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What this page is: Delvantic's full research page for Everpure Inc. (P) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-23): Designation Low · Gem Score -32 (−100…+100 Quality+Value blend) · Quality 31 · Value -83 · Sentiment 33 (timing only, not weighted) · Composite fair value $28.74 vs $108.55 at analysis
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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Everpure Inc.
P NYSEEverpure Inc. is a global technology company focused on data storage and management solutions for enterprises. The company provides an integrated platform that combines storage hardware, software, and cloud-based services to help organizations store, manage, protect, and access structured and unstructured data across on-premises, hybrid cloud, and public cloud environments. Its product portfolio includes all-flash storage systems, file and object storage capabilities, cloud-native data services, and centralized management tools designed for databases, virtual machines, analytics, backup, recovery, and AI workloads. Everpure Inc. also offers subscription-based and consumption-based services that support flexible deployment and operational efficiency. Headquartered in Santa Clara, California, Everpure Inc. serves customers across industries such as technology, financial services, healthcare, manufacturing, and public sector organizations that rely on scalable, secure, and high-performance data infrastructure.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 0.55
Total Equity: $1.45B
Shares: 342,992,000
Total Debt: $0.00
Cash: $854.87M
EBITDA: $251.62M
Total Debt: $0.00
Cash: $854.87M
Revenue: $3.66B
Revenue: $3.66B
Revenue: $3.66B
Total Equity: $1.45B
Tax Rate: 16.1%
Equity: $1.45B
Total Debt: $0.00
Cash: $854.87M
Current Liabilities: $1.91B
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $1.45B
Shares: 342,992,000
Shares: 342,992,000
CapEx: -$264.34M
Shares: 342,992,000
Stock Price: $108.55
Net Income: $188.18M
Industry Benchmarks
Income Statement (Annual)
Last updated: Aug 22, 2026 4:52pm (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $2.2B | $2.8B | $2.8B | $3.2B | $3.7B |
| Cost of Revenue | $708.3M | $855.8M | $809.4M | $955.5M | $1.1B |
| Gross Profit | $1.5B | $1.9B | $2.0B | $2.2B | $2.6B |
| Operating Expenses | $1.6B | $1.8B | $2.0B | $2.1B | $2.5B |
| Operating Income | -$98.4M | $83.5M | $53.6M | $85.3M | $114.8M |
| Net Income | -$143.3M | $73.1M | $61.3M | $106.7M | $188.2M |
| EBITDA | -$32.5M | $170.5M | $166.2M | $199.8M | $251.6M |
| EPS | $-0.50 | $0.24 | $0.20 | $0.33 | $0.57 |
| EPS (Diluted) | $-0.50 | $0.23 | $0.19 | $0.31 | $0.55 |
Balance Sheet (Annual)
Last updated: Aug 22, 2026 4:37pm (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | — | $580.9M | $702.5M | $723.6M | $854.9M |
| Total Current Assets | — | $2.5B | $2.5B | $2.6B | $3.1B |
| Total Assets | — | $3.5B | $3.7B | $4.0B | $4.7B |
| Current Liabilities | — | $1.7B | $1.4B | $1.6B | $1.9B |
| Long-Term Debt | — | $0 | $100.0M | $0 | — |
| Total Liabilities | — | $2.6B | $2.4B | $2.7B | $3.2B |
| Total Equity | — | $941.2M | $1.3B | $1.3B | $1.4B |
| Retained Earnings | -$98.1M | -$1.5B | -$1.5B | -$1.4B | -$1.2B |
Cash Flow (Annual)
Last updated: Aug 22, 2026 4:52pm (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | $410.1M | $767.2M | $677.7M | $753.6M | $880.1M |
| Capital Expenditure | -$102.3M | -$158.1M | -$195.2M | -$226.7M | -$264.3M |
| Free Cash Flow | $307.8M | $609.1M | $482.6M | $526.9M | $615.7M |
| Acquisitions (net) | $0 | -$2.0M | $0 | $0 | -$4.3M |
| Net Debt Issued / (Repaid) | -$2.1M | -$257.2M | -$479.3M | -$8.1M | -$103.5M |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$200.2M | -$219.1M | -$135.8M | -$374.0M | -$342.6M |
| Net Change in Cash | $129.1M | $114.7M | $120.7M | $25.6M | $127.2M |
Growth Trends (YoY %)
Last updated: Aug 22, 2026 4:52pm (1d ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | +26.3% | +2.8% | +11.9% | +15.6% |
| Gross Profit Growth | +28.9% | +6.5% | +9.5% | +16.5% |
| Operating Income Growth | +184.9% | -35.9% | +59.2% | +34.7% |
| Net Income Growth | +151.0% | -16.1% | +74.1% | +76.3% |
| EBITDA Growth | +624.7% | -2.6% | +20.2% | +26.0% |
Deep Analysis
Risk : Reward — if the last quarter repeats
Live · as of 2026-08-22 16:59Even the bull case prices 37% below today — the ratio here measures the model-vs-market gap, not payoff odds. Another quarter like the worst recent one costs 96%.
