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olivLaw · US equity research

Everpure, Inc. P

Computer Storage Devices · SIC 3572 · Vertical: Computer Storage Devices (SIC 3572)

117.65USD+3.40% · 1 dayClose 03 Nov 2026

Everpure, formerly Pure Storage, is a storage and data management company whose Everpure Platform combines flash hardware with cloud-style subscriptions. In the second quarter of fiscal 2027 revenue rose 38% year-over-year to $1.2 billion, and guidance for fiscal 2027 was raised significantly. The fast growth came with heavy spending and negative free cash flow in the same quarter.

At the close of 03 Nov 2026, Everpure, Inc. (P) stock was 117.65 USD (+3.40% on the day), with market capitalisation 39.2 bn USD, P/E 161.8 on diluted EPS of 0.73 USD over the last 12 months, beta 2.17, 52-week range 56.99–156.97 USD. Latest reported quarter (Q2 2027): revenue of 1.2 bn USD (+37.7% YoY), net income of 74.1 m USD (+57.4% YoY), diluted EPS 0.21 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
39.2 bn USD
shares as of 31 Aug 2026
P/E (TTM)
161.8
Diluted EPS TTM 0.73 · TTM to 02 Aug 2026
E/P (TTM)
0.62%
TTM to 02 Aug 2026
Dividend yield
unavailable
Beta (2y)
2.17
Volatility (1y) 74%
52-week range
56.99156.97

Price history

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Technical reading

RSI (14)
42.4
weak (30–45)
Bollinger (20, 2)
109.29 – 160.93
in the lower half of the band · %B 0.16 · band width 38.2%
SMA 50 / 200
120.16 / 85.98
mixed trend
MACD (12, 26, 9)
-0.35 / 2.64
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−16.0%−2.0%−14.1 pp—
3 months+40.2%−2.2%+42.4 pp—
6 months+57.6%+4.3%+53.4 pp—
Year to date+75.6%+10.6%+65.0 pp—
1 year+19.3%+10.5%+8.9 pp+113.6%
3 years+236.5%+73.7%+162.9 pp+423.0%
5 years+329.2%+61.7%+267.5 pp—
Max drawdown (1y)
−41.3%
05 Nov 2025 → 30 Mar 2026
Max drawdown (5y)
−48.6%
23 Jan 2025 → 04 Apr 2025
Compound annual growth (5y)
+33.8%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2027 · 02 Aug 2026

Revenue
1.2 bn USD
+37.7% YoY
Net income
74.1 m USD
+57.4% YoY
Diluted EPS
0.21
+50.0% YoY
net / operating
6.3% / 5.3%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27
Revenue831.1 m879.8 m778.5 m861.0 m964.5 m1.1 bn1.1 bn1.2 bn
Cost of revenue248.2 m285.8 m242.3 m256.7 m267.1 m318.8 m329.6 m374.5 m
Gross profit582.9 m594.0 m536.2 m604.3 m697.4 m740.1 m723.3 m811.4 m
Research & development200.1 m215.0 m221.7 m242.0 m256.4 m243.2 m259.1 m293.7 m
Operating income59.7 m42.5 m-31.2 m4.9 m53.9 m87.2 m19.9 m63.2 m
Depreciation & amortisation24.9 m25.4 m30.3 m32.6 m35.3 m38.6 m38.8 m41.0 m
Interest expense1.9 m1.8 m1.8 m1.1 m266.0 k251.0 k239.0 k292.0 k
Pre-tax income76.8 m54.4 m484.0 k50.6 m65.7 m107.5 m33.9 m72.2 m
Income tax13.2 m11.9 m14.5 m3.5 m10.9 m7.3 m9.8 m-2.0 m
Net income63.6 m42.4 m-14.0 m47.1 m54.8 m100.3 m24.1 m74.1 m
Diluted EPS0.190.12 ≈-0.040.140.160.29 ≈0.070.21
Operating cash flow97.0 m ≈208.5 m283.9 m212.2 m ≈116.0 m ≈268.0 m180.2 m-136.3 m ≈
Capex61.8 m ≈56.1 m72.3 m62.0 m ≈63.4 m ≈66.6 m68.4 m101.3 m ≈
Share repurchases182.0 m ≈192.0 m119.9 m42.2 m ≈53.3 m ≈127.2 m84.1 m69.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 50 percentile of its own 14-quarter history (min 106.1, median 173.7, max 734.8; quarters with earnings only).

