NYSE: P · Technology Hardware, Storage & Peripherals
Everpure
Everpure, formerly Pure Storage, is a Santa Clara, California technology company providing an integrated data storage and data management platform built on all-flash systems. Its products include FlashArray and FlashBlade hardware with its DirectFlash technology, the Purity operating environment, Evergreen subscriptions (including the Evergreen//One storage-as-a-service offering) and Portworx Kubernetes data management. In fiscal 2026 (ended February 1, 2026) revenue rose 16% to $3,663 million — product $1,972 million and subscription services $1,691 million — and net income was $188 million. Shipments began that year on an industry-first flash design win with a major hyperscaler, and royalties from hyperscaler shipments contributed to growth. Revenue accelerated in fiscal 2027: second-quarter revenue was $1,186 million versus $861 million a year earlier. The company now trades as P on the NYSE (formerly PSTG), has no debt after repaying its term loan, and pays no dividend.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:06 (SEC EDGAR) · Source 10-K filed: March 25, 2026
Built on10-K FY2026 · filed 2026-03-2510-Q (quarter ended 2026-08-02) · filed 2026-09-04Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 16.8%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 3.1%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -8.8 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -3.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 4.68x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 152.0x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.82
Higher than 84% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 9% of 311 non-financial companies
Latest fiscal year (FY2026)
Higher than 6% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 2% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 94% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-08-02
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$116.51close on 2026-11-04
Market cap$38.49B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 152.0x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 26.6x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 149.6x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 1.6%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2026 year-end: 126.4x
Earnings: trailing 12 months to 2026-08-02
At FY2026 year-end: 15.9x
Book value at FY2026 year-end
At FY2026 year-end: 87.9x
EBITDA for FY2026
At FY2026 year-end: 2.7%
Free cash flow for FY2026
Dividends per share for FY2026
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Aug 2, 2026.
- Revenue$861M → $1.19B (vs. a year earlier)↑ +37.7%$861M → $1.19B (vs. a year earlier)
- Operating margin0.6% → 5.3% (vs. a year earlier)↑ +4.8 pts0.6% → 5.3% (vs. a year earlier)
- Net income$47M → $74M (vs. a year earlier)↑ +57.4%$47M → $74M (vs. a year earlier)
- Diluted EPS$0.14 → $0.21 (vs. a year earlier)↑ +50.0%$0.14 → $0.21 (vs. a year earlier)
- Cash$838M → $386M (vs. previous quarter-end)↓ −54.0%$838M → $386M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Aug 26, 2026.
Management outlook ↑ Raised
Significantly increased FY27 revenue and operating profit guidance. Source sentence
Significantly increased FY27 revenue and operating profit guidance
Key changes
GAAP operating margin 5.3%. Source sentence
GAAP operating margin 5.3%; non-GAAP operating margin 19.4%
Repurchased 0.9M shares for about $69M. Source sentence
Returned approximately $69 million to stockholders through share repurchases of 0.9 million shares.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Everpure, Inc.
