PC CONNECTION INC
CNXNdata completeness 88%17 fiscal years on fileData notes: no data for concept 'totalDebt'
PC CONNECTION INC earns about 12% on invested capital, comfortably above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $33.85 and $132.43 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $2.89B1 | $3.12B2 | $2.85B3 | $2.8B3 | $2.87B3 |
| Net income | $69.9M4 | $89.2M5 | $83.3M6 | $87.1M6 | $83.7M6 |
| Operating cash flow | $57.8M7 | $34.9M8 | $198M9 | $173.9M9 | $65.4M9 |
| Capital expenditure | — | — | $9.6M10 | $7.58M10 | $7.39M10 |
| Free cash flow (derived) | — | — | $188.4M9 | $166.3M9 | $58M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $108.3M11 | $122.9M12 | $145M13 | $178.3M14 | $193.2M14 |
| Diluted shares | 26.4M | 26.4M | 26.4M | 26.5M | 25.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $355.06 of net worth that earned you $32.66 and generated $22.65 of cash last year.
It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $33.85 and $132.43 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$166.3M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$166.3M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$83.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $100.23 |
| Base | 5.0% | $122.66 |
| Bull | 10.0% | $149.51 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001558370-24-002727 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001558370-25-001382 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001104659-26-019108 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001558370-24-002727 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001558370-25-001382 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001104659-26-019108 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001558370-24-002727 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001558370-25-001382 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001104659-26-019108 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001104659-26-019108 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-002947 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001558370-24-002727 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001558370-25-001382 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001104659-26-019108 (CashAndCashEquivalentsAtCarryingValue)