PLUS

MKT CAP:$2B

ePlus inc.

Market Cap

$2B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$83.80-$2.84 (-3.28%)

Apr 24, 2026

Company Details

ePlus 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 se...

CEO

Mark Marron

IPO Date

Nov 15, 1996

Website

www.eplus.com

Key Metrics TTM

Revenue

$2.0B

-8.4% YoY

Net Income

$108M

EPS (Diluted)

$4.05

Free Cash Flow

$296M

Revenue / Share

$76.56

Gross Margin

26.1%

Operating Margin

6.0%

Net Margin

5.3%

FCF Margin

14.5%

P/S

1.1x

P/E

20.8x

Earnings Reports

FY 2025

May 22, 2025

$2.1B-7.0%EPS $4.06

Q4 2025

May 22, 2025

$498M-10.2%EPS $0.95

Q3 2025

Feb 5, 2025

$511M+0.4%EPS $0.91

Q2 2025

Nov 12, 2024

$493M-16.0%EPS $1.17

Q1 2025

Aug 6, 2024

$536M-6.7%EPS $1.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$417M	$103M	$32M
Q2 22	$458M	$119M	$44M
Q3 22	$495M	$113M	$36M
Q4 22	$452M	$126M	$34M
Q1 23	$458M	$110M	$33M
Q2 23	$494M	$128M	$44M
Q3 23	$623M	$133M	$46M
Q4 23	$492M	$129M	$42M
Q1 24	$574M	$139M	$46M
Q2 24	$588M	$140M	$45M
Q3 24	$509M	$134M	$38M
Q4 24	$554M	$126M	$29M
Q1 25	$536M	$127M	$31M
Q2 25	$493M	$127M	$27M
Q3 25	$511M	$137M	$29M
Q4 25	$498M	$141M	$35M

Valuation

Quarter	P/S	P/E
Q1 22	0.7x	14.4x
Q2 22	0.8x	15.2x
Q3 22	0.8x	15.0x
Q4 22	0.8x	14.1x
Q1 23	0.8x	14.0x
Q2 23	0.6x	11.1x
Q3 23	0.6x	10.8x
Q4 23	0.6x	11.1x
Q1 24	0.7x	11.4x
Q2 24	0.8x	12.7x
Q3 24	0.9x	16.0x
Q4 24	0.9x	17.7x
Q1 25	0.9x	18.0x
Q2 25	1.3x	24.3x
Q3 25	0.9x	18.6x
Q4 25	0.8x	15.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$65M	-$72M
Q2 22	-$70M	-$79M
Q3 22	$13M	$8M
Q4 22	$101M	$99M
Q1 23	-$103M	-$105M
Q2 23	-$17M	-$17M
Q3 23	-$27M	-$31M
Q4 23	$132M	$128M
Q1 24	-$21M	-$25M
Q2 24	$31M	$29M
Q3 24	$133M	$131M
Q4 24	$105M	$104M
Q1 25	$97M	$95M
Q2 25	-$22M	-$23M
Q3 25	$66M	$64M
Q4 25	$161M	$159M

Capital Expenditures

Quarter	CapEx
Q1 22	$7M
Q2 22	$9M
Q3 22	$5M
Q4 22	$2M
Q1 23	$2M
Q2 23	$633.0K
Q3 23	$3M
Q4 23	$4M
Q1 24	$4M
Q2 24	$2M
Q3 24	$2M
Q4 24	$799.0K
Q1 25	$2M
Q2 25	$1M
Q3 25	$1M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+17.4%	+16.4%
Q2 22	+5.8%	+2.3%
Q3 22	+15.7%	+15.2%
Q4 22	+28.1%	+26.8%
Q1 23	+10.0%	+10.7%
Q2 23	+7.8%	+8.7%
Q3 23	+26.0%	+25.8%
Q4 23	+9.0%	+7.8%
Q1 24	+25.3%	+24.1%
Q2 24	+19.0%	+20.7%
Q3 24	-18.4%	-18.4%
Q4 24	+12.7%	+16.8%
Q1 25	-6.7%	-4.5%
Q2 25	-16.0%	-14.1%
Q3 25	+0.4%	+2.4%
Q4 25	-10.2%	-11.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	0.4%
Q2 22	$2M	0.4%
Q3 22	$2M	0.4%
Q4 22	$2M	0.4%
Q1 23	$2M	0.4%
Q2 23	$2M	0.4%
Q3 23	$2M	0.3%
Q4 23	$2M	0.4%
Q1 24	$2M	0.4%
Q2 24	$2M	0.4%
Q3 24	$3M	0.5%
Q4 24	$3M	0.5%
Q1 25	$3M	0.5%
Q2 25	$3M	0.5%
Q3 25	$3M	0.6%
Q4 25	$2M	0.3%

