Pc Connection Inc. (CNXN) intrinsic value & 10-year financials
Pc Connection Inc. (CNXN) has a Graham intrinsic value of $62.69 per share. At $89.32 on Oct 16, 2026, the stock trades 42% above that value. Over the last 10 fiscal years revenue grew 0.7% a year to $2.9B, with an average return on invested capital of 12.0%.
- Graham intrinsic value
- $62.69
- Share price (Oct 16, 2026)
- $89.32
- Price vs Graham value
- 42% above
- Market cap
- $2.3B
- Revenue (FY2025)
- $2.9B
- Revenue growth (10-yr CAGR)
- 0.7%
- ROIC (10-yr avg)
- 12.0%
- Free cash flow (FY2025)
- $58.0M
CNXN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.9B | $83.7M | $3.27 | $58.0M | 3.5% | 10.1% |
| FY2024 | $2.8B | $87.1M | $3.29 | $166.3M | 3.5% | 10.0% |
| FY2023 | $2.9B | $83.3M | $3.15 | $188.4M | 3.6% | 11.3% |
| FY2022 | $3.1B | $89.2M | $3.37 | — | 3.9% | 14.4% |
| FY2021 | $2.9B | $69.9M | $2.65 | — | 3.3% | 12.4% |
| FY2020 | $2.6B | $55.8M | $2.12 | — | 2.8% | 10.3% |
| FY2019 | $2.8B | $82.1M | $3.10 | — | 4.0% | 15.8% |
| FY2018 | $2.7B | $64.6M | $2.41 | — | 3.2% | 12.4% |
| FY2017 | $2.9B | $54.9M | $2.04 | $7.5M | 2.7% | 12.0% |
| FY2016 | $2.7B | $48.1M | $1.80 | $21.7M | 3.0% | 11.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PC CONNECTION INC has demonstrated mature, steady growth, with revenue compounding at 0.7% annually over the past decade.
PC CONNECTION INC returns on capital have been average, hovering around 12.0% ROIC over the decade.
PC CONNECTION INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, PC CONNECTION INC is modeled at 6.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $62.69 per share.