Fiscal years

Fiscal year20192020202120222023202420252026
Revenue1.4 bn1.6 bn1.7 bn2.2 bn2.8 bn2.8 bn3.2 bn3.7 bn
Revenue YoY+32.7%+20.9%+2.5%+29.5%+26.3%+2.8%+11.9%+15.6%
Net income-178.4 m-201.0 m-282.1 m-143.3 m73.1 m61.3 m106.7 m188.2 m
Net income YoYunavailableunavailableunavailableunavailableunavailable−16.1%+74.1%+76.3%
Diluted EPSunavailable-0.79-1.05-0.500.230.190.310.55
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailable−17.4%+63.2%+77.4%
net %-13.1%-12.2%-16.7%-6.6%2.7%2.2%3.4%5.1%
Free cash flow64.2 m101.7 m92.7 m307.8 m609.1 m482.6 m526.9 m615.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 01 Feb 2026

Cash
854.9 m USD
Financial debt
0 USD
Net debt
-854.9 m USD
Equity
1.4 bn USD
Total assets
4.7 bn USD
Debt / equity
0.00x
Current ratio
1.60x
ROE
13.7%
ROA
4.4%
FCF margin
16.8%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
2.8 bn
2025
3.2 bn
2026
3.7 bn

SEC (XBRL)· 25 Mar 2026verified

Cost of revenue
2024
809.4 m
2025
955.5 m
2026
1.1 bn

SEC (XBRL)· 25 Mar 2026verified

Gross profit
2024
2.0 bn
2025
2.2 bn
2026
2.6 bn

SEC (XBRL)· 25 Mar 2026verified

Research & development
2024
736.8 m
2025
804.4 m
2026
963.3 m

SEC (XBRL)· 25 Mar 2026verified

Operating income
2024
53.6 m
2025
85.3 m
2026
114.8 m

SEC (XBRL)· 25 Mar 2026verified

Depreciation & amortisation
2024
112.6 m
2025
114.5 m
2026
136.8 m

SEC (XBRL)· 25 Mar 2026verified

EBITDA
2024
166.2 m ≈
2025
199.8 m ≈
2026
251.6 m ≈

SEC (XBRL)· 25 Mar 2026derived

Interest expense
2024
7.5 m
2025
7.8 m
2026
3.4 m

SEC (XBRL)· 25 Mar 2026verified

Pre-tax income
2024
90.6 m
2025
147.8 m
2026
224.3 m

SEC (XBRL)· 25 Mar 2026verified

Income tax
2024
29.3 m
2025
41.1 m
2026
36.1 m

SEC (XBRL)· 25 Mar 2026verified

Net income
2024
61.3 m
2025
106.7 m
2026
188.2 m

SEC (XBRL)· 25 Mar 2026verified

Diluted EPS
2024
0.19
2025
0.31
2026
0.55

SEC (XBRL)· 25 Mar 2026verified

Weighted average diluted shares
2024
332.6 m
2025
342.7 m
2026
343.0 m

SEC (XBRL)· 25 Mar 2026verified

Balance sheet · USD

Cash
2024
702.5 m
2025
723.6 m
2026
854.9 m

SEC (XBRL)· 25 Mar 2026verified

Receivables
2024
662.2 m
2025
680.9 m
2026
944.8 m

SEC (XBRL)· 25 Mar 2026verified

Inventories
2024
42.7 m
2025
42.8 m
2026
75.9 m

SEC (XBRL)· 25 Mar 2026verified

Current assets
2024
2.5 bn
2025
2.6 bn
2026
3.1 bn

SEC (XBRL)· 25 Mar 2026verified

Property, plant & equipment, net
2024
352.6 m
2025
461.7 m
2026
587.0 m

SEC (XBRL)· 25 Mar 2026verified

Goodwill
2024
361.4 m
2025
361.4 m
2026
365.1 m

SEC (XBRL)· 25 Mar 2026verified

Intangibles (excl. goodwill)
2024
33.0 m
2025
19.1 m