OpEx Breakdown

Quarter	SG&A
Q3 24	$89M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	17.4%	9.3%	26.7
Q2 22	5.8%	11.0%	16.8
Q3 22	15.7%	8.7%	24.4
Q4 22	28.1%	9.1%	37.1
Q1 23	10.0%	8.3%	18.3
Q2 23	7.8%	10.1%	17.9
Q3 23	26.0%	8.4%	34.4
Q4 23	9.0%	9.6%	18.6
Q1 24	25.3%	9.2%	34.4
Q2 24	19.0%	8.9%	27.9
Q3 24	-18.4%	9.2%	-9.2
Q4 24	12.7%	6.4%	19.1
Q1 25	-6.7%	7.5%	0.8
Q2 25	-16.0%	6.9%	-9.1
Q3 25	0.4%	7.2%	7.6
Q4 25	-10.2%	8.5%	-1.7

Rule of 40

Revenue Segments

Quarter	Financing Reporting Unit	Technology Reporting Unit	Product	Service
Q1 22	$5M	$397M	—	—
Q3 22	$6M	$474M	—	—
Q4 22	$22M	$417M	—	—
Q1 23	$945.0K	$444M	—	—
Q2 23	$7M	$467M	—	—
Q3 23	$560.0K	$606M	—	—
Q1 24	$1M	$558M	—	—
Q2 24	$3M	$567M	—	—
Q3 24	$774.0K	$487M	—	—
Q4 24	$1M	$542M	—	—
Q1 25	$1M	$532M	—	—
Q2 25	$652.0K	$485M	—	—
Q3 25	—	—	$397M	$114M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$155M	$0	$155M
Q1 23	$83M	$0	$83M
Q2 23	$100M	$0	$100M
Q3 23	$99M	$0	$99M
Q4 23	$103M	$0	$103M
Q1 24	$102M	$0	$102M
Q2 24	$82M	$0	$82M
Q3 24	$142M	$0	$142M
Q4 24	$253M	$0	$253M
Q1 25	$350M	$0	$350M
Q2 25	$188M	$0	$188M
Q3 25	$253M	$0	$253M
Q4 25	$389M	$0	$389M
Q1 26	$480M	$0	$480M
Q2 26	$402M	$0	$402M
Q3 26	$326M	$0	$326M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	27M	+0.2%	+0.4%
Q2 22	27M	-0.1%	+0.3%
Q3 22	27M	+0.2%	+0.7%
Q4 22	27M	-0.8%	-0.5%
Q1 23	27M	-0.1%	-0.7%
Q2 23	27M	-0.2%	-0.9%
Q3 23	27M	+0.1%	-1.0%
Q4 23	27M	+0.2%	-0.0%
Q1 24	27M	-0.2%	-0.1%
Q2 24	27M	+0.1%	+0.2%
Q3 24	27M	+0.1%	+0.2%
Q4 24	27M	+0.4%	+0.4%
Q1 25	27M	-0.0%	+0.6%
Q2 25	27M	-0.5%	-0.0%
Q3 25	27M	-0.2%	-0.3%
Q4 25	27M	0.0%	-0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$267.1K	2K
Q2 22	$293.6K	2K
Q3 22	$317.2K	2K
Q4 22	$286.3K	2K
Q1 23	$290.7K	2K
Q2 23	$313.1K	2K
Q3 23	$395.4K	2K
Q4 23	$280.6K	2K
Q1 24	$327.4K	2K
Q2 24	$335.0K	2K
Q3 24	$290.2K	2K
Q4 24	$291.8K	2K
Q1 25	$281.9K	2K
Q2 25	$259.7K	2K
Q3 25	$268.9K	2K
Q4 25	$226.5K	2K

Revenue / Employee