CNXN vs SNX: PC Connection and Synnex compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Synnex is the larger company, worth $21.5B, about 8.8 times PC Connection.
- Synnex grew revenue faster over the last year (+37.8% vs +12.4%).
- PC Connection keeps more of each dollar of revenue as operating profit (3.9% vs 2.7%).
- On earnings, Synnex is the cheaper stock (22.2x vs 28.3x).
- PC Connection's price assumes faster free cash flow growth: about 15% a year, against 2% for Synnex (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CNXN | SNX |
|---|---|---|
| Market cap | $2.5B | $21.5B |
| Share price | $92.81 | $273.37 |
| Revenue (last fiscal year) | $2.9B | $62.5B |
| Free cash flow (last fiscal year) | $58M | $1.4B |
| Revenue growth, last year | +12.4% | +37.8% |
| Revenue growth per year, last 5 fiscal years | -0.2% | +18.6% |
| Operating margin | 3.9% | 2.7% |
| Net margin | 3.2% | 1.8% |
| Return on equity | 10.1% | 14.2% |
| P/E (trailing) | 28.3x | 22.2x |
| Price / free cash flow | 42.2x | 15.5x |
| EV / EBITDA | 14.6x | 10.4x |
| FCF growth the price implies | 14.8% | 1.6% |
| Dividend yield | 0.68% | 0.69% |
| Debt / equity | 0.50x | 3.50x |
| Fundamental grade | C | C |
| Superinvestors holding it | 1 | 6 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
PC Connection
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.9B | $47M | 3.3% |
| 2022 | $3.1B | $26M | 3.9% |
| 2023 | $2.9B | $188M | 3.6% |
| 2024 | $2.8B | $166M | 3.5% |
| 2025 | $2.9B | $58M | 3.5% |
Synnex
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $31.6B | $755M | 2.0% |
| 2022 | $62.3B | -$167M | 1.7% |
| 2023 | $57.6B | $1.3B | 1.9% |
| 2024 | $58.5B | $1.0B | 2.0% |
| 2025 | $62.5B | $1.4B | 2.3% |
Where the revenue comes from
PC Connection · by segments, 2025
Enterprise Solutions$1.3B45%
Business Solutions$1.1B38%
Public Sector Solutions$508M18%
Synnex · by segments, 2020
Technology Solutions$20.0B81%
Concentrix$4.7B19%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CNXN in InvestinglyQuestions
Which is bigger, PC Connection or Synnex?
Synnex (SNX), at $21.5B against $2.5B.
Is CNXN or SNX cheaper?
By trailing P/E, Synnex (22.2x) is cheaper than PC Connection (28.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, CNXN or SNX?
Synnex: revenue grew +37.8% over the last year, against +12.4%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.