ePlus inc. (PLUS) Stock Price & How to Invest

ePlus inc. (Nasdaq: PLUS) sells and integrates information technology for middle-market and large enterprises, state and local government, education, healthcare and telecom. It buys from vendors such as Cisco, Dell, HPE, NetApp and the major cloud marketplaces, configures and deploys the result, and increasingly sells its own labor on top through three reportable segments: product, professional services and managed services. The company changed shape on June 30, 2025, when it sold its domestic financing business (Expo Holdings, LLC) to Marlin Leasing Corporation, which trades as PEAC Solutions. That business is now presented as discontinued operations in every period shown, so any comparison against pre-2025 figures needs to be recast before it means anything. ePlus employs roughly 2,170 people and is headquartered in Virginia, with operations in the UK, the EU, India and Singapore.

The accounting quirk that matters most here is gross versus net revenue recognition. When ePlus acts as principal on hardware it records the full sale; when it acts as agent, which covers most third-party maintenance, software subscriptions and as-a-service arrangements, it records only its margin. That is why fiscal 2026 gross billings of ~$3.84 billion turned into reported net sales of ~$2.44 billion, and it is also why the reported gross margin of ~25% is structurally higher than a pure hardware reseller's. The mix moves the headline: a quarter with more agent-basis business shows lower revenue and higher margin without anything real having changed. Fiscal 2026 itself was strong, with net sales up 22.1% and adjusted EBITDA up 49.5%, helped by a very large Verizon relationship. The first quarter of fiscal 2027, ended June 30, 2026, was flat by comparison, with net sales up 1.0% and gross profit down 1.5% against that tough base.

Customer concentration is the single largest exposure: sales to Verizon Communications were 24% of net sales in fiscal 2026, up from 17% in fiscal 2025, so a change in that one relationship would move the whole income statement. Supply is the near-term issue, with management naming a memory chip shortage that delayed product shipments and extended lead times in the June quarter, which is also why the fiscal 2027 plan is weighted to the second half. Gross margin slipped to 23.3% from 23.9% year over year, and it fell in all three segments, so the margin story is not one-directional. The revenue line itself is unstable as a measure because the continued shift toward as-a-service and subscription arrangements recorded on a net basis suppresses reported net sales while flattering margin, which makes gross billings the more comparable volume figure. Competition is intense and includes far larger integrators and private firms that do not report, and vendor incentives, which are a real component of profitability, can be reduced by the manufacturers at their own discretion.

We give no verdict on ePlus inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. AI, data center and security refresh cycles. Management frames the growth case around artificial intelligence, data centers and cybersecurity, and ePlus has built advisory and consulting practices to sit in front of those deployments.

The case against. Customer concentration is the single largest exposure: sales to Verizon Communications were 24% of net sales in fiscal 2026, up from 17% in fiscal 2025, so a change in that one relationship would move the whole income statement.

Read the full bull and bear case on PLUS, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see ePlus inc.'s investor relations page or your broker.

• Share price / market cap: ~$86.85, ~$2.25B (Aug 20, 2026)
• Net sales (TTM, net basis): ~$2.45B; gross billings ~$3.84B
• Gross profit (TTM): ~$614M, ~25% of net sales
• Diluted EPS (TTM): ~$4.58 GAAP; ~$4.66 continuing ops; P/E ~19x
• Adjusted EBITDA (TTM): ~$200M; EV ~$1.8B implies ~9x
• Cash and dividend: ~$448.9M cash, no funded debt; $0.27 quarterly (~1.2% yield)

The two revenue figures are not interchangeable. Net sales of ~$2.45 billion is what US GAAP allows ePlus to book after agent-basis transactions are recorded net of vendor cost, while gross billings of ~$3.84 billion is the volume actually transacted, and the ratio between them drifts with mix each quarter. Enterprise value is well below market capitalisation because roughly a fifth of the market cap is cash, so the multiple on operating earnings is meaningfully lower than the headline P/E suggests. Fiscal 2026, ended March 31, 2026, was the base year for all of this: net sales +22.1%, adjusted EBITDA +49.5% and continuing-operations diluted EPS of $4.71, against which the June 2026 quarter's $1.16 was a 4.1% decline.

Other names that sit close to PLUS: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get PLUS exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so PLUS sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where PLUS fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

ePlus is a profitable, debt-free integrator coming off a step-change fiscal 2026 and into a flat first quarter, so the case now turns on whether the order book it says it built converts in the back half of fiscal 2027.

Whether PLUS is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is PLUS a buy or a sell?, and where the stock could go from here in the PLUS stock forecast.

For income investors, whether PLUS pays a dividend and how the payout looks is covered in does PLUS pay a dividend? And to weigh PLUS against a peer, read the full side-by-side comparisons: PLUS vs CDW and PLUS vs NSIT.