ePlus inc.
PLUS Technology Software Application
ePlus inc.’s revenue for fiscal 2026 (year ended March 2026) was $2.4 billion, up 22.1% from fiscal 2025. In the quarter to June 2026, revenue was flat, EPS fell 18.2% and free cash flow grew 175.8%, each against the same quarter a year earlier.
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ePlus inc. (PLUS) Altman Z-score
ePlus inc.'s Altman Z-score for fiscal 2026 is 4.55, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 4.55 | 1.26 |
| FY2025 | 3.29 | (1.04) |
| FY2024 | 4.33 | 0.16 |
| FY2023 | 4.17 | (0.65) |
| FY2022 | 4.82 | 0.49 |
| FY2021 | 4.32 | 0.06 |
| FY2020 | 4.27 | (0.76) |
| FY2019 | 5.02 | 0.24 |
| FY2018 | 4.79 | 0.41 |
| FY2017 | 4.38 | (0.31) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.44 | — | 0.53 | |
| Retained earnings / total assets | 0.53 | — | 0.74 | |
| EBIT / total assets | 0.09 | — | 0.30 | |
| Market value of equity / total liabilities | 2.70 | — | 1.62 | |
| Sales / total assets | 1.36 | — | 1.36 | |
| Altman Z-score | Safe zone | 4.55 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.76 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GRND Grindr Inc. compare | 4.7× |
| PLUS ePlus inc. | 4.5× |
| VIA Via Transportation Inc. compare | 4.0× |
| ADEA Adeia Inc. compare | 3.4× |
| DBD Diebold Nixdorf, Incorporated compare | 1.9× |
| BLKB Blackbaud, Inc. compare | 1.4× |
| BTDR Bitdeer Technologies Group compare | 0.8× |
| KC Kingsoft Cloud Holdings Limited Sponsored ADR compare | 0.2× |
| ASAN Asana, Inc. compare | −1.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets