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PC CONNECTION INC（CNXN）与EPLUS INC（PLUS）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EPLUS INC的1.1倍（$702.9M vs $614.8M）。EPLUS INC净利率更高（5.7% vs 2.9%，领先2.8%）。EPLUS INC同比增速更快（20.3% vs -0.8%）。过去两年PC CONNECTION INC的营收复合增速更高（5.5% vs 2.3%）
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。
ePlus Inc.是美国的科技咨询解决方案提供商，业务覆盖网络安全、云计算、网络架构、协作办公、人工智能及前沿技术领域，为超5000家客户提供定制化解决方案、专业咨询与托管服务，助力企业实现数字化转型与技术升级。
CNXN vs PLUS — 直观对比
营收规模更大
CNXN
是对方的1.1倍
$614.8M
营收增速更快
PLUS
高出21.2%
-0.8%
净利率更高
PLUS
高出2.8%
2.9%
两年增速更快
CNXN
近两年复合增速
2.3%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $702.9M | $614.8M |
| 净利润 | $20.7M | $35.1M |
| 毛利率 | 19.3% | 25.8% |
| 营业利润率 | 3.4% | 7.1% |
| 净利率 | 2.9% | 5.7% |
| 营收同比 | -0.8% | 20.3% |
| 净利润同比 | -0.0% | 45.2% |
| 每股收益（稀释后） | $0.82 | $1.33 |
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CNXNPLUS
| Q4 25 | $702.9M | $614.8M | ||
| Q3 25 | $709.1M | $608.8M | ||
| Q2 25 | $759.7M | $637.3M | ||
| Q1 25 | $701.0M | — | ||
| Q4 24 | $708.9M | $493.2M | ||
| Q3 24 | $724.7M | $493.4M | ||
| Q2 24 | $736.5M | $535.7M | ||
| Q1 24 | $632.0M | — |
净利润CNXNPLUS
| Q4 25 | $20.7M | $35.1M | ||
| Q3 25 | $24.7M | $34.9M | ||
| Q2 25 | $24.8M | $37.7M | ||
| Q1 25 | $13.5M | — | ||
| Q4 24 | $20.7M | $24.1M | ||
| Q3 24 | $27.1M | $31.3M | ||
| Q2 24 | $26.2M | $27.3M | ||
| Q1 24 | $13.2M | — |
毛利率CNXNPLUS
| Q4 25 | 19.3% | 25.8% | ||
| Q3 25 | 19.6% | 26.6% | ||
| Q2 25 | 18.1% | 23.3% | ||
| Q1 25 | 18.2% | — | ||
| Q4 24 | 18.3% | 25.4% | ||
| Q3 24 | 18.7% | 25.8% | ||
| Q2 24 | 18.5% | 23.7% | ||
| Q1 24 | 18.7% | — |
营业利润率CNXNPLUS
| Q4 25 | 3.4% | 7.1% | ||
| Q3 25 | 4.3% | 8.0% | ||
| Q2 25 | 4.1% | 5.7% | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 3.2% | 3.3% | ||
| Q3 24 | 4.1% | 5.5% | ||
| Q2 24 | 4.2% | 5.9% | ||
| Q1 24 | 2.1% | — |
净利率CNXNPLUS
| Q4 25 | 2.9% | 5.7% | ||
| Q3 25 | 3.5% | 5.7% | ||
| Q2 25 | 3.3% | 5.9% | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 2.9% | 4.9% | ||
| Q3 24 | 3.7% | 6.3% | ||
| Q2 24 | 3.6% | 5.1% | ||
| Q1 24 | 2.1% | — |
每股收益（稀释后）CNXNPLUS
| Q4 25 | $0.82 | $1.33 | ||
| Q3 25 | $0.97 | $1.32 | ||
| Q2 25 | $0.97 | $1.43 | ||
| Q1 25 | $0.51 | — | ||
| Q4 24 | $0.78 | $0.91 | ||
| Q3 24 | $1.02 | $1.17 | ||
| Q2 24 | $0.99 | $1.02 | ||
| 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 | $326.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $910.1M | $1.1B |
| 总资产 | $1.4B | $1.8B |
| 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CNXNPLUS
| Q4 25 | $406.7M | $326.3M | ||
| Q3 25 | $399.2M | $402.2M | ||
| Q2 25 | $346.1M | $480.2M | ||
| Q1 25 | $340.3M | — | ||
| Q4 24 | $442.6M | $253.1M | ||
| Q3 24 | $429.1M | $187.5M | ||
| Q2 24 | $385.8M | $349.9M | ||
| Q1 24 | $352.0M | — |
股东权益CNXNPLUS
| Q4 25 | $910.1M | $1.1B | ||
| Q3 25 | $902.7M | $1.0B | ||
| Q2 25 | $884.8M | $1.0B | ||
| Q1 25 | $877.0M | — | ||
| Q4 24 | $911.0M | $962.3M | ||
| Q3 24 | $897.4M | $947.0M | ||
| Q2 24 | $874.9M | $921.9M | ||
| Q1 24 | $852.7M | — |
总资产CNXNPLUS
| Q4 25 | $1.4B | $1.8B | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $1.3B | $1.8B | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $1.3B | $1.7B | ||
| Q1 24 | $1.2B | — |
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 | $-87.4M |
| 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× | -2.49× |
| 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CNXNPLUS
| Q4 25 | $27.4M | $-87.4M | ||
| Q3 25 | $64.1M | $-34.8M | ||
| Q2 25 | $26.3M | $-99.0M | ||
| Q1 25 | $-52.4M | — | ||
| Q4 24 | $25.2M | $65.7M | ||
| Q3 24 | $52.9M | $-21.6M | ||
| Q2 24 | $38.4M | $97.1M | ||
| Q1 24 | $57.3M | — |
自由现金流CNXNPLUS
| Q4 25 | $25.2M | — | ||
| Q3 25 | $62.3M | — | ||
| Q2 25 | $24.6M | — | ||
| Q1 25 | $-54.1M | — | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $51.2M | — | ||
| Q2 24 | $36.6M | — | ||
| Q1 24 | $55.7M | — |
自由现金流率CNXNPLUS
| Q4 25 | 3.6% | — | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | -7.7% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 7.1% | — | ||
| Q2 24 | 5.0% | — | ||
| Q1 24 | 8.8% | — |
资本支出强度CNXNPLUS
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.3% | — |
现金转化率CNXNPLUS
| Q4 25 | 1.32× | -2.49× | ||
| Q3 25 | 2.59× | -1.00× | ||
| Q2 25 | 1.06× | -2.63× | ||
| Q1 25 | -3.89× | — | ||
| Q4 24 | 1.22× | 2.72× | ||
| Q3 24 | 1.96× | -0.69× | ||
| Q2 24 | 1.47× | 3.55× | ||
| Q1 24 | 4.35× | — |
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% |
PLUS
| All Others Customer End Market | $107.0M | 17% |
| Technology Customer End Market | $89.4M | 15% |
| Health Care Customer End Market | $81.5M | 13% |
| Financial Services Customer End Market | $66.1M | 11% |
| Professional Services Reporting Unit | $64.1M | 10% |
| Security | $61.1M | 10% |
| State And Local Government And Educational Institutions | $59.9M | 10% |
| Managed Services Reporting Unit | $48.8M | 8% |
| Other Product | $21.1M | 3% |
| Collaboration | $13.4M | 2% |