| Case | Growth | Margin | Fair value | vs price ($108.55) |
|---|---|---|---|---|
| Bull — recovery | +48% | 23.5% | $68.58 | -37% |
| Base — stabilizes | +32% | 20.5% | $39.02 | -64% |
| Bear — keeps slipping | +16% | 17.4% | $20.95 | -81% |
| Stress — last quarter repeats | +13% | 2.9% | $3.93 | -96% |
Narrative Economics
market-narrative step).
Growth Outlook
Analyzed 2026-08-22 16:58The question every valuation on this page silently assumes: is this company likely to grow? Judged forward — the business, its category, the world — against what's already printed.
Claude Reading
Looking at the raw numbers first: revenue trajectory is genuinely strong — $763.8M (Q2 FY25) → $1.05B (Q1 FY26), a 37% YoY jump in the most recent quarter, with FY26 annual revenue of $3.66B up 15.5% from $3.17B. But the most recent quarter's net margin collapsed to 2.3% from 9.5% the prior quarter, and Q1 FY25 was actually a $14M loss. That volatility matters: annual net income of $188M on $3.66B revenue is a 5.1% net margin, and the trajectory is not smoothly upward — it's lumpy. Operating margin of 3.1% on the full year is thin for a company trading at 10x sales. FCF of $616M is the one genuinely impressive number — that's a ~1.7% FCF yield on $36B market cap, which is a growth-stock yield, not a value one. Balance sheet is pristine: zero debt, $855M cash.
The synthesis verdict of $34 fair value against $108 price feels directionally right but the magnitude is aggressive. A DCF that produces $34 implies terminal margins staying near current levels (~5% net) and growth decelerating fast. If you believe the bull case that mix shift to subscription lifts net margins to 10-12% over 4-5 years while revenue compounds at 13-15%, you could justify $60-75 — still well below $108, but not $34. The synthesis and market-forces layers are both bearish and I broadly agree with the direction, but I'd anchor fair value at $55-65, not $34. The 197x P/E and 138x EV/EBITDA are correctly flagged as unreliable — earnings are structurally noisy here (Q1 FY25 loss, Q1 FY26 margin crash), so multiples on trailing NI are near-useless. EV/Sales of 9.5x is the honest number, and that's rich for a hardware-heavy business growing 13-15% with 3% operating margins, even generously reweighted for software mix.
The contrarian case: revenue is genuinely accelerating (Q4 FY26 $1.06B, Q1 FY26 $1.05B are both step-changes from the $780-830M band a year prior), gross margin at 70.4% is legitimately software-like, and FCF conversion is excellent ($880M OCF on $188M NI means huge deferred revenue / working capital tailwind, consistent with subscription mix shift). If the narrative-economics "data fabric for AI" story is even partially right, revenue could compound at 18-20% for another two years and the market's 10x sales looks defensible in hindsight. But — and this is where I dissent from the bull — the insider activity is damning. Multiple sales across two days (Aug 13-14, 2026) plus 165K shares in "gifts" (often a tax-optimized precursor to charitable sales) is not a signal of management confidence at $108. Combined with the 5.36x accrual ratio flagged by market-forces, earnings quality is suspect precisely when the narrative demands quality earnings expansion.