- Headquarters
- SANTA CLARA, CA
- Incorporated in
- Delaware
- Fiscal year end
- 01/31
- Exchange & ticker
- NYSE: P
- Industry
- Technology Hardware, Storage & Peripherals
- CIK
- 1474432
Workforce (as of FY2026 year-end)
Employees
6,400
Source: Form 10-K (FY2026) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2027
Quarter end: November 2026. In past years, Q3 results were released 24–30 days after quarter end (Dec 2, 2025; Dec 3, 2024; Nov 29, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around January 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–30 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2027 | Aug 2, 2026 | Aug 26, 2026 (+24 days) | Sep 4, 2026 10-Q (+33 days) |
| Q1 FY2027 | May 3, 2026 | May 27, 2026 (+24 days) | Jun 5, 2026 10-Q (+33 days) |
| Q4 FY2026 | Feb 1, 2026 | Feb 25, 2026 (+24 days) | Mar 25, 2026 10-K (+52 days) |
| Q3 FY2026 | Nov 2, 2025 | Dec 2, 2025 (+30 days) | Dec 10, 2025 10-Q (+38 days) |
| Q2 FY2026 | Aug 3, 2025 | Aug 27, 2025 (+24 days) | Sep 10, 2025 10-Q (+38 days) |
| Q1 FY2026 | May 4, 2025 | May 28, 2025 (+24 days) | Jun 11, 2025 10-Q (+38 days) |
| Q4 FY2025 | Feb 2, 2025 | Feb 26, 2025 (+24 days) | Mar 27, 2025 10-K (+53 days) |
| Q3 FY2025 | Nov 3, 2024 | Dec 3, 2024 (+30 days) | Dec 12, 2024 10-Q (+39 days) |
| Q2 FY2025 | Aug 4, 2024 | Aug 28, 2024 (+24 days) | Sep 11, 2024 10-Q (+38 days) |
| Q1 FY2025 | May 5, 2024 | May 29, 2024 (+24 days) | Jun 13, 2024 10-Q (+39 days) |
| Q4 FY2024 | Feb 4, 2024 | Feb 28, 2024 (+24 days) | Apr 1, 2024 10-K (+57 days) |
| Q3 FY2024 | Nov 5, 2023 | Nov 29, 2023 (+24 days) | Dec 15, 2023 10-Q (+40 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Product
FlashArray
All-flash block and file storage (FlashArray//XL, //X, //C, //E).
Product
FlashBlade
Unified file and object storage for unstructured data and AI.
Subscription services
Evergreen
Evergreen//Forever and //Flex subscriptions and the Evergreen//One storage-as-a-service consumption model.
Subscription services
Portworx
Kubernetes/container data management; the 10-K calls it the market leader.
From the Form 10-K, FY2026, year ended 2026-02-01.
U.S. and worldwide share of flagship products/services
The 10-K says Portworx is the leader in enterprise Kubernetes/container data and that Everpure is a leader in storage-as-a-service, but gives no market-share figures.
Reviewed: Form 10-K (FY2026, year ended 2026-02-01) · Form 10-Q (quarter ended 2026-08-02)
07
Recent strategic focusSite analysis
Recent developments.
Second quarter fiscal 2027
Revenue $1,186M versus $861M; net income $74M versus $47M; diluted EPS $0.22.
Source: Form 10-Q (quarter ended 2026-08-02)
First half fiscal 2027
Revenue $2,239M versus $1,639M.
Source: Form 10-Q (quarter ended 2026-08-02)
Repurchases
The board added $650M to the repurchase program in fiscal 2026; $329M remained.
Source: Form 10-K (FY2026, year ended 2026-02-01)
Capex ÷ D&A (FY2026)
1.93x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$264M ÷ $137M = 1.93x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2026)
26.3%
formularesearch & development expense ÷ revenue × 100
e.g.$963M ÷ $3,663M × 100 = 26.3%
M&A spend (6-year total)
$346M
Latest year: $4M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $95M in FY2021 to $264M in FY2026
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-25
08
Key figures at a glanceFrom SEC data
FY2021–FY2026, 6 years.
Revenue (FY2026)
$3.66B
As reported in the 10-K
Revenue CAGR (5 years)
+16.8%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($3,663M ÷ $1,684M) ^ (1÷5) − 1 = 16.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
3.1%▲favorable
+18.6pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$115M ÷ $3,663M × 100 = 3.1%
ROE (FY2026)
13.7%▲favorable
6-year average: -3.4%
As reported in the 10-K
P/B (FY2026 end)
15.89x
formulafiscal year-end closing price ÷ book value per share
e.g.$69.54 ÷ $4.38 = 15.89x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
87.9x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($22,973M + $0M − $855M) ÷ ($115M + $137M) = 87.9x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +16.8% a year over 5 years (strong growth)
From $1.68B in FY2021 to $3.66B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -15.5% → 3.1%
How much operating profit is left per $100 of revenue. It moved +18.6 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 30.9% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged -3.4% over 6 years (latest: 13.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- FlashArray and FlashBlade systems
- Evergreen subscriptions and Evergreen//One
- Portworx container data management
- Hyperscaler flash design and royalties
06 · what it draws on
Key resources
- About 6,400 employees (end of fiscal 2026)
- DirectFlash and Purity software IP
- Contract manufacturers and NAND flash suppliers
02 · why customers buy
Value propositions
- All-flash storage with DirectFlash integrated hardware and software; in about 64% of Fortune 500 companies.
04 · how it keeps them
Customer relationships
- Evergreen subscriptions; customer loyalty reflected in its Net Promoter Score.
03 · how it reaches them
Channels
- Channel partners working with its direct sales force.
01 · who it serves
Customer segments
- Enterprises
- Hyperscalers and managed service providers
- Governments
09 · where money goes
Cost structure
FY2026, share of revenue ($3.66B)
- Cost of revenue29.6%
- Research & development26.3%
- Selling, general & administrative8.7%
- Other operating costs32.3%
Operating profit left: 3.1% of revenue. Depreciation & amortization (inside the costs above): $137M. Capital spending: $264M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Product sales
- Subscription services
- Hyperscaler royalties
Value propositions, channels and customer relationships: Form 10-K (FY2026)
Sells all-flash storage arrays and software through channel partners, then earns recurring subscription revenue from Evergreen support, upgrades and storage-as-a-service; also licenses technology to hyperscalers.
01 what it draws on
Inputs & resources
- About 6,400 employees (end of fiscal 2026)
- DirectFlash and Purity software IP
- Contract manufacturers and NAND flash suppliers
02 what it does
Activities
- FlashArray and FlashBlade systems
- Evergreen subscriptions and Evergreen//One
- Portworx container data management
- Hyperscaler flash design and royalties
03 who it serves
Customers
- Enterprises
- Hyperscalers and managed service providers
- Governments
04 how money comes in
How it earns
- Product sales
- Subscription services
- Hyperscaler royalties
How the business makes money
- Subscription services 46% of fiscal 2026 revenue.
- No customer or channel partner over 10% of revenue.
- Renamed from Pure Storage to Everpure.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Everpure sells to governments and is exposed to trade rules.
Government as customer
Government customers
Governments audit contractors’ processes, and unfavorable audits could reduce payments.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2026)
Trade & export rules
Export controls, sanctions and tariffs
New trade restrictions and tariffs could affect costs and sales.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2026)
Revenue by segment (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Product
1,971.7 (54%)Subscription services
1,691.2 (46%)
Source: Form 10-K (FY2026, year ended 2026-02-01) One reportable segment; total revenue $3,662.8M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2026)
United States — 67% of revenue
Revenue by country / region (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
2,464.5 (67%)Rest of the world
1,198.3 (33%)
Source: Form 10-K (FY2026, year ended 2026-02-01) — Note on revenue by geographic area Total $3,662.8M.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Enterprises, hyperscalers, MSPs and governments, mainly through channel partners.
Named by the company
No customer or channel partner accounted for more than 10% of revenue in fiscal 2025 or 2026.
Suppliers
Contract manufacturers and component suppliers (NAND flash).
Named by the company
Specific suppliers are not named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names legacy storage vendors as main competitors, plus startups and specialized vendors.
Competitors named in the 10-K
Enterprise storage
Peer group the company chose
Fiscal 2026 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Technology companies with similar revenue growth (2026 proxy).
- Akamai Technologiessite ↗
- Datadogsite ↗
- Guidewire Softwaresite ↗
- Nutanixsite ↗
- Arista Networkssite ↗
- Elasticsite ↗
- Juniper Networkssite ↗
- Palo Alto Networkssite ↗
- Boxsite ↗
- F5, Inc.site ↗
- Logitechsite ↗
- Dropboxsite ↗
- Fortinetsite ↗
- NetAppsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-25
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-25
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-25
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 1,684 | 2,181 | 2,753 | 2,831 | 3,168 | 3,663 |
| Operating income | -261 | -98 | 84 | 54 | 85 | 115 |
| Pretax income | -270 | -128 | 92 | 91 | 148 | 224 |
| Net income (attributable) | -282 | -143 | 73 | 61 | 107 | 188 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 29.5% | 26.3% | 2.8% | 11.9% | 15.6% |
| Operating margincalcoperating income ÷ revenue × 100 | -15.5% | -4.5% | 3.0% | 1.9% | 2.7% | 3.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -16.7% | -6.6% | 2.7% | 2.2% | 3.4% | 5.1% |
| Balance sheet ($M) | ||||||
| Total assets | 2,819 | 3,135 | 3,543 | 3,656 | 3,964 | 4,674 |
| Total equity | 750 | 754 | 941 | 1,270 | 1,306 | 1,446 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 756 | 787 | 575 | 100 | 100 | 0 |
| Equity ratio | 26.6% | 24.1% | 26.6% | 34.7% | 33.0% | 30.9% |
| ROE | -37.6% | -19.0% | 8.6% | 5.5% | 8.3% | 13.7% |
| Cash flow ($M) | ||||||
| Operating CF | 188 | 410 | 767 | 678 | 754 | 880 |
| Investing CF | -418 | -153 | -221 | 3 | -218 | -108 |
| Financing CF | 200 | -128 | -431 | -560 | -510 | -645 |
| Free cash flowcalccash flow from operations − capital expenditures | 93 | 308 | 609 | 483 | 527 | 616 |
| Cash and equivalents | 337 | 466 | 581 | 703 | 724 | 855 |
| Per share & other | ||||||
| EPS ($) | -1.05 | -0.50 | 0.23 | 0.19 | 0.31 | 0.55 |
| BVPS ($) | 2.69 | 2.58 | 3.10 | 3.98 | 4.01 | 4.38 |
| P/E (x) | — | — | 130.0 | 222.4 | 218.7 | 126.4 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | — | 53.3 | 77.6 | 107.5 | 87.9 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 8.58 | 10.23 | 9.66 | 10.63 | 16.92 | 15.89 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-08-02 | $1.19B+37.7% | $63M+1196.6% | $74M+57.4% | $0.21 |
| 2026-05-03 | $1.05B+35.2% | $20M | $24M | $0.07 |
| 2026-02-01 † | $1.06B+20.4% | $87M+105.3% | $100M+136.2% | — |
| 2025-11-02 | $964M+16.0% | $54M-9.7% | $55M-13.9% | $0.16 |
| 2025-08-03 | $861M | $5M | $47M | $0.14 |
| 2025-05-04 | $778M | −$31M | −$14M | $-0.04 |
| 2025-02-02 † | $880M | $42M | $42M | — |
| 2024-11-03 | $831M | $60M | $64M | $0.19 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2026)
6.2%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$115M × (1 − 23%) ÷ $1,426M × 100 = 6.2%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
14.96%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $22.97B ÷ ($22.97B + $0) = 100.0%
e.g.Debt weight: $0 ÷ ($22.97B + $0) = 0.0%
e.g.WACC: 15.0% × 100.0% + 5.0% × (1 − 23%) × 0.0% = 14.96%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 12.2%–18.1% and ROIC − WACC runs −11.9 to −6.0 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 14.96% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.82 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 14.96%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 23% (effective rate, FY2024–FY2026)
- Capital structure (equity : debt)
- 100% : 0%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 14.96%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.82 (price-derived adjusted beta. Raw β 2.22, R² 0.28, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 2.220 + 0.33 = 1.818
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.82 × 5.5% = 15.0%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
13.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 15.0% − 1.6%
Past FCF growth (FY2021–FY2026)
+46.0%
Compound annual rate, 5 years
Past revenue growth (FY2021–FY2026)
+16.8%
Compound annual rate, 5 years
Inputs (FY2026): free cash flow $616M (operating CF − capex); enterprise value $37.63B = market cap $38.49B (latest close, 2026-11-04) + debt $0 − cash and short-term investments $855M; r = WACC of 15.0% using this page’s default assumptions (β 1.82, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$20.52B
FCF $616M ÷ (15.0% − 12.0%)
Theoretical ÷ actual enterprise value
0.55x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 13.0% | 14.0% | 15.0% | 16.0% | 17.0% |
|---|---|---|---|---|---|
| 0% | 0.13x | 0.12x | 0.11x | 0.10x | 0.10x |
| 2% | 0.15x | 0.14x | 0.13x | 0.12x | 0.11x |
| 4% | 0.18x | 0.16x | 0.15x | 0.14x | 0.13x |
| 6% | 0.23x | 0.20x | 0.18x | 0.16x | 0.15x |
| 8% | 0.33x | 0.27x | 0.23x | 0.20x | 0.18x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 8.32x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -16.0%
A small share of profit rests on accounting estimates.
- !
Core-earnings share (operating income ÷ pretax income): 51%
Non-operating items (interest income, equity-method gains, other income/expense) are having a bigger effect.
- ✓
Days sales outstanding: 100 → 81 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-25
Profit bridge (FY2026)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-25
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$880M ÷ $188M = 4.68x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$115M ÷ $224M × 100 = 51%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($681M + $945M) ÷ 2 ÷ $3,663M × 365 = 81 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($43M + $76M) ÷ 2 ÷ $1,085M × 365 = 20 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 83.2%
- Directors & officers (shares)
- 5.1%
- Everyone else (est.)
- 11.7%
- Directors & officers (voting power)
- 5.1%
- Institutional-ownership rank
- 283 of 416
- Beta (adjusted)
- 1.82
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 68% of covered companies have more
above 1 = swings more than the market
- 276.7M shares reported by 812 13F filers ÷ 332.4M shares outstanding on 2026-06-01. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-05-01 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-01)
19
Strengths & weaknessesSite analysis
Strengths
1. Growth acceleration
Q2 fiscal 2027 revenue rose 38% to $1,186M.
Evidence: Form 10-Q (quarter ended 2026-08-02)
2. Recurring revenue
Subscription services revenue grew from $1,208M (FY2024) to $1,691M (FY2026).
Evidence: Form 10-K (FY2026, year ended 2026-02-01)
3. Net cash, no debt
Debt was fully repaid by the end of fiscal 2026; operating cash flow $880M.
Evidence: Form 10-K (FY2026, year ended 2026-02-01)
Weaknesses
1. Thin GAAP margins
Operating income was $115M on $3,663M revenue in fiscal 2026.
Evidence: Form 10-K (FY2026, year ended 2026-02-01)
2. Stock-based dilution
Class A shares rose from 278M (FY2021) to 330M (FY2026) despite buybacks.
Evidence: Form 10-K (FY2026, year ended 2026-02-01)
3. Hyperscaler uncertainty
The 10-K warns hyperscaler efforts may not produce meaningful revenue or additional design wins.
Evidence: Form 10-K (FY2026, year ended 2026-02-01)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
126.4x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
2.7%
(Operating CF − capex) ÷ market cap
1. Disk-to-flash shift
DirectFlash aims to replace hybrid and disk arrays, including at hyperscalers.
- What has to hold
- Flash cost advantage keeps improving.
- The other side
- Competition and flash prices.
Evidence: Form 10-K (FY2026, year ended 2026-02-01)
2. Subscription model
Evergreen and Evergreen//One build recurring revenue.
- What has to hold
- Customers keep renewing.
- The other side
- Low GAAP profit.
Evidence: Form 10-K (FY2026, year ended 2026-02-01)
Fiscal years end in late January or early February. Share counts are Class A shares from each 10-K balance sheet (untagged in XBRL). No dividend.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
No debt due
$855M vs. $0
Interest coverage (operating income ÷ interest expense)
34.0x
$115M vs. $3M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -35.9% in FY2024 ($84M → $54M) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2021–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Turned profitable
Net losses in FY2021–FY2022; net income positive FY2023–FY2026 ($61M–$188M).
Source: Form 10-K (FY2026, year ended 2026-02-01)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Everpure says it is not aware of any claims or legal matters it expects to have a material adverse effect, and recorded no material loss contingency at the end of fiscal 2026.
Company statement:
Based on Form 10-K (FY2026, year ended 2026-02-01) — Note 7, Legal Matters, reviewed 2026-10-31. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Legacy vendors
- Company disclosure (summarized from the 10-K)
- Competes with Dell EMC, NetApp, Hitachi Vantara, HPE and IBM, plus startups.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Supply chain
Flash and component supply
- Company disclosure (summarized from the 10-K)
- Relies on contract manufacturers and NAND flash suppliers; prices and availability can change.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Customer/supplier concentration
Hyperscaler bets
- Company disclosure (summarized from the 10-K)
- Large resources devoted to hyperscaler flash with uncertain returns.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Demand & macro
IT spending
- Company disclosure (summarized from the 10-K)
- Enterprise storage spending depends on the economy.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Information security
Security breaches
- Company disclosure (summarized from the 10-K)
- Breaches of products or systems could harm customers and reputation.
- Company’s stated mitigation
- Our cybersecurity program is integrated into our broader enterprise risk management framework.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (4)
Managing the supply of our products and underlying components is complex and has become increasingly difficult, in part, due to component quality, component scarcity, increased global demand, and inflationary pressure. Read more
Our supply chain has been, and may continue to be adversely impacted by component cost increases in our supply chain. In response to these cost increases, we raised our prices during the first quarter of fiscal year 2027, which may result in reduced sales or the loss of customers, and adversely impact our business and results of operations. We enter into agreements with our suppliers to provide components at specified prices, volume, and timing. Our suppliers have in the past, and may in the future, seek to renegotiate terms of our supply agreements. Furthermore, in the current environment of increased global demand and component scarcity, suppliers may lack the capacity…
During fiscal 2026, the cost of our components increased significantly, and we anticipate continued component pricing volatility throughout fiscal 2027. Read more
Elevated global demand for the components used in our products has made future cost fluctuations highly unpredictable. We maintain supply agreements with our component suppliers that help mitigate, but do not eliminate, significant component cost volatility. While we implemented product price increases during the first quarter of fiscal 2027 to help offset these rising expenses, ongoing component cost volatility has placed, and may continue to place, downward pressure on our gross margins.
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the United States; Read more
while certain provisions reduced our current tax expense, future interpretations or changes in guidance could materially affect our cash tax obligations, deferred tax positions, and effective tax rate over time.
Many countries around the world are beginning to implement legislation and other guidance to align their international tax rules with the Organization for Economic Co-operation and Development (OECD)’s Base Erosion and Profit Shifting (BEPS) recommendations and related action plans that aim to standardize and modernize global corporate tax policy, including changes to cross-border tax, transfer-pricing documentation rules and nexus-based tax incentive practices. As part of these broader BEPS initiatives, many jurisdictions are now implementing the OECD’s Pillar Two global minimum tax framework, which introduces a 15% minimum effective tax rate for large multinational groups. Certain countries in which we operate have enacted legislation adopting Pillar Two, and additional jurisdictions continue to issue guidance or consider implementing similar rules. In January 2026, the OECD released…
No longer in the text (1)
The Tax Cuts and Jobs Act of 2017 amendments to Internal Revenue Code (IRC) Section 174 require that specific research and experimental expenditures be capitalized and amortized over five years if incurred in the U.S. Read more
or fifteen years if incurred in a foreign jurisdiction beginning in our fiscal 2023. Although Congress is considering legislation that would defer, modify or repeal this capitalization and amortization requirement, the possibility that this will happen is uncertain. If this requirement is not deferred, modified or repealed, we may continue to incur additional cash taxes.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Mar 25, 2026 ↗ with the 10-K filed Mar 27, 2025 ↗.
25
What to watch going forwardSite analysis
- Hyperscaler shipments and royalties.
- Evergreen//One growth.
- GAAP operating margin.
- Flash pricing and supply.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:06 (SEC EDGAR) · Source 10-K filed: March 25, 2026
Built on10-K FY2026 · filed 2026-03-25Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Everpure’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.