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) Beneish M-score
ePlus inc.'s Beneish M-score for fiscal 2026 is −1.60; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −1.60 | 1.78 |
| FY2025 | −3.38 | (0.70) |
| FY2024 | −2.68 | (0.84) |
| FY2023 | −1.84 | 0.16 |
| FY2022 | −1.99 | 0.64 |
| FY2021 | −2.63 | (1.04) |
| FY2020 | −1.59 | 0.60 |
| FY2019 | −2.19 | 0.27 |
| FY2018 | −2.46 | (0.02) |
| FY2017 | −2.43 | (0.24) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.10 | — | 1.01 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 0.74 | — | 0.30 | |
| Sales growth index | 1.22 | — | 1.09 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 0.90 | — | −0.15 | |
| Total accruals to total assets | 0.13 | — | 0.62 | |
| Leverage index | 0.82 | — | −0.27 | |
| Beneish M-score | Flagged by the model | −1.60 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ASAN Asana, Inc. compare | −3.9× |
| KC Kingsoft Cloud Holdings Limited Sponsored ADR compare | −3.1× |
| BLKB Blackbaud, Inc. compare | −2.8× |
| VIA Via Transportation Inc. compare | −2.7× |
| DBD Diebold Nixdorf, Incorporated compare | −2.7× |
| GRND Grindr Inc. compare | −2.7× |
| ADEA Adeia Inc. compare | −2.6× |
| PLUS ePlus inc. | −1.6× |
| BTDR Bitdeer Technologies Group compare | 4.7× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI