EPLUS INC PLUS
ePlus inc. ("we," "our," "us," or "ePlus") is a leading provider of technology solutions across the IT spectrum spanning AI, cloud, data center, security, networking, and collaboration, to domestic and foreign organizations across all industry segments. We operate through our product, professional services, and managed services segments. We have been in business since 1990.
Our solutions are comprised of world class leading technologies from partners such as Amazon Web Services ("AWS"), Arista Networks, Check Point, Cisco Systems, Citrix, CrowdStrike, Dell, Everpure, F5 Networks, Foresite, Fortinet, Gigamon, HPE, Lenovo, Microsoft, NetApp, Nutanix, NVIDIA, Oracle, Palo Alto Networks, Proficio, Rubrik, SentinelOne, Varonis, VMware by Broadcom, Zoom, and many others.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.44B | $2.00B | $2.18B | $2.02B | $1.75B | $1.50B | $1.52B | $1.31B | $1.37B | $1.27B |
| Cost of revenue | $1.83B | $1.49B | $1.67B | $1.54B | $1.36B | $1.17B | $1.20B | $1.04B | $1.10B | $1.03B |
| Gross profit | $616.1M | $512.1M | $511.7M | $475.0M | $461.0M | $393.6M | $391.2M | $330.4M | $323.5M | $299.8M |
| SG&A | $423.4M | $386.7M | $355.6M | $319.9M | $297.1M | $271.3M | $279.2M | $237.1M | $228.1M | $205.2M |
| Total operating expenses | $449.9M | $412.4M | $377.9M | $351.4M | $313.7M | $287.2M | $295.9M | $250.9M | $239.2M | $214.0M |
| Operating income | $166.1M | $99.7M | $133.8M | $138.6M | $147.3M | $106.3M | $95.3M | $79.5M | $84.2M | $85.7M |
| Interest expense | — | — | $3.8M | $4.1M | $1.9M | $2.0M | $2.6M | $1.9M | $1.2M | $1.5M |
| Pre-tax income | $173.4M | $106.1M | $135.2M | $133.1M | $146.9M | $106.9M | $96.0M | $86.2M | $83.9M | $86.1M |
| Income tax | $49.3M | $29.7M | $37.9M | $35.7M | $41.3M | $32.5M | $26.9M | $23.0M | $28.8M | $35.6M |
| Net income | $132.6M | $104.6M | $118.0M | $116.0M | $103.7M | $74.4M | $69.1M | $63.2M | $55.1M | $50.6M |
| EPS, basic | 5.05 | 3.94 | 4.44 | 4.49 | 3.96 | 2.79 | 2.59 | 4.70 | 4.00 | 3.65 |
| EPS, diluted | 5.03 | 3.93 | 4.41 | 4.48 | 3.93 | 2.77 | 2.57 | 4.65 | 3.95 | 3.60 |
| Shares, diluted (wtd. avg.) | $26.4M | $26.7M | $26.7M | $26.7M | $26.9M | $26.8M | $26.8M | $13.6M | $14.0M | $14.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $410.8M | $389.4M | $253.0M | $103.1M | $155.4M | $129.6M | $86.2M | $79.8M | $118.2M | $109.8M |
| Receivables | $667.8M | $508.3M | $644.6M | $504.1M | $430.4M | $391.6M | $375.0M | $299.9M | $268.3M | — |
| Inventory | $200.9M | $120.4M | $139.7M | $243.3M | $155.1M | $70.0M | $50.3M | $50.5M | $39.9M | $93.6M |
| Total current assets | $1.43B | $1.36B | $1.27B | $1.10B | $897.5M | $777.6M | $649.8M | $560.1M | $564.9M | $597.3M |
| Property, plant and equipment | $12.8M | $15.6M | $12.9M | $11.9M | $7.9M | $7.4M | $7.2M | $7.3M | $7.5M | $6.7M |
| Goodwill | $202.9M | $202.9M | $161.5M | $136.1M | $126.5M | $126.6M | $118.1M | $110.8M | $76.6M | $48.4M |
| Other intangibles | $61.3M | $82.0M | $44.1M | $25.0M | $27.2M | $38.6M | $34.5M | $38.9M | $26.3M | $12.2M |
| Total assets | $1.80B | $1.88B | $1.65B | $1.41B | $1.17B | $1.08B | $909.1M | $786.2M | $755.5M | $741.7M |
| Accounts payable | $264.6M | $323.9M | $315.7M | $220.2M | $136.2M | $165.2M | $82.9M | $86.8M | $106.9M | $113.5M |
| Total current liabilities | $638.1M | $799.1M | $657.0M | $561.3M | $460.0M | $459.4M | $386.6M | $328.9M | $350.1M | $376.5M |
| Long-term debt | — | $38.8M | — | — | — | — | — | — | — | — |
| Total liabilities | $732.0M | $908.4M | $751.7M | $632.6M | $505.5M | $514.4M | $423.0M | $361.9M | $382.9M | $395.8M |
| Retained earnings | $956.0M | $843.2M | $743.0M | $627.2M | $507.8M | $484.6M | $410.2M | $341.1M | $277.9M | $222.8M |
| Total equity | $1.07B | $970.7M | $897.4M | $775.7M | $660.7M | $562.4M | $486.1M | $424.3M | $372.6M | $345.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$116.2M | $302.1M | $248.4M | -$15.4M | -$20.6M | $129.5M | -$74.2M | $39.4M | $82.8M | $33.0M |
| Depreciation and amortisation | $27.6M | $27.2M | $22.5M | $15.3M | $24.3M | $20.0M | $19.2M | $18.6M | $15.8M | $11.7M |
| Stock-based compensation | $12.1M | $10.5M | $9.5M | $7.6M | $7.1M | $7.2M | $8.0M | $7.2M | $6.5M | $6.0M |
| Capital expenditure | $4.4M | $5.3M | $7.7M | $8.1M | — | — | — | — | — | — |
| Investing cash flow | $159.8M | -$128.9M | -$62.0M | -$18.9M | -$1.3M | -$35.8M | -$20.3M | -$96.2M | -$57.7M | -$26.3M |
| Financing cash flow | -$22.9M | -$37.6M | -$36.6M | -$20.9M | $47.2M | -$49.8M | $100.6M | $18.5M | -$16.8M | $7.8M |
| Dividends paid | $19.7M | $0 | $0 | — | — | — | — | — | $0 | $0 |
| Buybacks | $30.6M | $46.9M | $9.9M | $7.2M | $13.6M | $6.9M | $14.4M | $18.8M | $35.2M | $30.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-029593.
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