ePlus inc. (PLUS) 10-Year Financial Performance & Capital Metrics

PLUS • • Industrial / General

TechnologyApplication SoftwareArtificial Intelligence & AnalyticsAI Analytics Platforms

AboutePlus inc., together with its subsidiaries, provides information technology (IT) solutions that enable organizations to optimize their IT environment and supply chain processes in the United States and internationally. It operates in two segments, Technology and Financing. The Technology segment offers hardware, perpetual and subscription software, maintenance, software assurance, and internally provided and outsourced services; and professional and managed services, including managed, professional, security solutions, cloud consulting and hosting, staff augmentation, server and desktop support, and project management services. The Financing segment engages in financing arrangements, such as sales-type and operating leases; loans and consumption-based financing arrangements; and underwriting, management, and disposal of IT equipment and assets. Its financing operations comprise sales, pricing, credit, contracts, accounting, risk management, and asset management. This segment primarily finances IT, communication-related, and medical equipment; and industrial machinery and equipment, office furniture and general office equipment, transportation equipment, and other general business equipment directly, as well as through vendors. ePlus inc. serves commercial entities, state and local governments, government contractors, and educational institutions. The company was formerly known as MLC Holdings, Inc. and changed its name to ePlus inc. in 1999. ePlus inc. was founded in 1990 and is headquartered in Herndon, Virginia.Show more

Revenue $2.07B -7.0%
EBITDA $171M -7.2%
Net Income $108M -6.7%
EPS (Diluted) 4.06 -6.2%
Gross Margin 26.61% +10.9%
EBITDA Margin 8.27% -0.1%
Operating Margin 6.84% -3.9%
Net Margin 5.22% +0.3%
ROE 11.49% -16.4%
ROIC 14.08% -2.5%
Debt/Equity 0.13 -16.2%
Interest Coverage 63.96 +52.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.11%

5Y5.43%

3Y4.34%

TTM7.77%

Profit (Net Income) CAGR

10Y8.95%

5Y9.34%

3Y0.75%

TTM12.94%

EPS CAGR

10Y10.11%

5Y9.58%

3Y1.09%

TTM10.17%

ROCE

10Y Avg19.99%

5Y Avg18.58%

3Y Avg17.33%

Latest13.58%

Peer Comparison

AI Analytics Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LYFTLyft, Inc.	7.54B	18.88	342.65	31.39%	2.4%	26.3%	10.16%	1.64
DDOGDatadog, Inc.	39.33B	120.86	236.98	26.12%	3.32%	3.1%	2.13%	0.68
PEGAPegasystems Inc.	9B	53.00	96.36	4.51%	16.05%	46.57%	3.76%	0.94
SAPSAP SE	274.66B	235.84	89.00	9.51%	19.41%	13.94%	1.61%	0.23
TYLTyler Technologies, Inc.	19.2B	446.15	73.74	9.53%	13.72%	8.75%	3.15%	0.19
FICOFair Isaac Corporation	37.49B	1581.19	59.58	15.91%	32.75%		2.05%
DSGXThe Descartes Systems Group Inc.	7.62B	88.57	54.01	13.63%	22.1%	10%	2.79%	0.01
MANHManhattan Associates, Inc.	10.58B	175.57	50.02	12.23%	20.25%	69.86%	2.71%	0.16

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	1.2B	1.33B	1.42B	1.37B	1.59B	1.57B	1.82B	2.07B	2.23B	2.07B
Revenue Growth %	0.05%	0.1%	0.07%	-0.03%	0.16%	-0.01%	0.16%	0.14%	0.08%	-0.07%
Cost of Goods Sold+	942.14M	1.03B	1.09B	1.04B	1.21B	1.17B	1.36B	1.55B	1.69B	1.52B
COGS % of Revenue	0.78%	0.77%	0.77%	0.76%	0.76%	0.75%	0.75%	0.75%	0.76%	0.73%
Gross Profit+	262.06M	299.76M	323.48M	330.39M	373.71M	393.55M	461.49M	517.52M	534.18M	550.5M
Gross Margin %	0.22%	0.23%	0.23%	0.24%	0.24%	0.25%	0.25%	0.25%	0.24%	0.27%
Gross Profit Growth %	0.07%	0.14%	0.08%	0.02%	0.13%	0.05%	0.17%	0.12%	0.03%	0.03%
Operating Expenses+	184.53M	212.48M	238.05M	250.85M	278.43M	287.22M	314.17M	351.36M	375.92M	409.09M
OpEx % of Revenue	0.15%	0.16%	0.17%	0.18%	0.18%	0.18%	0.17%	0.17%	0.17%	0.2%
Selling, General & Admin	178.98M	205.23M	228.13M	237.08M	0	0	0	333.52M	0	0
SG&A % of Revenue	0.15%	0.15%	0.16%	0.17%	-	-	-	0.16%	-	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	5.55M	7.25M	9.92M	13.77M	278.43M	287.22M	314.17M	17.84M	375.92M	409.09M
Operating Income+	75.75M	85.73M	84.24M	79.53M	95.28M	106.33M	147.32M	166.16M	158.26M	141.41M
Operating Margin %	0.06%	0.06%	0.06%	0.06%	0.06%	0.07%	0.08%	0.08%	0.07%	0.07%
Operating Income Growth %	0.07%	0.13%	-0.02%	-0.06%	0.2%	0.12%	0.39%	0.13%	-0.05%	-0.11%
EBITDA+	81.35M	93.13M	94.74M	92.13M	114.44M	126.33M	171.62M	184.75M	184.19M	171.01M
EBITDA Margin %	0.07%	0.07%	0.07%	0.07%	0.07%	0.08%	0.09%	0.09%	0.08%	0.08%
EBITDA Growth %	-0.06%	0.14%	0.02%	-0.03%	0.24%	0.1%	0.36%	0.08%	-0%	-0.07%
D&A (Non-Cash Add-back)	5.6M	7.4M	10.5M	12.6M	19.16M	19.99M	24.3M	18.59M	25.93M	29.6M
EBIT	77.53M	87.66M	85.09M	88.18M	95.87M	108.84M	147.93M	167.11M	159.94M	142.09M
Net Interest Income+	-1.78M	-1.54M	-1.2M	-1.95M	-2.57M	-2M	-1.9M	-4.13M	-3.78M	-2.21M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.78M	1.54M	1.2M	1.95M	2.57M	2M	1.9M	4.13M	3.78M	2.21M
Other Income/Expense	0	380K	-348K	6.7M	680K	571K	-432K	-3.19M	2.84M	7.43M
Pretax Income+	75.75M	86.11M	83.89M	86.23M	95.96M	106.91M	146.88M	162.97M	161.09M	148.84M
Pretax Margin %	0.06%	0.06%	0.06%	0.06%	0.06%	0.07%	0.08%	0.08%	0.07%	0.07%
Income Tax+	31M	35.56M	28.77M	23.04M	26.88M	32.51M	41.28M	43.62M	45.32M	40.86M
Effective Tax Rate %	0.59%	0.59%	0.66%	0.73%	0.72%	0.7%	0.72%	0.73%	0.72%	0.73%
Net Income+	44.75M	50.56M	55.12M	63.19M	69.08M	74.4M	105.6M	119.36M	115.78M	107.98M
Net Margin %	0.04%	0.04%	0.04%	0.05%	0.04%	0.05%	0.06%	0.06%	0.05%	0.05%
Net Income Growth %	-0.02%	0.13%	0.09%	0.15%	0.09%	0.08%	0.42%	0.13%	-0.03%	-0.07%
Net Income (Continuing)	44.75M	50.56M	55.12M	63.19M	69.08M	74.4M	105.6M	119.36M	115.78M	107.98M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.52	1.80	1.97	2.33	2.57	2.77	3.93	4.48	4.33	4.06
EPS Growth %	-0.02%	0.18%	0.09%	0.18%	0.1%	0.08%	0.42%	0.14%	-0.03%	-0.06%
EPS (Basic)	1.54	1.83	2.00	2.35	2.59	2.79	3.96	4.49	4.35	4.08
Diluted Shares Outstanding	29.38M	28.06M	27.93M	27.16M	26.83M	26.83M	26.87M	26.65M	26.72M	26.62M
Basic Shares Outstanding	29.02M	27.73M	27.58M	26.9M	26.65M	26.67M	26.64M	26.57M	26.61M	26.5M
Dividend Payout Ratio	0%	-	-	-	-	-	-	-	-	-

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	477.98M	597.32M	568.12M	560.1M	649.8M	777.59M	897.48M	1.1B	1.27B	1.36B
Cash & Short-Term Investments	94.77M	109.76M	118.2M	79.82M	86.23M	129.56M	155.38M	103.09M	253.02M	389.38M
Cash Only	94.77M	109.76M	118.2M	79.82M	86.23M	129.56M	155.38M	103.09M	253.02M	389.38M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	332.85M	342.67M	366.62M	404.99M	481.74M	538.89M	540.54M	649.46M	794.1M	739.94M
Days Sales Outstanding	100.89	94.08	94.32	107.69	110.7	125.42	108.35	114.64	130.25	130.55
Inventory	33.34M	93.56M	39.85M	50.49M	50.27M	69.96M	155.06M	243.29M	139.69M	120.44M
Days Inventory Outstanding	12.92	33.17	13.38	17.68	15.1	21.74	41.63	57.28	30.15	28.95
Other Current Assets	7.22M	8.79M	16.98M	123.47M	22.69M	28.48M	46.5M	99.29M	86.72M	114.03M
Total Non-Current Assets+	138.7M	144.4M	190.58M	226.09M	259.31M	273.08M	268.72M	319.7M	379.94M	521.01M
Property, Plant & Equipment	8.64M	11.96M	19.14M	17.33M	30.34M	27.07M	50.65M	75.15M	31.96M	35.05M
Fixed Asset Turnover	139.31x	111.19x	74.12x	79.22x	52.36x	57.94x	35.96x	27.51x	69.63x	59.03x
Goodwill	42.15M	48.4M	76.62M	110.81M	118.1M	126.64M	126.54M	136.1M	161.5M	202.86M
Intangible Assets	12M	12.16M	26.3M	38.93M	34.46M	38.61M	27.25M	25.05M	44.09M	82.01M
Long-Term Investments	58.17M	71.88M	68.51M	59.03M	0	0	0	0	0	127.52M
Other Non-Current Assets	75.91M	-12.04M	-5.64M	-6.9M	76.42M	79.29M	59.23M	79.72M	136.77M	69.93M
Total Assets+	616.68M	741.72M	758.7M	786.2M	909.11M	1.08B	1.17B	1.41B	1.65B	1.88B
Asset Turnover	1.95x	1.79x	1.87x	1.75x	1.75x	1.46x	1.56x	1.46x	1.35x	1.10x
Asset Growth %	0.08%	0.2%	0.02%	0.04%	0.16%	0.18%	0.08%	0.21%	0.17%	0.14%
Total Current Liabilities+	273.45M	376.49M	353.3M	328.85M	386.64M	459.36M	460.04M	561.33M	656.99M	797.88M
Accounts Payable	76.78M	113.52M	106.93M	86.8M	82.92M	165.16M	136.16M	220.16M	315.68M	451.73M
Days Payables Outstanding	29.75	40.24	35.89	30.4	24.92	51.32	36.56	51.84	68.13	108.6
Short-Term Debt	150.22M	159.6M	154.31M	154.23M	194.3M	154.5M	169.71M	165.43M	128.39M	116.98M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	13.12M	9.97M	60.68M	11.29M	7.74M	12.53M	28.09M	24.37M	34.63M	31.36M
Current Ratio	1.75x	1.59x	1.61x	1.70x	1.68x	1.69x	1.95x	1.95x	1.94x	1.71x
Quick Ratio	1.63x	1.34x	1.50x	1.55x	1.55x	1.54x	1.61x	1.52x	1.73x	1.56x
Cash Conversion Cycle	84.06	87.01	71.8	94.97	100.89	95.84	113.42	120.09	92.27	50.91
Total Non-Current Liabilities+	24.36M	19.31M	32.8M	33.09M	36.33M	55M	45.43M	71.23M	94.7M	109.3M
Long-Term Debt	19.09M	10.43M	10.07M	10.5M	5.87M	18.32M	9.9M	9.52M	12.9M	11.32M
Capital Lease Obligations	0	0	0	0	8.33M	5.04M	0	0	0	0
Deferred Tax Liabilities	3M	1.8M	1.66M	4.92M	2.73M	0	0	715K	0	1.45M
Other Non-Current Liabilities	397K	2.38M	8.16M	3.88M	2.71M	5.33M	35.53M	61M	81.8M	96.53M
Total Liabilities	297.8M	395.8M	386.1M	361.94M	422.97M	514.37M	505.46M	632.56M	751.69M	907.18M
Total Debt+	169.31M	170.04M	164.39M	164.73M	213.31M	181.8M	179.61M	174.95M	141.29M	128.3M
Net Debt	74.55M	60.28M	46.19M	84.91M	127.08M	52.23M	24.23M	71.86M	-111.73M	-261.07M
Debt / Equity	0.53x	0.49x	0.44x	0.39x	0.44x	0.32x	0.27x	0.22x	0.16x	0.13x
Debt / EBITDA	2.08x	1.83x	1.74x	1.79x	1.86x	1.44x	1.05x	0.95x	0.77x	0.75x
Net Debt / EBITDA	0.92x	0.65x	0.49x	0.92x	1.11x	0.41x	0.14x	0.39x	-0.61x	-1.53x
Interest Coverage	42.60x	55.56x	70.49x	40.83x	37.02x	53.03x	77.41x	40.20x	41.90x	63.96x
Total Equity+	318.88M	345.92M	372.6M	424.25M	486.14M	562.41M	660.74M	782.26M	901.78M	977.62M
Equity Growth %	0.14%	0.08%	0.08%	0.14%	0.15%	0.16%	0.17%	0.18%	0.15%	0.08%
Book Value per Share	10.86	12.33	13.34	15.62	18.12	20.96	24.59	29.35	33.75	36.73
Total Shareholders' Equity	318.88M	345.92M	372.6M	424.25M	486.14M	562.41M	660.74M	782.26M	901.78M	977.62M
Common Stock	132K	142K	142K	143K	144K	145K	270K	272K	274K	276K
Retained Earnings	331.22M	222.82M	277.94M	341.14M	410.22M	484.62M	507.85M	627.2M	742.98M	850.96M
Treasury Stock	-129.52M	0	-36.02M	-54M	-68.42M	-75.37M	-6.73M	-14.08M	-23.81M	-70.75M
Accumulated OCI	-471K	-583K	532K	-271K	-991K	655K	-124K	1.57M	2.28M	3.44M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	13.38M	33.02M	82.77M	39.41M	-74.17M	129.51M	-20.57M	-15.43M	248.45M	302.14M
Operating CF Margin %	0.01%	0.02%	0.06%	0.03%	-0.05%	0.08%	-0.01%	-0.01%	0.11%	0.15%
Operating CF Growth %	-0.03%	1.47%	1.51%	-0.52%	-2.88%	2.75%	-1.16%	0.25%	17.11%	0.22%
Net Income	44.75M	50.56M	55.12M	63.19M	69.08M	74.4M	105.6M	119.36M	115.78M	107.98M
Depreciation & Amortization	15.98M	11.73M	15.83M	18.64M	19.16M	19.99M	24.3M	18.59M	25.93M	29.6M
Stock-Based Compensation	5.71M	6.03M	6.46M	7.24M	7.95M	7.17M	7.11M	7.83M	9.73M	10M
Deferred Taxes	3.52M	-1.2M	-44K	3.28M	-2.19M	-4.2M	-3.58M	2.08M	-2.66M	3.41M
Other Non-Cash Items	-15.61M	-12.73M	-16.54M	-11.09M	120K	-1.34M	-4.27M	-2.81M	713K	1.51M
Working Capital Changes	-40.96M	-21.36M	21.93M	-41.85M	-168.3M	33.49M	-149.74M	-160.47M	98.96M	149.66M
Change in Receivables	-11.06M	-17.23M	6.58M	-34.31M	-64.39M	-47.16M	-41.97M	-78.68M	-136.09M	30.13M
Change in Inventory	-13.4M	-60.02M	54.98M	-10.93M	115K	-16.8M	-85.45M	-88.1M	104.78M	29.36M
Change in Payables	-738K	3.85M	258K	12.46M	-8.88M	76.77M	-25.19M	75.27M	82.91M	112.08M
Cash from Investing+	-50.18M	-26.34M	-57.68M	-96.2M	-20.34M	-35.76M	-1.26M	-18.93M	-61.96M	-128.87M
Capital Expenditures	-14.47M	-9.56M	-7.59M	-11.63M	-7.01M	-11.51M	-23.18M	-9.38M	-8.5M	-6.6M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0%	0.01%	0.01%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-19.06M	-7.64M	-12.37M	-34.81M	1.71M	2.79M	21.92M	3.74M	721K	2.66M
