Pure Storage Is Now Everpure (NYSE: P): Stock Analysis

Pure Storage no longer exists as a public company name. In February 2026, the company announced it was rebranding to Everpure, Inc., and it began trading on the NYSE under the ticker NYSE: P (replacing its former symbol PSTG) in early March 2026. The underlying business is unchanged: Everpure makes all-flash enterprise data storage systems, runs them on proprietary software called Purity, and sells a subscription plan called Evergreen//One to cloud providers, AI data centers, and Fortune 500 companies. It does not sell consumer products.

Most people searching “pure storage stock” today are working with stale information. LLMs are citing outdated data, and several financial screeners had not yet updated from PSTG to NYSE: P as of our June 2026 review. We pulled verified figures from stockanalysis.com and the company’s public filings on June 18-19, 2026 to give you an accurate picture of what Everpure is, what its stock looks like right now, and whether NYSE: P belongs on your watchlist.

What Everpure Does (Formerly Pure Storage)

Everpure sells all-flash storage arrays to enterprises that have outgrown traditional hard-drive-based storage systems. An all-flash array is a data storage cabinet filled entirely with NAND flash chips rather than spinning magnetic disks. Flash storage reads and writes data orders of magnitude faster than a hard drive, which matters when you are training a large AI model, running a financial trading platform, or managing a hospital’s real-time patient records.

The company’s core product runs on Purity, its proprietary operating system that handles data reduction, encryption, and performance tuning across the flash hardware. Where Everpure has separated itself from standard hardware vendors is with Evergreen//One, a storage-as-a-service subscription that lets customers pay monthly for capacity rather than buying physical arrays outright. This shifts Everpure’s revenue model closer to software than hardware, which is why its gross margins are substantially higher than a typical storage hardware manufacturer.

In February 2026, alongside the rebrand announcement, Everpure disclosed its intent to acquire 1touch, a data governance company. The deal signals that Everpure is expanding beyond raw storage infrastructure into the broader data management layer, which puts it on a potential collision course with NetApp’s ONTAP platform. For a deeper comparison of those two companies, see our NetApp stock analysis.

Who Buys Everpure Storage

Everpure’s customers are mostly large enterprises and cloud infrastructure operators. The company does not break out individual customer names in routine filings, but its public marketing targets financial services firms, healthcare networks, federal government agencies, and AI training clusters run by technology companies.

The AI angle is the one that has attracted investor attention. Training a large language model or a computer vision system requires reading and writing enormous datasets repeatedly, and the speed of storage directly affects how quickly a model can be trained. All-flash arrays like Everpure’s eliminate the bottleneck that spinning hard drives create. As AI workloads have moved from research labs into production enterprise environments, Everpure has positioned itself as the storage layer for that transition.

Its two primary competitors in this segment are NetApp (Nasdaq: NTAP) and Dell with its PowerStore all-flash array line. Dell is a direct competitor, not an owner of Everpure. The company was not acquired by Dell and is not delisted.

Everpure Financials Snapshot (NYSE: P)

The numbers below are pulled from stockanalysis.com and company filings, verified June 18-19, 2026. U.S. markets were closed June 19 (Juneteenth), so price reflects the June 18 close.

The gap between the trailing P/E (114.8x) and the forward P/E (29.5x) is meaningful. It reflects analyst consensus that earnings will grow significantly over the next twelve months, driven by Evergreen//One subscription revenue scaling faster than the cost base. Revenue grew 21% year over year on a trailing basis, which is solid for an enterprise infrastructure company with a $24.8 billion market cap.

No dividend is paid. This is a growth-stage infrastructure company reinvesting in its subscription platform and now the 1touch acquisition.

How Everpure Stacks Up Against NetApp and Dell

NetApp, Everpure, and Dell target overlapping enterprise customers but with different architectures. Here is how the three compare on the dimensions that matter for the AI storage thesis:

NetApp’s ONTAP platform supports both all-flash and hybrid deployments and is deeply embedded in legacy enterprise environments. Everpure is all-flash only, which delivers better performance but higher upfront cost per petabyte. Dell competes through its PowerStore line with the advantage of an enormous sales force that can bundle storage with servers and networking in a single contract. Everpure’s answer to Dell’s scale is the Evergreen//One model: a consumption-based pricing structure that Dell does not offer equivalently.

In the AI data center context, Everpure’s all-flash approach maps well to inference workloads, where latency matters more than raw capacity. For bulk training data that is too large for all-flash at reasonable cost, customers typically pair high-capacity hard drives from Seagate or Western Digital with all-flash arrays for the “hot” working set. Everpure owns the hot-tier; cold-tier is someone else’s business.

For a broader view of the AI storage stock landscape, including comparisons across Everpure, NetApp, Seagate, and Micron, see our best AI infrastructure stocks overview.

