Everpure (formerly Pure Storage) makes all-flash data storage systems and software for enterprise customers. Its two core hardware products are FlashArray, which handles structured workloads like databases and virtual machines, and FlashBlade, which handles unstructured data workloads like AI training and large file repositories. A key differentiator is Everpure's proprietary DirectFlash technology, which integrates flash storage hardware with its Purity operating system at a deep level — rather than using standard off-the-shelf SSDs — allowing Everpure to extract more performance and density from NAND flash chips. Everpure also offers Portworx, a Kubernetes container data management platform, and is expanding into data management software through the pending acquisition of 1touch. Everpure's customer base exceeds 14,500 organizations globally, reached through a direct sales force and channel partners. Revenue splits roughly between product sales (~53%) and subscription services (~47%). The subscription business is anchored by Evergreen//One, a storage-as-a-service offering where customers subscribe to storage outcomes — performance, capacity, and availability SLAs — rather than buying hardware outright. A newer revenue stream comes from hyperscalers: Everpure licenses its DirectFlash software and architecture to large cloud providers like Meta, which procure NAND flash themselves. This royalty/license model carries gross margins of 75-85%. Subscription services gross margins run around 76-77%, product margins around 65-70%, and blended margins around 72%. Everpure's growth strategy centers on hyperscaler expansion, AI storage infrastructure, and growing its subscription ARR, which reached $1.9B at end of FY26.
Read full business overview →Mid to long-term bullish thesis
View →Mid to long-term bearish thesis
View →Mid to long-term bull-bear debate
View → NEWSummary and scoring of the bull-bear debate
View →Find ideas with similar bull or bear theses
View →Investor-relevant company attributes
View →Key risks to the business
View →Comparisons of annual risk disclosures
View →