PC CONNECTION INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PC CONNECTION INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,693	2,912	2,699	2,820	2,590	2,893	3,125	2,851	2,802	2,873
Cost of revenue	2,321	2,530	2,288	2,369	2,171	2,428	2,599	2,339	2,282	2,333
Gross profit	371	382	411	451	419	465	526	512	520	539
Selling, general and administrative	287	301	324	339	346	368	406	406	422	434
Operating income	80.5	77.5	85.7	112	72.1	96.5	121	103	97.1	99.3
Interest expense			0.15	0.11	0.11
Interest income			3.12	0.81	0.17
Other non-operating income	-0.07	0.1	2.98	0.71	1.12	0.01	1.08	9.96
Pre-tax income	80.5	77.6	88.7	113	73.2	96.5	122	113	117	114
Income tax	32.3	22.8	24.1	30.6	17.4	26.6	32.4	29.8	30.4	30
Net income	48.1	54.9	64.6	82.1	55.8	69.9	89.2	83.3	87.1	83.7
EBITDA	89.7	87.8	98.3	124	84.5	107	131	115	109	110
EPS, basic	1.81	2.05	2.42	3.12	2.13	2.67	3.40	3.17	3.31	3.28
EPS, diluted	1.80	2.04	2.41	3.10	2.12	2.65	3.37	3.15	3.29	3.27
Shares, basic (weighted)	26.5	26.8	26.7	26.3	26.2	26.2	26.3	26.3	26.3	25.5
Shares, diluted (weighted)	26.7	26.9	26.9	26.5	26.3	26.4	26.4	26.4	26.5	25.6
Dividend per share	0.34	0.34	0.32	0.32	0.32	1.00	0.34