The Bull Case for NYSE: P

The clearest bull argument for Everpure is the subscription transition. As Evergreen//One penetrates a larger share of the installed base, the revenue mix shifts toward recurring, high-margin contracts that compound over time. The forward P/E of 29.5x is not cheap, but it is far more defensible than the trailing multiple once you factor in the direction of revenue mix.

The rebrand itself is an underappreciated signal. Companies rarely invest in a full corporate identity change unless they are repositioning for a materially different phase of growth. The 1touch acquisition and the “Everpure” name both point toward a data management platform play rather than a pure hardware company. If that transition succeeds, the multiple could expand rather than compress.

The AI data center buildout creates a sustained demand environment for high-performance storage. Enterprise AI deployments are still in early stages for most large organizations. Everpure’s sales cycle tends to result in multi-year Evergreen//One contracts, which means once a customer is signed, churn is structurally low.

The Bear Case for NYSE: P

At $24.8 billion in market cap on $3.94 billion in revenue, you are paying roughly 6.3x trailing sales. For a company growing at 21%, that is not outrageous, but it leaves limited margin for error. A single quarter of decelerating growth could reprice the stock materially.

The 1touch acquisition introduces execution risk. Integrating a data governance company into an all-flash storage platform requires engineering coordination and customer messaging that does not always go smoothly. Acquisitions made during periods of premium valuation have a mixed track record.

Dell is a formidable competitor with a much larger sales motion. If Dell bundles aggressive PowerStore pricing with AI server contracts, Everpure could find its sales cycle lengthening or its win rate falling in large enterprise accounts. Dell’s scale advantage is difficult to overcome on price alone.

The rebrand is still new. Institutional investors and analysts are adjusting models from “PSTG” to “NYSE: P.” Some investor systems and screeners have not yet updated. That is short-term friction, not a fundamental problem, but it could suppress institutional buying through mid-2026.

Is Everpure (NYSE: P) Worth Buying?

Everpure is a quality business with a clear software-first trajectory, real AI tailwinds, and a subscription model that produces durable revenue. At 29.5x forward earnings, you are buying a well-positioned enterprise storage vendor that is not cheap, not speculative, and not broken. If you believe enterprise AI deployments continue to scale through 2026 and 2027, the storage layer has to expand with them, and Everpure is one of the cleaner ways to own that thesis without taking on memory-cycle volatility.

The bear case is real but not alarming. Execution on 1touch, competitive pressure from Dell, and the rebrand transition are all manageable risks for a company with 21% top-line growth and a net income positive profile.

If your time horizon is 12-24 months and you are comfortable with a P/E above 100 on a trailing basis, Everpure sits in the “worth researching further” category. If you need a sub-20x forward multiple or a dividend, this is not the stock for you. For the decision-stage analysis on another AI memory name, see our piece on whether Micron stock is a good buy in 2026.

This article is for informational purposes only and is not financial advice. Investing in individual stocks carries risk, including the potential loss of principal. Do your own research before making any investment decision.

Frequently Asked Questions

What does Pure Storage (now Everpure) do?

Everpure, Inc., formerly Pure Storage, makes all-flash enterprise data storage arrays that replace traditional hard-drive-based storage systems. It sells hardware running its proprietary Purity software and a subscription plan called Evergreen//One that lets customers pay for storage capacity on a consumption basis. Customers are primarily large enterprises, cloud providers, and AI data centers. The company does not sell consumer products.

Is Pure Storage still publicly traded?

Yes, but under a new name. Pure Storage rebranded to Everpure, Inc. and began trading under the ticker NYSE: P in early March 2026. Its former ticker was PSTG. The company was not acquired or delisted. It remains an independent, publicly traded company.

Is Everpure (formerly Pure Storage) profitable?

Yes. As of its most recent trailing twelve-month period, Everpure reported net income of $226.25 million on revenue of $3.94 billion. EPS stood at $0.65 and the trailing P/E ratio was 114.8x, reflecting a stock price well ahead of current earnings on the expectation of continued growth.

How does Everpure (Pure Storage) make money?

Everpure generates revenue through hardware sales of its all-flash storage arrays and, increasingly, through Evergreen//One subscription contracts that charge customers monthly for storage capacity. The subscription model is the company’s strategic priority because it produces recurring, high-margin revenue that is less tied to hardware refresh cycles.

Is Everpure stock (NYSE: P) a good investment for 2026?

Everpure carries a forward P/E of 29.5x and grew revenue 21% year over year, supported by AI data center demand and its subscription transition. It is a reasonable choice for growth-oriented investors who want enterprise storage exposure without taking on memory-cycle volatility. It is not suitable for income investors or those requiring a low earnings multiple. Any investment decision should involve your own research and consideration of your financial situation.