24 Q4 5.9%
FY25 Q1 2.0%
FY25 Q2 1.5%
FY25 Q3 1.9%
FY25 Q4 2.0%
FY26 Q1 4.3%
FY26 Q2 1.1%
FY26 Q3 -0.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar PC Connection took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.9B
  2. Other income $14.4M · 0.5%
  3. Cost of revenue $2.3B · 81.2%
  4. Gross profit $539M · 18.8%
  5. Selling, general and admin $434M · 15.1%
  6. Operating income $99.3M · 3.5%
  7. Income tax $30M · 1.0%
  8. Net income $83.7M · 2.9%

Shares of revenue. Source: PC Connection's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,570 1,974 2,103 2,159 2,222 2,463 2,574 2,693 2,912 2,699 2,820 2,590 2,893 3,125 2,851 2,802 2,873 3,153
Gross profit 185 230 265 282 293 323 341 371 382 411 451 419 465 526 512 520 539 588
EBITDA 6 44 53 60 66 79 87 90 88 98 124 84 107 131 115 109 110 138
Operating income −1 39 48 55 59 71 79 81 78 86 112 72 97 121 103 97 99 128
Net income −1 23 29 33 36 43 47 48 55 65 82 56 70 89 83 87 84 103
Diluted EPS −$0.05 $0.85 $1.07 $1.24 $1.35 $1.61 $1.76 $1.80 $2.04 $2.41 $3.10 $2.12 $2.65 $3.37 $3.15 $3.29 $3.27 $4.05
Growth (year on year)
Revenue — +25.8% +6.5% +2.6% +2.9% +10.9% +4.5% +4.6% +8.1% −7.3% +4.5% −8.1% +11.7% +8.0% −8.8% −1.7% +2.5% +9.5%
EBITDA — — +20.8% +13.5% +9.2% +19.9% +10.3% +3.4% −2.1% +11.9% +26.2% −31.9% +27.3% +22.1% −12.7% −5.0% +0.9% +26.1%
Operating income — — — +14.7% +8.7% +20.3% +9.9% +2.5% −3.7% +10.5% +30.7% −35.6% +33.9% +24.9% −14.4% −5.9% +2.3% +30.0%
Net income — — — — — — — — — — +27.1% −32.1% +25.4% +27.6% −6.7% +4.6% −3.9% +22.5%
Diluted EPS — — — — — — — — — — +28.6% −31.6% +25.0% +27.2% −6.5% +4.4% −0.6% +25.3%
Margins
Gross margin 11.8% 11.6% 12.6% 13.1% 13.2% 13.1% 13.2% 13.8% 13.1% 15.2% 16.0% 16.2% 16.1% 16.8% 18.0% 18.6% 18.8% 18.6%
EBITDA margin 0.4% 2.2% 2.5% 2.8% 3.0% 3.2% 3.4% 3.3% 3.0% 3.6% 4.4% 3.3% 3.7% 4.2% 4.0% 3.9% 3.8% 4.4%
Operating margin −0.0% 2.0% 2.3% 2.5% 2.7% 2.9% 3.1% 3.0% 2.7% 3.2% 4.0% 2.8% 3.3% 3.9% 3.6% 3.5% 3.5% 4.1%
Net margin −0.1% 1.2% 1.4% 1.5% 1.6% 1.7% 1.8% 1.8% 1.9% 2.4% 2.9% 2.2% 2.4% 2.9% 2.9% 3.1% 2.9% 3.3%
Free-cash-flow margin 0.0% −0.4% −0.8% 2.8% 0.5% 1.1% 0.7% 0.8% 0.3% — — — — — 6.6% 5.9% 2.0% −0.7%
Cash flow
Cash from operations 6 −1 −5 70 20 35 31 34 19 87 37 36 58 35 198 174 65 −12
Capital spending 6 6 11 9 8 8 12 12 12 — — — — — 10 8 7 8
Free cash flow 0 −7 −16 60 12 28 19 22 8 — — — — — 188 166 58 −21
Stock-based pay 1 2 1 1 1 1 1 1 1 1 2 3 4 6 7 8 9 10
Free cash flow after stock pay −1 −9 −17 59 11 27 18 21 7 — — — — — 181 158 49 −31
Balance sheet
Cash 46 35 5 40 43 61 80 49 50 92 90 96 108 123 145 178 193 125
Total debt 0 0 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −46 −35 1 −40 −43 −61 −80 −49 −50 −92 −90 −96 −108 −123 −145 −178 −193 −125
Diluted shares 27m 27m 27m 27m 26m 27m 27m 27m 27m 27m 27m 26m 26m 26m 26m 27m 26m 25m
Returned to shareholders
Dividends — — 11 10 10 11 11 11 9 9 8 8 35 9 8 11 15 19
Buybacks 0 3 4 8 — — — — — 15 4 10 — — 5 12 76 13
Total returned 0 3 14 18 10 11 11 11 9 24 13 19 35 9 14 23 92 32

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $1.5bn
Short-term assets $1.4bnLonger-term assets $133m
What it owes, and who funded it · $1.5bn
Short-term liabilities $508mLonger-term liabilities $27mShareholders' equity $981m
  • Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $508m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.4bn short-term assets against $27m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From PC Connection Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$13.2M
Dividends (TTM)
$18.9M
Returned to shareholders
-156%
of free cash flow
Buybacks, last 3 fiscal years
$94M
Diluted share count
−2.3%
year over year
Total shareholder yield
1.5%
dividends 0.9% + buybacks 0.6% of market value
Dividend payout ratio
18%
of net income paid out
Sales & admin spending
14.4%
of revenue
Days sales outstanding
91 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in technology distributors
Last 12 months unless stated CNXN SCSC NSIT CLMB CDW AVT Median
Revenue, last 12 months $3.2bn $3.2bn $8.6bn $771m $23.5bn $27.6bn $5.9bn
Revenue growth, last 12 months 9.5% 6.1% 2.7% 24.2% 7.4% 24.5% 14.4%
Revenue growth, 3-year average 3.0% −5.2% −4.0% 32.1% 1.6% 1.4% 1.4%
Revenue growth, latest quarter 23.3% 17.3% 14.7% 36.5% 10.0% 47.7% 22.0%
Gross margin 18.6% 13.6% 22.1% 15.5% 21.4% 10.4% 12.4%
Operating margin 4.1% 3.1% 4.6% 4.0% 7.1% 2.6% 3.2%
Operating margin, 3-year average 3.7% 2.9% 4.4% 4.9% 7.6% 2.8% 3.0%
Net margin 3.3% 2.4% 2.5% 3.1% 4.6% 1.2% 2.4%
Cash from operations / revenue −0.4% 3.8% 4.9% 4.2% 4.2% −1.0% 2.4%
Free-cash-flow margin −0.7% 3.5% 4.6% 3.1% 3.7% −1.3% 1.3%
Free-cash-flow margin, 3-year average 2.3% 6.0% 4.8% 4.5% 5.1% 1.1% 2.5%
Stock pay / revenue 0.3% 0.4% 0.4% 0.7% 0.4% 0.2% 0.4%
Change in share count −2.3% −9.0% −13.2% 1.3% −2.9% −4.6% −2.0%

Median of all 12 companies we cover in technology distributors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 technology distributors companies
Measure Company Peer median Rank
Revenue growth Growth 9.5% 14.8% 8 of 12
Change in growth rate Growth +6.3pp +4.5pp 4 of 12
Gross margin Profitability 18.6% 13.6% 4 of 12
Operating margin Profitability 4.1% 3.4% 4 of 12
Net margin Profitability 3.3% 2.4% 3 of 12
Free-cash-flow margin Cash generation -0.7% 2.3% 9 of 12
Stock pay as % of revenue Cash generation 0.3% 0.4% 5 of 11
Change in share count Balance sheet -2.3% -1.7% 6 of 12
Days sales outstanding Balance sheet 91 days 91 days 7 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Large Account $1.3B 44.6% ▲ 8.6%
Small and Medium Sized Businesses $1.1B 37.7% ▲ 3.1%
Public Sector $508M 17.7% ▼ 11.1%
Products and services
Line of business Revenue Share YoY
Notebooks and Mobility $993M 34.6% ▼ 0.1%
Desktops $352M 12.2% ▲ 17.9%
Software $321M 11.2% ▲ 12.5%
Accessories $319M 11.1% ▼ 1.1%
Displays and Sounds $250M 8.7% ▼ 8.2%
Servers and Storage $220M 7.7% ▲ 7.5%
Other Hardware and Services $215M 7.5% ▲ 0.7%
Net and Com $202M 7.0% ▼ 4.1%

From PC Connection Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$761M
Institutions reporting
188
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
24 / 21

