vs
PC CONNECTION INC（CNXN）与HNI CORP（HNI）财务数据对比。点击上方公司名可切换其他公司
PC CONNECTION INC的季度营收约是HNI CORP的1.0倍（$702.9M vs $683.8M），HNI CORP净利率更高（6.0% vs 2.9%，领先3.1%），HNI CORP同比增速更快（1.7% vs -0.8%），HNI CORP自由现金流更多（$135.6M vs $25.2M），过去两年PC CONNECTION INC的营收复合增速更高（5.5% vs 0.3%）
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。
HNI公司是全球营收规模领先的办公家具制造商之一，同时也是全球壁炉产品行业的头部企业，生产销售燃气、电、燃木及生物质燃料壁炉、嵌入式炉具、取暖炉、饰面及相关配件。公司1944年由工程师C.麦克斯韦·斯坦利等三人联合创立，总部位于美国爱荷华州马斯卡廷。
CNXN vs HNI — 直观对比
营收规模更大
CNXN
是对方的1.0倍
$683.8M
营收增速更快
HNI
高出2.6%
-0.8%
净利率更高
HNI
高出3.1%
2.9%
自由现金流更多
HNI
多$110.4M
$25.2M
两年增速更快
CNXN
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $702.9M | $683.8M |
| 净利润 | $20.7M | $41.2M |
| 毛利率 | 19.3% | 42.1% |
| 营业利润率 | 3.4% | 9.4% |
| 净利率 | 2.9% | 6.0% |
| 营收同比 | -0.8% | 1.7% |
| 净利润同比 | -0.0% | -13.3% |
| 每股收益（稀释后） | $0.82 | $0.88 |
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CNXNHNI
| Q4 25 | $702.9M | — | ||
| Q3 25 | $709.1M | $683.8M | ||
| Q2 25 | $759.7M | $667.1M | ||
| Q1 25 | $701.0M | $599.8M | ||
| Q4 24 | $708.9M | $642.5M | ||
| Q3 24 | $724.7M | $672.2M | ||
| Q2 24 | $736.5M | $623.7M | ||
| Q1 24 | $632.0M | $588.0M |
净利润CNXNHNI
| Q4 25 | $20.7M | — | ||
| Q3 25 | $24.7M | $41.2M | ||
| Q2 25 | $24.8M | $48.2M | ||
| Q1 25 | $13.5M | $13.9M | ||
| Q4 24 | $20.7M | $38.3M | ||
| Q3 24 | $27.1M | $47.5M | ||
| Q2 24 | $26.2M | $36.0M | ||
| Q1 24 | $13.2M | $17.7M |
毛利率CNXNHNI
| Q4 25 | 19.3% | — | ||
| Q3 25 | 19.6% | 42.1% | ||
| Q2 25 | 18.1% | 42.9% | ||
| Q1 25 | 18.2% | 39.7% | ||
| Q4 24 | 18.3% | 40.5% | ||
| Q3 24 | 18.7% | 41.5% | ||
| Q2 24 | 18.5% | 41.9% | ||
| Q1 24 | 18.7% | 39.6% |
营业利润率CNXNHNI
| Q4 25 | 3.4% | — | ||
| Q3 25 | 4.3% | 9.4% | ||
| Q2 25 | 4.1% | 10.2% | ||
| Q1 25 | 2.1% | 4.1% | ||
| Q4 24 | 3.2% | 8.5% | ||
| Q3 24 | 4.1% | 10.2% | ||
| Q2 24 | 4.2% | 8.6% | ||
| Q1 24 | 2.1% | 5.1% |
净利率CNXNHNI
| Q4 25 | 2.9% | — | ||
| Q3 25 | 3.5% | 6.0% | ||
| Q2 25 | 3.3% | 7.2% | ||
| Q1 25 | 1.9% | 2.3% | ||
| Q4 24 | 2.9% | 6.0% | ||
| Q3 24 | 3.7% | 7.1% | ||
| Q2 24 | 3.6% | 5.8% | ||
| Q1 24 | 2.1% | 3.0% |
每股收益（稀释后）CNXNHNI
| Q4 25 | $0.82 | — | ||
| Q3 25 | $0.97 | $0.88 | ||
| Q2 25 | $0.97 | $1.02 | ||
| Q1 25 | $0.51 | $0.29 | ||
| Q4 24 | $0.78 | $0.78 | ||
| Q3 24 | $1.02 | $0.98 | ||
| Q2 24 | $0.99 | $0.75 | ||
| Q1 24 | $0.50 | $0.37 |
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 | $28.1M |
| 总债务越低越好 | — | $324.2M |
| 股东权益账面价值 | $910.1M | $835.9M |
| 总资产 | $1.4B | $1.8B |
| 负债/权益比越低杠杆越低 | — | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资CNXNHNI
| Q4 25 | $406.7M | — | ||
| Q3 25 | $399.2M | $28.1M | ||
| Q2 25 | $346.1M | $38.2M | ||
| Q1 25 | $340.3M | $27.5M | ||
| Q4 24 | $442.6M | $28.9M | ||
