A leading all-flash storage company rebranded from Pure Storage to Everpure. Achieved first $1B quarterly revenue in FY26, ARR +25% YoY growth. Can DirectFlash technology prove the value of bottleneck assets amid the NAND crisis?
Everpure (formerly Pure Storage) declared its transition to a data infrastructure company in the AI era with a rebranding on March 5, 2026. FACT FY26 Q4 revenue $1.058B (+20% YoY) exceeded $1 billion for the first time, and EPS $0.69 surpassed consensus $0.64 by +7.8%.
Subscription transition is accelerating. ARR $1.69B (+25% YoY), RPO $3.7B (+40% YoY) significantly improved future revenue visibility. FACT Subscription revenue accounted for 42% of the total in Q4, with the Evergreen//One model strengthening customer lock-in.
However, risks are also evident. NAND prices have soared more than twofold, and INFERENCE it may be difficult to completely offset the increase in cost of goods sold even with a 20% price increase. Along with the macro slowdown (GDP +0.7%, February employment -92K), the stock price is down -39% from its 52-week high. FACT
Conclusion: Equal Weight EW rating with a signal weighted sum of +18 points. Conditional upgrade to OW upon confirmation of $55-57 support line or a Q1 FY27 earnings surprise. Probability-weighted target price $64.3.