2026
7.3 m

SEC (XBRL)· 25 Mar 2026verified

Total assets
2024
3.7 bn
2025
4.0 bn
2026
4.7 bn

SEC (XBRL)· 25 Mar 2026verified

Accounts payable
2024
82.8 m
2025
112.4 m
2026
153.3 m

SEC (XBRL)· 25 Mar 2026verified

Short-term debt
2024
0
2025
100.0 m
2026
0

SEC (XBRL)· 25 Mar 2026verified

Long-term debt
2024
100.0 m
2025
0
2026
—

SEC (XBRL)· 27 Mar 2025verified

Current liabilities
2024
1.4 bn
2025
1.6 bn
2026
1.9 bn

SEC (XBRL)· 25 Mar 2026verified

Total liabilities
2024
2.4 bn
2025
2.7 bn
2026
3.2 bn

SEC (XBRL)· 25 Mar 2026verified

Equity
2024
1.3 bn †
2025
1.3 bn †
2026
1.4 bn †

SEC (XBRL)· 25 Mar 2026verified

Cash flow · USD

Operating cash flow
2024
677.7 m
2025
753.6 m
2026
880.1 m

SEC (XBRL)· 25 Mar 2026verified

Capex
2024
195.2 m
2025
226.7 m
2026
264.3 m

SEC (XBRL)· 25 Mar 2026verified

Free cash flow
2024
482.6 m ≈
2025
526.9 m ≈
2026
615.7 m ≈

SEC (XBRL)· 25 Mar 2026derived

Investing cash flow
2024
3.2 m
2025
-218.2 m
2026
-108.1 m

SEC (XBRL)· 25 Mar 2026verified

Financing cash flow
2024
-560.2 m
2025
-509.8 m
2026
-644.8 m

SEC (XBRL)· 25 Mar 2026verified

Share repurchases
2024
135.8 m
2025
374.0 m
2026
342.6 m

SEC (XBRL)· 25 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
15.6%
computed by olivLawFY 2026
Revenue CAGR 3Y
10.0%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
16.8%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
34.7%
computed by olivLawFY 2026
Net income growth (YoY)
76.3%
computed by olivLawFY 2026
Net income CAGR 3Y
37.1%
computed by olivLawFY 2023 → FY 2026
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
77.4%
computed by olivLawFY 2026
EPS CAGR 3Y
33.7%
computed by olivLawFY 2023 → FY 2026
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
16.9%
computed by olivLawFY 2026

Profitability

Gross margin
69.7%
computed by olivLawTTM to 02 Aug 2026
EBITDA margin
8.9%
computed by olivLawTTM to 02 Aug 2026
EBIT margin
5.3%
computed by olivLawTTM to 02 Aug 2026
Net margin
5.9%
computed by olivLawTTM to 02 Aug 2026
FCF margin
3.0%
computed by olivLawTTM to 02 Aug 2026

Returns

ROE
17.7%
computed by olivLawTTM to 02 Aug 2026 · balance sheet at 02 Aug 2026
ROA
5.5%
computed by olivLawTTM to 02 Aug 2026 · balance sheet at 02 Aug 2026
ROIC
unavailable
input data missing
ROCE
7.4%
computed by olivLawTTM to 02 Aug 2026 · balance sheet at 02 Aug 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
213.9x
computed by olivLawTTM to 02 Aug 2026

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 02 Aug 2026
Cash ratio
0.2x
computed by olivLawbalance sheet at 02 Aug 2026