I agree with the synthesis direction (overvalued) but partially dissent on magnitude. Fair value is closer to $60-70 than $34; the DCF is likely under-crediting the subscription mix shift and FCF durability. However, at $108, the risk/reward is clearly negative: you're paying for flawless execution of a platform transition while insiders are selling into the strength, one hardware cycle turn could compress margins back to 2022's negative territory ($143M loss on $2.18B revenue is only four years back), and hyperscaler competition is real. The lumpy quarterly margins (2.3%, 9.5%, 5.7%, 5.5%, -1.8%) suggest this business is more cyclical than the narrative admits. I'd short-list this for a re-entry closer to $65 or wait for a quarter where the margin normalization proves out. Not a short candidate — balance sheet is too clean and revenue momentum too real — but not ownable here.
GPT Reading
The first thing I would not do is lean on the headline P/E of 197x or EV/EBITDA of 138x as if they are precise; those are distorted by still-thin earnings. But even after correcting for that, the stock still looks expensive. The operating business is improving: annual revenue has climbed from $2.18B in 2022 to $3.66B in 2026, a 68% increase, gross margin is a very healthy 70.4%, and free cash flow reached $615.7M on $880.1M of operating cash flow with zero debt and $854.9M of cash. That is a real business, not a concept stock. The problem is what investors are paying for it. At a $36.1B market cap, the company trades at about 9.9x trailing revenue and roughly 58x trailing free cash flow. For a hardware-adjacent infrastructure company with a 3.1% operating margin and 5.1% net margin, that multiple already assumes a large step-function in profitability that the reported numbers have not yet delivered.
The recent quarterly progression actually reinforces that concern. Revenue growth has been strong, from $763.8M in the August 2024 quarter to $1.05B in the May 2026 quarter, about 37% over seven quarters, and the latest quarter was up roughly 35% year over year versus $778.5M. But profitability is lumpy and unimpressive relative to the valuation. Net income went from $100.3M in February 2026 to just $24.1M in May 2026 even as revenue only slipped slightly from $1.06B to $1.05B, collapsing net margin from 9.5% to 2.3%. Over the last four reported quarters, net income sums to about $226M on roughly $3.93B of revenue, only a 5.8% trailing margin. If this is supposed to be becoming a software-like platform, the margin structure still looks much more like a company spending hard to sustain growth in a competitive infrastructure market. Strong gross margins tell you there is value in the product, but low operating conversion tells you pricing power and operating leverage are not yet showing up where shareholders need them.
What stands out most is the mismatch between quality and valuation, not quality and business viability. Everpure’s balance sheet is excellent, and the cash generation is materially better than GAAP earnings, which makes me more constructive on the franchise than a simple P/E screen would. Yet even if I generously capitalize the business on free cash flow rather than earnings, 58x FCF is a steep price for 13%-14% multiyear revenue growth and mid-single-digit net margins. To justify $108.55, I think you need a believable path to something like $6B+ revenue with low-teens operating margins, or current revenue with SaaS-like earnings conversion. The data here does not prove either. Instead it shows a company that has grown revenue from $3.17B to $3.66B year over year, while operating income only rose from $85.3M to $114.8M. That is progress, but not enough progress to support a premium usually reserved for businesses with much cleaner margin trajectories.
The best pushback is straightforward: this may be exactly the awkward middle period before margins inflect. Gross profit rose from $1.47B in 2022 to $2.58B in 2026, far outpacing the rise in operating income, which a bull would read as deliberate reinvestment rather than structural weakness. The company has no debt, nearly $855M of cash, ROIC of 16.3%, and free cash flow of $615.7M against only $188.2M of net income, suggesting the economics are stronger than the income statement implies. On that reading, the market is looking through temporary mix shift, stock comp, or transition costs and valuing Everpure on future normalized margins rather than today’s depressed ones. I take that seriously. I also think the market may be rewarding scarcity: there are not many subscale infrastructure names with this revenue growth, 70% gross margin, and this clean a balance sheet. But I weigh it differently because the quarter-to-quarter earnings volatility and still-low operating margin say normalization is an assumption, not an achieved fact.
