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PC CONNECTION INC（CNXN）与Erie Indemnity（ERIE）财务数据对比。点击上方公司名可切换其他公司
Erie Indemnity的季度营收约是PC CONNECTION INC的1.4倍（$1.0B vs $702.9M），Erie Indemnity净利率更高（14.9% vs 2.9%，领先11.9%），Erie Indemnity同比增速更快（2.3% vs -0.8%），过去两年PC CONNECTION INC的营收复合增速更高（5.5% vs 1.1%）
PC Connection Inc.（商用名称为Connection）总部位于美国新罕布什尔州梅里马克，现有员工超2600人，在售产品超过46万种，是一家深耕IT相关产品供应与服务的企业，为不同客户群体提供多元的产品选择与配套支持。
总部位于美国宾夕法尼亚州伊利市的伊利保险集团是财产及意外伤害保险提供商，通过独立保险代理人网络销售车险、家财险、商业保险及人寿保险产品。2021年，该集团以2020财年总营收跻身当年美国财富500强榜单第347位。
CNXN vs ERIE — 直观对比
营收规模更大
ERIE
是对方的1.4倍
$702.9M
营收增速更快
ERIE
高出3.1%
-0.8%
净利率更高
ERIE
高出11.9%
2.9%
两年增速更快
CNXN
近两年复合增速
1.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $702.9M | $1.0B |
| 净利润 | $20.7M | $150.5M |
| 毛利率 | 19.3% | — |
| 营业利润率 | 3.4% | 16.5% |
| 净利率 | 2.9% | 14.9% |
| 营收同比 | -0.8% | 2.3% |
| 净利润同比 | -0.0% | 8.7% |
| 每股收益（稀释后） | $0.82 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CNXNERIE
| Q1 26 | — | $1.0B | ||
| Q4 25 | $702.9M | $951.0M | ||
| Q3 25 | $709.1M | $1.1B | ||
| Q2 25 | $759.7M | $1.1B | ||
| Q1 25 | $701.0M | $989.4M | ||
| Q4 24 | $708.9M | $924.1M | ||
| Q3 24 | $724.7M | $999.9M | ||
| Q2 24 | $736.5M | $990.4M |
净利润CNXNERIE
| Q1 26 | — | $150.5M | ||
| Q4 25 | $20.7M | $63.4M | ||
| Q3 25 | $24.7M | $182.9M | ||
| Q2 25 | $24.8M | $174.7M | ||
| Q1 25 | $13.5M | $138.4M | ||
| Q4 24 | $20.7M | $152.0M | ||
| Q3 24 | $27.1M | $159.8M | ||
| Q2 24 | $26.2M | $163.9M |
毛利率CNXNERIE
| Q1 26 | — | — | ||
| Q4 25 | 19.3% | — | ||
| Q3 25 | 19.6% | — | ||
| Q2 25 | 18.1% | — | ||
| Q1 25 | 18.2% | — | ||
| Q4 24 | 18.3% | — | ||
| Q3 24 | 18.7% | — | ||
| Q2 24 | 18.5% | — |
营业利润率CNXNERIE
| Q1 26 | — | 16.5% | ||
| Q4 25 | 3.4% | 16.6% | ||
| Q3 25 | 4.3% | 19.6% | ||
| Q2 25 | 4.1% | 18.8% | ||
| Q1 25 | 2.1% | 15.3% | ||
| Q4 24 | 3.2% | 18.1% | ||
| Q3 24 | 4.1% | 18.0% | ||
| Q2 24 | 4.2% | 19.2% |
净利率CNXNERIE
| Q1 26 | — | 14.9% | ||
| Q4 25 | 2.9% | 6.7% | ||
| Q3 25 | 3.5% | 17.1% | ||
| Q2 25 | 3.3% | 16.5% | ||
| Q1 25 | 1.9% | 14.0% | ||
| Q4 24 | 2.9% | 16.5% | ||
| Q3 24 | 3.7% | 16.0% | ||
| Q2 24 | 3.6% | 16.5% |
每股收益（稀释后）CNXNERIE
| Q1 26 | — | — | ||
| Q4 25 | $0.82 | — | ||
| Q3 25 | $0.97 | — | ||
| Q2 25 | $0.97 | — | ||
| Q1 25 | $0.51 | — | ||
| Q4 24 | $0.78 | — | ||
| Q3 24 | $1.02 | — | ||
| Q2 24 | $0.99 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $406.7M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $910.1M | $2.4B |
| 总资产 | $1.4B | $3.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CNXNERIE
| Q1 26 | — | — | ||
| Q4 25 | $406.7M | — | ||
| Q3 25 | $399.2M | — | ||
| Q2 25 | $346.1M | — | ||
| Q1 25 | $340.3M | — | ||
| Q4 24 | $442.6M | — | ||
| Q3 24 | $429.1M | — | ||
| Q2 24 | $385.8M | — |
股东权益CNXNERIE
| Q1 26 | — | $2.4B | ||
| Q4 25 | $910.1M | $2.3B | ||
| Q3 25 | $902.7M | $2.3B | ||
| Q2 25 | $884.8M | $2.2B | ||
| Q1 25 | $877.0M | $2.1B | ||
| Q4 24 | $911.0M | $2.0B | ||
| Q3 24 | $897.4M | $1.9B | ||
| Q2 24 | $874.9M | $1.8B |
总资产CNXNERIE
| Q1 26 | — | $3.4B | ||
| Q4 25 | $1.4B | $3.4B | ||
| Q3 25 | $1.3B | $3.3B | ||
| Q2 25 | $1.3B | $3.1B | ||
| Q1 25 | $1.2B | $3.0B | ||
| Q4 24 | $1.3B | $2.9B | ||
| Q3 24 | $1.3B | $2.9B | ||
| Q2 24 | $1.3B | $2.7B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $27.4M | — |
| 自由现金流经营现金流 - 资本支出 | $25.2M | — |
| 自由现金流率自由现金流/营收 | 3.6% | — |
| 资本支出强度资本支出/营收 | 0.3% | — |
| 现金转化率经营现金流/净利润 | 1.32× | — |
| 过去12个月自由现金流最近4个季度 | $58.0M | — |
8季度趋势，按日历期对齐
经营现金流CNXNERIE
| Q1 26 | — | — | ||
| Q4 25 | $27.4M | $171.6M | ||
| Q3 25 | $64.1M | $219.4M | ||
| Q2 25 | $26.3M | $177.6M | ||
| Q1 25 | $-52.4M | $118.1M | ||
| Q4 24 | $25.2M | $193.5M | ||
| Q3 24 | $52.9M | $199.2M | ||
| Q2 24 | $38.4M | $131.4M |
自由现金流CNXNERIE
| Q1 26 | — | — | ||
| Q4 25 | $25.2M | $140.8M | ||
| Q3 25 | $62.3M | $184.4M | ||
| Q2 25 | $24.6M | $157.3M | ||
| Q1 25 | $-54.1M | $88.4M | ||
| Q4 24 | $22.9M | $146.8M | ||
| Q3 24 | $51.2M | $171.5M | ||
| Q2 24 | $36.6M | $103.4M |
自由现金流率CNXNERIE
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | 14.8% | ||
| Q3 25 | 8.8% | 17.3% | ||
| Q2 25 | 3.2% | 14.8% | ||
| Q1 25 | -7.7% | 8.9% | ||
| Q4 24 | 3.2% | 15.9% | ||
| Q3 24 | 7.1% | 17.1% | ||
| Q2 24 | 5.0% | 10.4% |
资本支出强度CNXNERIE
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 3.2% | ||
| Q3 25 | 0.3% | 3.3% | ||
| Q2 25 | 0.2% | 1.9% | ||
| Q1 25 | 0.2% | 3.0% | ||
| Q4 24 | 0.3% | 5.0% | ||
| Q3 24 | 0.2% | 2.8% | ||
| Q2 24 | 0.2% | 2.8% |
现金转化率CNXNERIE
| Q1 26 | — | — | ||
| Q4 25 | 1.32× | 2.71× | ||
| Q3 25 | 2.59× | 1.20× | ||
| Q2 25 | 1.06× | 1.02× | ||
| Q1 25 | -3.89× | 0.85× | ||
| Q4 24 | 1.22× | 1.27× | ||
| Q3 24 | 1.96× | 1.25× | ||
| Q2 24 | 1.47× | 0.80× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
ERIE
| Management fee revenue - policy issuance and renewal services | $786.4M | 78% |
| Administrative services reimbursement revenue | $200.1M | 20% |
| Management fee revenue - administrative services | $19.5M | 2% |
| Service agreement revenue | $5.9M | 1% |
