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PC CONNECTION INC（CNXN）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
SCANSOURCE, INC.的季度营收约是PC CONNECTION INC的1.1倍（$766.5M vs $702.9M）。PC CONNECTION INC净利率更高（2.9% vs 2.2%，领先0.8%）。SCANSOURCE, INC.同比增速更快（2.5% vs -0.8%）。SCANSOURCE, INC.自由现金流更多（$28.9M vs $25.2M）。过去两年PC CONNECTION INC的营收复合增速更高（5.5% vs 0.9%）
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。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
CNXN vs SCSC — 直观对比
营收规模更大
SCSC
是对方的1.1倍
$702.9M
营收增速更快
SCSC
高出3.4%
-0.8%
净利率更高
CNXN
高出0.8%
2.2%
自由现金流更多
SCSC
多$3.6M
$25.2M
两年增速更快
CNXN
近两年复合增速
0.9%
损益表 — Q4 2025 vs Q2 2026
| 指标 | | |
|---|---|---|
| 营收 | $702.9M | $766.5M |
| 净利润 | $20.7M | $16.5M |
| 毛利率 | 19.3% | 13.4% |
| 营业利润率 | 3.4% | 2.3% |
| 净利率 | 2.9% | 2.2% |
| 营收同比 | -0.8% | 2.5% |
| 净利润同比 | -0.0% | -3.3% |
| 每股收益（稀释后） | $0.82 | $0.75 |
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CNXNSCSC
| Q4 25 | $702.9M | $766.5M | ||
| Q3 25 | $709.1M | $739.6M | ||
| Q2 25 | $759.7M | $812.9M | ||
| Q1 25 | $701.0M | $704.8M | ||
| Q4 24 | $708.9M | $747.5M | ||
| Q3 24 | $724.7M | $775.6M | ||
| Q2 24 | $736.5M | $746.1M | ||
| Q1 24 | $632.0M | $752.6M |
净利润CNXNSCSC
| Q4 25 | $20.7M | $16.5M | ||
| Q3 25 | $24.7M | $19.9M | ||
| Q2 25 | $24.8M | $20.1M | ||
| Q1 25 | $13.5M | $17.4M | ||
| Q4 24 | $20.7M | $17.1M | ||
| Q3 24 | $27.1M | $17.0M | ||
| Q2 24 | $26.2M | $16.1M | ||
| Q1 24 | $13.2M | $12.8M |
毛利率CNXNSCSC
| Q4 25 | 19.3% | 13.4% | ||
| Q3 25 | 19.6% | 14.5% | ||
| Q2 25 | 18.1% | 12.9% | ||
| Q1 25 | 18.2% | 14.2% | ||
| Q4 24 | 18.3% | 13.6% | ||
| Q3 24 | 18.7% | 13.1% | ||
| Q2 24 | 18.5% | 13.0% | ||
| Q1 24 | 18.7% | 12.6% |
营业利润率CNXNSCSC
| Q4 25 | 3.4% | 2.3% | ||
| Q3 25 | 4.3% | 3.5% | ||
| Q2 25 | 4.1% | 3.3% | ||
| Q1 25 | 2.1% | 3.2% | ||
| Q4 24 | 3.2% | 2.5% | ||
| Q3 24 | 4.1% | 2.3% | ||
| Q2 24 | 4.2% | 2.9% | ||
| Q1 24 | 2.1% | 2.3% |
净利率CNXNSCSC
| Q4 25 | 2.9% | 2.2% | ||
| Q3 25 | 3.5% | 2.7% | ||
| Q2 25 | 3.3% | 2.5% | ||
| Q1 25 | 1.9% | 2.5% | ||
| Q4 24 | 2.9% | 2.3% | ||
| Q3 24 | 3.7% | 2.2% | ||
| Q2 24 | 3.6% | 2.2% | ||
| Q1 24 | 2.1% | 1.7% |
每股收益（稀释后）CNXNSCSC
| Q4 25 | $0.82 | $0.75 | ||
| Q3 25 | $0.97 | $0.89 | ||
| Q2 25 | $0.97 | $0.87 | ||
| Q1 25 | $0.51 | $0.74 | ||
| Q4 24 | $0.78 | $0.70 | ||
| Q3 24 | $1.02 | $0.69 | ||
| Q2 24 | $0.99 | $0.66 | ||
| Q1 24 | $0.50 | $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 | $83.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $910.1M | $910.9M |
