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Side-by-side financial comparison of PC CONNECTION INC (CNXN) and TIC Solutions, Inc. (TIC). Click either name above to swap in a different company.
PC CONNECTION INC is the larger business by last-quarter revenue ($702.9M vs $508.3M, roughly 1.4× TIC Solutions, Inc.). PC CONNECTION INC runs the higher net margin — 2.9% vs -9.3%, a 12.2% gap on every dollar of revenue. TIC Solutions, Inc. produced more free cash flow last quarter ($37.1M vs $25.2M).
PC Connection, Inc., doing business as Connection, is headquartered in Merrimack, New Hampshire. It has more than 2,600 employees and sells more than 460,000 products.
CNXN vs TIC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $702.9M | $508.3M |
| Net Profit | $20.7M | $-47.2M |
| Gross Margin | 19.3% | 35.2% |
| Operating Margin | 3.4% | -3.8% |
| Net Margin | 2.9% | -9.3% |
| Revenue YoY | -0.8% | — |
| Net Profit YoY | -0.0% | — |
| EPS (diluted) | $0.82 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $702.9M | $508.3M | ||
| Q3 25 | $709.1M | $473.9M | ||
| Q2 25 | $759.7M | $313.9M | ||
| Q1 25 | $701.0M | $234.2M | ||
| Q4 24 | $708.9M | — | ||
| Q3 24 | $724.7M | — | ||
| Q2 24 | $736.5M | — | ||
| Q1 24 | $632.0M | — |
| Q4 25 | $20.7M | $-47.2M | ||
| Q3 25 | $24.7M | $-13.9M | ||
| Q2 25 | $24.8M | $-233.0K | ||
| Q1 25 | $13.5M | $-25.8M | ||
| Q4 24 | $20.7M | — | ||
| Q3 24 | $27.1M | — | ||
| Q2 24 | $26.2M | — | ||
| Q1 24 | $13.2M | — |
| Q4 25 | 19.3% | 35.2% | ||
| Q3 25 | 19.6% | 32.2% | ||
| Q2 25 | 18.1% | 23.6% | ||
| Q1 25 | 18.2% | 18.6% | ||
| Q4 24 | 18.3% | — | ||
| Q3 24 | 18.7% | — | ||
| Q2 24 | 18.5% | — | ||
| Q1 24 | 18.7% | — |
| Q4 25 | 3.4% | -3.8% | ||
| Q3 25 | 4.3% | -1.4% | ||
| Q2 25 | 4.1% | 5.8% | ||
| Q1 25 | 2.1% | -4.0% | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | 4.2% | — | ||
| Q1 24 | 2.1% | — |
| Q4 25 | 2.9% | -9.3% | ||
| Q3 25 | 3.5% | -2.9% | ||
| Q2 25 | 3.3% | -0.1% | ||
| Q1 25 | 1.9% | -11.0% | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 3.7% | — | ||
| Q2 24 | 3.6% | — | ||
| Q1 24 | 2.1% | — |
| Q4 25 | $0.82 | — | ||
| Q3 25 | $0.97 | $-0.08 | ||
| Q2 25 | $0.97 | — | ||
| Q1 25 | $0.51 | — | ||
| Q4 24 | $0.78 | — | ||
| Q3 24 | $1.02 | — | ||
| Q2 24 | $0.99 | — | ||
| Q1 24 | $0.50 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $406.7M | $439.5M |
| Total DebtLower is stronger | — | $1.6B |
| Stockholders' EquityBook value | $910.1M | $2.2B |
| Total Assets | $1.4B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $406.7M | $439.5M | ||
| Q3 25 | $399.2M | $164.4M | ||
| Q2 25 | $346.1M | $130.1M | ||
| Q1 25 | $340.3M | $155.7M | ||
| Q4 24 | $442.6M | — | ||
| Q3 24 | $429.1M | — | ||
| Q2 24 | $385.8M | — | ||
| Q1 24 | $352.0M | — |
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $751.3M | ||
| Q1 25 | — | $752.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $910.1M | $2.2B | ||
| Q3 25 | $902.7M | $2.0B | ||
| Q2 25 | $884.8M | $1.2B | ||
| Q1 25 | $877.0M | $1.1B | ||
| Q4 24 | $911.0M | — | ||
| Q3 24 | $897.4M | — | ||
| Q2 24 | $874.9M | — | ||
| Q1 24 | $852.7M | — |
| Q4 25 | $1.4B | $4.4B | ||
| Q3 25 | $1.3B | $4.2B | ||
| Q2 25 | $1.3B | $2.2B | ||
| Q1 25 | $1.2B | $2.2B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $27.4M | $49.7M |
| Free Cash FlowOCF − Capex | $25.2M | $37.1M |
| FCF MarginFCF / Revenue | 3.6% | 7.3% |
| Capex IntensityCapex / Revenue | 0.3% | 2.5% |
| Cash ConversionOCF / Net Profit | 1.32× | — |
| TTM Free Cash FlowTrailing 4 quarters | $58.0M | $61.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.4M | $49.7M | ||
| Q3 25 | $64.1M | $19.0M | ||
| Q2 25 | $26.3M | $-6.5M | ||
| Q1 25 | $-52.4M | $32.8M | ||
| Q4 24 | $25.2M | — | ||
| Q3 24 | $52.9M | — | ||
| Q2 24 | $38.4M | — | ||
| Q1 24 | $57.3M | — |
| Q4 25 | $25.2M | $37.1M | ||
| Q3 25 | $62.3M | $10.3M | ||
| Q2 25 | $24.6M | $-14.5M | ||
| Q1 25 | $-54.1M | $28.3M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $51.2M | — | ||
| Q2 24 | $36.6M | — | ||
| Q1 24 | $55.7M | — |
| Q4 25 | 3.6% | 7.3% | ||
| Q3 25 | 8.8% | 2.2% | ||
| Q2 25 | 3.2% | -4.6% | ||
| Q1 25 | -7.7% | 12.1% | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 7.1% | — | ||
| Q2 24 | 5.0% | — | ||
| Q1 24 | 8.8% | — |
| Q4 25 | 0.3% | 2.5% | ||
| Q3 25 | 0.3% | 1.8% | ||
| Q2 25 | 0.2% | 2.6% | ||
| Q1 25 | 0.2% | 1.9% | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.3% | — |
| Q4 25 | 1.32× | — | ||
| Q3 25 | 2.59× | — | ||
| Q2 25 | 1.06× | — | ||
| Q1 25 | -3.89× | — | ||
| Q4 24 | 1.22× | — | ||
| Q3 24 | 1.96× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 4.35× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CNXN
| Small And Medium Sized Businesses Segment | $273.5M | 39% |
| Notebooks And Mobility | $108.6M | 15% |
| Public Sector | $90.8M | 13% |
| Accessories | $46.4M | 7% |
| Desktops | $44.5M | 6% |
| Displays And Sounds | $37.1M | 5% |
| Software | $32.3M | 5% |
| Other Hardware And Services | $30.7M | 4% |
| Net And Com | $21.4M | 3% |
| Servers And Storage | $17.6M | 3% |
TIC
| Consulting Engineering Segment | $300.1M | 59% |
| Geospatial Segment | $131.3M | 26% |
| Fixed Unit Price Contracts | $54.3M | 11% |
| Other | $22.6M | 4% |