What would change my mind is simple: I need to see operating leverage become persistent instead of episodic. If Everpure can sustain revenue above $1.05B per quarter while holding net margin near or above the February 2026 quarter’s 9.5% level for several quarters, or deliver annual operating margin above 8%-10% without cash flow quality deteriorating, then the premium would be much easier to defend. I would also become less skeptical if insider activity shifted away from clustered sales/gifts and if trailing free cash flow moved toward $800M+ while growth stayed above the mid-teens. Absent that, this is a good company priced like a great one, and the gap is too wide.
Grok Reading
The numbers describe a competent, cash-generative storage vendor that the market has decided to price as if it were already a scaled AI infrastructure platform. Revenue has compounded at a respectable 13.8 percent CAGR to $3.66 billion, with the latest four quarters running at a $4-plus billion annualized clip and recent year-over-year growth near 15.6 percent. Gross margin sits at an enviable 70.4 percent and free cash flow for the February 2026 year reached $615.7 million on operating cash flow of $880 million with zero debt and $855 million of cash. Those are real strengths. What they do not support is a $36 billion enterprise value, a 197x trailing P/E, 10.2x sales, or 138x EV/EBITDA. Operating margin is still only 3.1 percent and net margin 5.1 percent; the most recent quarter delivered just $24.1 million of net income on $1.05 billion of revenue—a 2.3 percent margin that reversed the prior quarter’s 9.5 percent print. Earnings “growth” of 75 percent is largely the arithmetic of climbing off a low base and a prior loss year, not evidence of durable operating leverage at scale.
The valuation synthesis fair value near $34 and the narrative layer’s 218 percent premium to DCF are directionally correct. The stock is being carried by the story that Everpure becomes the indispensable data fabric beneath every AI workload, converting hardware capex into sticky high-margin subscription revenue. That story is coherent with secular data growth, yet the reported economics remain those of a hybrid hardware-software vendor whose incremental dollars still look hardware-heavy. Rule-based classification as “high-growth profitable” overstates both the growth (mid-teens is solid, not hyper) and the profitability quality given the thin operating line and the accrual-ratio flag. Heavy insider selling across mid-August—multiple open-market dispositions totaling tens of thousands of shares on top of large gifts—adds a clear negative signal from people who see the books.
The strongest counter-argument is the cash-flow machine itself. A company throwing off $616 million of FCF, carrying no leverage, posting 70 percent gross margins, and sitting in the AI storage conversation can justify a premium multiple if the mix shift accelerates. A bull can fairly note that net income has more than doubled from the $106.7 million of fiscal 2025 to $188.2 million, that quarterly revenue has marched from the mid-$700 millions to over $1 billion in two years, and that any credible path to 12–15 percent net margins on a larger base would make today’s earnings look temporarily depressed. In that framing the 197x P/E is an artifact of trough margins rather than permanent overvaluation, and the platform-monopoly narrative is simply early. I weigh that case as real optionality, not as current fact: nothing in the last eight quarters shows operating leverage expanding in a straight line, the latest quarter’s margin collapse is a reminder of hardware cyclicality, and competing storage layers inside the hyperscalers remain an unresolved threat to pricing power.
I would reverse to a constructive stance if two consecutive quarters show net margins sustaining above 10 percent while revenue growth re-accelerates through 20 percent, or if the company reports subscription/ARR mix crossing 50 percent of revenue with visible net revenue retention above 120 percent. Absent that evidence, the $108.55 price remains a narrative multiple detached from the cash flows on offer.
Big-3 Panel — where each AI stands
Advanced Analysis Forensic deep-dive · separate lenses
Revenue compounds cleanly from $2.18B (2022) to $3.66B (2026), gross margin has expanded from 67.5% to 70.4%, and FCF has scaled from $308M to $616M with OCF/NI of 6.09x and accruals at -16.9% of assets - earnings quality is legitimately strong (Beneish -2.88, Altman Z 7.51). The balance sheet is a fortress for its size: $855M net cash and self-funding operations, so survival math is not in question. Classification as high-growth-profitable fits the cash flow evidence. The blemishes are structural rather than acute. GAAP operating margin sits at just 3.1% despite 70%+ gross margins, meaning nearly all gross profit is being consumed by opex - a lot of which is SBC at 13.2% of revenue. Diluted shares grew from 285.9M to 343.0M (a 4.7% CAGR), and buybacks only offset 68.8% of SBC, so per-share value is leaking. GAAP net income of $188M is real but modest against $3.66B revenue. Insider activity is one-sided: 67 sales for $98M against zero buys in the last twelve months, with founder/insider Colgrove selling in size while also making large gifts. Not a red flag on business quality per se, but no insider is signaling conviction at current levels.
