PC Connection
CNXN on Nasdaq. PC Connection sells computers, software, and IT services to businesses and government agencies. Market value $2.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.46 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 52 of 100. Price score: 47 of 100. Our list needs 70 on quality and 60 on price.
$92.39 a share, 68% above its 1-year low
Over the past year the price has ranged from $54.97 to $93.89.
Dividend: 0.7% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $34 million in the past 12 months, $58 million in the year to December 2025.
| Revenue | |||||
| Revenue | $2.9bn | $3.1bn | $2.9bn | $2.8bn | $2.9bn |
| Operating margin | |||||
| Operating margin | 3.3% | 3.9% | 3.6% | 3.5% | 3.5% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive3 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 2.1% a year
- Buying back its own sharesYes, 4% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $854 million last quarter, up 12% on a year ago.
- Profit: $33 million, up 34% on a year ago.
- It keeps 4 cents of each $1 of sales as operating profit, up from 3 cents a year earlier.
- Spare cash over the past 12 months: $34 million, down from $45 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $725m |
| December 2024 | $709m |
| March 2025 | $701m |
| June 2025 | $760m |
| September 2025 | $709m |
| December 2025 | $703m |
| March 2026 | $722m |
| June 2026 | $854m |
| Quarter to | Amount |
|---|---|
| September 2024 | $27m |
| December 2024 | $21m |
| March 2025 | $13m |
| June 2025 | $25m |
| September 2025 | $25m |
| December 2025 | $21m |
| March 2026 | $17m |
| June 2026 | $33m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 189 funds in all.
- Hotchkis & WileyHotchkis & Wiley team
- Value
- $4m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $5m | <0.1% | Cut |
| Hotchkis & WileyHotchkis & Wiley team | $4m | <0.1% | |
| Barrow HanleyBarrow Hanley team | $6,496 | <0.1% | New |
Largest holders overall
- BlackRock$159mCut
- Dimensional Fund Advisors LP$112m
- Vanguard Portfolio Management$37mAdded
- Vanguard Capital Management$37m
- State Street$34mAdded
- Geode Capital Management$30mAdded
- TWO Sigma Investments, LP$19mAdded
- Morgan Stanley$17mAdded
- Goldman Sachs Group$16mAdded
- Northern Trust$15m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Patricia GallupInsider or founderat least 54.4%0.0 pts(filed with 1 related holder)Since 15 September 2025
What they said
Item 4 is amended and restated in its entirety as follows: The Reporting Persons hold a substantial position in the Issuer, which was primarily acquired by Patricia Gallup and David Hall at the founding of the Issuer. In connection with the Issuer's initial public offering in…
Read the filing - Abbott Brook TrustInsider or founder7.9%+0.1 ptsSince 21 August 2025
What they said
The seventh paragraph of Item 4 is hereby amended and restated as follows: The Issuer has historically maintained a share repurchase program for the purchase of shares of Common Stock from time to time. As a result of repurchases under this program during March 2025, as well as…
Read the filing - BlackRock, Inc.Passive investor7.1%Since 31 March 2025
- Dimensional Fund Advisors LPPassive investor6.1%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Patricia Gallup Insider or founder | at least 54.4%0.0 pts (filed with 1 related holder) | 15 September 2025 | What they saidItem 4 is amended and restated in its entirety as follows: The Reporting Persons hold a substantial position in the Issuer, which was primarily acquired by Patricia Gallup and David Hall at the founding of the Issuer. In connection with the Issuer's initial public offering in… Read the filing |
Abbott Brook Trust Insider or founder | 7.9%+0.1 pts | 21 August 2025 | What they saidThe seventh paragraph of Item 4 is hereby amended and restated as follows: The Issuer has historically maintained a share repurchase program for the purchase of shares of Common Stock from time to time. As a result of repurchases under this program during March 2025, as well as… Read the filing |
BlackRock, Inc. Passive investor | 7.1% | 31 March 2025 | |
Dimensional Fund Advisors LP Passive investor | 6.1% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $15m, $9m of it under preset trading plans.
- GALLUP PATRICIAChairman & Chief Admin Officer, DirectorSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 7,142
- Price
- $85.18
- Value
- $608,352
- GALLUP PATRICIAChairman & Chief Admin Officer, DirectorSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 7,142
- Price
- $85.42
- Value
- $610,092
- GALLUP PATRICIAChairman & Chief Admin Officer, DirectorSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 7,142
- Price
- $80.58
- Value
- $575,505
- GALLUP PATRICIAChairman & Chief Admin Officer, DirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 7,142
- Price
- $78.96
- Value
- $563,934
- GALLUP PATRICIAChairman & Chief Admin Officer, DirectorSoldunder a preset trading plan
- Date
- 18 August 2026
- Shares
- 7,142
- Price
- $78.57
- Value
- $561,161
- GALLUP PATRICIAChairman & Chief Admin Officer, DirectorSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 7,142
- Price
- $78.64
- Value
- $561,660
- GALLUP PATRICIAChairman & Chief Admin Officer, DirectorSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 7,142
- Price
- $84.48
- Value
- $603,337
- GALLUP PATRICIAChairman & Chief Admin Officer, DirectorSoldunder a preset trading plan
- Date
- 4 August 2026
- Shares
- 7,142
- Price
- $86.34
- Value
- $616,646
- MCGRATH TIMOTHY JPresident & CEOSold
- Date
- 4 August 2026
- Shares
- 14,321
- Price
- $86.30
- Value
- $1m
- MCGRATH TIMOTHY JPresident & CEOSold
- Date
- 3 August 2026
- Shares
- 35,679
- Price
- $85.72
- Value
- $3m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | GALLUP PATRICIA Chairman & Chief Admin Officer, Director | Sold under a preset trading plan | 7,142 | $85.18 | $608,352 |
| 14 September 2026 | GALLUP PATRICIA Chairman & Chief Admin Officer, Director | Sold under a preset trading plan | 7,142 | $85.42 | $610,092 |
| 2 September 2026 | GALLUP PATRICIA Chairman & Chief Admin Officer, Director | Sold under a preset trading plan | 7,142 | $80.58 | $575,505 |
| 1 September 2026 | GALLUP PATRICIA Chairman & Chief Admin Officer, Director | Sold under a preset trading plan | 7,142 | $78.96 | $563,934 |
| 18 August 2026 | GALLUP PATRICIA Chairman & Chief Admin Officer, Director | Sold under a preset trading plan | 7,142 | $78.57 | $561,161 |
| 17 August 2026 | GALLUP PATRICIA Chairman & Chief Admin Officer, Director | Sold under a preset trading plan | 7,142 | $78.64 | $561,660 |
| 5 August 2026 | GALLUP PATRICIA Chairman & Chief Admin Officer, Director | Sold under a preset trading plan | 7,142 | $84.48 | $603,337 |
| 4 August 2026 | GALLUP PATRICIA Chairman & Chief Admin Officer, Director | Sold under a preset trading plan | 7,142 | $86.34 | $616,646 |
| 4 August 2026 | MCGRATH TIMOTHY J President & CEO | Sold | 14,321 | $86.30 | $1m |
| 3 August 2026 | MCGRATH TIMOTHY J President & CEO | Sold | 35,679 | $85.72 | $3m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.