At a glance
Everpure Inc is worth $45.72B, about 250 times its fiscal 2026 earnings. Revenue grew 15.6% to $3.66B in fiscal 2026, with 5.1% kept as profit; over 5 years it has grown 16.8% a year. It pays no dividend; it spent $1.27B buying back its shares over FY2022–FY2026. The stock returned +40.6% over the past year with dividends reinvested and +38.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.2% in the 2020 crash (S&P 500: 33.7%) and 38.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 13 months after the lows.
The business in plain English
Everpure, Inc., formerly Pure Storage, sells data storage systems and the software that runs them. It started with all-flash storage, which keeps data on memory chips instead of spinning hard disks. Its Everpure Platform is built on the Purity operating system and the company's own DirectFlash modules. It lets large organizations store and manage data across their own data centers, public clouds such as Amazon Web Services and Microsoft Azure, and edge sites.
The company earns money in two ways. In the fiscal year ended February 1, 2026, product sales, mainly storage systems, brought in about $1.97 billion. That was 53.8% of $3.66 billion in total revenue. Subscription services brought in about $1.69 billion, or 46.2%. Its subscription offering, Evergreen//One, works as storage as a service. Customers pay for promised capacity and performance levels, and Everpure supplies and upgrades the hardware.
Customers include large companies and government agencies, and Everpure relies on partners to help sell. In fiscal 2026 it began shipping flash storage to a major hyperscaler, meaning a giant cloud operator, to replace hard disks. The United States supplied 67.3% of fiscal 2026 revenue, about $2.46 billion, and the rest of the world supplied 32.7%. In February 2026 Everpure agreed to buy 1touch, which makes data discovery and governance software.
Price history
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P +40.6% over the year to Oct 29, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $1.97B | 53.8% |
| Subscription services | $1.69B | 46.2% |
By geography
| United States | $2.46B | 67.3% |
| Rest of the world | $1.20B | 32.7% |
Latest results
- In Q2 FY2027 (ended Aug 2, 2026), revenue was $1.19B, up 37.7% from a year earlier, and net income was $74.1M (+57.4%).
- For fiscal 2026, revenue was $3.66B (+15.6% year over year; +16.8% a year from FY2021 to FY2026) with a 5.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +16.8% good |
|---|---|
| Operating margin | 3.1% weak |
| Free cash flow margin | 16.8% good |
| Return on equity (FY2026) | 13% watch |
| Return on assets (FY2026) | 4% watch |
| Net cash (cash minus debt) | $385.7M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.68B | $-282.1M | $92.7M |
| FY2022 | $2.18B | $-143.3M | $307.8M |
| FY2023 | $2.75B | $73.1M | $609.1M |
| FY2024 | $2.83B | $61.3M | $482.6M |
| FY2025 | $3.17B | $106.7M | $526.9M |
| FY2026 | $3.66B | $188.2M | $615.7M |
Valuation snapshot
| Market value | $45.72B |
|---|---|
| P/E ratio | 249.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Everpure’s market value went from $4.46B at the end of 2019 to $45.72B on Oct 29, 2026, about 10.3 times as much; since the end of 2025 it is up 107%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 29, 2026 | $45.72B | +106.6% |
| 2025 | $22.12B | +10.4% |
| 2024 | $20.04B | +77.9% |
| 2023 | $11.27B | +39.2% |
| 2022 | $8.10B | -14.2% |
| 2021 | $9.44B | +53.0% |
| 2020 | $6.17B | +38.5% |
| 2019 | $4.46B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| P price data to Oct 29, 2026 | +104.7% | +40.6% | +60.9% | +38.6% | +27.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +104.8% |
| 2025 | +9.1% |
| 2024 | +72.3% |
| 2023 | +33.3% |
| 2022 | -17.8% |
| 2021 | +44.0% |
| 2020 | +32.1% |
| 2019 | +6.4% |
| 2018 | +1.4% |
| 2017 | +40.2% |
| 2016 | -27.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.2% over that stretch · deepest drop along the way 53.2%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.4% over that stretch · deepest drop along the way 38%, back to its old high 12.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 132 sales ($224.7M), 123 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 21, 2026 | John Colgrove Chief Visionary Officer, Director | sell (plan) | $10.8M |
| Sep 24, 2026 | John Colgrove Chief Visionary Officer, Director | sell (plan) | $7.8M |
| Sep 22, 2026 | John Colgrove Chief Visionary Officer, Director | sell (plan) | $7.4M |
| Aug 4, 2026 | John Colgrove Chief Visionary Officer, Director | sell (plan) | $7.1M |
| Oct 13, 2026 | John Colgrove Chief Visionary Officer, Director | sell (plan) | $6.0M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.5% | Sep 30, 2026 |
| Vanguard Capital Management | 7.36% | Sep 30, 2026 |
| Vanguard Portfolio Management | 4.72% | Sep 30, 2026 |
ETFs with the most weight in P
| SKYY First Trust Cloud Computing ETF | 3.86% |
| CNAV Mohr Company Nav ETF | 2.42% |
| THNQ ROBO Global Artificial Intelligence ETF | 2.12% |
| FCLD Fidelity Cloud Computing ETF | 2.1% |
| BAI iShares A.I. Innovation and Tech Active ETF | 1.97% |
| XMHQ Invesco S&P MidCap Quality ETF | 1.77% |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 1.11% |
| MDYG SPDR S&P 400 Mid Cap Growth ETF | 1.04% |
What could go wrong
- Hyperscaler bet may not pay off. Everpure is putting significant resources into flash storage for giant cloud operators. It warns this may not produce meaningful revenue, profit or cash flow, or lead to more hyperscaler deals.
