Latest Ratios: P/E Ratio 16.1x · EV/EBITDA 8.9x · ROE 12.6%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $2.0B | $1.6B | $2.1B | $1.3B | $1.5B | $1.3B | $840M | $1.2B | $1.1B | $947M |
| Enterprise Value | $1.7B | $1.6B | $1.4B | $2.0B | $1.4B | $1.5B | $1.4B | $967M | $1.3B | $1.1B | $1.0B |
| P/E Ratio → | 16.07 | 14.96 | 15.03 | 18.14 | 10.95 | 14.26 | 17.99 | 12.18 | 19.00 | 19.72 | 18.76 |
| P/S Ratio | 0.87 | 0.81 | 0.79 | 0.94 | 0.63 | 0.83 | 0.85 | 0.53 | 0.88 | 0.76 | 0.71 |
| P/B Ratio | 1.99 | 1.86 | 1.66 | 2.33 | 1.67 | 2.28 | 2.38 | 1.73 | 2.83 | 2.91 | 2.74 |
| P/FCF | — | — | 5.50 | 8.75 | — | — | 11.33 | — | 43.27 | 14.44 | 40.38 |
| P/OCF | — | — | 5.38 | 8.45 | — | — | 10.32 | — | 30.50 | 13.11 | 28.69 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.65 | 0.66 | 0.89 | 0.67 | 0.84 | 0.89 | 0.61 | 0.94 | 0.80 | 0.76 |
| EV / EBITDA | 8.87 | 8.21 | 7.97 | 10.79 | 7.46 | 8.92 | 11.00 | 8.45 | 13.97 | 11.94 | 10.82 |
| EV / EBIT | 10.35 | 9.57 | 9.60 | 12.42 | 8.25 | 10.34 | 12.76 | 10.09 | 14.60 | 13.30 | 11.49 |
| EV / FCF | — | — | 4.61 | 8.28 | — | — | 11.77 | — | 46.33 | 15.05 | 42.95 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.1% | 24.1% | 26.6% | 24.0% | 25.0% | 25.3% | 25.1% | 23.5% | 24.1% | 22.8% | 22.5% |
| Operating Margin | 6.8% | 6.8% | 6.8% | 7.1% | 8.0% | 8.1% | 6.8% | 6.0% | 5.8% | 5.9% | 6.4% |
| Net Profit Margin | 5.3% | 5.3% | 5.2% | 5.2% | 5.8% | 5.8% | 4.7% | 4.3% | 4.6% | 3.9% | 3.8% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.6% | 12.6% | 11.5% | 13.7% | 16.5% | 17.3% | 14.2% | 15.2% | 15.9% | 15.3% | 15.2% |
| ROA | 7.0% | 7.0% | 6.1% | 7.5% | 9.2% | 9.4% | 7.5% | 8.1% | 8.2% | 7.3% | 7.4% |
| ROIC | 17.9% | 17.9% | 14.1% | 14.4% | 16.2% | 17.0% | 13.0% | 12.7% | 12.9% | 15.3% | 16.1% |
| ROCE | 14.7% | 14.7% | 13.6% | 17.1% | 21.3% | 22.3% | 18.7% | 19.4% | 18.4% | 21.9% | 24.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.13 | 0.16 | 0.22 | 0.27 | 0.32 | 0.44 | 0.39 | 0.44 | 0.49 |
| Debt / EBITDA | 0.08 | 0.08 | 0.75 | 0.77 | 0.95 | 1.05 | 1.44 | 1.86 | 1.79 | 1.74 | 1.83 |
| Net Debt / Equity | — | -0.37 | -0.27 | -0.12 | 0.09 | 0.04 | 0.09 | 0.26 | 0.20 | 0.12 | 0.17 |
| Net Debt / EBITDA | -2.04 | -2.04 | -1.53 | -0.61 | 0.39 | 0.14 | 0.41 | 1.11 | 0.92 | 0.49 | 0.65 |
| Debt / FCF | — | — | -0.88 | -0.47 | — | — | 0.44 | — | 3.06 | 0.61 | 2.57 |
| Interest Coverage | — | — | 64.27 | 42.35 | 40.43 | 77.74 | 54.29 | 37.24 | 45.27 | 71.20 | 56.81 |
Net cash position: cash ($411M) exceeds total debt ($16M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.12 | 2.12 | 1.71 | 1.94 | 1.95 | 1.95 | 1.69 | 1.68 | 1.70 | 1.61 | 1.59 |
| Quick Ratio | 1.80 | 1.80 | 1.56 | 1.73 | 1.52 | 1.61 | 1.54 | 1.55 | 1.55 | 1.50 | 1.34 |
| Cash Ratio | 0.64 | 0.64 | 0.49 | 0.39 | 0.18 | 0.34 | 0.28 | 0.22 | 0.24 | 0.33 | 0.29 |
| Asset Turnover | — | 1.35 | 1.10 | 1.35 | 1.46 | 1.56 | 1.46 | 1.75 | 1.75 | 1.87 | 1.79 |
| Inventory Turnover | 9.22 | 9.22 | 12.61 | 12.11 | 6.37 | 8.77 | 16.79 | 24.16 | 20.64 | 27.29 | 11.01 |
| Days Sales Outstanding | — | 105.61 | 130.55 | 130.25 | 114.64 | 108.35 | 125.42 | 110.70 | 107.69 | 94.32 | 94.08 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 1.0% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 15.3% | 15.3% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 6.7% | 6.7% | 5.5% | 9.1% | 7.0% | 5.6% | 8.2% | 5.3% | 5.1% | 5.3% |
| FCF Yield | — | — | 18.2% | 11.4% | — | — | 8.8% | — | 2.3% | 6.9% | 2.5% |
| Buyback Yield | 1.4% | 1.5% | 2.9% | 0.5% | 0.6% | 0.9% | 0.5% | 1.7% | 1.6% | 3.2% | 3.2% |
| Total Shareholder Yield | 2.4% | 2.5% | 2.9% | 0.5% | 0.6% | 0.9% | 0.5% | 1.7% | 1.6% | 3.2% | 3.2% |
| Shares Outstanding | — | $26M | $27M | $27M | $27M | $27M | $27M | $27M | $27M | $28M | $28M |
OEM direct-to-consumer shift
Based on current market data, ePlus trades at a forward P/E of 15.31, which appears to discount the firm's unique financing-integrated business model relative to larger peers like CDW, suggesting that investors are pricing the company as a steady-state integrator rather than a high-growth technology platform.
The current valuation multiples, including an EV/EBITDA of 8.74, indicate that the market is not fully capturing the potential value of the company's captive financing arm as a recurring revenue proxy. This valuation gap warrants further investigation into whether the market's skepticism regarding OEM direct-to-consumer shifts is overly punitive given the company's historical ability to maintain margins.
As reported in recent financial statements, the company's ROIC has fluctuated between 2.5% and 5.2% over the last ten quarters, indicating that ePlus is currently struggling to compound returns on invested capital at a rate that would typically justify a premium valuation in the technology sector.
The modest ROIC figures suggest that the company's capital-intensive integration projects and the maintenance of a large cash balance may be diluting overall efficiency. Investors should monitor whether management can deploy its $410 million cash reserve into higher-yielding assets or if the current capital allocation strategy will continue to suppress long-term return metrics.
According to historical data, the company's asset turnover has remained relatively low, hovering around 0.32 to 0.35, which reflects the inherent friction in managing complex multi-vendor hardware architectures and the associated long-term financing arrangements that define the firm's operational cycle compared to pure-play software resellers.
The variability in the cash conversion cycle, which has swung from 54 to 128 days, highlights the company's sensitivity to project-based procurement and client payment timing. This lack of consistency in working capital management suggests that operational efficiency is highly dependent on the specific mix of hardware versus services in any given quarter.
Based on reported figures, ePlus maintains a negligible debt-to-equity ratio of 0.02, a position that stands in stark contrast to the higher leverage profiles of industry peers and provides the firm with significant financial flexibility to navigate potential market dislocations or pursue strategic tuck-in acquisitions.
The near-total absence of long-term debt suggests a highly conservative approach to capital structure that prioritizes liquidity over financial leverage. While this provides a defensive buffer, it also raises questions about whether the company is under-utilizing its balance sheet to drive growth in an industry where scale is increasingly critical.
The most commonly misapplied metric for ePlus is the standard P/E ratio, which obscures the value of the company's captive financing segment by lumping it into a low-multiple reseller bucket, thereby failing to account for the synthetic recurring revenue stream that this segment provides to the firm.
Analysts should instead focus on a sum-of-the-parts valuation that separates the transactional technology business from the higher-margin, interest-bearing financing portfolio. Treating the entire entity as a traditional hardware reseller ignores the structural 'lifecycle lock' that the financing arm creates, which is a key differentiator that standard valuation models often overlook.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PLUS stock.
ePlus inc.'s current P/E ratio is 16.1x. The historical average is 13.3x. This places it at the 76th percentile of its historical range.
ePlus inc.'s current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.3x.
ePlus inc.'s return on equity (ROE) is 12.6%. The historical average is 14.2%.
Based on historical data, ePlus inc. is trading at a P/E of 16.1x. This is at the 76th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ePlus inc.'s current dividend yield is 0.92% with a payout ratio of 15.3%.
ePlus inc. has 24.1% gross margin and 6.8% operating margin.
ePlus inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.