At a glance
ePlus inc is worth $2.48B, about 19 times its fiscal 2026 earnings. Revenue grew 22.1% to $2.44B in fiscal 2026, with 5.4% kept as profit; over 5 years it has grown 9.3% a year. It pays a 1.09% dividend yield, and returned $127.9M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +30.2% over the past year with dividends reinvested and +11.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.3% in the 2020 crash (S&P 500: 33.7%) and 31.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 10 months after the lows.
The business in plain English
ePlus, in business since 1990, sells and supports technology made by other companies. It resells hardware and software from vendors such as Cisco, Dell, HPE, Microsoft, NetApp, NVIDIA and Palo Alto Networks, then adds design, installation and ongoing support. Its main areas are artificial intelligence (AI), cloud computing, data centers, cybersecurity, networking and collaboration tools such as Zoom and Webex calling.
It reports three business lines. Product sales of third-party hardware, software and maintenance contracts brought in $1.98 billion, or 81% of the $2.44 billion in revenue for the fiscal year ended March 31, 2026. Professional services, such as consulting, cloud migrations, project management and staff augmentation (supplying contract IT workers), added 11%. Managed services, where ePlus monitors and runs customers' systems, security and help desks for a subscription fee, added about 8%.
Its roughly 4,200 customers are mostly mid-sized and large businesses plus state and local governments and schools. Telecommunications, media and entertainment customers made up 30% of fiscal 2026 revenue, followed by state and local government and education (13%), healthcare (13%), technology (12%), financial services (10%) and retail (6%). Verizon alone accounted for 24% of net sales. Most sales are in the US, with smaller markets in the UK, EU, India and Singapore.
Price history
The interactive chart needs JavaScript.
PLUS +30.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $1.98B | 81% |
| Service | $462.9M | 19% |
By business segment
| Product Reporting Unit | $1.98B | 81% |
| Professional Services Reporting Unit | $273.4M | 11.2% |
| Managed Services Reporting Unit | $189.4M | 7.8% |
| All Other Segments | $376K | 0% |
Latest results
- In Q1 FY2027 (ended Jun 30, 2026), revenue was $649.1M, up 1% from a year earlier, and net income was $30.3M (-28.9%).
- For fiscal 2026, revenue was $2.44B (+22.1% year over year; +9.3% a year from FY2021 to FY2026) with a 5.4% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +9.3% good |
|---|---|
| Operating margin | 6.8% watch |
| Free cash flow margin | -4.9% weak |
| Return on equity (FY2026) | 12.4% watch |
| Return on assets (FY2026) | 7.4% watch |
| Net cash (cash minus debt) | $410.1M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.57B | $74.4M | — |
| FY2022 | $1.82B | $105.6M | — |
| FY2023 | $2.07B | $119.4M | — |
| FY2024 | $2.18B | $118.0M | $240.8M |
| FY2025 | $2.00B | $104.6M | $296.9M |
| FY2026 | $2.44B | $132.6M | $-120.7M |
Valuation snapshot
| Market value | $2.48B |
|---|---|
| P/E ratio | 18.9 |
| Dividend yield | 1.09% |
Rank among 1514 US companies
Market value at each year end
ePlus’s market value went from $815.7M at the end of 2016 to $2.48B on Oct 28, 2026, about 3.0 times as much; since the end of 2025 it is up 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.48B | +7.1% |
| 2025 | $2.32B | +17.1% |
| 2024 | $1.98B | -7.9% |
| 2023 | $2.15B | +80.5% |
| 2022 | $1.19B | -18.2% |
| 2021 | $1.46B | +22.5% |
| 2020 | $1.19B | +4.3% |
| 2019 | $1.14B | +16.6% |
| 2018 | $977.0M | -8.3% |
| 2017 | $1.07B | +30.7% |
| 2016 | $815.7M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PLUS price data to Oct 28, 2026 | +9.6% | +30.2% | +16.7% | +11.9% | +15.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.6% |
| 2025 | +19.4% |
| 2024 | -7.5% |
| 2023 | +80.3% |
| 2022 | -17.8% |
| 2021 | +22.5% |
| 2020 | +4.3% |
| 2019 | +18.4% |
| 2018 | -5.4% |
| 2017 | +30.6% |
| 2016 | +23.5% |
| 2015 | +23.2% |
| 2014 | +33.2% |
| 2013 | +37.5% |
| 2012 | +55.3% |
| 2011 | +19.6% |
| 2010 | +43.2% |
| 2009 | +57.1% |
| 2008 | +8.7% |
| 2007 | -7.5% |
| 2006 | -24.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 7.5% over that stretch · deepest drop along the way 42.2%, back to its old high 6.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.6% over that stretch · deepest drop along the way 47.3%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.3% over that stretch · deepest drop along the way 31.5%, back to its old high 9.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 25 sales ($1.9M), 23 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 4, 2026 | Elaine D Marion CHIEF FINANCIAL OFFICER | sell (plan) | $339K |
| Oct 13, 2026 | Elaine D Marion CHIEF FINANCIAL OFFICER | sell (plan) | $230K |
| Jul 29, 2026 | Elaine D Marion CHIEF FINANCIAL OFFICER | sell (plan) | $228K |
| Oct 13, 2026 | Elaine D Marion CHIEF FINANCIAL OFFICER | sell (plan) | $203K |
| Aug 3, 2026 | Elaine D Marion CHIEF FINANCIAL OFFICER | sell (plan) | $159K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.9% | Jun 30, 2025 |
| Dimensional Fund Advisors LP | 5.2% | Jun 30, 2026 |
| Vanguard Capital Management | 5.15% | Mar 31, 2026 |
| River Road Asset Management, LLC | 4.5% | Jul 31, 2026 |
| GENEVA CAPITAL MANAGEMENT LLC | 3.3% | Sep 30, 2024 |
ETFs with the most weight in PLUS
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.09% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.53% |
| ROSC Hartford Multifactor Small Cap ETF | 0.45% |
| OASC OneAscent Small Cap Core ETF | 0.37% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.36% |
| CALF Pacer US Small Cap Cash Cows ETF | 0.35% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.31% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.3% |
What could go wrong
- Heavy reliance on Verizon. Verizon made up 24% of fiscal 2026 net sales and about 36% of money customers owed ePlus on March 31, 2026. Most contracts have no volume commitments and can end on 30 days' notice.
