Revenue growth accelerated to 35.2% in 2027Q1, yet operating margins remain constrained at 1.9% due to heavy investment in sales and marketing.
Everpure, Inc. (P) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Feb'26 | Feb'25 | Feb'24 | Feb'23 | Feb'22 | Jan'21 | Feb'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 |
|---|
| Sales/Revenue | 4.26B | 3.66B | 3.17B | 2.83B | 2.75B | 2.18B | 1.68B | 1.64B | 1.36B | 1.02B | 739.17M | 440.33M | 174.45M | 42.73M |
| Revenue Growth % | 27.21% | 15.61% | 11.92% | 2.8% | 26.26% | 29.49% | 2.48% | 20.86% | 32.7% | 38.64% | - | 152.41% | 308.23% | - |
| Cost of Goods Sold | 1.29B | 1.08B | 955.46M | 809.43M | 855.79M | 708.33M | 535.25M | 509.89M | 457.53M | 353.78M | 252.28M | 167.89M | 77.55M | 24.13M |
| COGS % of Revenue | - | 29.62% | 30.16% | 28.6% | 31.08% | 32.48% | 31.78% | 31.03% | 33.65% | 34.52% | 34.13% | 38.13% | 44.45% | 56.46% |
| Gross Profit | 2.97B | 2.58B | 2.21B | 2.02B | 1.9B | 1.47B | 1.15B | 1.13B | 902.3M | 669.24M | 475.7M | 272.44M | 96.9M | 18.6M |
| Gross Margin % | 69.73% | 70.38% | 69.84% | 71.4% | 68.92% | 67.52% | 68.22% | 68.97% | 66.35% | 65.31% | 64.36% | 61.87% | 55.55% | 43.54% |
| Gross Profit Growth % | - | 16.51% | 9.48% | 6.51% | 28.87% | 28.17% | 1.36% | 25.63% | 34.82% | 40.69% | - | 181.16% | 420.85% | - |
| Operating Expenses | 2.75B | 2.46B | 2.13B | 1.97B | 1.81B | 1.57B | 1.41B | 1.32B | 1.07B | 838.41M | 708.16M | 482.62M | 277.38M | 96.73M |
| OpEx % of Revenue | - | 67.25% | 67.15% | 69.51% | 65.89% | 72.03% | 83.72% | 80.61% | 78.8% | 81.82% | 95.81% | 109.6% | 159% | 226.37% |
| Selling, General & Admin | 1.58B | 1.38B | 1.31B | 1.2B | 1.12B | 988.98M | 898.49M | 891.17M | 721.62M | 575.2M | 444.69M | 315.98M | 184.67M | 60.65M |
| SG&A % of Revenue | - | 37.69% | 41.26% | 42.3% | 40.73% | 45.35% | 53.35% | 54.23% | 53.07% | 56.13% | 60.16% | 71.76% | 105.86% | 141.93% |
| Research & Development | 996.09M | 963.29M | 804.4M | 736.76M | 692.53M | 581.93M | 480.47M | 433.66M | 349.94M | 279.2M | 245.82M | 166.65M | 92.71M | 36.08M |
| R&D % of Revenue | - | 26.3% | 25.39% | 26.03% | 25.15% | 26.68% | 28.53% | 26.39% | 25.73% | 27.25% | 33.26% | 37.85% | 53.14% | 84.43% |
| Other Operating Expenses | 2M | 119.5M | 15.9M | 33.61M | 0 | 0 | 31M | 0 | 0 | 0 | 30M | 0 | 0 | 0 |
| Operating Income | 224.21M | 114.82M | 85.26M | 53.55M | 83.51M | -98.4M | -261.03M | -191.28M | -169.26M | -167.43M | -221.27M | -210.18M | -180.48M | -78.13M |
| Operating Margin % | 5.26% | 3.13% | 2.69% | 1.89% | 3.03% | -4.51% | -15.5% | -11.64% | -12.45% | -16.34% | -29.94% | -47.73% | -103.46% | -182.83% |
| Operating Income Growth % | - | 34.67% | 59.21% | -35.88% | 184.87% | 62.3% | -36.46% | -13.01% | -1.09% | 24.33% | - | -16.46% | -131.01% | - |
| EBITDA | 384.11M | 262.63M | 211.91M | 177.97M | 183.94M | -15.25M | -190.99M | -101.57M | -98.38M | -105.69M | -171.07M | -177.93M | -165.09M | -73.7M |
| EBITDA Margin % | 9.01% | 7.17% | 6.69% | 6.29% | 6.68% | -0.7% | -11.34% | -6.18% | -7.23% | -10.31% | -23.14% | -40.41% | -94.63% | -172.46% |
| EBITDA Growth % | 89.8% | 23.93% | 19.07% | -3.25% | 1306.43% | 92.02% | -88.03% | -3.25% | 6.92% | 38.22% | - | -7.78% | -124.01% | - |