Top buyers and sellers, Q2 2026: 94 institutions bought and 83 sold ; the biggest buyer was Man Group PLC (+95K shares) and the biggest seller Brown Advisory Inc (−341K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $159M 2.2M 20.9% ▼ 2.1%
Dimensional Fund Advisors LP $112M 1.5M 14.8% ▲ 0.9%
Vanguard Portfolio Management LLC $37.1M 508K 4.9% ▲ 3.5%
Vanguard Capital Management LLC $36.7M 502K 4.8% ▼ 1.2%
State Street Corp $34M 466K 4.5% ▲ 3.4%
Geode Capital Management, LLC $30.2M 414K 4.0% ▲ 5.9%
Two Sigma Investments, LP $18.9M 259K 2.5% ▲ 41.2%
Morgan Stanley $16.7M 228K 2.2% ▲ 2.7%
Goldman Sachs Group Inc $16.5M 226K 2.2% ▲ 4.3%
Northern Trust Corp $15.1M 207K 2.0% ▲ 1.9%
Qube Research & Technologies Ltd $14.9M 204K 2.0% ▲ 59.7%
Charles Schwab Investment Management Inc $14.1M 193K 1.9% ▼ 12.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not PC Connection Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $18M 53 trades by 7 insiders · 64% under pre-set plans
Net ▼ $18M net selling
Insider Date Trade Shares Price Value
Gallup Patricia Chairman & Chief Admin Officer October 21, 2026 Sell pre-set plan 1,108 $87.64 $97,105
Gallup Patricia Chairman & Chief Admin Officer October 21, 2026 Sell pre-set plan 6,084 $87.12 $530,038
Gallup Patricia Chairman & Chief Admin Officer October 20, 2026 Sell pre-set plan 79 $87.33 $6,899
Gallup Patricia Chairman & Chief Admin Officer October 20, 2026 Sell pre-set plan 7,925 $86.56 $685,988
Gallup Patricia Chairman & Chief Admin Officer October 6, 2026 Sell pre-set plan 56 $92.95 $5,205
Gallup Patricia Chairman & Chief Admin Officer October 6, 2026 Sell pre-set plan 6,174 $92.07 $568,440
Gallup Patricia Chairman & Chief Admin Officer October 5, 2026 Sell pre-set plan 1,572 $93.06 $146,290
Gallup Patricia Chairman & Chief Admin Officer October 5, 2026 Sell pre-set plan 5,570 $92.42 $514,779
David Hall Trust 2003 10% owner September 15, 2026 Sell pre-set plan 5,124 $85.01 $435,591
David Hall Trust 2003 10% owner September 15, 2026 Sell pre-set plan 2,018 $85.61 $172,761
David Hall Trust 2003 10% owner September 14, 2026 Sell pre-set plan 1,792 $86.04 $154,184
David Hall Trust 2003 10% owner September 14, 2026 Sell pre-set plan 3,551 $85.62 $304,037

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 4, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on PC Connection Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

PC Connection Inc in brief

What does PC Connection Inc do?
PC Connection Inc is a US-listed company in the technology distributors industry. Its financial year ends in December.
What is PC Connection Inc's stock ticker?
PC Connection Inc trades under the ticker CNXN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is PC Connection Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, PC Connection Inc reported revenue of $3.2B, 9.5% higher than a year earlier, according to its SEC filings.
What is PC Connection Inc's free cash flow?
PC Connection Inc's free-cash-flow margin is -0.7% of revenue over the trailing twelve months, ranking 9 of the 12 technology distributors companies we cover.
What is PC Connection Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of PC Connection Inc's free cash flow after stock-based pay gives ~$61 per share in the base case, and ~$49–$77 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are PC Connection Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is PC Connection Inc buying back stock, and does it pay a dividend?
PC Connection Inc spent $13.2M on share repurchases over the trailing twelve months, and its diluted share count fell 2.3% over the year.
What is PC Connection Inc's market cap?
On November 2, 2026, PC Connection Inc's market capitalisation was about $2.2B, with a price-to-earnings ratio of 21.4 and net debt of -$125M. Market figures come from third-party market data and may be delayed.
Does PC Connection Inc pay a dividend?
Yes: PC Connection Inc paid $18.9M in dividends over the trailing twelve months, a dividend yield of 0.86% and a payout ratio of 18.4%.
Who are PC Connection Inc's competitors?
In our Technology Distributors peer group, the companies closest to PC Connection Inc are Scansource, Inc., Insight Enterprises Inc, Climb Global Solutions, Inc., CDW Corporation and Avnet Inc. The side-by-side comparison below sets their revenue, margins and growth against PC Connection Inc's.
Are insiders buying or selling PC Connection Inc stock?
Over the last 12 months, PC Connection Inc's directors and officers reported 0 open-market purchases and 53 sales on Form 4. The insider trading page charts every trade.
When is PC Connection Inc's next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — PC Connection Inc announces its own schedule.