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PC CONNECTION INC（CNXN）与伯克希尔·哈撒韦（HEI）财务数据对比。点击上方公司名可切换其他公司
伯克希尔·哈撒韦的季度营收约是PC CONNECTION INC的1.7倍（$1.2B vs $702.9M），伯克希尔·哈撒韦净利率更高（15.6% vs 2.9%，领先12.6%），伯克希尔·哈撒韦同比增速更快（19.3% vs -0.8%），伯克希尔·哈撒韦自由现金流更多（$268.5M vs $25.2M），过去两年伯克希尔·哈撒韦的营收复合增速更高（16.2% 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。
伯克希尔·哈撒韦是总部位于美国内布拉斯加州奥马哈的跨国综合控股集团，最初主营纺织品制造，1965年起在董事长兼首席执行官沃伦·巴菲特、副董事长查理·芒格的带领下转型为多元化企业集团，2026年初格雷格·阿贝尔接任首席执行官，巴菲特个人持有公司38.4%的A类有投票权股份，对应15.1%的整体经济权益。
CNXN vs HEI — 直观对比
营收规模更大
HEI
是对方的1.7倍
$702.9M
营收增速更快
HEI
高出20.2%
-0.8%
净利率更高
HEI
高出12.6%
2.9%
自由现金流更多
HEI
多$243.2M
$25.2M
两年增速更快
HEI
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 | $188.3M |
| 毛利率 | 19.3% | 40.2% |
| 营业利润率 | 3.4% | 23.1% |
| 净利率 | 2.9% | 15.6% |
| 营收同比 | -0.8% | 19.3% |
| 净利润同比 | -0.0% | 34.8% |
| 每股收益（稀释后） | $0.82 | $1.32 |
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CNXNHEI
| Q4 25 | $702.9M | $1.2B | ||
| Q3 25 | $709.1M | $1.1B | ||
| Q2 25 | $759.7M | $1.1B | ||
| Q1 25 | $701.0M | $1.0B | ||
| Q4 24 | $708.9M | $1.0B | ||
| Q3 24 | $724.7M | $992.2M | ||
| Q2 24 | $736.5M | $955.4M | ||
| Q1 24 | $632.0M | $896.4M |
净利润CNXNHEI
| Q4 25 | $20.7M | $188.3M | ||
| Q3 25 | $24.7M | $177.3M | ||
| Q2 25 | $24.8M | $156.8M | ||
| Q1 25 | $13.5M | $168.0M | ||
| Q4 24 | $20.7M | $139.7M | ||
| Q3 24 | $27.1M | $136.6M | ||
| Q2 24 | $26.2M | $123.1M | ||
| Q1 24 | $13.2M | $114.7M |
毛利率CNXNHEI
| Q4 25 | 19.3% | 40.2% | ||
| Q3 25 | 19.6% | 39.8% | ||
| Q2 25 | 18.1% | 39.9% | ||
| Q1 25 | 18.2% | 39.4% | ||
| Q4 24 | 18.3% | 38.9% | ||
| Q3 24 | 18.7% | 39.2% | ||
| Q2 24 | 18.5% | 38.9% | ||
| Q1 24 | 18.7% | 38.7% |
营业利润率CNXNHEI
| Q4 25 | 3.4% | 23.1% | ||
| Q3 25 | 4.3% | 23.1% | ||
| Q2 25 | 4.1% | 22.6% | ||
| Q1 25 | 2.1% | 22.0% | ||
| Q4 24 | 3.2% | 21.6% | ||
| Q3 24 | 4.1% | 21.8% | ||
| Q2 24 | 4.2% | 21.9% | ||
| Q1 24 | 2.1% | 20.1% |
净利率CNXNHEI
| Q4 25 | 2.9% | 15.6% | ||
| Q3 25 | 3.5% | 15.5% | ||
| Q2 25 | 3.3% | 14.3% | ||
| Q1 25 | 1.9% | 16.3% | ||
| Q4 24 | 2.9% | 13.8% | ||
| Q3 24 | 3.7% | 13.8% | ||
| Q2 24 | 3.6% | 12.9% | ||
| Q1 24 | 2.1% | 12.8% |
每股收益（稀释后）CNXNHEI
| Q4 25 | $0.82 | $1.32 | ||
| Q3 25 | $0.97 | $1.26 | ||
| Q2 25 | $0.97 | $1.12 | ||
| Q1 25 | $0.51 | $1.20 | ||
| Q4 24 | $0.78 | $1.00 | ||
| Q3 24 | $1.02 | $0.97 | ||
| Q2 24 | $0.99 | $0.88 | ||
| Q1 24 | $0.50 | $0.82 |
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 | $217.8M |
| 总债务越低越好 | — | $2.2B |
| 股东权益账面价值 | $910.1M | $4.3B |
| 总资产 | $1.4B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.50× |
8季度趋势，按日历期对齐
现金及短期投资CNXNHEI
| Q4 25 | $406.7M | $217.8M | ||
| Q3 25 | $399.2M | $261.9M | ||
| Q2 25 | $346.1M | $242.3M | ||
| Q1 25 | $340.3M | $165.5M | ||
| Q4 24 | $442.6M | $162.1M | ||
| Q3 24 | $429.1M | $202.9M | ||
| Q2 24 | $385.8M | $204.2M | ||
| Q1 24 | $352.0M | $196.3M |
总债务CNXNHEI
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.5B |
股东权益CNXNHEI
| Q4 25 | $910.1M | $4.3B | ||
| Q3 25 | $902.7M | $4.1B | ||
| Q2 25 | $884.8M | $4.0B | ||
| Q1 25 | $877.0M | $3.7B | ||
| Q4 24 | $911.0M | $3.6B | ||
| Q3 24 | $897.4M | $3.5B | ||
| Q2 24 | $874.9M | $3.4B | ||
| Q1 24 | $852.7M | $3.3B |
总资产CNXNHEI
| Q4 25 | $1.4B | $8.5B | ||
| Q3 25 | $1.3B | $8.5B | ||
| Q2 25 | $1.3B | $8.1B | ||
| Q1 25 | $1.2B | $7.9B | ||
| Q4 24 | $1.3B | $7.6B | ||
| Q3 24 | $1.3B | $7.4B | ||
| Q2 24 | $1.3B | $7.4B | ||
| Q1 24 | $1.2B | $7.3B |
负债/权益比CNXNHEI
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | 0.59× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | — | 0.61× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.76× |
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 | $295.3M |
| 自由现金流经营现金流 - 资本支出 | $25.2M | $268.5M |
| 自由现金流率自由现金流/营收 | 3.6% | 22.2% |
| 资本支出强度资本支出/营收 | 0.3% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.32× | 1.57× |
| 过去12个月自由现金流最近4个季度 | $58.0M | $861.4M |
8季度趋势，按日历期对齐
经营现金流CNXNHEI
| Q4 25 | $27.4M | $295.3M | ||
| Q3 25 | $64.1M | $231.2M | ||
| Q2 25 | $26.3M | $204.7M | ||
| Q1 25 | $-52.4M | $203.0M | ||
| Q4 24 | $25.2M | $205.6M | ||
| Q3 24 | $52.9M | $214.0M | ||
| Q2 24 | $38.4M | $141.1M | ||
| Q1 24 | $57.3M | $111.7M |
自由现金流CNXNHEI
| Q4 25 | $25.2M | $268.5M | ||
| Q3 25 | $62.3M | $218.5M | ||
| Q2 25 | $24.6M | $188.7M | ||
| Q1 25 | $-54.1M | $185.7M | ||
| Q4 24 | $22.9M | $189.5M | ||
| Q3 24 | $51.2M | $198.1M | ||
| Q2 24 | $36.6M | $128.2M | ||
| Q1 24 | $55.7M | $98.3M |
自由现金流率CNXNHEI
| Q4 25 | 3.6% | 22.2% | ||
| Q3 25 | 8.8% | 19.0% | ||
| Q2 25 | 3.2% | 17.2% | ||
| Q1 25 | -7.7% | 18.0% | ||
| Q4 24 | 3.2% | 18.7% | ||
| Q3 24 | 7.1% | 20.0% | ||
| Q2 24 | 5.0% | 13.4% | ||
| Q1 24 | 8.8% | 11.0% |
资本支出强度CNXNHEI
| Q4 25 | 0.3% | 2.2% | ||
| Q3 25 | 0.3% | 1.1% | ||
| Q2 25 | 0.2% | 1.5% | ||
| Q1 25 | 0.2% | 1.7% | ||
| Q4 24 | 0.3% | 1.6% | ||
| Q3 24 | 0.2% | 1.6% | ||
| Q2 24 | 0.2% | 1.4% | ||
| Q1 24 | 0.3% | 1.5% |
现金转化率CNXNHEI
| Q4 25 | 1.32× | 1.57× | ||
| Q3 25 | 2.59× | 1.30× | ||
| Q2 25 | 1.06× | 1.31× | ||
| Q1 25 | -3.89× | 1.21× | ||
| Q4 24 | 1.22× | 1.47× | ||
| Q3 24 | 1.96× | 1.57× | ||
| Q2 24 | 1.47× | 1.15× | ||
| Q1 24 | 4.35× | 0.97× |
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% |
HEI
| Aftermarket Replacement Parts | $510.0M | 42% |
| Electronic Componentsfor Defense Spaceand Aerospace | $311.8M | 26% |
| Defenseand Space | $170.6M | 14% |
| Specialty Products | $118.9M | 10% |
| Other Electronic Components | $73.0M | 6% |
| Other Industries | $15.9M | 1% |
