Pure Storage (PSTG) changed its name to Everpure in 2026 and its NYSE ticker to 'P', and although there is a confluence of factors including the adoption of flash standards by large hyperscalers, the current price of $72.71 (approx. 111,246 KRW) is already significantly revalued with a forward P/E of about 28.7x, so we judge the 12-month baseline target price to be $75 (approx. 114,750 KRW) and maintain a Hold rating.
Analysis 기준일 2026-07-05 · Applicable exchange rate 1 USD = 1,530 KRW (as of 2026-07-03) · All KRW conversions in this text were calculated using this exchange rate · For informational purposes only and not as an investment solicitation.
- Pure Storage (PSTG) Changes Name to Everpure — What Happened
- What kind of company is Pure Storage (PSTG)?
- Glossary of Essential Terms
- Pure Storage (PSTG) Recent Earnings: Q1 FY2027 Review
- Pure Storage (PSTG) Valuation and Fair Value
- Pure Storage (PSTG) Competitor Comparison
- Pure Storage (PSTG) Growth Drivers and Outlook
- Pure Storage (PSTG) Target Price Forecast: 12-Month Scenario
- Pure Storage (PSTG) Investment Risks and Bear Triggers
- Pure Storage (PSTG) Investment Opinion and Target Price Conclusion
- Frequently Asked Questions (FAQ)
- source
Pure Storage (PSTG) Changes Name to Everpure — What Happened
In the first half of 2026, Pure Storage faced two major events. One was an identity change involving a change in the company name and ticker, and the other was a business event in which a major hyperscaler decided to standardize its entire online storage tier to Pure's flash.
First, the company filed an amendment to its articles of incorporation with the State of Delaware on February 20, 2026, changing its name from 'Pure Storage' to 'Everpure', and began trading under the new name on March 5.
Subsequently, on April 17, the NYSE ticker was changed from the existing 'PSTG' to 'P'. While domestic investors are still familiar with 'Pure Storage', they should note that real-time quotes and the latest disclosures must be checked using the ticker 'P'.
The essence of the business remains the same. Everpure continues to manufacture all-flash enterprise storage systems, operate them using its proprietary software 'Purity,' and sell its subscription service 'Evergreen//One' to cloud, AI data centers, and Fortune 500 companies. The related disclosure is SEC 8-K (Q4 FY2026 and Name Change)You can check it at.
| Point of view | event |
|---|---|
| 2026-02-20 | Submission of Articles of Incorporation for Name Change (Pure Storage → Everpure) |
| 2026-03-05 | ‘Started trading under the company name 'Everpure' |
| 2026-04-17 | NYSE ticker changed from 'PSTG' to 'P' |
| 2026-05-27 | FY2027 Q1 Earnings Announcement (Revenue +35%) |
| FY2026~ | Large Hyperscaler DirectFlash Adoption and Shipment Begins |
The following three sentences are the core conclusion of this text.
First, the 12-month baseline target price for Pure Storage (PSTG) is $75 (approx. 114,750 won), with a bullish $92 (approx. 140,760 won) and a bearish $60 (approx. 91,800 won), and the investment rating is Hold.
Second, revenue for the first quarter of FY2027 was $1.053 billion (approx. 1.61 trillion won), an increase of 351 trillion won year-over-year, and the company raised its annual revenue guidance to $4.41 billion to $4.51 billion (approx. 6.75 trillion to 6.90 trillion won).
Third, with a forward P/E of approximately 28.7x and a stock price/FCF of approximately 47x, the valuation is burdensome and the DCF fair value is below the market price, so upside potential is limited even with the re-acceleration of growth.
What kind of company is Pure Storage (PSTG)?
Pure Storage (Everpure) is a company specializing in all-flash arrays that do not use HDDs. Its core competitive advantage lies in its superior speed, power efficiency, and space efficiency compared to hard disk-based storage. Through its proprietary flash management technology, DirectFlash, it directly controls raw NAND via software instead of standard SSDs.
The center of gravity of the revenue model is increasingly shifting toward subscriptions. Evergreen//One generates recurring revenue by providing storage as a Service (STaaS) rather than through hardware sales, and as of the first quarter of FY2027, subscription service revenue accounts for approximately 451 TP3T of the total.
