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ePlus inc.

PLUS · Industrials · $2.3B mkt cap · FY2026 filings · Narrow moat ·

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Narrow moat
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The five investor questions

80

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $1.8B to $2.4B, increasing; diluted EPS 3.93 to 5.03, increasing.

43

Median gross margin 25.5% over 10y, very stable.

86

Median ROIC 17.6%, above the 12% hurdle in 90% of years.

100

Net cash position — no leverage risk.

80

Owner earnings changed +13.3%/yr over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
67% above value if growth stopped today
$126M
$53.44
$86.57
$89.02
67% above value if growth stopped today

What today’s price assumes: owner earnings growing ~11%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

18 years of fundamentals

The business, in plain English

ePlus inc. booked $2.4B of revenue in FY2026 in the Industrials sector and kept 25.2% of it as gross profit — a moderate-margin business by that measure. After every other cost, 5.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $551M (FY2010) to $2.4B (FY2026) — about 9.8% a year compounded over 16 years.

It earned 18.1% on invested capital in the latest filed year, FY2026. Across the full 14-year measurable filed record, median ROIC was 19.3%. Over the v3 recent window (10 measurable filed years), median ROIC was 17.6%. The Returns on Capital filter above scores it 86/100.

PLUS's latest filed year, FY2026, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Balance-Sheet Safety is the strongest of the five filters (100/100) and Pricing Power the weakest (43/100), which is how PLUS lands at 78/100 — a Narrow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2009–FY2026 · 18 fiscal years, normalized from PLUS’s SEC filings

Sales, as filed$2.4B FY2026
$0$1B$2B2009201520212026
Revenue kept after cost of goods25.2% FY2026
0%10%20%2009201520212026
Standard ROIC or separately labeled Operating ROICROIC 18.1% FY2026
0%10%20%2009201520212026
Cash an owner could take out$156M FY2026
$0$100M2009201520212026

Gaps in a line mean that item isn’t in PLUS’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How ePlus inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$2.4B · 100%Cost of revenue$1.8B · 75%Gross profit$616M · 25%Operating income$166M · 7%Income before tax$173M · 7%Income tax$49.3M · 2%Net income$133M · 5%As of 2026-03-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$2.4B100%
Cost of revenue$1.8B75%
$616M25%
$166M7%
Income before tax$173M7%
Income tax$49.3M2%
$133M5%
Source: · event Mar 31, 2026 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What ePlus inc. owns — and owes

ePlus inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$1.8B100%
Cash and equivalents$411M23%
Stockholders’ equity$1.1B59%
Source: · event Mar 31, 2026 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives ePlus inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity13%Tax burden76%net income ÷ pretax incomeInterest burden104%pretax ÷ operating incomeOperating margin7%operating income ÷ revenueAsset turnover1.33×revenue ÷ average assetsEquity multiplier1.80×average assets ÷ average equityAs of 2026-03-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$133MFY2026
Income before tax$173MFY2026
Operating income$166MFY2026
$2.4BFY2026
Ending assets$1.8BFY2026
Beginning assets$1.9BFY2025
$1.1BFY2026
$971MFY2025
Source:
  • SEC filingFiling detailsAccession 0001140361-25-020204
  • SEC filingFiling detailsAccession 0001140361-26-023171
· event Mar 31, 2026 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where ePlus inc.'s cash went

ePlus inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$116M−100%
Depreciation and amortization$27.6M24%
Source: · event Mar 31, 2026 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding ePlus inc.

Delayed public 13F reports for 2026-Q1—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Markel / Markel-GaynerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source unavailable · event Mar 31, 2026 · retrieved Jul 26, 2026

Flagship explainer

What ePlus inc. insiders reported

Insider activity is unavailable from the source; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale77.9 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for PLUS.

Industrials context

#25 of 428 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #23ACMR ACM Research, Inc.78.9Narrow moat
  2. #24EXPD EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.78.4Narrow moat
  3. #26EME EMCOR Group, Inc.77.8Narrow moat
  4. #27EXPE EXPEDIA GROUP, INC.77.7Narrow moat

Compare PLUS with its nearest peers →All Industrials companies on the Index →

Common questions about PLUS

Does ePlus inc. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores ePlus inc. (PLUS) 77.9 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 80, pricing power 43, returns on capital 86, balance-sheet safety 100, capital allocation 80.
Is PLUS trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $53.44 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $89.02, that is 67% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has PLUS's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 77.9 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PLUS. See the disclaimer.