MeritValue

EPLUS INC

PLUSdata completeness 88%17 fiscal years on file
The thesis, from the filings

EPLUS INC earns about 17% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $46.36 and $191.35 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$1.75B1$2B2$2.16B2$1.98B2$2.44B3
Net income$105.6M4$119.4M5$118M6$104.6M6$132.6M6
Operating cash flow−$20.6M7−$15.4M8$248.4M9$302.1M9−$116.2M9
Capital expenditure——$7.66M10$5.27M10$4.43M10
Free cash flow (derived)——$240.8M9$296.9M9−$120.7M9
Total debt———$38.8M11—
Cash & equivalents$155.4M12$103.1M13$253M14$389.4M15$410.8M15
Diluted shares26.9M26.7M26.7M26.7M26.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$405.36
your share of equity
Profit it earned you last year
$50.3
Free cash flow it threw off
−$45.75
Debt you’d be carrying
—

10 shares is a claim on $405.36 of net worth that earned you $50.3 and generated −$45.75 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
17% avg · 5y
FY22 21%FY23 18%FY24 16%FY25 12%FY26 19%

It earned about 17% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $46.36 and $191.35 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$191.35
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$240.8M
DCF · Growth Exit 5Y
$177.61
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$240.8M
Earnings Power Value
$46.36
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$118M
  • growthAssumed0.0%
Graham Number
$67.73
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $177.61
The three cases
Bear0.0%$146.03
Base5.0%$177.61
Bull10.0%$215.39

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001140361-24-027200 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001140361-25-020204 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2026-03-31 · accession 0001140361-26-023171 (Revenues)
  4. 10-K · period ending 2022-03-31 · accession 0001140361-24-027200 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001140361-25-020204 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001140361-26-023171 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001140361-24-027200 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001140361-25-020204 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001140361-26-023171 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-03-31 · accession 0001140361-26-023171 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2025-03-31 · accession 0001140361-25-020204 (LongTermDebt)
  12. 10-K · period ending 2022-03-31 · accession 0001140361-23-026454 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-03-31 · accession 0001140361-24-027200 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-03-31 · accession 0001140361-25-020204 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2025-03-31 · accession 0001140361-26-023171 (CashAndCashEquivalentsAtCarryingValue)