The financial structure is sound. Last 12 months (TTM) revenue reached $3.94 billion (approx. 6.03 trillion won), and the gross profit margin reached 70.21 TP3T. With $1.5 billion in cash and total debt of $230 million, the company holds $1.27 billion (approx. 1.94 trillion won) in net cash. The Return on Invested Capital (ROIC) exceeds 1001 TP3T, indicating very high capital efficiency.
Glossary of Essential Terms
- All-Flash Array: Storage composed entirely of flash (NAND) without HDDs. It offers advantages in speed and power efficiency.
- DirectFlash: Pure's proprietary flash management technology. It improves density, lifespan, and power by directly controlling ONE NAND via software instead of standard SSDs.
- Evergreen//One: A service-based model that provides storage via subscription (STaaS) and generates recurring (subscription) revenue.
- Purity: Pure's storage operating software (OS) that provides functions regardless of hardware.
- FlashBlade//EXAA high-performance scale-out storage platform targeting AI and HPC workloads. It scales data and metadata independently.
- Hyperscaler: Operators that operate massive cloud and data centers, such as Meta, Amazon, Google, and Microsoft.
- Forward P/E: It is the stock price relative to the expected earnings per share (EPS) over the next 12 months, and is a benchmark indicator for growth stock valuation.
Pure Storage (PSTG) Recent Earnings: Q1 FY2027 Review
The Q1 FY2027 results, announced on May 27, 2026, showed a renewed acceleration of growth. Total revenue was $1.053 billion (approx. 1.61 trillion won), an increase of 351 TP3T from the previous year.
By composition, product sales surged by 551 TP3T year-over-year, and subscription service revenue increased by 171 TP3T, accounting for approximately 451 TP3T of the total. Operating profit grew by over 901 TP3T year-over-year, indicating that profit leverage was greater than revenue growth.
Guidance was also raised. The company projected Q2 FY2027 revenue of $1.095 billion to $1.105 billion (approx. 1.68 trillion to 1.69 trillion KRW, approx. +281 TP3T) and raised its annual revenue guidance to $4.41 billion to $4.51 billion (approx. 6.75 trillion to 6.90 trillion KRW). For further comments, FY2027 Q1 Earnings Conference Call RecordYou can check it at.
However, accounting GAAP net income is $226.25 million (approx. 346.2 billion KRW) on a TTM basis, and GAAP earnings per share are only 1 TP 4 T 0.65. This is characteristic of growth companies with high Stock Compensation Cost (SBC), so non-GAAP adjusted EPS and Free Cash Flow (FCF) are more suitable for valuation. TTM FCF is $515.9 million (approx. 789.3 billion KRW), and the FCF margin is 13.11 TP 3 T. To view the AI memory cycle together... Micron (MU) HBM & AI Memory Performance AnalysisIt is also worth referring to.
Pure Storage (PSTG) Valuation and Fair Value
Valuation is the key issue for this stock. Key Indicator Data The benchmark forward P/E is approximately 28.7x, the trailing P/E is 111.8x (GAAP), the Price/FCF is approximately 46.9x, the EV/EBITDA is approximately 71.5x, and the PEG is 1.49. Even considering that it is a growth stock, the absolute levels are high.
The appropriate multiple is calculated by combining the company's 3–5 year average forward P/E (approx. 26x) and the median for enterprise storage peers (approx. 13x), while assigning a significant premium to reflect Pure's 35% growth rate, subscription conversion, and net cash structure. As a result, the appropriate forward multiple is estimated at approximately 25x. The current valuation of 28.7x is approximately +15% overvalued compared to the appropriate 25x, so the valuation is classified as 'Overvalued'.
