Estados financieros detallados de ePlus inc. (PLUS): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
ePlus inc. registró ingresos de $2.44B en el último ejercicio fiscal, con un CAGR de 5 años del 9.3%. El beneficio neto alcanzó $128.8M, con un CAGR a 5 años del 11.6%.
Márgenes de los últimos 12 meses: margen bruto 24.7%, margen operativo 6.9%, margen neto 5.1%.
Al precio actual de $92.37, PLUS cotiza a un P/E de 19.30 y un ROE del 11.84%. La capitalización bursátil es de $2.4B.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Ingresos | $1.33B | $1.42B | $1.37B | $1.59B | $1.57B | $1.82B | $2.07B | $2.23B | $2.07B | $2.44B |
| Coste de Ventas | $1.03B | $1.09B | $1.04B | $1.21B | $1.17B | $1.36B | $1.55B | $1.69B | $1.52B | $1.85B |
| Beneficio Bruto | $299.8M | $323.5M | $330.4M | $373.7M | $393.6M | $461.5M | $517.5M | $534.2M | $550.5M | $589.5M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $205.2M | $228.1M | $237.1M | 0 | 0 | 0 | $333.5M | 0 | 0 | $423.4M |
| Gastos Operativos | $212.5M | $238.0M | $250.9M | $278.4M | $287.2M | $314.2M | $351.4M | $375.9M | $409.1M | $423.4M |
| Beneficio Operativo | $85.7M | $84.2M | $79.5M | $95.3M | $106.3M | $147.3M | $166.2M | $158.3M | $141.4M | $166.1M |
| EBITDA | $95.1M | $95.6M | $100.8M | $115.0M | $128.8M | $172.2M | $185.7M | $185.9M | $171.7M | $201.1M |
| Gastos por Intereses | $1.5M | $1.2M | $1.9M | $2.6M | $2.0M | $1.9M | $4.1M | $3.8M | $2.2M | 0 |
| Beneficio Antes de Impuestos | $86.1M | $83.9M | $86.2M | $96.0M | $106.9M | $146.9M | $163.0M | $161.1M | $148.8M | $173.4M |
| Impuestos | $35.6M | $28.8M | $23.0M | $26.9M | $32.5M | $41.3M | $43.6M | $45.3M | $40.9M | $49.3M |
| Beneficio Neto | $50.6M | $55.1M | $63.2M | $69.1M | $74.4M | $105.6M | $119.4M | $115.8M | $108.0M | $128.8M |
| BPA | $1.83 | $2.00 | $2.35 | $2.59 | $2.79 | $3.96 | $4.49 | $4.35 | $4.08 | $5.05 |
| BPA Diluido | $1.80 | $1.97 | $2.33 | $2.57 | $2.77 | $3.93 | $4.48 | $4.33 | $4.06 | $5.03 |
| Acciones en Circulación (Diluidas) | $28.1M | $27.9M | $27.2M | $26.8M | $26.8M | $26.9M | $26.7M | $26.7M | $26.6M | $26.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $608.8M | $614.8M | $581.6M | $649.1M |
| Beneficio Bruto | $162.1M | $152.2M | $140.9M | $151.3M |
| Beneficio Operativo | $48.8M | $43.5M | $37.6M | $38.8M |
| EBITDA | $61.1M | $52.3M | $43.5M | $41.9M |
| Beneficio Neto | $34.9M | $35.1M | $25.6M | $30.3M |
| BPA | $1.32 | $1.34 | $0.98 | $1.17 |
| BPA Diluido | $1.32 | $1.33 | $0.97 | $1.16 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Caja y Equivalentes | $109.8M | $118.2M | $79.8M | $86.2M | $129.6M | $155.4M | $103.1M | $253.0M | $389.4M | $410.8M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $342.7M | $366.6M | $405.0M | $481.7M | $538.9M | $540.5M | $649.5M | $794.1M | $739.9M | $706.7M |
| Inventario | $93.6M | $39.9M | $50.5M | $50.3M | $70.0M | $155.1M | $243.3M | $139.7M | $120.4M | $200.9M |
