PLUS Stock: Insider Activity, Filings & Research

ePlus inc. (PLUS) — Drillr’s hub for PLUS insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, PLUS insiders filed 0 open-market buys and 7 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$115.8K

Insider trades by month Buys Sells

Jun

Aug

Sep

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Feb

May

Context3-month price -0.2%Institutions mixed (13F)

Date	Insider	Type	Shares	Price
May 12, 2026	RAIGUEL DARREN Sofficer: CHIEF OPERATING OFFICER	Sell	56	$90.20
May 12, 2026	RAIGUEL DARREN Sofficer: CHIEF OPERATING OFFICER	Sell	176	$91.78
May 12, 2026	RAIGUEL DARREN Sofficer: CHIEF OPERATING OFFICER	Sell	374	$88.85
May 12, 2026	RAIGUEL DARREN Sofficer: CHIEF OPERATING OFFICER	Sell	450	$90.14
May 12, 2026	RAIGUEL DARREN Sofficer: CHIEF OPERATING OFFICER	Sell	71	$88.50
May 12, 2026	RAIGUEL DARREN Sofficer: CHIEF OPERATING OFFICER	Sell	157	$89.37
May 8, 2026	RAIGUEL DARREN Sofficer: CHIEF OPERATING OFFICER	Sell	5	$88.00
Apr 3, 2026	BOWEN BRUCE Mdirector	Grant	283	—
Feb 11, 2026	RAIGUEL DARREN Sofficer: Chief Operating Officer	Sell	236	$88.47
Feb 11, 2026	RAIGUEL DARREN Sofficer: Chief Operating Officer	Sell	400	$88.05
Feb 11, 2026	RAIGUEL DARREN Sofficer: Chief Operating Officer	Sell	75	$89.39
Jan 21, 2026	Portegello Michael Josephdirector	Grant	894	—
Jan 6, 2026	BOWEN BRUCE Mdirector	Grant	248	—
Jan 2, 2026	RAIGUEL DARREN Sofficer: Chief Operating Officer	Grant	82	$60.73
Jan 2, 2026	Stoecker Erica Steinackerofficer: General Counsel	Grant	8	$60.73

Source: PLUS SEC Form 4 filings, latest May 12, 2026. For informational purposes only — not investment advice.

Overview

ePlus inc. (NASDAQ:PLUS) is a technology solutions provider founded in 1990 and headquartered in Herndon, Virginia. Originally incorporated as MLC Holdings, Inc., the company changed its name to ePlus inc. in 1999 and went public in 1996. The company has evolved from a traditional IT reseller into a comprehensive technology solutions provider, serving commercial entities, government agencies, and educational institutions across the United States and internationally. ePlus operates through two primary business segments: Technology and Financing, providing end-to-end IT solutions and equipment financing services to help organizations optimize their technology infrastructure and supply chain processes.

Business

ePlus operates as a technology solutions integrator and equipment financing company, serving as an intermediary between technology vendors and end customers. The company's core business revolves around helping organizations navigate complex IT environments by providing both products and services. The Technology segment represents the majority of ePlus's business, accounting for approximately 95% of total revenue. This segment operates as a value-added reseller (VAR) and systems integrator, offering hardware products from major vendors like Cisco, Pure Storage, Palo Alto Networks, and NVIDIA. Beyond product sales, the Technology segment provides comprehensive services including managed services, professional services, security solutions, cloud consulting and hosting, staff augmentation, and project management. The company has developed specialized offerings such as AI Ignite programs to help customers adopt artificial intelligence technologies, and Storage-as-a-Service solutions powered by Pure Storage. The Financing segment comprises the remaining 5% of revenue and provides equipment financing solutions including sales-type leases, operating leases, loans, and consumption-based financing arrangements. This segment also handles equipment lifecycle management, including underwriting, asset management, and disposal of IT equipment. The financing operations extend beyond IT equipment to include communication devices, medical equipment, industrial machinery, office furniture, and transportation equipment, serving both direct customers and vendor partners. Key vertical markets include telecommunications, media and entertainment (25% of revenue), technology companies (17%), state and local government and education (SLED) at 16%, healthcare (13%), and financial services (10%). The company's approach focuses on building long-term customer relationships through a "land and expand" strategy, initially establishing relationships with core IT solutions and then expanding services over time.