| Q3 24 | $429.1M | $40.2M | ||
| Q2 24 | $385.8M | $33.5M | ||
| Q1 24 | $352.0M | $32.5M |
总债务CNXNHNI
| Q4 25 | — | — | ||
| Q3 25 | — | $324.2M | ||
| Q2 25 | — | $444.4M | ||
| Q1 25 | — | $404.7M | ||
| Q4 24 | — | $344.6M | ||
| Q3 24 | — | $345.4M | ||
| Q2 24 | — | $462.3M | ||
| Q1 24 | — | $473.0M |
股东权益CNXNHNI
| Q4 25 | $910.1M | — | ||
| Q3 25 | $902.7M | $835.9M | ||
| Q2 25 | $884.8M | $811.0M | ||
| Q1 25 | $877.0M | $803.6M | ||
| Q4 24 | $911.0M | $840.1M | ||
| Q3 24 | $897.4M | $846.6M | ||
| Q2 24 | $874.9M | $787.8M | ||
| Q1 24 | $852.7M | $771.5M |
总资产CNXNHNI
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $1.3B | $1.9B | ||
| Q1 25 | $1.2B | $1.9B | ||
| Q4 24 | $1.3B | $1.9B | ||
| Q3 24 | $1.3B | $1.9B | ||
| Q2 24 | $1.3B | $1.9B | ||
| Q1 24 | $1.2B | $1.9B |
负债/权益比CNXNHNI
| Q4 25 | — | — | ||
| Q3 25 | — | 0.39× | ||
| Q2 25 | — | 0.55× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.59× | ||
| Q1 24 | — | 0.61× |
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 | $155.2M |
| 自由现金流经营现金流 - 资本支出 | $25.2M | $135.6M |
| 自由现金流率自由现金流/营收 | 3.6% | 19.8% |
| 资本支出强度资本支出/营收 | 0.3% | 2.9% |
| 现金转化率经营现金流/净利润 | 1.32× | 3.77× |
| 过去12个月自由现金流最近4个季度 | $58.0M | $189.5M |
8季度趋势，按日历期对齐
经营现金流CNXNHNI
| Q4 25 | $27.4M | — | ||
| Q3 25 | $64.1M | $155.2M | ||
| Q2 25 | $26.3M | $31.1M | ||
| Q1 25 | $-52.4M | $12.6M | ||
| Q4 24 | $25.2M | $51.2M | ||
| Q3 24 | $52.9M | $128.5M | ||
| Q2 24 | $38.4M | $51.3M | ||
| Q1 24 | $57.3M | $-4.3M |
自由现金流CNXNHNI
| Q4 25 | $25.2M | — | ||
| Q3 25 | $62.3M | $135.6M | ||
| Q2 25 | $24.6M | $16.1M | ||
| Q1 25 | $-54.1M | $-3.7M | ||
| Q4 24 | $22.9M | $41.5M | ||
| Q3 24 | $51.2M | $114.0M | ||
| Q2 24 | $36.6M | $33.8M | ||
| Q1 24 | $55.7M | $-15.5M |
自由现金流率CNXNHNI
| Q4 25 | 3.6% | — | ||
| Q3 25 | 8.8% | 19.8% | ||
| Q2 25 | 3.2% | 2.4% | ||
| Q1 25 | -7.7% | -0.6% | ||
| Q4 24 | 3.2% | 6.5% | ||
| Q3 24 | 7.1% | 17.0% | ||
| Q2 24 | 5.0% | 5.4% | ||
| Q1 24 | 8.8% | -2.6% |
资本支出强度CNXNHNI
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.3% | 2.9% | ||
| Q2 25 | 0.2% | 2.2% | ||
| Q1 25 | 0.2% | 2.7% | ||
| Q4 24 | 0.3% | 1.5% | ||
| Q3 24 | 0.2% | 2.2% | ||
| Q2 24 | 0.2% | 2.8% | ||
| Q1 24 | 0.3% | 1.9% |
现金转化率CNXNHNI
| Q4 25 | 1.32× | — | ||
| Q3 25 | 2.59× | 3.77× | ||
| Q2 25 | 1.06× | 0.65× | ||
| Q1 25 | -3.89× | 0.91× | ||
| Q4 24 | 1.22× | 1.34× | ||
| Q3 24 | 1.96× | 2.71× | ||
| Q2 24 | 1.47× | 1.43× | ||
| Q1 24 | 4.35× | -0.24× |
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% |
HNI
| Systems Storage And Table | $309.9M | 45% |
| Residential Building Products | $166.9M | 24% |
| Seating Products | $161.1M | 24% |
| Other Products | $45.9M | 7% |
