One-glance verdict
Within fair range
$56.78 our estimate vs market $67.80
Wall Street consensus: $89.89 (58.3% higher than our fair-value estimate)
19% above our estimate
Fundamentals snapshot
Everpure Inc
PSTG · NYQ · Technology · Computer Hardware
Current price
$67.80
52-week range
$43.51 - $100.59
Market cap
$22.41B
Balance sheet
Healthy
34.02x Strong cushion
Net cash $322.93M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
1 Risk
2 rewards · 1 risks
- Reward Revenue grew 15.6% last year.
- Reward Free cash flow was positive in 4/10 years.
- Risk Operating margin compressed from 3.0% to -18.5% over 3 years.
What this company does
Everpure Inc
Everpure sells high-speed data storage hardware and related software to other businesses that need to manage huge amounts of information. The company makes money from both one-time sales of its physical storage equipment and from recurring revenue (predictable income that comes from ongoing customer subscriptions) for its management software. This is important because as the world creates more data, companies increasingly need fast and reliable systems to store and analyze it for everything from daily operations to artificial intelligence.
How the company got here
Founded in 2009, the company (then named Pure Storage) aimed to solve a major bottleneck in corporate computing. Businesses were using powerful computers, but they were slowed down by old-fashioned, spinning hard disk drives. Everpure pioneered the use of all-flash storage, the same type of fast memory found in smartphones, to create high-speed data storage systems for large enterprises. This innovation made accessing huge amounts of data much faster and more reliable, establishing the company as a key player in the industry before it rebranded to Everpure Inc. in 2026.
What it actually does
Think of Everpure as providing ultra-fast, highly organized digital filing cabinets for large organizations like banks, hospitals, and tech companies. These companies store all their critical information—from customer databases to the data needed for AI applications—on Everpure's systems. Everpure's products are designed to be simple to manage and can be upgraded without causing disruptions, which is a major selling point for businesses that need to operate around the clock. The company's goal is to make storing and accessing massive amounts of data uncomplicated.
Products
This segment includes the physical hardware the company sells for businesses to install in their own data centers (private computer rooms). Its main product lines are FlashArray, which handles structured data like databases, and FlashBlade, which is built for unstructured data like videos, analytics, and AI workloads. This is the company's traditional business, where customers make a one-time purchase of the equipment. Historically, product sales have made up a little more than half of the company's revenue (the total money it brings in).
Subscription Services
This is a large and fast-growing part of the business that provides recurring revenue (income that is predictable and likely to continue). Instead of just buying hardware, customers pay a recurring fee for a bundle of services. This includes the "Evergreen" program, which provides continuous software updates and hardware refreshes without forcing customers to buy entirely new systems. This segment also includes cloud-based software and services that help customers manage their data, representing a strategic shift toward a more stable, service-oriented business model.
What management is betting on now
The company's main focus is expanding its subscription offerings, shifting from one-time hardware sales to providing "storage-as-a-service." This strategy creates more predictable, long-term revenue and is popular with customers who prefer paying over time. Everpure is also heavily investing in solutions for artificial intelligence (AI), as AI applications require the kind of fast, high-capacity storage that its products provide. Finally, the company is focused on hybrid cloud environments, offering tools that allow businesses to seamlessly manage their data whether it's stored in their own facilities or with public cloud providers.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $56.78 vs current price $67.80
Wall Street consensus is the average analyst price target: $89.89 (58.3% higher than our fair-value estimate).
Our most-likely fair value is $56.78 a share — about 16.2% away from today's price of $67.80, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $322.9M - more cash than debt. Interest coverage 34.0x.
Net debt
$-322.93M
Interest coverage
34.02x
Everpure Inc is healthier than 0 of 1 peers on balance-sheet leverage.
Healthy
Worse cushion
Baseline
Better cushion
PSTG
BASELINE
Everpure Inc
Total debt $911.25M Interest coverage 34.02x This is the baseline the peer rows are being compared against.
What you should know
The case for and against PSTG
2 Rewards
1 Risk
Rewards
-
Revenue grew 15.6% last year.
-
Free cash flow was positive in 4/10 years.
Risks
-
Operating margin compressed from 3.0% to -18.5% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
123.27x
Forward P/E
23.88x
P/B
15.49x
P/S
6.12x
EV/EBITDA
83.04x
PEG ratio
1.53x
Profitability
How much profit each dollar creates
Gross margin
70.4%
Operating margin
-18.5%
Net margin
5.1%
ROE
13.7%
ROA
1.7%
Health
Liquidity and balance-sheet strength
Debt / equity
1.27x
Current ratio
1.60x
Quick ratio
1.44x
Total debt
$911.25M
Total cash
$1.23B
Growth
How the business has been compounding
Revenue TTM
$3.66B
Revenue 5Y CAGR
10.0%
EPS TTM
0.55
EPS 5Y CAGR
33.7%
Cash flow
How much cash the business throws off
Operating CF TTM
$880.09M
Free CF TTM
$615.74M
FCF margin
16.8%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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