# Everpure (P.US)

Canonical: https://gigainvestors.com/s/P

Analysis as of: 2026-10-16T07:33:57.700Z. Financial observations: FY2011–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $133.40 per share; close as of 2026-10-15.

Estimated value: low $6.23 per share, central $7.72 per share, high $8.59 per share. Buy at or below the central value $7.72 per share. Valuation as of 2026-10-16T07:33:57.700Z; scenarios are not confidence intervals.

Expected annual return: 3.3% at the stated quote. About 3.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 6

- Operating margin variation: 1.32×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.30×

- FY2018: -0.16×

- FY2019: -0.12×

- FY2020: -0.12×

- FY2021: -0.15×

- FY2022: -0.05×

- FY2023: 0.03×

- FY2024: 0.02×

- FY2025: 0.03×

- FY2026: 0.03×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -8.0%

- ROIC, second-lowest year: -166.7%

- Typical minus recent gross margin: -1.8 pp

- Typical gross margin (annual median): 68.6%

- Recent gross margin (lower of latest and 3-year median): 70.4%

- Years with nonpositive capital: 7

- Capital spending / revenue: 6.6%

- ROIC including acquisitions, ten-year median: -58.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -21.3%

- FY2018: -129.3%

- FY2019: -11.3%

- FY2020: -166.7%

- FY2021: -446.9%

- FY2022: -4.7%

- FY2023: 3.9%

- FY2024: 2.3%

- FY2025: 3.9%

- FY2026: 5.8%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.54×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $154M

- Net income, five-year total: $286M

- Return on incremental invested capital: 21.6%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 1.2 pp

- Working capital / revenue, final three-year average: 21.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.04×

- FY2025: 0.59×

- FY2026: 0.84×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -21.3% vs 3.9%

- Per-share earnings: -1.09 to 0.31 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.8%

- Ordinary dilution, 5-year annual growth: 3.6%

- Market cap gain: $21B

- Cumulative retained earnings: -$378M

- Diluted shares, 10-year annual growth: 5.8%

- Diluted shares, 5-year annual growth: 3.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: $1.40

- Per-share value, starting three-year median: -$1.09

- Per-share value, ending three-year median: $0.31

- Buybacks concentrated in cheaper years (correlation): 0.32

- Average buyback yield: 1.5%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: $407M

- Cumulative net income, 10 years: -$798M

- ROIC, first three-year median: -21.3%

- ROIC, last three-year median: 3.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$1.15

- FY2018: -$0.76

- FY2019: -$0.70

- FY2020: -$0.75

- FY2021: -$0.98

- FY2022: -$0.48

- FY2023: $0.22

- FY2024: $0.18

- FY2025: $0.31

- FY2026: $0.55

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -14.8%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 54.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.68×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.26×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -25.6%

- FY2018: -23.2%

- FY2019: -17.4%

- FY2020: -16.5%

- FY2021: -16.7%

- FY2022: -17.7%

- FY2023: -19.6%

- FY2024: -16.9%

- FY2025: -16.3%

- FY2026: -14.8%

## Holders

## Price story

Price needs cash profits to grow 52% a year for ten years · sales +15.6%

Story as of 2026-10-16T09:59:58.488Z; price observation 2026-10-15.

Price needs cash profits to grow 52% a year for ten years

- 2026-05-28: Everpure Q1 Earnings Beat on Strong AI-Led Storage Demand, Sales Jump Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/everpure-q1-earnings-beat-strong-155300114.html))

- 2026-06-01: Everpure (P) Is Down 8.8% After Raising 2027 Outlook And Showcasing Cyber-Resilient Platform Upgrade ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/everpure-p-down-8-8-181014842.html))

- 2026-08-10: Everpure Lands New Design Win with Second Top-Five Hyperscaler ([finance.yahoo.com](https://finance.yahoo.com/technology/articles/everpure-lands-design-win-second-201000835.html))

- 2026-09-24: Everpure Sees AI Demand Underpinning Revenue Growth. This Analyst Says Stock Price Could Double. ([finance.yahoo.com](https://finance.yahoo.com/m/3438ee18-6764-33ef-9f68-4f64bde95131/everpure-sees-ai-demand.html))

### Sales · FY2025–2026

sales +15.6%; source https://www.sec.gov/Archives/edgar/data/1474432/000147443226000027/pstg-20260201.htm; observed 2026-03-25.

- FY2017: $739M 

- FY2018: $1.0B 

- FY2019: $1.4B 

- FY2020: $1.6B 

- FY2021: $1.7B 

- FY2022: $2.2B 

- FY2023: $2.8B 

- FY2024: $2.8B 

- FY2025: $3.2B 

- FY2026: $3.7B 

### Gross margin · FY2026

gross margin 70.4%; source https://www.sec.gov/Archives/edgar/data/1474432/000147443226000027/pstg-20260201.htm; observed 2026-03-25.