| Activos Corrientes | $597.3M | $568.1M | $560.1M | $649.8M | $777.6M | $897.5M | $1.10B | $1.27B | $1.36B | $1.35B |
| Inmovilizado Material | $12.0M | $19.1M | $17.3M | $30.3M | $27.1M | $50.6M | $75.1M | $32.0M | $35.0M | $27.8M |
| Fondo de Comercio | $48.4M | $76.6M | $110.8M | $118.1M | $126.6M | $126.5M | $136.1M | $161.5M | $202.9M | $202.9M |
| Activos Intangibles | $12.2M | $26.3M | $38.9M | $34.5M | $38.6M | $27.2M | $25.0M | $44.1M | $82.0M | $61.3M |
| Activos Totales | $741.7M | $758.7M | $786.2M | $909.1M | $1.08B | $1.17B | $1.41B | $1.65B | $1.88B | $1.81B |
| Cuentas por Pagar | $113.5M | $106.9M | $86.8M | $82.9M | $165.2M | $136.2M | $220.2M | $315.7M | $451.7M | $384.3M |
| Deuda a Corto | $159.6M | $154.3M | $154.2M | $194.3M | $154.5M | $169.7M | $165.4M | $128.4M | $117.0M | $5.4M |
| Pasivos Corrientes | $376.5M | $353.3M | $328.9M | $386.6M | $459.4M | $460.0M | $561.3M | $657.0M | $797.9M | $638.1M |
| Deuda a Largo | $10.4M | $10.1M | $10.5M | $5.9M | $18.3M | $9.9M | $9.5M | $12.9M | $11.3M | 0 |
| Pasivos Totales | $395.8M | $386.1M | $361.9M | $423.0M | $514.4M | $505.5M | $632.6M | $751.7M | $907.2M | $745.5M |
| Reservas | $222.8M | $277.9M | $341.1M | $410.2M | $484.6M | $507.8M | $627.2M | $743.0M | $851.0M | $956.0M |
| Patrimonio Neto | $345.9M | $372.6M | $424.3M | $486.1M | $562.4M | $660.7M | $782.3M | $901.8M | $977.6M | $1.07B |
| Deuda Total | $170.0M | $164.4M | $164.7M | $213.3M | $181.8M | $179.6M | $175.0M | $141.3M | $128.3M | $16.2M |
| Deuda Neta | $60.3M | $46.2M | $84.9M | $127.1M | $52.2M | $24.2M | $71.9M | -$111.7M | -$261.1M | -$394.6M |
| Capital Circulante | $220.8M | $214.8M | $231.3M | $263.2M | $318.2M | $437.4M | $533.8M | $616.5M | $565.9M | $711.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $402.2M | $326.3M | $410.8M | $448.9M |
| Activos Totales | $1.77B | $1.83B | $1.81B | $1.87B |
| Pasivos Totales | $720.7M | $768.4M | $745.5M | $795.0M |
| Patrimonio Neto | $1.05B | $1.06B | $1.07B | $1.07B |
| Deuda Total | $98.5M | $133.2M | $16.2M | 0 |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Beneficio Neto | $50.6M | $55.1M | $63.2M | $69.1M | $74.4M | $105.6M | $119.4M | $115.8M | $108.0M | $124.1M |
| Amortizaciones | $11.7M | $15.8M | $18.6M | $19.2M | $20.0M | $24.3M | $18.6M | $25.9M | $29.6M | $27.6M |
| Compensación en Acciones | $6.0M | $6.5M | $7.2M | $8.0M | $7.2M | $7.1M | $7.8M | $9.7M | $10.0M | $12.1M |
| Cambio en Capital Circulante | -$21.4M | $21.9M | -$41.9M | -$168.3M | $33.5M | -$149.7M | -$160.5M | $99.0M | $149.7M | -$282.8M |
| Flujo de Caja Operativo | $33.0M | $82.8M | $39.4M | -$74.2M | $129.5M | -$20.6M | -$15.4M | $248.4M | $302.1M | -$116.2M |
| Inversiones (CapEx) | -$9.6M | -$7.6M | -$11.6M | -$7.0M | -$11.5M | -$23.2M | -$9.4M | -$8.5M | -$6.6M | -$4.4M |
| Adquisiciones | -$9.1M | -$37.7M | -$49.8M | -$15.0M | -$27.0M | 0 | -$13.3M | -$54.2M | -$124.9M | 0 |