Cash from Financing+	54.45M	7.81M	-16.77M	18.46M	100.63M	-49.8M	47.18M	-20.95M	-36.62M	-37.58M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-80K	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.16M	5.01M	-2.1M	-7.63M	-5.76M	-556K	0	0	0	-2.31M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.09M	23.46M	75.18M	27.78M	-81.18M	117.99M	-43.75M	-24.8M	239.95M	295.54M
FCF Margin %	-0%	0.02%	0.05%	0.02%	-0.05%	0.08%	-0.02%	-0.01%	0.11%	0.14%
FCF Growth %	-1.52%	22.6%	2.2%	-0.63%	-3.92%	2.45%	-1.37%	0.43%	10.67%	0.23%
FCF per Share	-0.04	0.84	2.69	1.02	-3.03	4.40	-1.63	-0.93	8.98	11.10
FCF Conversion (FCF/Net Income)	0.30x	0.65x	1.50x	0.62x	-1.07x	1.74x	-0.19x	-0.13x	2.15x	2.80x
Interest Paid	84K	38K	602K	1.86M	2.26M	1.44M	1.71M	4.07M	3.77M	2.3M
Taxes Paid	29.79M	32.24M	32.13M	19.94M	28.36M	31.69M	47.14M	51.98M	41.53M	48.73M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	14.96%	15.21%	15.34%	15.86%	15.18%	14.19%	17.27%	16.54%	13.75%	11.49%
Return on Invested Capital (ROIC)	15.1%	16.08%	15.32%	12.86%	12.73%	12.99%	17%	16.19%	14.44%	14.08%
Gross Margin	21.76%	22.55%	22.8%	24.07%	23.53%	25.09%	25.34%	25.03%	24%	26.61%
Net Margin	3.72%	3.8%	3.89%	4.6%	4.35%	4.74%	5.8%	5.77%	5.2%	5.22%
Debt / Equity	0.53x	0.49x	0.44x	0.39x	0.44x	0.32x	0.27x	0.22x	0.16x	0.13x
Interest Coverage	42.60x	55.56x	70.49x	40.83x	37.02x	53.03x	77.41x	40.20x	41.90x	63.96x
FCF Conversion	0.30x	0.65x	1.50x	0.62x	-1.07x	1.74x	-0.19x	-0.13x	2.15x	2.80x
Revenue Growth	5.33%	10.4%	6.73%	-3.25%	15.72%	-1.26%	16.11%	13.55%	7.62%	-7.03%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	-	-	-	-	-	-	-	1.67B
Product Growth	-	-	-	-	-	-	-	-	-	-
Service	-	-	-	-	-	-	-	-	-	400.38M
Service Growth	-	-	-	-	-	-	-	-	-	-
Technology Reporting Unit	1.17B	1.29B	1.36B	1.31B	1.51B	1.48B	1.72B	-	2.15B	-
Technology Reporting Unit Growth	-	10.36%	5.73%	-4.09%	15.75%	-2.01%	15.77%	-	-	-
Financing Reporting Unit	35.13M	-	-	3.58M	4.59M	12.37M	34.84M	9.3M	5.93M	-
Financing Reporting Unit Growth	-	-	-	-	28.29%	169.54%	181.69%	-73.30%	-36.31%	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	-	-	-	-	-	-	-	-	1.98B
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
Non-US	-	-	-	-	-	-	-	-	-	85.39M
Non-US Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

ePlus inc. (PLUS) has a price-to-earnings (P/E) ratio of 21.9x. This is roughly in line with market averages.

Growth & Financials

ePlus inc. (PLUS) reported $2.26B in revenue for fiscal year 2025. This represents a 173% increase from $825.6M in 2012.

ePlus inc. (PLUS) saw revenue decline by 7.0% over the past year.

Yes, ePlus inc. (PLUS) is profitable, generating $121.9M in net income for fiscal year 2025 (5.2% net margin).

Dividend & Returns

ePlus inc. (PLUS) has a return on equity (ROE) of 11.5%. This is reasonable for most industries.

ePlus inc. (PLUS) generated $87.7M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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