Discounted Cash Flow (DCF) provides a more conservative signal. Calculated under the assumptions below, the fair value range is approximately $40–62 (approximately 61,200–94,860 KRW), which is generally lower than the current price of $72.71. While this is a typical characteristic of high-growth stocks where near-term FCF is small relative to future, it suggests that future growth has already been largely priced into the market price.
| DCF assumption | 값 |
|---|---|
| WACC (Weighted Average Cost of Capital) | 11% |
| terminal growth rate (g) | 3.0% |
| forecast period | 5 years |
| Standard FCF (TTM) | Approximately 789.3 billion KRW ($515.9M) |
| Fair value range | Approx. $40~62 (approx. 61,200~94,860 won) |
Pure Storage (PSTG) Competitor Comparison
In the enterprise storage market, Pure competes with NetApp, Dell, and Western Digital. As shown in the table below, Pure's forward P/E is more than double the median of its peers (about 13 times), reflecting higher growth rates, subscription share, and expectations for hyperscaler adoption.
| Company (Ticker) | Market capitalization | Sales growth | Preceding P/E | Differentiating factors |
|---|---|---|---|---|
| Everpure/Pure (PSTG·P) | Approximately 36.98 trillion won | +35%(Q1) | About 28.7 times | All-Flash + Subscription + Hyperscaler adopted |
| NetApp (NTAP) | Approximately 40 trillion won | single digit | About 15 times | Hybrid Storage + Cloud |
| Dell Technologies (DELL) | Super-sized | low to medium two-digit number | About 13 times | Server + Storage (ISG) |
| Western Digital (WDC) | medium to large | Cycle fluctuations | About 11 times | HDD · NAND |
NAND flash prices and supply directly affect Pure's cost. To view the flash storage value chain broadly SanDisk (SNDK) NAND Performance and Stock Price AnalysisUnderstanding deepens when viewed together.
Pure Storage (PSTG) Growth Drivers and Outlook
The most powerful growth driver is hyperscaler adoption. Pure has secured the adoption of a design that standardizes the entire online storage tier of large (top 4) hyperscalers to its DirectFlash flash, a first in the industry. This is interpreted as a signal that hard disks will be replaced by flash for everything from low-cost archiving to high-performance AI and ML workloads.
It is also highly significant in terms of profitability. According to the company, revenue related to the hyperscaler was recognized at approximately $30 million (about 45.9 billion KRW) in the second quarter of FY2026, with a software-grade gross profit margin of over 901 TP3T. In other words, it is revenue that is strong not only in scale but also in the quality of earnings. The related announcement is Everpure (Pure) Hyperscaler Adoption AnnouncedIt is confirmed in.
The expansion of AI data centers itself is a structural tailwind. The growth rate is estimated at around 151 TP3T per year by weighting historical revenue CAGR (approx. 151 TP3T), analyst consensus (3-year revenue +16.31 TP3T, EPS +19.41 TP3T), and industry growth rate (approx. 131 TP3T). Leasing and power infrastructure, the other pillars of demand for AI data centers, Applied Digital (APLD) AI Data Center Lease AnalysisIt has been covered in...
Pure Storage (PSTG) Target Price Forecast: 12-Month Scenario
The target price was calculated using appropriate multiples without relying on the current price. Assuming the FY2028 non-GAAP EPS, which will serve as the benchmark one year from now, is approximately $3.0, and applying an appropriate forward multiple of 25x, the baseline target price was set at $75 (approximately 114,750 won).
| scenario | Target price | Korean Won Conversion | Compared to the current price | weight | Key assumptions |
|---|---|---|---|---|---|
| Bull | $92 | Approximately 140,760 won | +27% | 22% | Continued Growth Re-acceleration · Maintaining Forward Multiple at Around 31x |
| Base | $75 | Approximately 114,750 won | +3% | 50% | FY2028 EPS approx. $3.0 × 25x optimal |
| Bear | $60 | Approximately 91,800 won | -17% | 28% | Slowing Growth and Multiples Shrink to the 20x Range |
Considering the overvaluation, the bearish weight was slightly increased to 281 TP3T. When the three scenarios are weighted, the expected return is approximately +2.51 TP3T, indicating that the risk-to-reward ratio is not significant relative to the current price. For reference, the average Wall Street consensus target price is 1 TP4T93.74 (approximately 143,422 KRW), which is higher than the base price of this analysis.
Pure Storage (PSTG) Investment Risks and Bear Triggers
First is valuation risk. Expectations are already high, with forward P/E at 28.7x, Price/FCF at 47x, and EV/EBITDA at 71x. The impact is that multiples could shrink rapidly even if earnings fall short of expectations only slightly, and the key indicators to monitor are whether there is a quarterly earnings surprise and the trend of forward multiples.
