Published: June 19, 2026
Everpure, Inc. (formerly Pure Storage, NYSE: P) is a US enterprise technology company that sells all-flash data storage systems to large corporations, cloud providers, and AI training facilities. It does not make consumer products. Its hardware runs proprietary software called Purity, and customers pay ongoing subscriptions through its Evergreen//One storage-as-a-service plan. The company rebranded from Pure Storage to Everpure in March 2026 and continues to trade publicly on the New York Stock Exchange.
The Rebrand: Pure Storage Is Now Everpure
If you searched for Pure Storage stock and found ticker PSTG delisted, that information is wrong. Pure Storage announced its rebrand to Everpure, Inc. on February 23, 2026, in an official company press release, and began trading under the new ticker NYSE: P in early March 2026. The company was not acquired by Dell Technologies and was not taken private. It remains an independent, publicly traded company.
The ticker change and name change reflect a shift in positioning, not ownership. Everything about the underlying business, the all-flash storage arrays, the Purity operating system, the Evergreen//One subscription model, stayed intact. For investors, the practical effect was a ticker swap. PSTG became P.
As of June 18, 2026, Everpure trades at $74.61 per share with a market cap of $24.80B and trailing twelve-month revenue of $3.94B, up 21% year over year. The company reported net income of $226.25M on that revenue base.
What Everpure (Formerly Pure Storage) Actually Makes
The company’s core product is the all-flash storage array, a data storage system that uses NAND flash memory chips instead of traditional spinning hard drives. Flash arrays read and write data far faster than hard disk drives, which matters enormously for workloads that cannot wait, including AI model training, financial transaction processing, and real-time analytics.
Three product layers define the portfolio:
- FlashArray: Block storage for databases and virtual machines. This is the workhorse product for enterprise data centers.
- FlashBlade: Unstructured data storage designed for AI, machine learning pipelines, and high-performance computing workloads. A single FlashBlade system can deliver over a petabyte of storage in a compact form factor.
- Purity: The operating software that runs across the hardware. Purity handles data reduction (compression and deduplication), encryption, performance optimization, and system health monitoring. This is the software layer that makes Everpure’s hardware perform distinctly better than commodity alternatives.
| Product | Storage Type | Primary Use Case | Key Differentiator |
|---|---|---|---|
| FlashArray | Block (SAN) | Databases, VMs, enterprise apps | Purity OS, sub-millisecond latency |
| FlashBlade | Unstructured (NAS/object) | AI/ML training, HPC, analytics | Petabyte scale, parallel throughput for GPU clusters |
| Evergreen//One | Storage-as-a-Service | Subscription hardware refresh | No migration cycles; hardware swaps without downtime |
On top of the hardware, Evergreen//One is the company’s storage-as-a-service subscription. Instead of buying a box that becomes obsolete in four years, customers pay a recurring fee and Everpure swaps in newer hardware as technology advances, without disrupting the data. This model has shifted a meaningful portion of company revenue toward predictable subscription income, which the market tends to value more highly than lumpy hardware sales.
In February 2026, Everpure announced its intent to acquire 1touch, a data governance and discovery company. The acquisition signals a push toward data management software beyond pure storage, expanding the product surface in the direction of compliance and AI data readiness.
Who Buys Everpure Storage
The customer base is entirely enterprise and institutional. You will not find Everpure products in a consumer electronics store.
Typical buyers fall into three groups. The first is large enterprise companies, banks, healthcare systems, manufacturers, and retailers that run their own data centers and need storage that performs under high read/write demand without downtime. The second group is cloud service providers and co-location operators building dense storage infrastructure for tenants. The third, and increasingly the most important, is AI data centers. Training a large language model or running inference at scale requires fast, high-capacity storage that keeps GPUs fed with data. Everpure’s FlashBlade product was built specifically for this kind of parallel, high-throughput access pattern.
The AI infrastructure angle is one reason the company generates attention from investors looking at best AI storage stocks alongside names like Micron and NetApp.