| 总资产 | $1.4B | $1.7B |
| 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CNXNSCSC
| Q4 25 | $406.7M | $83.5M | ||
| Q3 25 | $399.2M | $124.9M | ||
| Q2 25 | $346.1M | $126.2M | ||
| Q1 25 | $340.3M | $146.3M | ||
| Q4 24 | $442.6M | $110.5M | ||
| Q3 24 | $429.1M | $145.0M | ||
| Q2 24 | $385.8M | $185.5M | ||
| Q1 24 | $352.0M | $159.1M |
股东权益CNXNSCSC
| Q4 25 | $910.1M | $910.9M | ||
| Q3 25 | $902.7M | $914.0M | ||
| Q2 25 | $884.8M | $906.4M | ||
| Q1 25 | $877.0M | $901.7M | ||
| Q4 24 | $911.0M | $900.7M | ||
| Q3 24 | $897.4M | $920.9M | ||
| Q2 24 | $874.9M | $924.3M | ||
| Q1 24 | $852.7M | $944.1M |
总资产CNXNSCSC
| Q4 25 | $1.4B | $1.7B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.3B | $1.8B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.3B | $1.8B | ||
| Q2 24 | $1.3B | $1.8B | ||
| Q1 24 | $1.2B | $1.8B |
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 | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $25.2M | $28.9M |
| 自由现金流率自由现金流/营收 | 3.6% | 3.8% |
| 资本支出强度资本支出/营收 | 0.3% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.32× | 1.87× |
| 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CNXNSCSC
| Q4 25 | $27.4M | $30.8M | ||
| Q3 25 | $64.1M | $23.2M | ||
| Q2 25 | $26.3M | — | ||
| Q1 25 | $-52.4M | $66.1M | ||
| Q4 24 | $25.2M | $-6.2M | ||
| Q3 24 | $52.9M | $44.8M | ||
| Q2 24 | $38.4M | — | ||
| Q1 24 | $57.3M | $160.2M |
自由现金流CNXNSCSC
| Q4 25 | $25.2M | $28.9M | ||
| Q3 25 | $62.3M | $20.8M | ||
| Q2 25 | $24.6M | — | ||
| Q1 25 | $-54.1M | $64.6M | ||
| Q4 24 | $22.9M | $-8.2M | ||
| Q3 24 | $51.2M | $42.5M | ||
| Q2 24 | $36.6M | — | ||
| Q1 24 | $55.7M | $157.7M |
自由现金流率CNXNSCSC
| Q4 25 | 3.6% | 3.8% | ||
| Q3 25 | 8.8% | 2.8% | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | -7.7% | 9.2% | ||
| Q4 24 | 3.2% | -1.1% | ||
| Q3 24 | 7.1% | 5.5% | ||
| Q2 24 | 5.0% | — | ||
| Q1 24 | 8.8% | 21.0% |
资本支出强度CNXNSCSC
| Q4 25 | 0.3% | 0.3% | ||
| Q3 25 | 0.3% | 0.3% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | 0.3% | 0.3% | ||
| Q3 24 | 0.2% | 0.3% | ||
| Q2 24 | 0.2% | 0.2% | ||
| Q1 24 | 0.3% | 0.3% |
现金转化率CNXNSCSC
| Q4 25 | 1.32× | 1.87× | ||
| Q3 25 | 2.59× | 1.17× | ||
| Q2 25 | 1.06× | — | ||
| Q1 25 | -3.89× | 3.79× | ||
| Q4 24 | 1.22× | -0.36× | ||
| Q3 24 | 1.96× | 2.64× | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 4.35× | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
