Free cash flow rebounded to $75.6M in Q1 FY2027 after three negative quarters, with cumulative operating cash flow of $367.4M exceeding net income of $293.5M over ten quarters, and capital returns accelerated via $25.5M buybacks and $7.1M dividends.
ePlus inc. (PLUS) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | 59.21M | -116.23M | 302.14M | 248.45M | -15.43M | -20.57M | 129.51M | -74.17M | 39.41M | 82.77M | 33.02M | 13.38M | 13.85M | -8.22M | 41.27M | -21.6M | -9.4M | -37.02M | 21.21M | 11.82M | -32.05M | -38.2M | 41.56M | 20.59M | 35.79M | 12.35M | 10.47M | 18.43M | -8.4M | 20.7M | 1.2M |
| Operating CF Margin % | - | -4.76% | 14.6% | 11.16% | -0.75% | -1.13% | 8.26% | -4.67% | 2.87% | 5.83% | 2.48% | 1.11% | 1.21% | -0.78% | 4.2% | -2.62% | -1.09% | -5.41% | 3.04% | 1.39% | -4.05% | -5.9% | 7.22% | 6.23% | 11.94% | 6.02% | 3.41% | 6.96% | -4.33% | 17.48% | 1.39% |
| Operating CF Growth % | -151.4% | -138.47% | 21.61% | 1710.69% | 25.02% | -115.88% | 274.6% | -288.21% | -52.38% | 150.68% | 146.72% | -3.36% | 268.39% | -119.92% | 291.1% | -129.79% | 74.61% | -274.48% | 79.41% | 136.9% | 16.11% | -191.91% | 101.82% | -42.46% | 189.8% | 18% | -43.2% | 319.35% | -140.58% | 1625% | -81.25% |
| Net Income | 125.77M | 124.12M | 107.98M | 115.78M | 119.36M | 105.6M | 74.4M | 69.08M | 63.19M | 55.12M | 50.56M | 44.75M | 45.84M | 35.27M | 34.83M | 23.37M | 23.73M | 12.74M | 12.83M | 16.36M | 17.38M | -521.44K | 25.29M | 10.15M | 9.71M | 8.91M | 8.32M | 8.38M | 6.7M | 6M | 2.5M |
| Depreciation & Amortization | 26.36M | 27.61M | 29.6M | 25.93M | 18.59M | 24.3M | 19.99M | 19.16M | 18.64M | 15.83M | 11.73M | 15.98M | 15.57M | 14.76M | 12.17M | 9.37M | 9.97M | 11.39M | 15.18M | 21.85M | 21.84M | 17.16M | 12.78M | 10.49M | 4.51M | 5.64M | 11.25M | 7.36M | 4.7M | 4.6M | 3.5M |
| Stock-Based Compensation | 11.81M | 12.13M | 10M | 9.73M | 7.83M | 7.11M | 7.17M | 7.95M | 7.24M | 6.46M | 6.03M | 5.71M | 4.58M | 3.97M | 3.28M | 2.39M | 1.26M | 474K | 166K | 1.35M | 934K | 442.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 370K | 892K | 3.41M | -2.66M | 2.08M | -3.58M | -4.2M | -2.19M | 3.28M | -44K | -1.2M | 3.52M | -1.86M | -3.54M | -991K | 1.41M | 3.19M | -1.15M | 280K | -2.25M | 4.54M | -7.68M | -533.92K | 5.29M | 10.23M | -5.16M | -1.07M | -2.53M | 1.8M | 900K | 100K |
| Other Non-Cash Items | -4.99M | 1.82M | 1.51M | 713K | -2.81M | -4.27M | -1.34M | 120K | -11.09M | -16.54M | -12.73M | -15.61M | -18.68M | -16.76M | -11.44M | -6.45M | -6.59M | -2.99M | -13.55M | -14.86M | -13.37M | -448.23M | -4.44M | -9.69K | 1.39M | 2.34M | -2.84M | -7.84M | 600K | 100K | 200K |
| Working Capital Changes | -101.61M | -282.81M | 149.66M | 98.96M | -160.47M | -149.74M | 33.49M | -168.3M | -41.85M | 21.93M | -21.36M | -40.96M | -31.61M | -41.92M | 3.42M | -51.68M | -40.95M | -57.48M | 6.31M | -10.64M | -63.36M | -41.27M | 8.47M | -5.33M | 9.95M | 618.96K | -5.19M | 13.06M | -22.2M | 10.9M | -3.8M |
