ePlus inc. PLUS

Information TechnologySoftware & IT ServicesUnited States of America

Last close 95.49 USD on Nov 1, 2026, +7.0% year to date

Quant rating

Quant rating C Rank 175 of 389 in Information Technology

Growth C 241 of 389
Valuation C 193 of 389
Quality B 107 of 389
Revisions C 211 of 389
Momentum B 147 of 389

Wall Street consensus Strong Buy (1.00)Average target 111.00 USD +16.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.4B
Enterprise value: 2.0B
52-week range: 70.96 – 98.21
3-year range: 54.77 – 101.67
Dividend yield: 1.16%
Beta (5 years): 0.96
Shares outstanding: 26.1M
Next earnings: Nov 4, 2026

About the company

ePlus inc. is engaged in offering transformative technology solutions and services. It offers a portfolio of solutions, including artificial intelligence, security, cloud and data center, networking and collaboration, as well as managed, consultative and professional services, working with organizations across various industries to navigate business challenges. Its technology business segment consists of product, professional services, and managed services. Its product segment includes sales of information technology (IT) products, third-party software, and third-party maintenance, software assurance, and other third-party services. Its professional services segment includes its advanced professional services, staff augmentation, project management services, cloud consulting services and security services. Its managed services segment includes its advanced managed services, service desk, storage-as-a-service, cloud hosted services, cloud managed services and managed security services.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	2,443	2,000	2,178	2,068	1,821	–
Revenue growth	22.1%	−8.2%	5.3%	13.5%	16.1%	9.3%
EPS (basic, normalized)	5.39	4.67	4.92	5.02	4.39	–
EPS growth	15.4%	−5.1%	−2.0%	14.4%	–	–
Gross margin	25.2%	25.6%	23.5%	25.0%	25.3%	24.9%
Net margin	5.1%	3.8%	4.5%	5.8%	5.8%	5.0%
ROE	12.2%	8.2%	11.6%	16.5%	17.3%	13.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	449
Current ratio	2.13x
Long-term debt (mil)	0
Net debt (mil)	−449
Total equity (mil)	1,072
Net debt / equity	−0.42x
Net debt / EBITDA	−2.19x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	2,443	+22.1%	0.8x	205	+25.7%	9.6x	5.39	+15.4%	17.7x
2027	2,557	+4.7%	0.8x	210	+2.6%	9.4x	5.47	+1.6%	17.4x
2028	2,682	+4.9%	0.7x	227	+8.1%	8.7x	5.96	+8.8%	16.0x
2029	2,759	+2.9%	0.7x	231	+1.5%	8.6x	5.75	−3.4%	16.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	2,557	0.0%	0.0%	+0.8%	5.47	0.0%	−0.8%	−1.3%
2028	2,682	0.0%	−0.5%	−1.7%	5.96	0.0%	−2.1%	−11.1%
2029	2,759	0.0%	–	–	5.75	0.0%	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	554	545	515	511	498	637	609	615	576	649
Sales mean (mil)	538	555	576	554	524	517	518	552	569	640
Surprise	+3.1%	−1.9%	−10.6%	−7.7%	−4.9%	+23.3%	+17.5%	+11.4%	+1.2%	+1.4%
EPS reported	0.93	1.13	1.36	1.06	1.11	1.26	1.53	1.45	1.00	1.28
EPS mean	1.17	1.17	1.39	1.22	0.86	1.17	0.94	1.01	0.98	1.15
Surprise	−20.5%	−3.4%	−2.4%	−12.8%	+28.3%	+7.7%	+61.9%	+43.6%	+2.0%	+11.8%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PLUS ePlus inc.	2.4B	−2.19x	5.1%	2.27x	17.4x	16.0x	9.4x	8.7x
MSFT Microsoft Corporation	3.88T	0.22x	40.3%	8.24x	26.2x	21.9x	16.2x	13.1x
ORCL Oracle Corporation	396.1B	2.81x	26.6%	5.92x	16.0x	11.9x	9.4x	6.6x
IBM International Business Machines Corp	243.7B	2.78x	17.4%	6.86x	20.8x	19.4x	14.6x	13.7x
INGM Ingram Micro Holding Corporation	6.5B	2.13x	0.6%	1.49x	8.2x	7.4x	6.2x	5.8x
NSIT Insight Enterprises Inc	5.1B	2.05x	1.9%	3.18x	13.8x	13.0x	9.7x	9.5x
Mean		1.30x	15.3%	4.66x	17.1x	14.9x	10.9x	9.6x
Median		2.09x	11.2%	4.55x	16.7x	14.5x	9.6x	9.1x

Technical analysis

1M+3.9%
3M+0.6%
1Y+27.1%
3Y+55.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, ePlus inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	2,443	2,000	2,178	2,068	1,821	1,568
Cost of revenue	1,826	1,488	1,667	1,550	1,360	1,175
Gross profit	616	512	512	518	461	394
Selling, general & administrative expenses	423	387	356	334	297	271
Research & development	–	–	–	–	–	–
Depreciation/amortization	26.5	25.8	21.0	13.7	14.6	14.0
Interest expense (income), operating	–	–	1.4	4.1	1.9	2.0
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	166	99.7	134	166	147	106
Net interest income (expense)	10.8	6.6	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−3.5	−0.2	1.4	−3.2	−0.4	0.6
Net income before taxes	173	106	135	163	147	107
Provision for taxes	49.3	29.7	37.9	43.6	41.3	32.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	124	76.4	97.3	119	106	74.4
Extraordinary items	8.5	28.1	20.7	–	–	–
Net income	133	105	118	119	106	74.4
EBIT, normalized	166	101	135	170	149	109
EBITDA, normalized	194	130	161	189	174	129
Basic EPS, normalized	5.39	4.67	4.92	5.02	4.39	–

Balance sheet in millions of USD, fiscal years

Balance sheet, ePlus inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	411	389	253	103	155	130
Receivables	707	528	794	649	541	539
Total inventory	201	120	140	243	155	70.0
Prepaid expenses	–	–	–	–	–	9.9
Other current assets	109	321	86.7	99.3	46.5	29.2
Total current assets	1,428	1,358	1,274	1,095	897	778
Property, plant & equipment	27.8	33.4	32.0	26.5	14.8	16.2
Goodwill	203	203	162	136	127	127
Intangibles	61.3	82.0	44.1	25.0	27.2	38.6
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	75.8	84.4	64.3	90.2
Other long-term assets	81.2	203	66.6	47.6	35.8	27.6
Total assets	1,801	1,879	1,653	1,415	1,166	1,077
Liabilities
Accounts payable	384	413	421	355	281	264
Payable/accrued	–	–	–	–	–	–
Accrued expenses	54.0	48.3	47.9	40.0	43.2	54.4
Short-term debt	0	0	0	6.0	7.3	5.5
Current portion of long-term debt	–	–	23.3	24.8	17.1	50.4
Other current liabilities	200	337	165	136	111	85.3
Total current liabilities	638	799	657	561	460	459
Long-term debt	0	0	12.9	9.5	9.9	18.3
Minority interest	–	–	–	–	–	–
Other liabilities	93.8	109	81.8	61.7	35.5	36.7
Total liabilities	732	908	752	633	505	514
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.3	0.3	0.3	0.3	0.3	0.1
Additional paid-in capital	210	194	180	167	159	152
Retained earnings (accumulated deficit)	956	843	743	627	508	485
Treasury stock	−102	−70.7	−23.8	−14.1	−6.7	−75.4
Other equity	4.4	3.4	2.3	1.6	−0.1	0.7
Total equity	1,069	971	902	782	661	562
Total liabilities & shareholders' equity	1,801	1,879	1,653	1,415	1,166	1,077

Cash flow statement in millions of USD, fiscal years

Cash flow statement, ePlus inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	133	108	116	119	106	74.4
Depreciation, depletion & amortization	27.6	29.6	25.9	18.6	24.3	20.0
Deferred taxes	0.9	3.4	−2.7	2.1	−3.6	−4.2
Non-cash items	5.4	11.5	10.4	5.0	2.8	5.8
Changes in working capital	−283	150	99.0	−160	−150	33.5
Cash from operations	−116	302	248	−15.4	−20.6	130
Investing activities
Capital expenditures	−4.4	−6.6	−8.5	−9.4	−23.2	−11.5
Other investing cash flows	164	−122	−53.5	−9.5	21.9	−24.2
Cash from investing	160	−129	−62.0	−18.9	−1.3	−35.8
Financing activities
Financing cash flow items	23.7	−17.9	−47.4	−10.7	46.7	−34.9
Cash dividends paid	−19.7	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−27.0	−19.7	10.8	−10.2	0.5	−14.9
Cash from financing	−22.9	−37.6	−36.6	−20.9	47.2	−49.8
Foreign exchange effects	0.8	0.7	0.1	3.0	0.5	−0.6
Net change in cash	21.4	136	150	−52.3	25.8	43.3
Free cash flow	−121	296	240	−24.8	−43.8	118

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.