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Sells and finances IT hardware/software and managed services for enterprises and government agencies.
Sells and finances IT hardware/software and managed services for enterprises and government agencies.
Resells hardware and software from vendors such as Cisco on thin margins per sale, then adds services and, for some customers, financing so that each customer yields more over time. Large customers tend to buy several of these together as part of a single IT project.
Moat: narrow (distribution, scale). Vendor relationships and financing capabilities differentiate it somewhat, but IT reselling is low-margin and competitive.
Headquarters: Herndon, Virginia, United States · Founded: 1990 · Employees: 2,148
Size ePlus (PLUS) is a United States Information Technology company (Packaged Software) with a market value of $2.40B, the 1682nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $92.11 on 6 Nov 2026.
Performance Over six months the shares gained 2.0%, against +10.2% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 15.0% over the last twelve months (peer median +13.1%); the operating margin is 6.9% (peer median 11.2%).
Valuation It trades at 16.1× forward earnings against a peer median of 18.5× (9th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.8 points above its cost of capital (9.6% WACC).
Backlog Backlog (remaining performance obligations) was $182M at 30 Sep 2026, up 3% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 5.6% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.45B | $2.44B | $2.00B | $2.21B | $2.05B |
| Revenue growth | — | +22% | -9% | +8% | — |
| Gross profit | $594M | $590M | $486M | $511M | $488M |
| EBITDA | $195M | $194M | $128M | $169M | $173M |
| Net income | $126M | $129M | $105M | $116M | $119M |
| Free cash flow | $54.8M | -$121M | $297M | $240M | -$24.8M |
| Capital expenditure | $4.45M | $4.43M | $5.27M | $8.50M | $9.38M |
| Total debt | $0 | $16.2M | $19.1M | $53.1M | $55.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ePlus PLUS | $2.40B | +2% | +15% | 7% | 16.1× | 4.3% |
| CDW CDW | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% |
| Insight Enterprises NSIT | $4.64B | +89% | +3% | 6% | 11.7× | 2.9% |
| PC Connection CNXN | $2.00B | +19% | +10% | 4% | 16.6× | n/a |
| Computacenter CCC.L | $6.48B | +15% | +54% | 3% | 16.4× | 7.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PLUS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.6% | +2.5% | 10th lowest of 21 |
| 6-month return | +2.0% | +10.2% | 9th lowest of 21 |
| Distance from 52-week high | -6.2% | -30.1% | 3rd highest of 21 |
| Revenue growth (TTM) | +15.0% | +13.1% | 11th highest of 21 |
| Operating margin | 6.9% | 11.2% | 10th lowest of 21 |
| Forward P/E | 16.1× | 18.5× | 9th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 4.3% | 10.2% | 5th least demanding of 13 |
| Growth delivered (Del g) | +9.5% | +23.8% | 4th lowest of 12 |
| Hurdle (Req g minus delivered) | -5.2 pp | -6.3 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | +11.8 pp | -1.0 pp | 6th highest of 19 |
| EV / EBITDA | 10.0× | 10.6× | 6th cheapest of 11 |
| Net debt / EBITDA | -2.3× | -0.5× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ePlus PLUS | United States | $2.40B | +2% | +15% | 7% | 16.1× | 4.3% | +9.5% |
| nCino NCNO | United States | $2.40B | +28% | +9% | 9% | 15.8× | 23.9% | +23.8% |
| RAKUS 3923.T | Japan | $2.38B | +24% | +17% | 31% | 14.1× | 15.8% | +31.4% |
| Asana ASAN | United States | $2.43B | +60% | +9% | -15% | 27.4× | 10.7% | +28.4% |
| Blackbaud BLKB | United States | $2.43B | +44% | +2% | 21% | 9.4× | -1.6% | +4.3% |
| Guangdong Aofei Data Technology 300738.SZ | China | $2.44B | -34% | +24% | 23% | 42.6× | n/a | n/a |
| Affle 3i AFFLE.NS | India | $2.36B | +6% | +20% | 18% | 40.0× | 33.0% | +39.3% |
| Meitu 1357.HK | Hong Kong | $2.50B | -9% | +24% | 24% | 12.8× | 7.5% | +25.5% |
| Shanghai Suochen Information Technology 688507.SS | China | $2.31B | +97% | +32% | -2% | 196.7× | n/a | n/a |
| Money Forward 3994.T | Japan | $2.52B | +51% | +35% | 2% | 2,235.1× | n/a | n/a |
| NetScout Systems NTCT | United States | $2.29B | -19% | +6% | 15% | 11.6× | -0.1% | +0.7% |
| Urban URBANCO.NS | India | $2.58B | +8% | +36% | -26% | n/a | n/a | n/a |
| Schrodinger SDGR | United States | $2.23B | +125% | +9% | -59% | n/a | n/a | n/a |
| Shijiazhuang Changshan Beiming Technology 000158.SZ | China | $2.64B | -35% | -14% | 2% | n/a | n/a | n/a |
| SeeWay.ai 002405.SZ | China | $2.18B | -32% | +22% | -29% | n/a | n/a | n/a |
| Ethos Technologies LIFE | United States | $2.18B | +13% | +112% | -16% | 33.9× | 24.1% | n/a |
| JWIPC Technology 001339.SZ | China | $2.72B | -19% | +41% | 21% | 21.9× | n/a | n/a |
| DoubleVerify DV | United States | $2.12B | +23% | +7% | 14% | 21.3× | 9.7% | +25.1% |
| Pitney Bowes PBI | United States | $2.11B | -1% | -4% | 25% | 9.6× | -5.4% | -11.8% |
| Five9 FIVN | United States | $2.10B | +27% | +9% | 6% | 8.1× | 17.9% | +21.4% |
| XD, Inc. 2400.HK | Hong Kong | $2.77B | -28% | +6% | 26% | 11.9× | 3.0% | +14.3% |
ePlus reported $182M of remaining performance obligations at 30 Sep 2026, up 3% from a year earlier and up 0% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.