| D&A (Non-Cash Add-back) | 159.9M | 147.81M | 126.65M | 124.42M | 100.43M | 83.15M | 70.04M | 89.71M | 70.88M | 61.74M | 50.2M | 32.25M | 15.39M | 4.43M |
| EBIT | 270.49M | 231.62M | 155.65M | 98.07M | 96.56M | -91.82M | -238.76M | -166.77M | -155.66M | -155.97M | -219.6M | -210.18M | -180.48M | -78.13M |
| Net Interest Income | 55.48M | 59.11M | 68.2M | 42.93M | 12.57M | -27.31M | -13.96M | -656K | -3.6M | 5.41M | 4.01M | 0 | 0 | 0 |
| Interest Income | 58.1M | 62.49M | 76.02M | 50.41M | 17.32M | 9.37M | 17.44M | 27.24M | 18.01M | 5.42M | 4.05M | 0 | 0 | 0 |
| Interest Expense | 2.62M | 3.38M | 7.81M | 7.48M | 4.75M | 36.68M | 31.4M | 27.9M | 21.61M | 19K | 44K | 0 | 0 | 0 |
| Other Income/Expense | 55.05M | 109.47M | 62.58M | 37.03M | 8.29M | -30.1M | -9.13M | -3.38M | -8.02M | 11.45M | 1.63M | -2M | -1.41M | -141K |
| Pretax Income | 279.26M | 224.28M | 147.83M | 90.59M | 91.81M | -128.5M | -270.16M | -194.67M | -177.27M | -173.71M | -243.18M | -212.18M | -181.89M | -78.27M |
| Pretax Margin % | 6.55% | 6.12% | 4.67% | 3.2% | 3.33% | -5.89% | -16.04% | -11.85% | -13.04% | -16.95% | -32.9% | -48.19% | -104.27% | -183.16% |
| Income Tax | 25.98M | 36.1M | 41.09M | 29.27M | 18.74M | 14.76M | 11.92M | 6.32M | 1.09M | 3.89M | 1.89M | 1.57M | 1.34M | 291K |
| Effective Tax Rate % | 9.3% | 16.1% | 27.8% | 32.32% | 20.41% | -11.49% | -4.41% | -3.25% | -0.61% | -2.24% | -0.78% | -0.74% | -0.74% | -0.37% |
| Net Income | 253.28M | 188.18M | 106.74M | 61.31M | 73.07M | -143.26M | -282.08M | -200.99M | -178.36M | -177.6M | -245.07M | -213.75M | -183.23M | -78.56M |
| Net Margin % | 5.94% | 5.14% | 3.37% | 2.17% | 2.65% | -6.57% | -16.75% | -12.23% | -13.12% | -17.33% | -33.15% | -48.54% | -105.03% | -183.84% |
| Net Income Growth % | 81.96% | 76.3% | 74.09% | -16.09% | 151.01% | 49.21% | -40.35% | -12.68% | -0.43% | 27.53% | - | -16.66% | -133.23% | - |
| Net Income (Continuing) | 253.28M | 188.18M | 106.74M | 61.31M | 73.07M | -143.26M | -282.08M | -200.99M | -178.36M | -159.88M | -245.07M | -213.75M | -183.23M | -78.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.73 | 0.47 | 0.31 | 0.19 | 0.23 | -0.50 | -1.05 | -0.79 | -0.77 | -0.84 | -1.26 | -2.59 | -1.18 | -0.51 |
| EPS Growth % | 78.05% | 51.61% | 63.16% | -17.39% | 146% | 52.38% | -32.91% | -2.6% | 8.33% | 33.33% | - | -119.49% | -131.37% | - |
| EPS (Basic) | - | 0.49 | 0.33 | 0.20 | 0.24 | -0.50 | -1.05 | -0.79 | -0.77 | -0.84 | -1.26 | -2.59 | -1.18 | -0.51 |
| Diluted Shares Outstanding | 345.59M | 346.07M | 342.7M | 332.57M | 339.18M | 285.88M | 267.82M | 252.82M | 232.04M | 211.61M | 194.71M | 82.46M | 155.44M | 155.44M |
| Basic Shares Outstanding | 332.94M | 330.46M | 325.77M | 311.83M | 299.48M | 285.88M | 267.82M | 252.82M | 232.04M | 211.61M | 194.71M | 82.46M | 155.44M | 155.44M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying P stock.
For fiscal year 2026, Everpure, Inc. (P) reported total revenue of $3.66B. This represents a 8471.5% increase compared to $42.7M in 2014.
Everpure, Inc. (P) is profitable, generating $188.2M in net income for the fiscal year ending 2026 with a net profit margin of 5.1%.
Everpure, Inc. (P) reported an operating income of $114.8M, resulting in an operating profit margin of 3.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Everpure, Inc. (P) generated $2.58B in gross profit for the year, representing a gross profit margin of 70.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
NAND supply chain volatility
Metrics are mathematically derived from official filings.
Revenue Momentum Amidst Strategic Shift
According to the most recent quarterly filings, PSTG achieved a significant revenue acceleration to $1.1 billion in 2027Q1, representing a 35.2% year-over-year growth rate that suggests successful market penetration of its AI-ready infrastructure and the broader adoption of the Evergreen consumption-based business model.
The sharp uptick in top-line growth indicates that the company is successfully capturing demand for high-performance storage in AI training environments. Investors should monitor whether this growth trajectory remains sustainable as the company continues to transition its revenue mix toward recurring subscription services.
Structural Gross Margin Resilience Observed
As reported in financial statements, PSTG maintains a robust gross margin profile, consistently hovering near the 70% threshold, which highlights the company's ability to command a premium for its proprietary software-defined storage architecture despite the inherent cyclicality of the underlying NAND flash memory component costs.
This margin stability suggests that the market values the company's intellectual property and software-hardware integration more highly than traditional commodity storage providers. However, the sensitivity to NAND pricing remains a critical variable that could compress these margins if supply-demand imbalances intensify in future periods.
Operating Leverage Remains Under Pressure
Based on PSTG's reported figures, operating income has struggled to scale proportionally with gross profit, as evidenced by a thin 1.9% operating margin in 2027Q1, largely due to the persistent requirement for heavy investment in sales and marketing to displace entrenched legacy storage incumbents.
The lack of significant operating leverage suggests that the company is currently prioritizing customer acquisition and market share expansion over immediate bottom-line profitability. Analysts should investigate whether this high SG&A spend will eventually yield a more efficient operating model as the installed base matures.
Stock-Based Compensation Masks Profitability
Analysis of the income statement reveals that stock-based compensation remains a substantial non-cash expense, frequently exceeding $100 million per quarter, which significantly obscures the underlying GAAP net income and complicates the assessment of the company's true operational profitability and shareholder value creation.
The discrepancy between reported net income and the impact of equity-based incentives warrants further investigation into the company's long-term compensation strategy. Investors should focus on adjusted profitability metrics to better understand the core earnings power of the business independent of these recurring non-cash charges.