Cash

Operating cash flow
427.8 m USD
computed by olivLawTTM to 02 Aug 2026
Capital expenditure
299.6 m USD
computed by olivLawTTM to 02 Aug 2026
Free cash flow
128.2 m USD
computed by olivLawTTM to 02 Aug 2026
FCF conversion
50.6%
computed by olivLawTTM to 02 Aug 2026
Cash conversion
113.2%
computed by olivLawTTM to 02 Aug 2026

Efficiency

Days sales outstanding
67 days
computed by olivLawTTM to 02 Aug 2026 · balance sheet at 02 Aug 2026
Days payables outstanding
63 days
computed by olivLawTTM to 02 Aug 2026 · balance sheet at 02 Aug 2026

Market and valuation

Market capitalisation
39.2 bn USD
computed by olivLawbalance sheet at 02 Aug 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
154.8x
computed by olivLawTTM to 02 Aug 2026
P/E (TTM)
161.8x
computed by olivLawTTM to 02 Aug 2026
Earnings yield
0.6%
computed by olivLawTTM to 02 Aug 2026
P/B
25.4x
computed by olivLawbalance sheet at 02 Aug 2026
P/S
9.2x
computed by olivLawTTM to 02 Aug 2026 · balance sheet at 02 Aug 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
305.9x
computed by olivLawTTM to 02 Aug 2026 · balance sheet at 02 Aug 2026
FCF yield
0.3%
computed by olivLawTTM to 02 Aug 2026 · balance sheet at 02 Aug 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.9%
computed by olivLawTTM to 02 Aug 2026 · balance sheet at 02 Aug 2026

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

117.65 USD

03 Nov 2026Source: olivLaw, closing series

Market cap: 39.2 bn USD

Key indicators

Market capitalisation
39.2 bn USD
computed by olivLawbalance sheet at 02 Aug 2026
P/E (TTM)
161.8x
computed by olivLawTTM to 02 Aug 2026
P/B
25.4x
computed by olivLawbalance sheet at 02 Aug 2026
EV/EBITDA
unavailable
input data missing
ROE
17.7%
computed by olivLawTTM to 02 Aug 2026 · balance sheet at 02 Aug 2026
Net margin
5.9%
computed by olivLawTTM to 02 Aug 2026
Revenue growth (YoY)
15.6%
computed by olivLawFY 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 02 Aug 2026
Latest balance sheet date: 02 Aug 2026
Share count (cover of the latest filing), as of: 31 Aug 2026
Source: SEC (XBRL)published 04 Sept 2026
verified 1696derived 168

Score by group

77% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Computer Storage Devices (SIC 3572)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality69.7%74 (on a fixed band)14%
EBIT margin · Quality5.3%20 (vs peers)11%
FCF margin · Quality3.0%12 (on a fixed band)11%
Revenue CAGR 3Y · Growth10.0%40 (on a fixed band)22%
Revenue growth (YoY) · Growth15.6%40 (vs peers)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.5x42 (on a fixed band)8%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation0.3%7 (on a fixed band)17%
Shareholder yield (distributions) · Returns0.9%48 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial42/100 · 1/2 factors with a value
  • Growth40/100 · 2/2 factors with a value
  • Quality38/100 · 3/3 factors with a value
  • Returns48/100 · 1/1 factors with a value
  • Valuation· partial7/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Everpure, Inc. (P). Latest full fiscal year: 2026; data up to 2026-08-02.

Figures computed from the financial statements: revenue 3.7 bn USD in 2026; YoY growth 15.6%; net margin 5.9%; ROE 17.7%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Gross margin: 69.7%

What contradicts it

  • EBIT margin: 5.3%
  • FCF margin: 3.0%
  • FCF yield: 0.3%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.

Versus the vertical median

Computer Storage Devices (SIC 3572) · same industry (4-digit SIC) · compared with 5 companies

The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.