- Dependence on a few big vendors. ePlus relies on a small number of key vendors and has no long-term supply or price deals. Shortages, price changes or smaller vendor incentive payments, which add to earnings, could squeeze profits.
- Competition, including from its own suppliers. Vendors can sell straight to customers, some distributors are setting up their own resale arms, and some vendors offer their own managed services. Price-focused rivals and online marketplaces also pressure margins.
- Public-sector contract rules. State and local government and education customers made up 13% of fiscal 2026 revenue. Breaking contract terms or procurement rules could lead to terminated contracts or fines, and rule changes could hurt sales.
- Keeping pace with AI and new technology. Its engineers must keep up with fast-changing products, especially AI. Falling behind, or a botched project that damages a customer's systems, could cost ePlus business and bring legal claims.
- Cyberattacks on systems it runs. ePlus monitors and manages IT and security systems for customers. A breach of its own systems, or misuse of customer data, could bring lawsuits, privacy-law penalties and lost trust.
Recent events
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released; Other company announcement
- Executive or board change
- Quarterly results released; Other company announcement
- Bylaws or fiscal year changed
- Quarterly results released; Other company announcement
- Other company announcement
- Executive or board change
- Quarterly results released; Other company announcement
For income and retirement investors
ePlus pays a small dividend. It paid none in fiscal 2024 or 2025, then $0.75 per share in the fiscal year ended March 31, 2026, using 14.8% of earnings. Free cash flow (cash from operations minus capital spending) was negative $120.7 million that year, so it did not cover the dividend. The yield was 1.09% as of October 28, 2026, low for anyone who needs portfolio income. There is no record of increases yet, and the annual report (10-K) warns payments may not continue. Buybacks totaled $108.3 million over fiscal 2022–2026, and the share count fell 3.4% from August 2021 to July 2026.
The shares have dropped sharply in past market slumps: 42.2% in the 2008 financial crisis, 47.3% in the 2020 COVID crash and 31.5% in the 2022 bear market. Each time, they regained their prior high about 6 to 10 months after the low. Single stocks carry more risk than diversified funds.
Questions investors ask
How does ePlus make money?
Mostly by reselling other companies' technology. Sales of third-party hardware, software and maintenance contracts made up 81% of its $2.44 billion in revenue for the fiscal year ended March 31, 2026. The rest came from services: professional services such as consulting, cloud projects and contract IT staff (11%), and managed services, where ePlus monitors and runs customers' systems for a subscription fee (about 8%). Its vendor partners include Cisco, Dell, HPE, Microsoft, NetApp and NVIDIA.
Does ePlus pay a dividend?
Yes, but it is small. ePlus paid no dividends in fiscal 2024 or 2025, then paid $0.75 per share in the fiscal year ended March 31, 2026, equal to 14.8% of earnings. Free cash flow was negative that year, so it did not cover the payout. The dividend yield (the annual dividend divided by the share price) was 1.09% as of October 28, 2026. ePlus has not raised its dividend yet, and its annual report says there is no assurance it will keep paying one.
Who is ePlus's biggest customer?
Verizon. Sales to Verizon Communications made up 24% of ePlus's net sales in the fiscal year ended March 31, 2026, up from 17% in fiscal 2025 and 19% in fiscal 2024. Verizon also accounted for about 36% of the invoices customers owed ePlus on March 31, 2026. Most customer contracts carry no volume commitments and can end on 30 days' notice, so a pullback by this one customer could hurt results.
Is ePlus growing?
Yes, though unevenly. Revenue rose 22.1% to $2.44 billion in the fiscal year ended March 31, 2026, after dipping to $2.0 billion in fiscal 2025 from $2.18 billion in fiscal 2024. Over the five years from fiscal 2021, revenue grew 9.3% a year on average. Net income rose 26.8% to $132.6 million in fiscal 2026. Growth slowed in the quarter ended June 30, 2026: revenue rose 1% from a year earlier and net income fell 28.9% to $30.3 million.
How has ePlus stock performed over the long term?
It has risen over long periods, with deep drops along the way. As of October 28, 2026, the share price gained 15.7% a year over 10 years, 11.9% a year over five years and 30.2% over one year. From 2021 through 2025, calendar-year returns ranged from a loss of 17.8% in 2022 to a gain of 80.3% in 2023. Its largest drop in about 21 years of price history was 56.5%.