Revenue model

ePlus generates revenue through multiple complementary business models that create recurring and project-based income streams. The primary revenue model is product sales, where the company acts as a value-added reseller, purchasing technology products from original equipment manufacturers (OEMs) and reselling them to end customers with markup. This traditional model is increasingly supplemented by service fees from managed services, professional services, and consulting engagements. The company's financing segment generates revenue through equipment leasing arrangements, earning income from interest on loans and leases, as well as fees from equipment lifecycle management services. ePlus also benefits from vendor rebates and incentives based on sales volume and achieving specific performance targets with OEM partners. A significant trend affecting ePlus's business model is the industry shift toward subscription-based software and consumption models. This transition impacts how revenue is recognized, with more sales being "netted down" where ePlus receives commission rather than full product markup. While this reduces gross revenue figures, it often maintains or improves gross margins and creates opportunities for additional service revenue. Several factors influence ePlus's profitability margins. Positive margin drivers include the growing services business (which typically carries higher margins than product sales), vendor incentives and rebates, the company's ability to pass through OEM price increases, and the shift toward higher-value solutions like AI and security services. Negative margin pressures come from competitive pricing in commodity IT products, the industry shift to subscription models reducing product margins, supply chain disruptions affecting vendor relationships, and the need for continuous investment in technical skills and certifications to maintain vendor partnerships. The company's customer base consists primarily of enterprise customers, government agencies, and educational institutions who typically have longer sales cycles but also tend to make larger, more strategic purchases. This customer profile provides revenue stability but also means ePlus is sensitive to enterprise IT spending patterns and government budget cycles.

Competitive moat

ePlus operates in the highly competitive technology solutions market where traditional competitive advantages are relatively limited. The company's primary moat lies in its established vendor relationships and certifications with major technology providers like Cisco, Pure Storage, Palo Alto Networks, and NVIDIA. These partnerships provide access to technical resources, training, and preferential pricing that can be difficult for smaller competitors to replicate. The company has achieved specialized certifications, such as being the first North American Cisco Partner Qualified in Lifecycle Services Support, which creates some differentiation. The company's customer relationships and institutional knowledge provide another layer of competitive protection. ePlus's "land and expand" strategy has created deep integration with enterprise customers' IT environments, making switching costs meaningful for clients. The company's ability to provide comprehensive solutions spanning hardware, software, and services creates some customer stickiness, particularly in complex enterprise environments. However, ePlus's competitive moat is relatively narrow and vulnerable to several threats. The technology solutions market is fragmented with numerous competitors ranging from large players like CDW and Insight Enterprises to smaller regional integrators. The barriers to entry for basic IT reselling are low, and many vendors maintain multiple channel partners to avoid over-dependence on any single reseller. Additionally, some large enterprise customers are increasingly going direct to vendors for major purchases, potentially bypassing integrators like ePlus. The shift toward cloud computing and software-as-a-service models presents both opportunities and threats. While it creates new service opportunities, it also enables vendors to reach customers more directly and reduces the traditional value proposition of hardware-focused resellers. The company's investment in AI and advanced services represents an attempt to strengthen its moat by providing higher-value, more differentiated services that are harder to commoditize.

Risks & safety

ePlus demonstrates a solid financial position with moderate margin of safety characteristics, though some metrics warrant attention. **Liquidity and Solvency:** - Strong cash position of $253 million as of Q3 2025 - Current ratio of 1.83x indicates adequate short-term liquidity - Debt-to-equity ratio of 0.16x shows conservative leverage - Positive free cash flow of $64 million in most recent quarter, though historically volatile **Valuation Metrics:** - Trading at 20.3x P/E ratio, reasonable for a technology services company - EV/EBITDA of 11.3x appears moderately valued - Price-to-book ratio of 2.03x suggests some premium to tangible assets - Graham number of 27.3 compared to current price of $70.29 indicates potential overvaluation by traditional value metrics **Other Considerations:** - Revenue concentration risk with dependence on vendor relationships - Working capital intensive business model creates cash flow volatility - Exposure to enterprise IT spending cycles and economic downturns - Share repurchase program demonstrates management confidence but reduces cash reserves

Recent development

Over the past few years, ePlus has undergone significant strategic transformation to adapt to changing technology markets and customer needs. The company has pivoted from a traditional hardware-focused reseller toward a comprehensive technology solutions provider with emphasis on higher-value services and emerging technologies. **Artificial Intelligence and Advanced Services:** ePlus launched its AI Ignite program to help customers navigate AI adoption, partnering with NVIDIA as a certified DGX managed service partner. The company established an AI Experience Center with Digital Realty and trained its entire sales organization on AI solutions. This represents a strategic bet on AI becoming a major driver of enterprise IT spending. **Services Expansion:** The company has aggressively expanded its services portfolio, with services revenue growing 52% in Q3 2025 to $114 million. Key developments include launching Storage-as-a-Service powered by Pure Storage, expanding managed services capabilities, and developing automated virtual assistant (AVA) solutions for collaboration. Services now represent a growing portion of total revenue and typically carry higher margins than product sales. **Strategic Acquisitions:** ePlus acquired Network Solutions Group from CCI Systems and more recently acquired Bailiwick to expand its IT integration capabilities. The Bailiwick acquisition is expected to contribute approximately $85 million in revenue and aligns with the company's strategy to expand core-to-edge service offerings. **Business Model Evolution:** The company is adapting to the industry shift toward subscription and consumption-based models. Subscription orders increased 51.4% and now represent 46% of open orders. While this creates near-term revenue recognition challenges, it positions ePlus for more predictable, recurring revenue streams and additional service opportunities around subscription management and optimization.

PLUS company profile · for informational purposes only — not investment advice.

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