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PC CONNECTION INC（CNXN）与Shift4 Payments, Inc.（FOUR）财务数据对比。点击上方公司名可切换其他公司
Shift4 Payments, Inc.的季度营收约是PC CONNECTION INC的1.7倍（$1.2B vs $702.9M），Shift4 Payments, Inc.净利率更高（3.4% vs 2.9%，领先0.4%），Shift4 Payments, Inc.同比增速更快（34.0% vs -0.8%），Shift4 Payments, Inc.自由现金流更多（$222.5M vs $25.2M），过去两年Shift4 Payments, Inc.的营收复合增速更高（29.6% vs 5.5%）
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。
Shift4 Payments是美国支付处理服务商，总部位于宾夕法尼亚州阿伦敦，1999年由贾里德·艾萨克曼创立。公司为零售、酒店、休闲、餐饮等行业超20万家商户提供支付处理服务，主营移动支付软硬件等商业技术，2020年于纽约证券交易所挂牌上市。
CNXN vs FOUR — 直观对比
营收规模更大
FOUR
是对方的1.7倍
$702.9M
营收增速更快
FOUR
高出34.8%
-0.8%
净利率更高
FOUR
高出0.4%
2.9%
自由现金流更多
FOUR
多$197.3M
$25.2M
两年增速更快
FOUR
近两年复合增速
5.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $702.9M | $1.2B |
| 净利润 | $20.7M | $40.2M |
| 毛利率 | 19.3% | — |
| 营业利润率 | 3.4% | 10.8% |
| 净利率 | 2.9% | 3.4% |
| 营收同比 | -0.8% | 34.0% |
| 净利润同比 | -0.0% | -65.3% |
| 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CNXNFOUR
| Q4 25 | $702.9M | $1.2B | ||
| Q3 25 | $709.1M | $1.2B | ||
| Q2 25 | $759.7M | $966.2M | ||
| Q1 25 | $701.0M | $848.3M | ||
| Q4 24 | $708.9M | $887.0M | ||
| Q3 24 | $724.7M | $909.2M | ||
| Q2 24 | $736.5M | $827.0M | ||
| Q1 24 | $632.0M | $707.4M |
净利润CNXNFOUR
| Q4 25 | $20.7M | $40.2M | ||
| Q3 25 | $24.7M | $28.1M | ||
| Q2 25 | $24.8M | $34.0M | ||
| Q1 25 | $13.5M | $16.7M | ||
| Q4 24 | $20.7M | $116.0M | ||
| Q3 24 | $27.1M | $53.8M | ||
| Q2 24 | $26.2M | $39.2M | ||
| Q1 24 | $13.2M | $20.6M |
毛利率CNXNFOUR
| 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% | — | ||
| Q1 24 | 18.7% | — |
营业利润率CNXNFOUR
| Q4 25 | 3.4% | 10.8% | ||
| Q3 25 | 4.3% | 9.7% | ||
| Q2 25 | 4.1% | 8.6% | ||
| Q1 25 | 2.1% | 3.0% | ||
| Q4 24 | 3.2% | 9.7% | ||
| Q3 24 | 4.1% | 8.8% | ||
| Q2 24 | 4.2% | 7.2% | ||
| Q1 24 | 2.1% | 3.0% |
净利率CNXNFOUR
| Q4 25 | 2.9% | 3.4% | ||
| Q3 25 | 3.5% | 2.4% | ||
| Q2 25 | 3.3% | 3.5% | ||
| Q1 25 | 1.9% | 2.0% | ||
| Q4 24 | 2.9% | 13.1% | ||
| Q3 24 | 3.7% | 5.9% | ||
| Q2 24 | 3.6% | 4.7% | ||
| Q1 24 | 2.1% | 2.9% |
每股收益（稀释后）CNXNFOUR
| 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 | — | ||
| Q1 24 | $0.50 | — |
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 | $964.0M |
| 总债务越低越好 | — | $4.5B |
| 股东权益账面价值 | $910.1M | $1.4B |
| 总资产 | $1.4B | $8.7B |
| 负债/权益比越低杠杆越低 | — | 3.15× |
8季度趋势，按日历期对齐
现金及短期投资CNXNFOUR
| Q4 25 | $406.7M | $964.0M | ||
| Q3 25 | $399.2M | $1.5B | ||
| Q2 25 | $346.1M | $3.0B | ||
| Q1 25 | $340.3M | $1.2B | ||
| Q4 24 | $442.6M | $1.2B | ||
| Q3 24 | $429.1M | $1.4B | ||
| Q2 24 | $385.8M | $205.0M | ||
| Q1 24 | $352.0M | $522.9M |
总债务CNXNFOUR
| Q4 25 | — | $4.5B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CNXNFOUR
| Q4 25 | $910.1M | $1.4B | ||
| Q3 25 | $902.7M | $1.7B | ||
| Q2 25 | $884.8M | $1.6B | ||
| Q1 25 | $877.0M | $805.2M | ||
| Q4 24 | $911.0M | $806.6M | ||
| Q3 24 | $897.4M | $811.8M | ||
| Q2 24 | $874.9M | $700.8M | ||
| Q1 24 | $852.7M | $674.5M |
总资产CNXNFOUR
| Q4 25 | $1.4B | $8.7B | ||
| Q3 25 | $1.3B | $9.0B | ||
| Q2 25 | $1.3B | $7.0B | ||
| Q1 25 | $1.2B | $5.0B | ||
| Q4 24 | $1.3B | $5.0B | ||
| Q3 24 | $1.3B | $5.0B | ||
| Q2 24 | $1.3B | $3.5B | ||
| Q1 24 | $1.2B | $3.4B |
负债/权益比CNXNFOUR
| Q4 25 | — | 3.15× | ||
| Q3 25 | — | 2.83× | ||
| Q2 25 | — | 2.34× | ||
| Q1 25 | — | 3.53× | ||
| Q4 24 | — | 3.52× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $223.7M |
| 自由现金流经营现金流 - 资本支出 | $25.2M | $222.5M |
| 自由现金流率自由现金流/营收 | 3.6% | 18.7% |
| 资本支出强度资本支出/营收 | 0.3% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.32× | 5.56× |
| 过去12个月自由现金流最近4个季度 | $58.0M | $624.0M |
8季度趋势，按日历期对齐
经营现金流CNXNFOUR
| Q4 25 | $27.4M | $223.7M | ||
| Q3 25 | $64.1M | $171.8M | ||
| Q2 25 | $26.3M | $141.9M | ||
| Q1 25 | $-52.4M | $96.6M | ||
| Q4 24 | $25.2M | $145.4M | ||
| Q3 24 | $52.9M | $182.1M | ||
| Q2 24 | $38.4M | $116.1M | ||
| Q1 24 | $57.3M | $56.7M |
自由现金流CNXNFOUR
| Q4 25 | $25.2M | $222.5M | ||
| Q3 25 | $62.3M | $165.4M | ||
| Q2 25 | $24.6M | $141.0M | ||
| Q1 25 | $-54.1M | $95.1M | ||
| Q4 24 | $22.9M | $143.8M | ||
| Q3 24 | $51.2M | $180.1M | ||
| Q2 24 | $36.6M | $113.9M | ||
| Q1 24 | $55.7M | $55.4M |
自由现金流率CNXNFOUR
| Q4 25 | 3.6% | 18.7% | ||
| Q3 25 | 8.8% | 14.1% | ||
| Q2 25 | 3.2% | 14.6% | ||
| Q1 25 | -7.7% | 11.2% | ||
| Q4 24 | 3.2% | 16.2% | ||
| Q3 24 | 7.1% | 19.8% | ||
| Q2 24 | 5.0% | 13.8% | ||
| Q1 24 | 8.8% | 7.8% |
资本支出强度CNXNFOUR
| Q4 25 | 0.3% | 0.1% | ||
| Q3 25 | 0.3% | 0.5% | ||
| Q2 25 | 0.2% | 0.1% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | 0.3% | 0.2% | ||
| Q3 24 | 0.2% | 0.2% | ||
| Q2 24 | 0.2% | 0.3% | ||
| Q1 24 | 0.3% | 0.2% |
现金转化率CNXNFOUR
| Q4 25 | 1.32× | 5.56× | ||
| Q3 25 | 2.59× | 6.11× | ||
| Q2 25 | 1.06× | 4.17× | ||
| Q1 25 | -3.89× | 5.78× | ||
| Q4 24 | 1.22× | 1.25× | ||
| Q3 24 | 1.96× | 3.38× | ||
| Q2 24 | 1.47× | 2.96× | ||
| Q1 24 | 4.35× | 2.75× |
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% |
FOUR
| Payments Based Revenue | $788.8M | 66% |
| Other | $255.0M | 21% |
| Subscription And Other Revenues | $144.8M | 12% |