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	49.2	50	91.7	90.1	95.7	108	123	145	178	193
Short-term investments								152	264	213
Receivables	412	450	448	550	611	608	610	607	611	648
Inventory	90.5	107	119	125	141	207	209	124	95.1	144
Other current assets	5.45	5.74	9.66	10.7	11.4	10	11.9	16.1	17.8	22.6
Total current assets	559	616	669	776	859	932	954	1,049	1,167	1,221
Property, plant and equipment	39.4	41.5	51.8	64.2	61.5	61	59.2	56.7	52.5	46.9
Lease right-of-use assets				13.8	12.8	9.58	7.56	4.34	3.08	1.57
Goodwill	73.6	73.6	73.6	73.6	73.6	73.6	73.6	73.6	73.6	73.6
Intangible assets	12.1	11	9.56	8.31	7.09	5.87	4.65	3.43	2.21	0.99
Other non-current assets	1.37	5.64	1.21	0.95	1.35	0.91	1.06	1.71	1.1	6.98
Total assets	686	748	805	937	1,015	1,083	1,100	1,188	1,299	1,351
Accounts payable	178	194	202	236	267	282	233	264	300	338
Accrued liabilities	21.3	22.7	24.3	28.1	17.8	31	24.1	20.4	23.3	30.9
Total current liabilities	230	248	260	309	342	375	311	328	371	420
Lease liabilities				10.3	9.63	6.79	4.99	3.18	1.55	0.5
Other non-current liabilities	2.84	1.89	2.47	0.6	8.63	0.21	0.17	0.62	0.52
Total liabilities	253	266	279	340	379	401	334	348	388	441
Paid-in capital	111	114	116	118	120	122	126	131	137	145
Retained earnings	338	384	441	515	562	606	686	761	837	906
Treasury stock	-15.9	-15.9	-31.2	-35.7	-45.9	-45.9	-45.9	-51.4	-64	-141
Other comprehensive income								0.08	0.17	0.08
Shareholders' equity	433	482	526	597	636	682	766	841	911	910
Total equity	433	482	526	597	636	682	766	841	911	910
Total liabilities and equity	686	748	805	937	1,015	1,083	1,100	1,188	1,299	1,351
Shares outstanding	26.6	26.9	26.4	26.3	26.2	26.3	26.4	26.4	26.3	25.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	48.1	54.9	64.6	82.1	55.8	69.9	89.2	83.3	87.1	83.7
Depreciation and amortization	9.17	10.3	12.6	12.1	12.4	11	10.8	11.4	11.8	10.5
Stock-based compensation	1.05	0.74	1.08	1.86	2.67	4.23	5.68	7.02	8.48	9.34
Deferred income tax	3.51	-3.91	1.06	2.99	-1.65	0.75	-1.27	-2.15	-0.78	4.84
Change in receivables	-33.8	-39.5	14.9	-102	-63.7	-1.32	-6	1.6	-6.51	-38.4
Change in inventory	12.4	-16.2	-23.3	-5.47	-16.2	-65.7	-2.13	84.5	29.1	-48.5
Change in payables	-3.01	15.8	5.72	35	32.5	14.8	-49.1	31.1	36.5	38.1
Cash from operations	33.6	19.3	86.8	36.6	36.1	57.8	34.9	198	174	65.4
Capital expenditures	-11.9	-11.8						-9.6	-7.58	-7.39
Acquisitions	-43
Purchases of investments								-151	-358	-264
Cash from investing	-54.9	-11.8	-21.2	-25.7	-11	-8.73	-9.08	-160	-115	42.8
Stock issued	0.14	1.75
Share buybacks			-15.4	-4.48	-10.2			-5.39	-12.4	-76.3
Dividends paid	-9.04	-9.12	-8.45	-8.43	-8.38	-26.2	-8.95	-8.41	-10.5	-15.3
Cash from financing	-9.72	-6.71	-23.9	-12.6	-19.5	-36.4	-11.2	-15.7	-25.2	-93.4
Net change in cash	-31	0.81	41.7	-1.64	5.6	12.7	14.6	22	33.4	14.9
Free cash flow	21.7	7.52						188	166	58
Interest paid							0	0.02	0.01	0
Income taxes paid	29.7	28.9	19.9	28.5	19.4	21.5	33.7	41.7	29.3	29.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $89.32 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.9%	Gross profit / revenue.
Operating margin	3.9%	Operating income / revenue.
EBITDA margin	4.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.4%	Pre-tax income / revenue.
Net margin	3.2%	Net income / revenue.
FCF margin	1.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.4%	Cash from operations / revenue.
Effective tax rate	26.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.7%	Net income / average total assets.
Return on invested capital (ROIC)	10.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	14.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	2.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-6.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	0.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-3.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-0.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-62.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-65.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-0.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.88x	Current assets / current liabilities.
Quick ratio	2.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.76x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	33.3%	Total liabilities / total assets.
Working capital	$844.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$878.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.09x	Revenue / average total assets.
Fixed asset turnover	65.3x	Revenue / average property, plant and equipment.
Inventory turnover	11.8x	Cost of revenue / average inventory.
Days inventory	31 days	365 x average inventory / cost of revenue.
Receivables turnover	4.11x	Revenue / average receivables.
Days sales outstanding	89 days	365 x average receivables / revenue.
Days payables	57 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	63 days	Days inventory + days sales outstanding - days payables.
FCF conversion	35.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	19.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.78	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$117.92	Revenue / diluted weighted shares.
FCF per share	$1.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.66	Cash from operations / diluted weighted shares.
Book value per share	$37.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$34.67	Tangible book value / shares outstanding.
Cash per share	$13.45	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	51.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	53.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.25B	Share price x shares outstanding.
Enterprise value	$1.91B	Market cap + total debt - cash - short-term investments.
P/E	23.5x	Market cap / net income. Only when net income is positive.
P/S	0.75x	Market cap / revenue.
P/B	2.37x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.57x	Market cap / tangible book value, when positive.
P/FCF	66.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	53.6x	Market cap / cash from operations, when positive.
EV/Sales	0.64x	Enterprise value / revenue.
EV/EBIT	16.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	56.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.5%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	1.6%	(Dividends paid + share buybacks) / market cap.

What was PC CONNECTION INC's revenue in fiscal 2025?

PC CONNECTION INC reported revenue of $2.87B for fiscal 2025, 2.5% higher than the year before.

Was PC CONNECTION INC profitable in fiscal 2025?

Yes. Net income was $83.7M, a net margin of 2.9%.

How much free cash flow did PC CONNECTION INC generate in fiscal 2025?

Cash from operations of $65.4M minus capital expenditures of $7.4M left free cash flow of $58.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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