Revenue in 4Q:F26 grew 20.6% year over year to $576.2 million, coming in above our $570.1 million forecast. EPS (including stock compensation expense) missed our estimate, increasing 46.5% to $0.92, versus our $1.00 forecast. Strong product sales drove the revenue beat; but the mix of sales led to a lower than projected gross margin. PLUS saw growth across all product segments, as it is well positioned in mission critical areas of the IT market like cloud, networking and security. Enterprise AI spending is also emerging as a new driver of demand. While market demand is strong, management cited some caution regarding potential memory supply disruptions and issued what we think is conservative initial guidance for mid-single digit revenue and EBITDA growth in F2027. We lower our earnings estimates modestly to reflect the slightly lower margin leverage implied in the company's guidance. ePlus ended 4Q:F26 with no debt and cash of $411 million ($15.60 per share) giving the company ample flexibility to invest organically, pursue additional tuck-in acquisitions, more actively buyback stock, and continue to increase the dividend. We lower price target to $111 (from $115), based on a steady 18x our new F2028 EPS estimate of $6.15 (from $6.36). Given the company's track record of profits and a debt-free balance sheet, we assign the stock a Moderate risk rating.