- Few suppliers and rising component costs. Everpure relies on a limited number of suppliers, some single-source, and on outside contract manufacturers. Scarce, costlier components led it to raise prices in the first quarter of fiscal 2027, which could cost sales.
- Subscription shift makes results hard to predict. Subscription services were 46.2% of fiscal 2026 revenue. The mix between product sales and subscriptions changes over time, which affects reported growth. Failing to sell renewals would also hurt future revenue.
- Competition from established storage companies. Everpure faces intense competition from established companies, many with long-standing ties to key decision makers at customers. Its selling prices may also fall, squeezing gross margins, which it says vary from period to period.
- Thin operating profits leave little cushion. Everpure says investing for growth may pressure near-term profits. Its operating margin, the share of sales left after running costs, was 3.1% in fiscal 2026, so sales shortfalls can hit earnings hard.
- A volatile, richly valued share price. The company warns its stock is volatile. In the year to October 29, 2026, shares fell as much as 42.3% from a peak. On that date they traded at about 250 times fiscal 2026 earnings.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Bylaws or fiscal year changed
- Quarterly results released
- Quarterly results released; Executive or board change
For income and retirement investors
Everpure has never paid a dividend. Its 10-K filed March 25, 2026 says it does not expect to pay one in the foreseeable future. For an income investor, that means any return comes only from the share price. Drawing income would mean selling shares, possibly at low prices during a slump. The company spent about $1.27 billion buying back its own shares over fiscal 2022 to 2026. Even so, its share count rose 16.9% between September 2021 and August 2026.
The shares have fallen hard in downturns. In the 2020 COVID crash they dropped 53.2% between February 19 and March 18, 2020, then took about eight months to recover. In the 2022 bear market they fell 38% between March and May 2022, then needed 12.6 months to regain their peak. The price history does not reach back to the 2008 financial crisis. As with any single stock, Everpure carries more risk than a diversified fund.
Questions investors ask
Does Everpure pay a dividend?
No. Everpure has never paid a cash dividend on its common stock. Its 10-K filed March 25, 2026 says it does not expect to pay one in the foreseeable future. Instead, it returns cash through share buybacks and spent about $1.27 billion on them from fiscal 2022 through fiscal 2026. Even so, its share count rose 16.9% between September 2021 and August 2026. Shareholders receive no regular cash income from the stock.
Is Everpure the same company as Pure Storage?
Yes. Everpure, Inc. is the company formerly known as Pure Storage, Inc. Its shares trade on the New York Stock Exchange under the ticker P. Its filings describe a shift from selling flash-based storage systems to offering a broader storage and data management platform, called the Everpure Platform. Its 10-K filed March 25, 2026 still lists offerings such as the Purity operating system, DirectFlash modules, Evergreen//One subscriptions and Portworx container software.
How does Everpure make money?
Everpure makes money by selling data storage systems and subscription services. In the fiscal year ended February 1, 2026, revenue was about $3.66 billion, up 15.6% from the year before. Product sales made up 53.8%. Subscription services, including the Evergreen//One storage-as-a-service plan, made up 46.2%. The United States accounted for 67.3% of revenue and the rest of the world for 32.7%. In the quarter ended August 2, 2026, revenue rose 37.7% from a year earlier to about $1.19 billion.
Is Everpure profitable?
Yes, but its profits are slim compared with its sales. In fiscal 2026, which ended February 1, 2026, net income was about $188 million on $3.66 billion of revenue, a 5.1% net margin. Operating margin was 3.1%. Gross margin, the share of sales left after direct costs, was much higher at 70.4%. Free cash flow, the cash left after capital spending, was about $616 million. The company lost money in fiscal 2021 and 2022. At the October 29, 2026 price, the shares traded at about 250 times fiscal 2026 earnings.
How has Everpure stock performed?
It has risen strongly, but with big swings. As of October 29, 2026, the share price was up 104.7% year to date and 40.6% over one year. Over five years it rose about 411% in total, or 38.6% a year. Over 10 years it rose about 998%, or 27.1% a year. With no dividend, these price changes are the whole return. In the year to that date, the shares also fell as much as 42.3% from a peak. Their worst drop over the full price history was 69.4%.