Eplus Inc. (PLUS) intrinsic value & 10-year financials
Eplus Inc. (PLUS) has a Graham intrinsic value of $106.32 per share. At $94.05 on Oct 17, 2026, the stock trades 12% below that value. Over the last 10 fiscal years revenue grew 7.0% a year to $2.4B, with an average return on invested capital of 18.0%.
- Graham intrinsic value
- $106.32
- Share price (Oct 17, 2026)
- $94.05
- Price vs Graham value
- 12% below
- Market cap
- $2.5B
- Revenue (FY2026)
- $2.4B
- Revenue growth (10-yr CAGR)
- 7.0%
- ROIC (10-yr avg)
- 18.0%
- Free cash flow (FY2026)
- -$120.7M
PLUS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $2.4B | $132.6M | $5.03 | -$120.7M | 6.8% | 18.1% |
| FY2025 | $2.0B | $108.0M | $4.05 | $296.9M | 7.1% | 15.0% |
| FY2024 | $2.2B | $115.8M | $4.33 | $240.8M | 7.3% | 16.3% |
| FY2023 | $2.0B | $119.4M | $4.48 | — | 8.3% | 20.0% |
| FY2022 | $1.8B | $105.6M | $3.93 | — | 8.4% | 22.0% |
| FY2021 | $1.5B | $74.4M | $2.77 | — | 7.1% | 17.2% |
| FY2020 | $1.5B | $69.1M | $2.58 | — | 6.3% | 18.2% |
| FY2019 | $1.3B | $63.2M | $2.33 | — | 6.1% | 16.9% |
| FY2018 | $1.4B | $55.1M | $1.98 | — | 6.0% | — |
| FY2017 | $1.3B | $50.6M | $1.80 | — | 6.4% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
EPLUS INC has demonstrated mature, steady growth, with revenue compounding at 7.0% annually over the past decade.
EPLUS INC has earned high returns on invested capital, averaging 18.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
EPLUS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, EPLUS INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $106.32 per share.