EPLUS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EPLUS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,332	1,419	1,373	1,588	1,568	1,821	2,068	2,178	2,000	2,443
Cost of revenue	1,032	1,095	1,042	1,197	1,175	1,360	1,550	1,667	1,488	1,826
Gross profit	300	323	330	391	394	461	518	512	512	616
Selling, general and administrative	205	228	237	279	271	297	334	356	387	423
Operating expenses	214	239	251	296	287	314	351	378	412	450
Operating income	85.7	84.2	79.5	95.3	106	147	166	134	99.7	166
Interest expense	1.54	1.2	1.95	2.57	2.01	1.9	4.13	3.78	0	0
Other non-operating income		-0.35	6.7	0.68	0.57	-0.43	-3.19	1.43	6.44	7.29
Pre-tax income	86.1	83.9	86.2	96	107	147	163	135	106	173
Income tax	35.6	28.8	23	26.9	32.5	41.3	43.6	37.9	29.7	49.3
Income from continuing operations								97.3	76.4	124
Net income	50.6	55.1	63.2	69.1	74.4	106	119	118	105	133
EBITDA	97.5	100	98.2	114	126	172	185	156	127	194
EPS, basic	1.82	2.00	2.35	2.59	2.79	3.96	4.49	4.44	3.94	5.05
EPS, diluted	1.80	1.97	2.32	2.57	2.77	3.93	4.48	4.41	3.93	5.03
Shares, basic (weighted)	27.8	27.6	26.9	26.7	26.7	26.6	26.6	26.6	26.5	26.2
Shares, diluted (weighted)	28.1	28	27.2	26.8	26.8	26.9	26.7	26.7	26.7	26.4
Dividend per share										0.75

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	110	118	79.8	86.2	130	155	103	253	389	411
Receivables		268	300	375	392	430	504	645	508	650
Inventory	93.6	39.9	50.5	50.3	70	155	243	140	120	201
Other current assets	43.4	23.6	7.5	9.26	11	13.9	55.1	27.3	31.4	49.4
Total current assets	597	565	560	650	778	897	1,095	1,274	1,358	1,428
Property, plant and equipment	6.69	7.51	7.31	7.15	7.39	7.91	11.9	12.9	15.6	12.8
Lease right-of-use assets			0	13.1	8.8	6.9	14.6	15.4	17.9
Goodwill	48.4	76.6	111	118	127	127	136	162	203	203
Intangible assets	12.2	26.3	38.9	34.5	38.6	27.3	25	44.1	82	61.3
Other non-current assets	12	19.1	17.3	32.6	42.3	45.6	70.4	89.3	98.7	100
Total assets	742	755	786	909	1,077	1,166	1,415	1,653	1,879	1,801
Accounts payable	114	107	86.8	82.9	165	136	220	316	324	265
Accrued liabilities	7.45	8.34	7.81	10	13.6	39.6	37.3	43.7	42.7	48.6
Deferred revenue	65.3	35.6	47.3	55.5	72.8	86.5	114	135	154	157
Total current liabilities	376	350	329	387	459	460	561	657	799	638
Long-term debt					12.7	5.79	9.52	12.9	11.3
Lease liabilities			0	8.33	5	3.3	12	12.7	13.5	10.8
Other non-current liabilities	7.08	21.1	17.7	27.7	36.7	35.5	61	81.8	13.5	10.8
Total liabilities	396	383	362	423	514	505	633	752	908	732
Total debt									38.8
Paid-in capital	124	130	137	145	152	159	167	180	194	210
Retained earnings	223	278	341	410	485	508	627	743	843	956
Treasury stock	0	-36	-54	-68.4	-75.4	-6.73	-14.1	-23.8	-70.7	-102
Shareholders' equity	346	373	424	486	562	661	776	897	971	1,069
Total equity	346	373	424	486	562	661	776	897	971	1,069
Total liabilities and equity	742	755	786	909	1,077	1,166	1,415	1,653	1,879	1,801
Shares outstanding	28.4	27.6	27.3	13.5	27	26.9	26.9	27	26.5	26.3

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	50.6	55.1	63.2	69.1	74.4	106	119	118	105	133
Depreciation and amortization	11.7	15.8	18.6	19.2	20	24.3	18.6	22.5	27.2	27.6
Stock-based compensation	6.03	6.46	7.24	7.95	7.17	7.11	7.83	9.47	10.5	12.1
Deferred income tax	-1.2	-0.04	3.28	-2.21	-4.2	-3.6	2.08	-2.73	-0.46	0.89
Change in receivables	-17.2	6.58	-34.3	-64.4	-5.06	-50.8	-78.7	-117	195	-165
Change in inventory	-60	55	-10.9	0.12	-16.8	-85.5	-88.1	102	23.4	-80.3
Change in payables	3.85	0.26	12.5	-8.88	76.8	-25.2	75.3	107	6.01	-59.3
Cash from operations	33	82.8	39.4	-74.2	130	-20.6	-15.4	248	302	-116
Capital expenditures								-7.66	-5.27	-4.43
Acquisitions	-9.14	-37.7	-49.8	-15	-27	0	-13.3	-54.2	-125	0
Cash from investing	-26.3	-57.7	-96.2	-20.3	-35.8	-1.26	-18.9	-62	-129	160
Stock issued						0	0	3.02	3.64	3.61
Share buybacks	-30.5	-35.2	-18.8	-14.4	-6.95	-13.6	-7.22	-9.85	-46.9	-30.6
Dividends paid	0	0						0	0	-19.7
Cash from financing	7.81	-16.8	18.5	101	-49.8	47.2	-21	-36.6	-37.6	-22.9
Exchange rate effect	0.51	0.11	-0.04	0.29	-0.62
Net change in cash	15	8.44	-38.4	6.42	43.3	25.8	-52.3	150	136	21.4
Free cash flow								241	297	-121
Interest paid	0.04	0.6	1.86	2.26	1.44	1.71	4.07	1.52	0.14	0.1
Income taxes paid	32.2	32.1	19.9	28.4	31.7	47.1	52	41.5	48.7	46.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $90.51 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.1%	Gross profit / revenue.
Operating margin	6.6%	Operating income / revenue.
EBITDA margin	7.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.3%	Pre-tax income / revenue.
Net margin	4.9%	Net income / revenue.
Operating cash flow margin	2.4%	Cash from operations / revenue.
Effective tax rate	28.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.4%	Net income / average total assets.
Return on invested capital (ROIC)	18.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	17.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	66.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-0.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	52.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	26.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	28.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-138.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-140.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	10.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.13x	Current assets / current liabilities.
Quick ratio	1.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.64x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	42.6%	Total liabilities / total assets.
Working capital	$796.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	13.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$812.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.31x	Revenue / average total assets.
Inventory turnover	12.6x	Cost of revenue / average inventory.
Days inventory	29 days	365 x average inventory / cost of revenue.
Receivables turnover	3.28x	Revenue / average receivables.
Days sales outstanding	111 days	365 x average receivables / revenue.
Days payables	63 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	77 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$93.96	Revenue / diluted weighted shares.
Operating cash flow per share	$2.27	Cash from operations / diluted weighted shares.
Book value per share	$41.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$31.07	Tangible book value / shares outstanding.
Cash per share	$17.17	(Cash + short-term investments) / shares outstanding.
Payout ratio	22.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.36B	Share price x shares outstanding.
Enterprise value	$1.91B	Market cap + total debt - cash - short-term investments.
P/E	19.6x	Market cap / net income. Only when net income is positive.
P/S	0.96x	Market cap / revenue.
P/B	2.20x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.91x	Market cap / tangible book value, when positive.
P/OCF	39.9x	Market cap / cash from operations, when positive.
EV/Sales	0.78x	Enterprise value / revenue.
EV/EBIT	11.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.2x	Enterprise value / EBITDA, when both are positive.
Earnings yield	5.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	3.4%	(Dividends paid + share buybacks) / market cap.
PEG	4.99x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was EPLUS INC's revenue in fiscal 2026?

EPLUS INC reported revenue of $2.44B for fiscal 2026, 22.1% higher than the year before.

Was EPLUS INC profitable in fiscal 2026?

Yes. Net income was $132.6M, a net margin of 5.4%.

How much free cash flow did EPLUS INC generate in fiscal 2026?

Cash from operations of $116.2M minus capital expenditures of $4.4M left free cash flow of -$120.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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