Second is the concentration on hyperscalers and the volatility of orders. While large-scale adoption is a strong driver, performance can fluctuate depending on the timing of a small number of clients or projects. Key monitoring indicators include the proportion of revenue related to hyperscalers and the frequency of announcements regarding the adoption of new designs.
Third is competition regarding NAND prices. Soaring NAND prices pressure production costs, while the price offensive from the HDD camp strains price competitiveness. Monitoring indicators include NAND spot and contract prices and product gross profit margins. The sustainability of demand for AI and HPC data centers is Core Scientific (CORZ) AI & HPC Data Center AnalysisIt is also linked to the flow of.
To summarize the bearish triggers, they are ① a slowdown in revenue growth from 351 TP3T to the low 201 TP3T range, ② a delay or reduction in hyperscaler revenue, and ③ margin erosion due to soaring NAND prices. If two or more of these materialize, the multiple could be re-rated to the 20x range.
Pure Storage (PSTG) Investment Opinion and Target Price Conclusion
The overall investment opinion is Hold, and the confidence level is moderate. The 12-month baseline target price is $75 (approx. 114,750 won), indicating limited upside potential compared to the current price.
The basis for this opinion is valuation. A forward P/E of 28.7x is overvalued by approximately +151 TP3T compared to the fair value of 25x, and with an expected return of only +2.51 TP3T, we place it at the lower end of the Hold level despite excellent fundamentals such as renewed growth acceleration and the adoption of a hyperscaler. There is room to downgrade to Sell if the multiple expands significantly further (e.g., above 32x) or if growth slows; conversely, we could upgrade to Buy if the stock price corrects to the low $60 range and the risk-reward ratio improves.
The Wall Street consensus is 'Buy' (average target price $93.74), which is more optimistic than this analysis. However, analyst opinions show a structural buy bias, and this analysis maintains a conservative Hold based on the fact that the DCF fair value is below the market price and the deankered fair multiple. In conclusion, it is reasonable for new entrants to wait for a correction, while holders should monitor growth and margin indicators and hold their positions.
Frequently Asked Questions (FAQ)
What is the 12-month target price for Pure Storage (PSTG)?
The baseline target price is $75 (approx. 114,750 KRW), bullish $92 (approx. 140,760 KRW), and bearish $60 (approx. 91,800 KRW). The weighted expected return for the three scenarios is approximately +2.5%, and the investment rating is Hold.
What are the key risks of investing in Pure Storage?
The biggest risk is valuation. With a forward P/E of 28.7x and a price-to-FCF of 47x, the multiples could be reduced even if earnings fall slightly short of expectations. Volatility in hyperscaler orders and rising NAND prices are also major risks.
Why did the company name change from Pure Storage to Everpure?
The company changed its name to Everpure in February 2026 through an amendment to its articles of incorporation and changed its ticker from 'PSTG' to 'P' on April 17. The business remains the same as all-flash storage, and the latest market price can be checked using the ticker 'P'.
How much does the adoption of a hyperscaler contribute to performance?
Large hyperscalers have decided to standardize their entire online storage tier to pure flash, and related revenue was recognized at approximately $30 million (about 45.9 billion KRW) in the second quarter of FY2026 with a gross profit margin of over 90%. This is a structural growth driver that will replace HDDs with flash in the long term.
Is a forward P/E of 28.7 times on the expensive side?
It is high in absolute terms, exceeding double the median (approximately 13 times) of comparable storage vendors. However, considering the growth rate, subscription conversion, and net cash structure, the premium is justified; therefore, this analysis views the appropriate multiple as 25 times and judges the current valuation to be slightly overvalued.
source
- SEC 8-K — Everpure (Q4 FY2026 · Name Change)
- Everpure Blog — Announcement of Hyperscaler Flash Adoption
- FY2027 Q1 Earnings Conference Call Recording (Investing.com)
- Everpure(P) Valuation & Financial Indicators (Stock Analysis)
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※ This article was written based on publicly available data with the assistance of AI research tools, and the content was reviewed by the author prior to publication. It is for informational purposes only and does not constitute an investment recommendation.