P

Everpure (formerly Pure Storage, NYSE: PSTG) is a high-quality, capital-light storage and data-management platform company that has decisively crossed from cash-burn into durable profitability. Revenue has compounded from $2.18B (FY2022) to $3.66B (FY2026), with FY2026 up 15.6% YoY, and the bottom line has inflected hard: net income swung from -$143M in FY2022 to $188M in FY2026 (+76.3% YoY), with diluted EPS up 77.4% to $0.55. Gross margin of 70.4% is software-like and confirms pricing power, while $880M of operating cash flow against $264M capex generates substantial free cash. The balance sheet is pristine — zero long-term and current debt, $855M cash, and $1.45B of equity — giving management room to keep returning capital ($343M of buybacks in FY2026) without strain.

Read the full thesis with Pro →