How Everpure Makes Money
Revenue comes from two streams. Hardware and software license sales generate upfront revenue when a customer first deploys a system. Subscription and support revenue comes from Evergreen//One contracts and annual maintenance agreements. The company has been deliberately pushing customers toward subscription arrangements because the recurring revenue profile improves revenue predictability and justifies a higher valuation multiple.
At $3.94B in trailing revenue with 21% growth, Everpure is growing faster than legacy storage vendors like NetApp (12.5% YoY) but at a smaller absolute scale than Dell’s infrastructure business. The P/E of 114.8x on trailing earnings reflects the premium the market assigns to that growth rate and the subscription transition. Forward P/E drops to 29.5x, which tells you analysts expect earnings to accelerate substantially as subscription revenue matures.
Everpure pays no dividend. The capital strategy is reinvestment in product and market expansion, including the 1touch acquisition.
How Everpure Competes in Enterprise Storage
The primary competitors are NetApp, which sells a hybrid portfolio spanning on-premise flash arrays and cloud storage software, and Dell Technologies, which markets the PowerStore all-flash platform. NetApp runs its ONTAP operating system across most of its hardware and has strong relationships with enterprise IT departments built over decades. Dell competes on bundled pricing, selling storage alongside servers and networking as a single infrastructure package.
Everpure’s differentiation argument centers on the Purity software and the Evergreen subscription. The claim is that a customer who buys Everpure never has to go through a painful data migration cycle when upgrading hardware, because Evergreen handles the swap. Whether that software-defined advantage is durable enough to justify the price premium versus Dell or NetApp is the central question in any evaluation of the stock.
According to yfinance data (June 18, 2026), NetApp carries a short ratio of 6.06 days, the highest among major enterprise storage names, suggesting significant market skepticism about its competitive position against faster-growing all-flash rivals like Everpure. For a full breakdown of the financials and the bull and bear cases, the Pure Storage stock analysis covers the PSTG-to-P transition and what it means for investors.
Everpure and the AI Storage Market
AI workloads create a demand pattern that favors all-flash storage in specific ways. Training a large model requires reading enormous datasets repeatedly and fast. Inference at scale means millions of requests hitting storage simultaneously with millisecond latency requirements. Hard drives cannot keep pace. Even hybrid systems that mix flash and disk introduce bottlenecks that slow down GPU utilization.
This is why Everpure frames FlashBlade as an AI infrastructure product, not just a storage product. When a hyperscaler or enterprise AI team sizes a compute cluster, storage throughput becomes a limiting factor as quickly as GPU count. An all-flash array from Everpure sits at the center of that bottleneck and removes it.
The company’s positioning as an AI-ready storage platform, combined with the Evergreen//One subscription that keeps hardware current, gives it a narrative that resonates with the same infrastructure build-out story driving interest in Micron, Marvell, and Seagate. Unlike those companies, Everpure focuses on the storage system layer rather than the underlying chips or drives.
This analysis is for informational purposes only and does not constitute 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 sell?
Pure Storage, now operating as Everpure, Inc. (NYSE: P), sells all-flash enterprise data storage systems under the FlashArray and FlashBlade product lines, along with the Purity operating software and Evergreen//One storage-as-a-service subscriptions. It does not sell consumer products.
Is Pure Storage a hardware or software company?
Both. Everpure sells physical flash storage hardware and charges for ongoing software subscriptions through its Evergreen//One platform. The software layer, called Purity, is a core differentiator. Revenue from subscriptions and support is growing as a share of total revenue.
Who are Pure Storage’s customers?
Everpure’s customers are large enterprises, cloud service providers, and AI data center operators. The company’s FlashBlade product targets AI and machine learning workloads specifically. There are no consumer-facing products.
How does Pure Storage make money?
Through hardware and software license sales on initial deployments, and recurring subscription revenue from Evergreen//One contracts and support agreements. As of the most recent trailing twelve months, Everpure generated $3.94B in total revenue, up 21% year over year.
Did Pure Storage get acquired by Dell?
No. Pure Storage was not acquired by Dell. The company rebranded to Everpure, Inc. and changed its NYSE ticker from PSTG to P in early March 2026. It remains an independent, publicly traded company with a market cap of approximately $24.80B as of June 2026.
Related reading: connectivity and tech gear and app and tool comparisons.
