Key Stats for Everpure Stock
- Past-Week Performance: +1.8%
- 52-Week Range: $34.5 to $100.6
- Current Price: $62.6
What Happened?
Rebranding from Pure Storage (PSTG) to Everpure, the data storage company posted its first billion-dollar quarter in Q4, with revenue hitting $1.1 billion and remaining performance obligations — a measure of contracted future revenue — surging 40% to $3.7 billion, signaling demand that far outpaces what the income statement currently shows, even as shares sit at $62.63.
Everpure reported Q4 revenue of $1.1 billion on February 25, beating the LSEG consensus of $1.03 billion by 6.7%, while simultaneously guiding FY27 revenue to $4.3 billion to $4.4 billion, an 18.8% increase at the midpoint that accelerates from the 16% growth the company delivered in FY26.
FlashBlade//EXA, Everpure’s high-performance storage system built for large-scale artificial intelligence and GPU-intensive computing workloads, secured its first customer win in Q4 after a competing vendor was displaced following a head-to-head performance test, and Everpure disclosed on March 16 that the system now powers 6,300 simultaneous AI jobs in the SPEC Storage AI_Image benchmark, moving data 2x faster than its closest rival per internal MLPerf measurements.
Tarek Robbiati, Chief Financial Officer, stated on the Q4 2026 earnings call that “our RPO has increased 40% in Q4, which really [is] a test of the validity of the model and the fact that in uncertain times, customers tend to turn to solutions like Evergreen//One for their needs,” directly supporting the company’s February 25 disclosure of $3.7 billion in contracted backlog.
Everpure’s path to sustained share gains rests on three converging drivers: the FY27 hyperscaler ramp concentrated in Q3 and Q4, the commercial rollout of FlashBlade//EXA across dozens of advanced-stage GPU cloud prospects, and the pending 1touch acquisition — targeting data contextualization and AI readiness — which management projects will turn accretive within 24 months, all underpinned by $329 million remaining under the active buyback program.
Wall Street’s Take on PSTG Stock
The $3.7 billion RPO base — contracted revenue not yet recognized — directly underpins the 19.4% FY27 revenue growth estimate of $4.37 billion, making the forward case a function of backlog conversion, not demand speculation.
Normalized EPS is expected to rise from $1.99 in FY26 to $2.31 in FY27, a 16.3% increase, supported by EBITDA margin expansion from 21.4% to 23.0% as the hyperscaler business, which carries 75% to 85% gross margins, scales into the second half of FY27.
Fourteen of 19 analysts covering PSTG rate it a buy or outperform, with a mean price target of $91.21 that implies 45.6% upside from the current $62.63, anchored on the FY27 hyperscaler ramp and FlashBlade//EXA commercial acceleration the company confirmed at its February 25 earnings call.
The spread between the $63 low target and $105 high target reflects a binary on hyperscaler expansion: the low assumes Everpure remains a one-customer hyperscaler story, while the high prices in a second confirmed hyperscaler win that management said is progressing through engineering qualification.
What Does the Valuation Model Say?
The TIKR mid-case target of $110.03 assumes 11.8% revenue CAGR through FY31 and net income margin expansion to 20.6%, inputs grounded directly in Everpure’s $4.3 billion to $4.4 billion FY27 guide and the structural shift in gross mix toward high-margin hyperscaler and subscription revenue.
The market prices PSTG near its 52-week low of $34.51’s recovered level at $62.63, yet $3.7 billion in RPO sits unrecognized on the income statement.
FlashBlade//EXA’s first customer win and advanced-stage pipeline of dozens more directly justifies the TIKR model’s 11.8% revenue CAGR; the mid-case $110.03 target requires no second hyperscaler — only execution on what management already confirmed.
Tarek Robbiati’s disclosure that free cash flow tracks within 50 basis points of operating margin, with FCF projected at $770 million in FY27, confirms this is a compounding cash machine, not a growth story priced on hope.
Component cost volatility — NAND prices more than doubled over six months — is the single input that breaks the 65% to 70% product gross margin floor, and any sustained deterioration beyond the February 9 price increase would compress the FY27 operating income guide of $780 million to $820 million.
Q1 FY27 results, due after the April 17 quiet period, are the confirming event: watch whether revenue lands above $1.0 billion at the midpoint and whether product gross margins show early recovery from the Q1 trough Everpure guided.
Should You Invest in Everpure, Inc.?
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