Multiples and returns vs the median

P/E
161.8x
vertical median 20.2x
above median (+701.8%)
EV/EBITDA
—
vertical median 21.2x
P/S
9.2x
vertical median 5.8x
above median (+59.5%)
P/B
25.4x
vertical median 19.5x
above median (+30.6%)
ROE
17.7%
vertical median 136.4%
below median (−87.0%)
Net margin
5.9%
vertical median 31.9%
below median (−81.3%)
EBIT margin
5.3%
vertical median 39.4%
below median (−86.7%)
Revenue YoY
15.6%
vertical median 34.1%
below median (−54.2%)
Net debt/EBITDA
—
vertical median 0.2x
Dividend yield
—
vertical median 0.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SNDKSandisk Corporation160.3 bn9.1141.2%67.0%+175.3%+405% / unavailable
STXSeagate Technology Holdings plc139.2 bn31.9259.4%31.9%+34.1%+119% / +667%
WDCWestern Digital Corporation130.0 bn13.5131.5%69.2%+35.7%+113% / +851%
PEverpure, Inc.39.2 bn161.817.7%5.9%+15.6%+19% / +237%
NTAPNetApp, Inc.37.5 bn26.9114.8%21.8%+5.6%+71% / +109%
QMCOQuantum Corp660.9 m——-80.8%+2.0%+114% / +180%

1- and 3-year price returns: for P from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
76.68
Total return -35% · Per year -35%
135.22
Total return 15% · Per year 15%
203.22
Total return 73% · Per year 73%
3 years
82.84
Total return -30% · Per year -11%
163.56
Total return 39% · Per year 12%
268.66
Total return 128% · Per year 32%
5 years
89.50
Total return -24% · Per year -5%
197.84
Total return 68% · Per year 11%
355.18
Total return 202% · Per year 25%
What moves the 3-year price the most
  • Exit P/E± 40.89
  • Net margin± 28.62
  • Annual revenue growth± 22.32
  • Annual dilution± 2.41

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Everpure, formerly Pure Storage, is a storage and data management company whose Everpure Platform combines flash hardware with cloud-style subscriptions. In the second quarter of fiscal 2027 revenue rose 38% year-over-year to $1.2 billion 3, and guidance for fiscal 2027 was raised significantly 3. The fast growth came with heavy spending and negative free cash flow in the same quarter 3.

SWOT

Strengths

  • The company has a solid recurring subscription model, with high retention from existing customers and an integrated hardware and software portfolio.
  • DirectFlash and the Purity software are recognised technical differentiators and are used in hyperscaler projects.
  • Recent revenue growth and raised guidance point to strong commercial momentum in the latest quarters.

Weaknesses

  • Free cash flow was negative in the second quarter of fiscal 2027, showing pressure from investment and working capital.
  • The company relies on a limited number of suppliers, some of them single-source, which exposes production to disruption.
  • Sales are concentrated late in quarters and are hard to forecast, which makes quarterly results volatile.

Opportunities

  • Demand for AI infrastructure and hyperscaler projects could bring large contracts if existing projects expand.
  • The 1touch acquisition could extend the offer into data discovery and governance for AI.
  • Customers moving from disk to flash and to storage-as-a-service models could grow the subscriber base.

Threats

  • Tariffs and shifts in trade policy can raise import costs and affect pricing.
  • Competition from established vendors and cloud offerings could pressure prices and market share.
  • A decline in demand from a major hyperscale customer could leave the company with component purchase obligations.

Risks

  • Dependence on a hyperscale customerhigh

    A significant part of growth depends on projects with a few hyperscalers; lower demand could affect revenue and inventory.

  • Flash component supplyhigh

    Component scarcity and reliance on single-source suppliers could delay shipments and reduce margins.

  • Tariffs and trade policymedium

    Changes in tariffs could raise import costs for components sourced outside the United States.

  • Customer budget cyclesmedium

    Long sales cycles and tight customer budgets make quarterly revenue hard to forecast.

  • Information securitymedium

    A security incident could affect the company's systems and customer trust in the platform.

Investment thesis

What would need to be true (bull case)

  • If hyperscaler projects and AI demand keep expanding, revenue and guidance could stay on a high trajectory, with margins supported by software.
  • A growing subscription base and high customer retention could bring more predictable recurring revenue in the coming years.
  • Expansion into data discovery and governance through 1touch could open a new revenue source beyond storage.