| Recompra de Acciones | -$30.5M | -$35.2M | -$18.8M | -$14.4M | -$6.9M | -$13.6M | -$7.2M | -$9.9M | -$46.9M | -$30.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$19.7M |
| Flujo de Caja Libre | $23.5M | $75.2M | $27.8M | -$81.2M | $118.0M | -$43.8M | -$24.8M | $239.9M | $295.5M | -$120.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$34.8M | -$87.4M | $105.0M | $76.5M |
| Inversiones (CapEx) | -$994000 | -$1.4M | -$1.2M | -$853000 |
| Flujo de Caja Libre | -$35.8M | -$88.9M | $103.8M | $75.6M |
| Dividendos Pagados | -$6.6M | -$6.5M | -$6.5M | -$7.1M |
| Compensación en Acciones | $3.8M | $3.4M | $2.2M | $3.1M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Crecimiento Ingresos (anual) | | +6.7% | -3.3% | +15.7% | -1.3% | +16.1% | +13.5% | +7.6% | -7.0% | +18.1% |
| Crecimiento Beneficio Neto (anual) | | +9.0% | +14.6% | +9.3% | +7.7% | +41.9% | +13.0% | -3.0% | -6.7% | +19.3% |
| Crecimiento BPA (anual) | | +9.3% | +17.5% | +10.2% | +7.7% | +41.9% | +13.4% | -3.1% | -6.2% | +23.8% |
| Cambio en Acciones (anual) | | -0.4% | -2.8% | -1.2% | +0.0% | +0.1% | -0.8% | +0.2% | -0.4% | -0.9% |
| Crecimiento FCF (anual) | | +220.5% | -63.0% | -392.2% | +245.3% | -137.1% | +43.3% | +1067.3% | +23.2% | -140.8% |
| Margen Bruto | 22.5% | 22.8% | 24.1% | 23.5% | 25.1% | 25.3% | 25.0% | 24.0% | 26.6% | 24.1% |
| Margen Operativo | 6.4% | 5.9% | 5.8% | 6.0% | 6.8% | 8.1% | 8.0% | 7.1% | 6.8% | 6.8% |
| Margen EBITDA | 7.2% | 6.7% | 7.3% | 7.2% | 8.2% | 9.5% | 9.0% | 8.4% | 8.3% | 8.2% |
| Margen Neto | 3.8% | 3.9% | 4.6% | 4.3% | 4.7% | 5.8% | 5.8% | 5.2% | 5.2% | 5.3% |
| Margen FCF | 1.8% | 5.3% | 2.0% | -5.1% | 7.5% | -2.4% | -1.2% | 10.8% | 14.3% | -4.9% |
| Tasa Impositiva Efectiva | 41.3% | 34.3% | 26.7% | 28.0% | 30.4% | 28.1% | 26.8% | 28.1% | 27.5% | 28.4% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF por Acción | $0.84 | $2.69 | $1.02 | $-3.03 | $4.40 | $-1.63 | $-0.93 | $8.98 | $11.10 | $-4.58 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.75 |
| Acciones en Circulación (Básicas) | $27.7M | $27.6M | $26.9M | $26.7M | $26.7M | $26.6M | $26.6M | $26.6M | $26.5M | $26.2M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 11.84% |
| Rentabilidad sobre capital invertido | 10.34% |
| Rentabilidad sobre activos | 6.74% |
| Margen bruto | 24.71% |
| Margen operativo | 6.88% |
| Margen neto | 5.12% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 2.13 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | 18.45 | 19.43 | 19.32 | 12.09 | 17.86 | 14.16 | 10.92 | 17.65 | 14.96 | 14.90 |
| P/VC | 2.71 | 2.88 | 2.88 | 1.72 | 2.36 | 2.26 | 1.67 | 2.27 | 1.65 | 1.85 |
| P/V | 0.70 | 0.76 | 0.89 | 0.53 | 0.85 | 0.82 | 0.63 | 0.92 | 0.78 | 0.81 |
| Margen Bruto | 22.5% | 22.8% | 24.1% | 23.5% | 25.1% | 25.3% | 25.0% | 24.0% | 26.6% | 24.1% |
| Margen Operativo | 6.4% | 5.9% | 5.8% | 6.0% | 6.8% | 8.1% | 8.0% | 7.1% | 6.8% | 6.8% |
| Margen Neto | 3.8% | 3.9% | 4.6% | 4.3% | 4.7% | 5.8% | 5.8% | 5.2% | 5.2% | 5.3% |