- FY2017: 64.4% 

- FY2018: 65.3% 

- FY2019: 66.4% 

- FY2020: 69.0% 

- FY2021: 68.2% 

- FY2022: 67.5% 

- FY2023: 68.9% 

- FY2024: 71.4% 

- FY2025: 69.8% 

- FY2026: 70.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in computer hardware; annual sales are USD 3.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1474432/000147443226000027/pstg-20260201.htm (filed 2026-03-25); FY2026: revenue 3662843000; grossProfit 2577953000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); P.US: Everpure, Inc. provides data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, such as block, file, and object. The company also provides FlashArray, including FlashArray//ST, FlashArray//X, FlashArray//C, FlashArray//XL, FlashArray//E, and FlashArray File Services, addressing databases, applications, virtual machines, and other traditional workloads; and FlashBlade integrated hardware systems comprising FlashBlade//S, FlashBlade//E, and FlashBlade//EXA for managing and processing unstructured data workloads of various types from real-time log analytics and commercial high-performance computing (HPC) to data protection and recovery. In addition, it offers cloud storage solutions, such as Portworx by Everpure, a cloud-native Kubernetes data management solution; and Evergreen/One; and Evergreen/Flex. Further, the company provides Everpure Fusion, a Software-as-a-Service (SaaS) management plane, which enables storage administrators to unify storage arrays and optimize storage pools; Evergreen Architecture comprising Pure1, an AI-driven cloud-based management platform, as well as Evergreen//One and Evergreen//Flex data storage solutions; and Everpure Cloud, a virtual block storage array, that provides customers the flexibility to operate a hybrid cloud model with seamless data mobility across on-premises and public cloud environments. It sells its products and subscription services through a direct sales force and channel partners. Everpure, Inc. has a strategic alliance with Odine Solutions Teknoloji Ticaret ve Sanayi A.S. The company was formerly known as Pure Storage, Inc. and changed its name to Everpure, Inc. in February 2026. Everpure, Inc. was incorporated in 2009 and is headquartered in Santa Clara, California.

### Why customers stay

Margins ranged from 69.8% to 71.4% during 2024–26; it lost 8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2024: grossProfit / revenue = 71.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2025: grossProfit / revenue = 69.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1474432/000147443226000027/pstg-20260201.htm (filed 2026-03-25); FY2026: grossProfit / revenue = 70.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); 10-year return on capital observations [[2017,-0.2130008273656993],[2018,-1.292598137416814],[2019,-0.11259020653279533],[2020,-1.6673864877688158],[2021,-4.469258793697579],[2022,-0.04655614328870235],[2023,0.03905075681792318],[2024,0.023499726553880388],[2025,0.03877351671143001],[2026,0.057969327538517204]]; median -0.07957317491074883. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 68% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1474432/000147443226000027/pstg-20260201.htm (filed 2026-03-25); Gross margin observations: [[2021,0.6821863946765754],[2022,0.6752047827267191],[2023,0.6891924774663203]]; range within 2 percentage points.

### Where the cash goes

Spends 54.6% of cash earnings on expansion; earns 21.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2023: growth capex 57707000; upkeep 100432000; owner earnings 73071000. Growth capex / owner earnings = 0.7897387472458294.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2024: growth capex 12165424.312221885; upkeep 182995575.68777812; owner earnings 2731424.3122218847. Growth capex / owner earnings = 4.453875678629325.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2025: growth capex 56486180.27753508; upkeep 170240819.72246492; owner earnings 63152180.27753508. Growth capex / owner earnings = 0.8944454495362645.

- Source: https://www.sec.gov/Archives/edgar/data/1474432/000147443226000027/pstg-20260201.htm (filed 2026-03-25); FY2026: growth capex 86172597.51350248; upkeep 178171402.48649752; owner earnings 157824597.51350248. Growth capex / owner earnings = 0.5460023270842183.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Incremental return on capital 0.21591354158477513, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 4.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); P.US SharesStats.PercentInsiders = 4.543 percentage points; cache date 2026-10-16.

### What could break it

"If we fail to execute our transition to subscription offerings successfully" (SEC filing, Mar 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1474432/000147443226000027/pstg-20260201.htm (filed 2026-03-25); If we fail to execute our transition to subscription offerings successfully

### What the price says

The price assumes cash profits grow 52% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Ten-year compound average after fade. Initial solved rate 0.7657989746054248. Price 133.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -1.0916463660645432 → FY2026 0.46014075405112215. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $12.34 per share

- 2016-11: $13.95 per share

- 2016-12: $11.31 per share

- 2017-01: $11.37 per share

- 2017-02: $11.40 per share

- 2017-03: $9.83 per share

- 2017-04: $10.61 per share

- 2017-05: $12.94 per share

- 2017-06: $12.81 per share

- 2017-07: $12.07 per share

- 2017-08: $14.89 per share

- 2017-09: $15.99 per share

- 2017-10: $16.43 per share

- 2017-11: $18.48 per share

- 2017-12: $15.86 per share

- 2018-01: $20.14 per share

- 2018-02: $21.67 per share

- 2018-03: $19.95 per share

- 2018-04: $20.23 per share

- 2018-05: $21.46 per share

- 2018-06: $23.88 per share

- 2018-07: $21.66 per share

- 2018-08: $26.84 per share

- 2018-09: $25.95 per share

- 2018-10: $20.18 per share

- 2018-11: $18.91 per share

- 2018-12: $16.08 per share

- 2019-01: $17.91 per share

- 2019-02: $20.48 per share

- 2019-03: $21.79 per share

- 2019-04: $22.86 per share

- 2019-05: $15.86 per share

- 2019-06: $15.27 per share

- 2019-07: $15.14 per share

- 2019-08: $16.28 per share

- 2019-09: $16.94 per share

- 2019-10: $19.46 per share

- 2019-11: $16.07 per share

- 2019-12: $17.11 per share

- 2020-01: $17.80 per share

- 2020-02: $15.26 per share

- 2020-03: $12.30 per share

- 2020-04: $14.40 per share

- 2020-05: $17.61 per share

- 2020-06: $17.33 per share

- 2020-07: $17.86 per share

- 2020-08: $15.26 per share

- 2020-09: $15.39 per share

- 2020-10: $16.10 per share

- 2020-11: $18.27 per share

- 2020-12: $22.61 per share

- 2021-01: $23.13 per share

- 2021-02: $23.38 per share

- 2021-03: $21.54 per share

- 2021-04: $20.22 per share

- 2021-05: $19.05 per share

- 2021-06: $19.53 per share

- 2021-07: $19.52 per share

- 2021-08: $25.83 per share

- 2021-09: $25.16 per share

- 2021-10: $26.86 per share

- 2021-11: $30.97 per share

- 2021-12: $32.55 per share

- 2022-01: $26.49 per share

- 2022-02: $25.94 per share

- 2022-03: $35.31 per share

- 2022-04: $29.30 per share

- 2022-05: $23.73 per share

- 2022-06: $25.71 per share

- 2022-07: $28.35 per share

- 2022-08: $28.97 per share

- 2022-09: $27.37 per share

- 2022-10: $30.86 per share

- 2022-11: $29.19 per share

- 2022-12: $26.76 per share

- 2023-01: $28.94 per share

- 2023-02: $28.54 per share

- 2023-03: $25.51 per share

- 2023-04: $22.83 per share

- 2023-05: $28.79 per share

- 2023-06: $36.82 per share

- 2023-07: $36.99 per share

- 2023-08: $36.59 per share

- 2023-09: $35.62 per share

- 2023-10: $33.81 per share

- 2023-11: $33.31 per share

- 2023-12: $35.66 per share

- 2024-01: $39.99 per share

- 2024-02: $52.65 per share

- 2024-03: $51.99 per share

- 2024-04: $50.40 per share

- 2024-05: $60.29 per share

- 2024-06: $64.21 per share

- 2024-07: $59.93 per share

- 2024-08: $51.29 per share

- 2024-09: $50.24 per share

- 2024-10: $50.05 per share

- 2024-11: $52.99 per share

- 2024-12: $61.43 per share

- 2025-01: $67.79 per share

- 2025-02: $52.47 per share

- 2025-03: $44.27 per share

- 2025-04: $45.36 per share

- 2025-05: $53.59 per share

- 2025-06: $57.58 per share

- 2025-07: $59.52 per share

- 2025-08: $77.61 per share

- 2025-09: $83.81 per share

- 2025-10: $98.70 per share

- 2025-11: $88.96 per share

- 2025-12: $67.01 per share

- 2026-01: $69.54 per share

- 2026-02: $64.22 per share

- 2026-03: $59.04 per share

- 2026-04: $71.45 per share

- 2026-05: $79.51 per share

- 2026-06: $78.79 per share

- 2026-07: $77.17 per share

- 2026-08: $92.95 per share

- 2026-09: $130.78 per share

- 2026-10: $156.97 per share

## Annual estimated value (USD per share)

- FY2025: low $4.38 per share, central $4.43 per share, high $4.46 per share

- FY2026: low $7.19 per share, central $8.43 per share, high $9.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1474432/000147443226000027/pstg-20260201.htm); period 2026-02-01, filed 2026-03-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.