| Change in Receivables | -78.77M | -165.3M | 30.13M | -136.09M | -78.68M | -41.97M | -47.16M | -64.39M | -34.31M | 6.58M | -17.23M | -11.06M | -1.03M | -39.37M | -17.84M | -50.43M | -11.33M | -26.82M | 27.36M | -104K | -9.92M | -10.65B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -45.28M | -80.33M | 29.36M | 104.78M | -88.1M | -85.45M | -16.8M | 115K | -10.93M | 54.98M | -60.02M | -13.4M | 3.16M | -7.72M | 8.76M | -13.78M | 118K | -55K | -321K | -1.48M | -3.06M | -193.45K | -1.22M | 473.42K | -501.31K | 1.9M | -177.42K | 6.79M | 1.3M | 100K | 0 |
| Change in Payables | -2.23M | -59.31M | 112.08M | 82.91M | 75.27M | -25.19M | 76.77M | -8.88M | 12.46M | 258K | 3.85M | -738K | -16.81M | 33.09M | -7.14M | 19.95M | -37.13M | 36.7M | -6.68M | 742K | -2.08M | -566.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 3.1M | 159.81M | -128.87M | -61.96M | -18.93M | -1.26M | -35.76M | -20.34M | -96.2M | -57.68M | -26.34M | -50.18M | -30.59M | -28.8M | -12.66M | -38.22M | -11.1M | -5.83M | -1.34M | -6.99M | -28.19M | -32.53M | -30.46M | -24.07M | -31.76M | -33.67M | -18.63M | -124.88M | -86.6M | -21.7M | -26.5M |
| Capital Expenditures | -4.45M | -4.43M | -6.6M | -8.5M | -9.38M | -23.18M | -11.51M | -7.01M | -11.63M | -7.59M | -9.56M | -14.47M | -11.77M | -9.95M | -15.58M | -7.66M | -13.4M | -10.81M | -4.65M | -11.83M | -29.82M | -34.51M | -26.68M | -22.39M | -13.18M | -2.58M | -6.41M | -3.51M | -5.2M | -21.9M | -24.9M |
| CapEx % of Revenue | 0.18% | 0.18% | 0.32% | 0.38% | 0.45% | 1.27% | 0.73% | 0.44% | 0.85% | 0.53% | 0.72% | 1.2% | 1.03% | 0.94% | 1.59% | 0.93% | 1.55% | 1.58% | 0.67% | 1.39% | 3.77% | 5.33% | 4.63% | 6.77% | 4.4% | 1.26% | 2.09% | 1.33% | 2.68% | 18.5% | 28.89% |
| Acquisitions | 0 | 0 | -124.93M | -54.18M | -13.29M | 0 | -27.03M | -15.04M | -49.76M | -37.72M | -9.14M | -16.65M | -8.06M | -2.85M | 1.92M | -11.8M | -1.76M | 0 | -364K | 0 | 0 | 0 | -5M | 0 | 0 | -3.27M | 0 | -1.85M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 7.55M | 164.24M | 2.66M | 721K | 3.74M | 21.92M | 2.79M | 1.71M | -34.81M | -12.37M | -7.64M | -19.06M | -21.73M | -15.68M | -5.41M | 750K | -146K | 76.84M | -315K | 18.45M | 1.63M | 1.97M | 1.22M | -1.68M | -18.58M | -27.83M | -12.22M | -119.52M | -81.4M | 200K | -1.6M |
| Cash from Financing | -92.7M | -22.94M | -37.58M | -36.62M | -20.95M | 47.18M | -49.8M | 100.63M | 18.46M | -16.77M | 7.81M | 54.45M | 12.82M | 64.46M | -9.67M | 17.85M | 11.17M | 20.2M | 29.59M | 13.65M | 79.2M | 52.49M | 2.51M | 792.58K | -4.53M | 25.01M | 10.78M | 120.47M | 84.3M | 13M | 30.9M |
| Debt Issued (Net) | -16.87M | 30.17M | 8.03M | -29.79M | -13.73M | 60.78M | -42.3M | 120.82M | 44.84M | 20.58M | 33.29M | 67.03M | 50.03M | 76.46M | 9.98M | 35.9M | 9.54M | 12.49M | 31.61M | 13.65M | 71.33M | 44.03M | 7.8M | 9.03M | 3.91M | 25.42M | -15.46M | 119.44M | 74.4M | 12.1M | 21.7M |
| Equity Issued (Net) | -49.1M | -27.02M | -43.3M | -6.83M | -7.22M | -13.61M | -6.95M | -14.43M | -18.75M | -35.24M | -30.49M | -11.34M | -37.69M | -13.19M | -1.89M | -19.42M | -2.65M | -2.99M | -4.34M | 0 | -1.01M | -5.25M | -5.01M | -8.25M | -6.44M | -408.98K | 26.24M | 1.03M | 9.9M | 2M | 8.6M |
| Dividends Paid | -26.73M | -19.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -80K | -90K | -108K | -20.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.1M | 0 |
| Share Repurchases | -52.79M | -30.63M | -46.94M | -9.85M | -7.22M | -13.61M | -6.95M | -14.43M | -18.75M | -35.24M | -30.49M | -11.34M | -37.69M | -13.19M | -1.89M | -19.42M | -2.65M | -6.12M | -4.34M | 0 | -2.9M | -7.1M | -5.7M | -9.68M | -6.94M | -574.8K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -6.42M | -2.31M | 0 | 0 | 0 | -556K | -5.76M | -7.63M | -2.1M | 5.01M | -1.16M | 564K | 1.29M | 2.34M | 1.36M | 4.28M | 10.7M | 2.33M | 0 | 8.88M | 13.71M | -282.91K | 7.18K | -2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -31.32M | 21.39M | 136.35M | 149.93M | -52.28M | 25.82M | 43.33M | 6.42M | -38.38M | 8.44M | 14.99M | 18.59M | -4M | 27.46M | 18.94M | -41.98M | -9.32M | -22.71M | 49.37M | 18.74M | 18.98M | -18.15M | 13.7M | -2.63M | -439.41K | 3.69M | 2.62M | 14.02M | 84.3M | 13M | 30.9M |
| Free Cash Flow | 54.77M | -120.66M | 295.54M | 239.95M | -24.8M | -43.75M | 117.99M | -81.18M | 27.78M | 75.18M | 23.46M | -1.09M | 2.07M | -18.18M | 25.69M | -29.25M | -22.8M | -47.83M | 16.57M | -2K | -61.86M | -72.71M | 14.88M | -1.8M | 22.61M | 9.77M | 4.06M | 14.91M | -13.6M | -1.2M | -23.7M |
| FCF Margin % | 2.23% | -4.94% | 14.29% | 10.78% | -1.2% | -2.4% | 7.52% | -5.11% | 2.02% | 5.3% | 1.76% | -0.09% | 0.18% | -1.72% | 2.61% | -3.54% | -2.64% | -6.99% | 2.37% | -0% | -7.81% | -11.23% | 2.59% | -0.54% | 7.55% | 4.77% | 1.32% | 5.63% | -7.01% | -1.01% | -27.49% |
| FCF Growth % | -45.55% | -140.83% | 23.17% | 1067.33% | 43.31% | -137.08% | 245.34% | -392.21% | -63.04% | 220.47% | 2260.04% | -152.36% | 111.41% | -170.76% | 187.81% | -28.3% | 52.33% | -388.7% | 828450% | 100% | 14.92% | -588.45% | 926.87% | -107.96% | 131.37% | 140.88% | -72.79% | 209.65% | -1033.33% | 94.94% | -207.79% |
| FCF per Share | 2.10 | -4.58 | 11.10 | 8.98 | -0.93 | -1.63 | 4.40 | -3.03 | 1.02 | 2.69 | 0.84 | -0.04 | 0.07 | -0.57 | 0.81 | -0.89 | -0.68 | -1.41 | 0.49 | -0.00 | -1.81 | -2.18 | 0.39 | -0.05 | 0.56 | 0.23 | 0.10 | 0.41 | -0.50 | -0.05 | -1.12 |
| FCF Conversion (FCF/Net Income) | 0.44x | -0.90x | 2.80x | 2.15x | -0.13x | -0.19x | 1.74x | -1.07x | 0.62x | 1.50x | 0.65x | 0.30x | 0.30x | -0.23x | 1.18x | -0.92x | -0.40x | -2.90x | 1.65x | 0.72x | -1.84x | 73.26x | 1.64x | 2.03x | 3.68x | 1.39x | 1.26x | 2.20x | -1.25x | 3.45x | 0.48x |
| Interest Paid | 25K | 102K | 2.3M | 3.77M | 4.07M | 1.71M | 1.44M | 2.26M | 1.86M | 602K | 38K | 84K | 239K | 105K | 26K | -21K | 27K | 289K | 458K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.22M | 6.57M | 48.73M | 41.53M | 51.98M | 47.14M | 31.69M | 28.36M | 19.94M | 32.13M | 32.24M | 29.79M | 35.44M | 25.52M | 24.2M | -11.99M | 15.22M | 7.96M | 9.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying PLUS stock.
ePlus inc. (PLUS) generated $-116.2M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
ePlus inc. (PLUS) reported negative free cash flow of $120.7M in 2026, indicating capital requirements exceeded cash from operations.
ePlus inc. (PLUS) spent $4.4M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, ePlus inc. (PLUS) returned $19.7M to shareholders via cash dividends and spent $30.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
EPS miss and margin mix
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Masks Earnings Quality
Operating cash flow swung from -$99.0M in Q1 FY2026 to $76.5M in Q1 FY2027, with OCF/NI ranging from -2.63 to 2.53, per quarterly filings, indicating significant timing effects.
The wide quarterly swings in OCF/NI, from -2.63 to 2.53, suggest that working capital changes, not underlying profitability, drive cash flow variability. The positive OCF/NI in recent quarters (2.53 in Q1 FY2027) may indicate improved collections or timing of payables, but the negative quarters in FY2026 highlight the lumpy nature of cash conversion. Investors should monitor whether the positive conversion persists or reverts to the historical pattern of negative quarters.
Free Cash Flow Rebound After Negative Stretch
FCF turned positive in Q4 FY2026 at $103.8M and Q1 FY2027 at $75.6M, after three consecutive negative quarters, as reported, suggesting a cyclical recovery in cash generation.
The FCF margin improved from -15.7% in Q1 FY2026 to 11.7% in Q1 FY2027, but this follows a period of negative FCF in the middle of FY2026. The positive FCF in recent quarters may indicate a normalization of working capital, but the volatility suggests that FCF is not yet stable. The company's FCF margin of 11.7% in Q1 FY2027 is above the peer average, but the historical swings warrant caution.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes ranged from -$144.6M in Q1 FY2026 to $121.5M in Q4 FY2025, per cash flow data, indicating significant timing effects on cash flow.
The large swings in working capital changes, from -$144.6M to $121.5M, suggest that ePlus's cash flow is heavily influenced by the timing of receivables and payables, likely due to large project-based sales. The positive working capital changes in recent quarters (e.g., $36.6M in Q1 FY2027) may indicate improved collections, but the negative quarters in FY2026 highlight the lumpy nature of the business. Investors should monitor whether the company can smooth these swings through better working capital management.
Capital Deployment Shifts to Buybacks and Dividends
Buybacks totaled $25.5M in Q1 FY2027, up from $3.3M a year earlier, and dividends resumed at $7.1M, as per cash flow data, indicating a more active capital return policy.
The increase in buybacks and initiation of dividends in Q1 FY2027, after no dividends in prior quarters, suggests a shift toward returning capital to shareholders. This is supported by the company's fortress balance sheet with $410M in cash and minimal debt. However, the sustainability of these returns depends on maintaining positive FCF, which has been volatile. The buyback activity may also indicate management's view that the stock is undervalued.
Cumulative Cash Generation Exceeds Net Income
Over the last ten quarters, cumulative operating cash flow of $367.4M exceeds cumulative net income of $293.5M, as per reported figures, indicating strong cash conversion.
The cumulative OCF of $367.4M versus net income of $293.5M suggests that ePlus has generated more cash than reported earnings, which may indicate conservative accounting or efficient working capital management. However, the quarterly volatility in OCF/NI, ranging from -2.63 to 6.39, suggests that this cumulative outperformance is not consistent. Investors should monitor whether this trend continues, as it may indicate earnings quality.
Cash Flow Statement Obscures Financing Segment Risks
The cash flow statement does not separately disclose residual value assumptions or lease portfolio risks, which could impact future cash flows, as per financial disclosures.
The Financing segment's residual value assumptions on leased equipment are not visible in the cash flow statement, but they could lead to future write-downs if hardware values decline. Additionally, the shift to 'net' revenue reporting for cloud and SaaS products may obscure the true scale of the business, as gross billings are not disclosed. Investors should be aware that the cash flow statement may not fully capture the risks embedded in the financing portfolio.