Verify before trusting this (5)
- SBC composition and vesting cadence - is the 13.2%-of-revenue run-rate sustainable or front-loaded?
- Customer concentration and enterprise renewal rates from the 10-K to assess durability of the growth curve.
- Whether the 2024 operating margin dip (1.9%) reflects one-time items or a structural cost step-up.
- 10b5-1 plan disclosures behind the Colgrove selling program to distinguish scheduled from discretionary sales.
- Segment or product mix detail supporting the gross margin expansion from 67.5% to 70.4%.
The e2e synthesis pegs composite fair value at $28.74 and signal-adjusted at $34.13, implying ~-69% downside from $108.55. Even taking the most generous single method - DCF at $40.62 - the stock still trades at a ~2.7x premium, while the EPV floor of $4.17 flags that current cash earnings support very little of today's price without heroic growth. Anchored PE at $17.10 tells the same story: on a normalized-multiple basis this is a $17-40 stock, not a $108 stock.
Verify before trusting this (4)
- Durability and net retention of subscription/software revenue vs hardware mix
- Hyperscaler competitive commentary in transcripts - are they winning or losing enterprise AI storage deals
- Forward operating margin guidance and whether GAAP profitability is inflecting
- SBC trajectory and net share count change year over year
The active story here is a platform-monopoly, AI-infrastructure narrative with strong intensity and medium cult following - exactly the archetype the current tape rewards. News flow in the last 72 hours is uniformly supportive: a Gartner Magic Quadrant Leader designation (second consecutive year), Wedbush publicly flagging a beat-and-raise Q2, and sell-side previews leaning into Evergreen/One and Purity Fusion momentum. With Nvidia headlining the same earnings week, AI-adjacent storage names get sentiment spillover, and P's 1.41 beta means it captures more of that upside than the average name. The risk-on regime (score +32, VIX ~15) is a mild but real tailwind for a high-beta AI story. Momentum is strong-positive and the recent Aug-10 hyperscaler design-win move shows the narrative is still capable of generating fresh up-legs. Analyst tone is skewing bullish into the print. The one meaningful counterweight is the May-28 tape reaction - a 35% revenue beat that sold off 14.8% - which is a warning that expectations are already elevated and a merely-good print can be sold. Durability of the story is only 'moderate' and the fundamentals-vs-price gap is enormous (DCF $34 vs $108), so the narrative is doing all the heavy lifting; any crack (hyperscaler competitive commentary, guide softness) would hit hard. Net: pressure is currently pushing up, but it is a taut, event-driven tailwind rather than a durable one.
Verify before trusting this (4)
- Q2 print reaction - does a beat-and-raise actually get rewarded this time, or does it sell off like Q1?
- Any hyperscaler commentary on in-house storage layers during their prints
- Whether Evergreen/One subscription mix continues to expand (keeps the SaaS-like framing alive)
- VIX behavior and AI-cohort breadth around Nvidia earnings
Enterprise data volumes are expanding faster than budgets, which favors vendors whose economics improve with density and whose software layer travels across on-prem, hybrid and public cloud. The AI buildout is a genuine demand pull for high-throughput flash beneath training and inference pipelines, and that pull is what most plausibly explains the step from ~15% to 35% growth. The counterweight is that the same AI wave strengthens hyperscalers, who have every incentive to absorb the storage layer into their own stacks. Structurally, the company sits in a growing category with a defensible software/management position, but the long-run ceiling is set by how much of the data fabric the clouds insource. Nothing in the world read supports permanent 30%+ compounding.
When we made this prediction on Aug 23, 2026, P was $108.55. We expect it to be $92.50 by Feb 2027, and we consider it great value under $45.00. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Aug 23, 2026.
Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.