What would break the thesis

  • Negative free cash flow and rising spending could limit the company's ability to fund investment without additional resources.
  • Dependence on a few large customers and single-source suppliers could create volatility and revenue losses if disruptions occur.
  • Competitive pressure and price increases could reduce market share if customers choose cheaper alternatives.

What to watch

  • Delivery against fiscal 2027 revenue guidance and the third-quarter resultsQ3 2027
  • Trend in free cash flow and operating spending after component cost increasesQ3 2027
  • Closing of the 1touch acquisition and its integration into the platformQ2 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Everpure began as a provider of flash-based storage systems and has evolved into a unified platform that manages data across on-premises, hybrid, public cloud and edge environments 1. It sells integrated hardware with embedded software and storage-as-a-service offerings, and revenue comes from both products and subscription services 1. Total revenue for fiscal 2026 was 3662.843 million USD 1, up 16% from the prior year 1.

The strategy rests on six growth pillars, including extending all-flash into use cases still served by disk, delivering hybrid cloud architecture for modern applications, and growing the Evergreen//One subscription business 1. The company has also agreed to acquire 1touch, a data intelligence and governance provider, with closing expected in the second quarter of fiscal 2027 1.

Segments

Product sales

Products include the FlashArray and FlashBlade systems, royalties from hyperscaler shipments and Portworx term licenses 1. In fiscal 2026 product revenue grew 16%, driven mainly by enterprise sales and hyperscaler royalties 1. In the second quarter of fiscal 2027 product revenue grew 54% 3.

AI and hyperscale demand

The company announced a second design win with a top-five hyperscaler and introduced FlashBlade//EXA for GPU cloud and HPC workloads 21. These projects are a meaningful part of the growth story, but product launches have required substantial research and development investment 1.

Market context

The market is affected by component constraints, including tighter flash supply and rising prices, which led the company to raise prices in the first quarter of fiscal 2027 1. Third-party analyst recognitions cited in the release place the company among leaders in its categories 3.

Trends

  • Shift to all-flashtailwind

    Customers are replacing spinning disk with flash, and DirectFlash technology may reduce power and space needs 1. This trend could support long-term demand if flash pricing stays competitive 1.

  • AI and hyperscaler demandtailwind

    Investment in artificial intelligence increases data volumes and the need for high-performance, energy-efficient storage 1. Revenue growth in the second quarter of fiscal 2027 points to strong momentum in this segment 3.

  • Rising component costsheadwind

    Flash shortages and higher production costs pressure margins and can delay shipments 1. The company responded with price increases, which could lead to lost customers 1.

  • Shift to longer subscription renewalsmixed

    Subscription ARR growth slowed compared with the prior year, partly because of longer renewal terms 1. This could moderate near-term recurring revenue growth even as the customer base expands 1.

Competitive position

The company faces competition from established storage vendors and other providers, which the filing describes as intense 1. Some competitors offer consumption models tied to specific hardware appliances, which the company regards as less flexible than its hardware-independent subscription 1.

In cloud and container data management, Portworx is presented as a leader, and competition also comes from cloud infrastructure providers 1. The company argues its differentiation rests on the Purity software and DirectFlash hardware 1.

  • Established enterprise storage vendors

    Competitors referred to generically in the SEC filings, without names in the supplied sources.

  • Hardware-tied consumption storage offerings

    Competitors selling consumption models attached to specific equipment, described in the filing.

  • Cloud infrastructure providers

    Companies offering native cloud storage services with which the company competes in some use cases.

  • Data governance and software providers

    Vendors offering data discovery and governance, a segment the company is entering through the 1touch acquisition.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2026-02-01 · SEC / Everpure, Inc. · 25 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-08-02 · SEC / Everpure, Inc. · 04 Sept 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Everpure, Inc. · 26 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Everpure, Inc. (P): stock, results, valuation and forecast · olivLaw