Pure Storage, Inc. (PSTG) 10-Year Financial Performance & Capital Metrics

PSTG • • Industrial / General

TechnologyComputer HardwareData Storage SystemsEnterprise Storage Solutions

AboutPure Storage, Inc. provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object. Its products portfolio includes FlashArray for block-oriented storage, addressing databases, applications, virtual machines, and other traditional workloads; FlashArray//XL; and FlashArray//C, an all-QLC flash array. The company also provides FlashBlade, a solution for unstructured data workloads of various types; FlashStack that combines compute, network, and storage to provide an infrastructure platform; FlashRecover, an all-flash modern data-protection solution; and AIRI, a full-stack AI-ready infrastructure. In addition, it offers evergreen storage subscription, Pure as-a-Service, and Cloud Block Store, as well as Portworx a cloud-native Kubernetes data management solution It also offers technical and professional, training and education, and certification services. The company sells its products and subscription services through direct sales force and channel partners. The company was formerly known as OS76, Inc. and changed its name to Pure Storage, Inc. in January 2010. Pure Storage, Inc. was incorporated in 2009 and is headquartered in Mountain View, California.Show more

Revenue $3.17B +11.9%
EBITDA $212M +19.1%
Net Income $107M +74.1%
EPS (Diluted) 0.31 +63.2%
Gross Margin 69.84% -2.2%
EBITDA Margin 6.69% +6.4%
Operating Margin 2.69% +42.3%
Net Margin 3.37% +55.5%
ROE 8.29% +49.4%
ROIC 7.51% +82.3%
Debt/Equity 0.22 +0.4%
Interest Coverage 10.91 +52.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 16.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.0%

✗Weaknesses

✗Expensive at 19.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y33.63%

5Y14.03%

3Y13.26%

TTM11.31%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM1.98%

EPS CAGR

10Y-

5Y-

3Y-

TTM2.5%

ROCE

10Y Avg-13.76%

5Y Avg-1.57%

3Y Avg3.49%

Latest3.66%

Peer Comparison

Enterprise Storage Solutions

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PSTGPure Storage, Inc.	23.89B	72.36	233.42	11.92%	4.15%	10.55%	2.21%	0.22
NTAPNetApp, Inc.	21.47B	108.40	19.12	4.85%	17.73%	119.37%	6.23%	3.36
QMCOQuantum Corporation	129.52M	7.91	-0.35	-12.05%	-55.7%

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	440.33M	739.17M	1.02B	1.36B	1.64B	1.68B	2.18B	2.75B	2.83B	3.17B
Revenue Growth %	1.52%	0.68%	0.39%	0.33%	0.21%	0.02%	0.29%	0.26%	0.03%	0.12%
Cost of Goods Sold+	167.89M	252.28M	353.78M	457.53M	509.89M	535.25M	708.33M	855.79M	809.43M	955.46M
COGS % of Revenue	0.38%	0.34%	0.35%	0.34%	0.31%	0.32%	0.32%	0.31%	0.29%	0.3%
Gross Profit+	272.44M	475.7M	669.24M	902.3M	1.13B	1.15B	1.47B	1.9B	2.02B	2.21B
Gross Margin %	0.62%	0.64%	0.65%	0.66%	0.69%	0.68%	0.68%	0.69%	0.71%	0.7%
Gross Profit Growth %	1.81%	0.75%	0.41%	0.35%	0.26%	0.01%	0.28%	0.29%	0.07%	0.09%
Operating Expenses+	482.62M	708.16M	838.41M	1.07B	1.32B	1.41B	1.57B	1.81B	1.97B	2.13B
OpEx % of Revenue	1.1%	0.96%	0.82%	0.79%	0.81%	0.84%	0.72%	0.66%	0.7%	0.67%
Selling, General & Admin	315.98M	444.69M	575.2M	721.62M	891.17M	898.49M	988.98M	1.12B	1.2B	1.31B
SG&A % of Revenue	0.72%	0.6%	0.56%	0.53%	0.54%	0.53%	0.45%	0.41%	0.42%	0.41%
Research & Development	166.65M	245.82M	279.2M	349.94M	433.66M	480.47M	581.93M	692.53M	736.76M	804.4M
R&D % of Revenue	0.38%	0.33%	0.27%	0.26%	0.26%	0.29%	0.27%	0.25%	0.26%	0.25%
Other Operating Expenses	0	30M	0	0	0	31M	0	0	33.61M	15.9M
Operating Income+	-210.18M	-221.27M	-167.43M	-169.26M	-191.28M	-261.03M	-98.4M	83.51M	53.55M	85.26M
Operating Margin %	-0.48%	-0.3%	-0.16%	-0.12%	-0.12%	-0.15%	-0.05%	0.03%	0.02%	0.03%
Operating Income Growth %	-0.16%	-0.05%	0.24%	-0.01%	-0.13%	-0.36%	0.62%	1.85%	-0.36%	0.59%
EBITDA+	-177.93M	-171.07M	-105.69M	-98.38M	-101.57M	-190.99M	-15.25M	183.94M	177.97M	211.91M
EBITDA Margin %	-0.4%	-0.23%	-0.1%	-0.07%	-0.06%	-0.11%	-0.01%	0.07%	0.06%	0.07%
EBITDA Growth %	-0.08%	0.04%	0.38%	0.07%	-0.03%	-0.88%	0.92%	13.06%	-0.03%	0.19%
D&A (Non-Cash Add-back)	32.25M	50.2M	61.74M	70.88M	89.71M	70.04M	83.15M	100.43M	124.42M	126.65M
EBIT	-210.18M	-219.6M	-155.97M	-155.66M	-166.77M	-238.76M	-91.82M	96.56M	98.07M	155.65M
Net Interest Income+	0	4.01M	5.41M	-3.6M	-656K	-13.96M	-27.31M	12.57M	42.93M	68.2M
Interest Income	0	4.05M	5.42M	18.01M	27.24M	17.44M	9.37M	17.32M	50.41M	76.02M
Interest Expense	0	44K	19K	21.61M	27.9M	31.4M	36.68M	4.75M	7.48M	7.81M
Other Income/Expense	-2M	1.63M	11.45M	-8.02M	-3.38M	-9.13M	-30.1M	8.29M	37.03M	62.58M
Pretax Income+	-212.18M	-243.18M	-173.71M	-177.27M	-194.67M	-270.16M	-128.5M	91.81M	90.59M	147.83M
Pretax Margin %	-0.48%	-0.33%	-0.17%	-0.13%	-0.12%	-0.16%	-0.06%	0.03%	0.03%	0.05%
Income Tax+	1.57M	1.89M	3.89M	1.09M	6.32M	11.92M	14.76M	18.74M	29.27M	41.09M
Effective Tax Rate %	1.01%	1.01%	1.02%	1.01%	1.03%	1.04%	1.11%	0.8%	0.68%	0.72%
Net Income+	-213.75M	-245.07M	-177.6M	-178.36M	-200.99M	-282.08M	-143.26M	73.07M	61.31M	106.74M
Net Margin %	-0.49%	-0.33%	-0.17%	-0.13%	-0.12%	-0.17%	-0.07%	0.03%	0.02%	0.03%
Net Income Growth %	-0.17%	-0.15%	0.28%	-0%	-0.13%	-0.4%	0.49%	1.51%	-0.16%	0.74%
Net Income (Continuing)	-213.75M	-245.07M	-159.88M	-178.36M	-200.99M	-282.08M	-143.26M	73.07M	61.31M	106.74M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-2.59	-1.26	-0.84	-0.77	-0.79	-1.05	-0.50	0.23	0.19	0.31
EPS Growth %	-1.19%	0.51%	0.33%	0.08%	-0.03%	-0.33%	0.52%	1.46%	-0.17%	0.63%
EPS (Basic)	-2.59	-1.26	-0.84	-0.77	-0.79	-1.05	-0.50	0.24	0.20	0.33
Diluted Shares Outstanding	82.46M	194.71M	211.61M	232.04M	252.82M	267.82M	285.88M	339.18M	332.57M	342.7M
Basic Shares Outstanding	82.46M	194.71M	211.61M	232.04M	252.82M	267.82M	285.88M	299.48M	311.83M	325.77M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	788.07M	780.08M	944.83M	1.7B	1.89B	1.91B	2.19B	2.48B	2.5B	2.57B
Cash & Short-Term Investments	604.74M	546.66M	597.35M	1.2B	1.3B	1.25B	1.41B	1.58B	1.53B	1.52B
Cash Only	604.74M	183.68M	244.06M	447.99M	362.63M	337.15M	466.2M	580.85M	702.54M	723.58M
Short-Term Investments	0	362.99M	353.29M	749.48M	936.52M	916.39M	947.07M	1B	828.56M	798.24M
Accounts Receivable	126.32M	168.98M	243M	378.73M	458.64M	460.88M	542.14M	612.49M	662.18M	680.86M
Days Sales Outstanding	104.71	83.44	86.55	101.66	101.86	99.88	90.74	81.19	85.39	78.44
Inventory	20.65M	23.5M	34.5M	44.69M	38.52M	46.73M	38.94M	52.09M	42.66M	42.81M
Days Inventory Outstanding	44.89	34	35.59	35.65	27.57	31.87	20.07	22.22	19.24	16.35
Other Current Assets	15.7M	15.79M	21.09M	29.24M	37.15M	57.18M	81.59M	68.62M	262.12M	321.79M
Total Non-Current Assets+	82.71M	119.66M	134.57M	271.2M	473.81M	911.27M	943.14M	1.07B	1.16B	1.4B
Property, Plant & Equipment	52.63M	81.69M	89.14M	125.35M	235.59M	297.71M	307.05M	431.36M	482.55M	608.39M
Fixed Asset Turnover	8.37x	9.05x	11.50x	10.85x	6.98x	5.66x	7.10x	6.38x	5.87x	5.21x
Goodwill	0	0	0	11M	37.58M	358.74M	358.74M	361.43M	361.43M	361.43M
Intangible Assets	6.98M	6.56M	5.06M	20.12M	58.26M	76.65M	62.65M	49.22M	33.01M	19.07M
Long-Term Investments	7.1M	12.73M	14.76M	85.73M	15.29M	10.54M	10.54M	10.54M	0	0
Other Non-Current Assets	15.47M	17.83M	24.55M	27.94M	142.38M	178.18M	214.71M	226.6M	280.72M	407.78M
Total Assets+	870.78M	899.75M	1.08B	1.97B	2.36B	2.82B	3.14B	3.55B	3.66B	3.96B
Asset Turnover	0.51x	0.82x	0.95x	0.69x	0.70x	0.60x	0.70x	0.78x	0.77x	0.80x
Asset Growth %	1.41%	0.03%	0.2%	0.83%	0.2%	0.19%	0.11%	0.13%	0.03%	0.08%
Total Current Liabilities+	184.53M	273.13M	380.84M	509.82M	614.74M	760.65M	952.32M	1.75B	1.37B	1.6B
Accounts Payable	38.19M	52.72M	84.42M	103.46M	77.65M	67.53M	70.7M	67.12M	82.76M	112.39M
Days Payables Outstanding	83.02	76.27	87.1	82.54	55.59	46.05	36.43	28.63	37.32	42.93
Short-Term Debt	0	0	0	0	27.26M	32.23M	35.1M	574.51M	0	100M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	37.76M	21.38M	195.28M	32.71M	94.49M	138.19M	185.95M	756.14M	94.92M	0
Current Ratio	4.27x	2.86x	2.48x	3.34x	3.08x	2.51x	2.30x	1.41x	1.83x	1.61x
Quick Ratio	4.16x	2.77x	2.39x	3.25x	3.01x	2.45x	2.26x	1.38x	1.80x	1.58x
Cash Conversion Cycle	66.58	41.16	35.05	54.77	73.85	85.7	74.37	74.78	67.31	51.86
Total Non-Current Liabilities+	122.9M	148.19M	200.66M	725.43M	919.35M	1.31B	1.43B	852.36M	1.02B	1.06B
Long-Term Debt	0	0	0	449.83M	477.01M	755.81M	786.78M	0	100M	0
Capital Lease Obligations	0	0	0	0	92.98M	120.36M	93.48M	142.47M	123.38M	137.28M
Deferred Tax Liabilities	0	11.22M	21.22M	41.77M	5.32M	0	0	0	0	0
Other Non-Current Liabilities	1.21M	3.16M	4.03M	6.26M	8.08M	27.23M	31.11M	42.38M	54.33M	82.18M
Total Liabilities	307.43M	421.31M	581.5M	1.24B	1.53B	2.07B	2.38B	2.6B	2.39B	2.66B
Total Debt+	0	0	0	449.83M	597.25M	908.41M	951.49M	750.69M	272.25M	281.15M
Net Debt	-604.74M	-183.68M	-244.06M	1.84M	234.61M	571.26M	485.29M	169.83M	-430.28M	-442.43M
Debt / Equity	-	-	-	0.61x	0.72x	1.21x	1.26x	0.80x	0.21x	0.22x
Debt / EBITDA	-	-	-	-	-	-	-	4.08x	1.53x	1.33x
Net Debt / EBITDA	-	-	-	-	-	-	-	0.92x	-2.42x	-2.09x
Interest Coverage	-	-5028.91x	-8812.32x	-7.83x	-6.86x	-8.31x	-2.68x	17.59x	7.16x	10.91x
Total Equity+	563.35M	478.43M	497.91M	737.78M	830.12M	750.01M	754.34M	941.23M	1.27B	1.31B
Equity Growth %	2.88%	-0.15%	0.04%	0.48%	0.13%	-0.1%	0.01%	0.25%	0.35%	0.03%
Book Value per Share	6.83	2.46	2.35	3.18	3.28	2.80	2.64	2.77	3.82	3.81
Total Shareholders' Equity	563.35M	478.43M	497.91M	737.78M	830.12M	750.01M	754.34M	941.23M	1.27B	1.31B
Common Stock	1.12B	1.28B	1.48B	1.82B	2.11B	2.31B	2.47B	2.49B	32K	33K
Retained Earnings	-555.34M	-802.48M	-980.08M	-1.08B	-1.28B	-1.57B	-1.71B	-1.54B	-1.48B	-1.37B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-52.21M	-562K	-1.92M	-338K	5.45M	7.41M	-8.37M	-15.5M	-3.78M	954K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	-7.86M	-14.36M	72.76M	164.42M	189.57M	187.64M	410.13M	767.23M	677.72M	753.6M
Operating CF Margin %	-0.02%	-0.02%	0.07%	0.12%	0.12%	0.11%	0.19%	0.28%	0.24%	0.24%
Operating CF Growth %	0.95%	-0.83%	6.07%	1.26%	0.15%	-0.01%	1.19%	0.87%	-0.12%	0.11%
Net Income	-213.75M	-245.07M	-177.6M	-178.36M	-200.99M	-282.08M	-143.26M	73.07M	61.31M	106.74M
Depreciation & Amortization	32.25M	50.2M	61.74M	70.88M	89.71M	70.04M	83.15M	100.43M	124.42M	126.65M
Stock-Based Compensation	58.23M	116.67M	150.67M	210.65M	226.71M	242.34M	286.96M	327.62M	331.43M	421.31M
Deferred Taxes	0	0	-216K	-3.7M	0	7.5M	0	0	0	0
Other Non-Cash Items	10.81M	1.58M	2.05M	19.69M	28.52M	36.41M	45.12M	7.36M	18.32M	12.8M
Working Capital Changes	104.61M	62.25M	35.89M	45.27M	45.63M	113.42M	138.15M	258.76M	142.24M	86.1M
Change in Receivables	-67.29M	-44.05M	-74.5M	-135.65M	-79.44M	410K	-81.25M	-70.72M	-49.69M	-18.64M
Change in Inventory	1.48M	-3.78M	-12.6M	-12.29M	2.39M	-8.69M	4.12M	-12.56M	6.81M	-1.04M
Change in Payables	24.9M	10.64M	29.28M	14.29M	-18.86M	-14.36M	6.71M	-7.08M	13.47M	30.44M
Cash from Investing+	-41.84M	-447.22M	-59.19M	-511.34M	-324.71M	-418.11M	-153.28M	-221.41M	3.25M	-218.2M
Capital Expenditures	-39.35M	-77.77M	-65.06M	-100.25M	-96.85M	-94.97M	-102.29M	-158.14M	-195.16M	-226.73M
CapEx % of Revenue	0.09%	0.11%	0.06%	0.07%	0.06%	0.06%	0.05%	0.06%	0.07%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.48M	-4.6M	-2.03M	0	0	-5M	-600K	0	0	-1.75M
Cash from Financing+	461.73M	40.52M	46.81M	551.91M	49.25M	200.24M	-127.79M	-431.17M	-560.24M	-509.78M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.31M	40.52M	46.81M	-546.11M	86.2M	91.78M	-10.84M	-19.6M	54.88M	-127.68M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-47.21M	-92.14M	7.7M	64.18M	92.73M	92.67M	307.84M	609.1M	482.56M	526.87M
FCF Margin %	-0.11%	-0.12%	0.01%	0.05%	0.06%	0.06%	0.14%	0.22%	0.17%	0.17%
FCF Growth %	0.76%	-0.95%	1.08%	7.34%	0.44%	-0%	2.32%	0.98%	-0.21%	0.09%
FCF per Share	-0.57	-0.47	0.04	0.28	0.37	0.35	1.08	1.80	1.45	1.54
FCF Conversion (FCF/Net Income)	0.04x	0.06x	-0.41x	-0.92x	-0.94x	-0.67x	-2.86x	10.50x	11.05x	7.06x
Interest Paid	0	0	0	371K	718K	2.28M	5.02M	1.19M	5.83M	7.18M
Taxes Paid	1.12M	2.87M	3.09M	4.7M	4.82M	10.52M	12.66M	14.39M	28.67M	38.08M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-162.23%	-47.05%	-36.38%	-28.87%	-25.64%	-35.7%	-19.05%	8.62%	5.55%	8.29%
Return on Invested Capital (ROIC)	-	-131%	-45.78%	-25.56%	-15.9%	-16.41%	-5.76%	5.33%	4.12%	7.51%
Gross Margin	61.87%	64.36%	65.31%	66.35%	68.97%	68.22%	67.52%	68.92%	71.4%	69.84%
Net Margin	-48.54%	-33.15%	-17.33%	-13.12%	-12.23%	-16.75%	-6.57%	2.65%	2.17%	3.37%
Debt / Equity	-	-	-	0.61x	0.72x	1.21x	1.26x	0.80x	0.21x	0.22x
Interest Coverage	-	-5028.91x	-8812.32x	-7.83x	-6.86x	-8.31x	-2.68x	17.59x	7.16x	10.91x
FCF Conversion	0.04x	0.06x	-0.41x	-0.92x	-0.94x	-0.67x	-2.86x	10.50x	11.05x	7.06x
Revenue Growth	152.41%	67.87%	38.64%	32.7%	20.86%	2.48%	29.49%	26.26%	2.8%	11.92%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	-	-	1.24B	-	1.44B	1.79B	1.62B	1.7B
Product Growth	-	-	-	-	-	-	-	24.25%	-9.45%	4.72%
Service	-	-	-	-	-	-	738.51M	961.28M	1.21B	1.47B
Service Growth	-	-	-	-	-	-	-	30.16%	25.64%	21.60%
Product Revenue And Support Subscription Revenue	-	-	-	191.1M	-	557.39M	-	-	-	-
Product Revenue And Support Subscription Revenue Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	-	-	979.45M	1.18B	1.2B	1.58B	1.97B	1.98B	2.21B
UNITED STATES Growth	-	-	-	-	20.98%	0.89%	32.17%	24.79%	0.38%	11.52%
Non-US	-	166.63M	260.63M	380.37M	458.52M	488.75M	600.83M	781.68M	851.3M	960.79M
Non-US Growth	-	-	56.42%	45.94%	20.54%	6.59%	22.93%	30.10%	8.91%	12.86%
Non Us	96.71M	-	-	-	-	-	-	-	-	-
Non Us Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Pure Storage, Inc. (PSTG) has a price-to-earnings (P/E) ratio of 233.4x. This suggests investors expect higher future growth.

Growth & Financials

Pure Storage, Inc. (PSTG) reported $3.35B in revenue for fiscal year 2025. This represents a 7740% increase from $42.7M in 2014.

Pure Storage, Inc. (PSTG) grew revenue by 11.9% over the past year. This is steady growth.

Yes, Pure Storage, Inc. (PSTG) is profitable, generating $139.2M in net income for fiscal year 2025 (3.4% net margin).

Dividend & Returns

Pure Storage, Inc. (PSTG) has a return on equity (ROE) of 8.3%. This is below average, suggesting room for improvement.

Pure Storage, Inc. (PSTG) generated $549.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Pure Storage, Inc. (PSTG) 10-Year Financial Performance & Capital Metrics

PSTG • • Industrial / General

TechnologyComputer HardwareData Storage SystemsEnterprise Storage Solutions

Revenue $3.17B +11.9%
EBITDA $212M +19.1%
Net Income $107M +74.1%
EPS (Diluted) 0.31 +63.2%
Gross Margin 69.84% -2.2%
EBITDA Margin 6.69% +6.4%
Operating Margin 2.69% +42.3%
Net Margin 3.37% +55.5%
ROE 8.29% +49.4%
ROIC 7.51% +82.3%
Debt/Equity 0.22 +0.4%
Interest Coverage 10.91 +52.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 16.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.0%

✗Weaknesses

✗Expensive at 19.0x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y33.63%

5Y14.03%

3Y13.26%

TTM11.31%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM1.98%

EPS CAGR

10Y-

5Y-

3Y-

TTM2.5%

ROCE

10Y Avg-13.76%

5Y Avg-1.57%

3Y Avg3.49%

Latest3.66%

Peer Comparison

Enterprise Storage Solutions

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PSTGPure Storage, Inc.	23.89B	72.36	233.42	11.92%	4.15%	10.55%	2.21%	0.22
NTAPNetApp, Inc.	21.47B	108.40	19.12	4.85%	17.73%	119.37%	6.23%	3.36
QMCOQuantum Corporation	129.52M	7.91	-0.35	-12.05%	-55.7%

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	440.33M	739.17M	1.02B	1.36B	1.64B	1.68B	2.18B	2.75B	2.83B	3.17B
Revenue Growth %	1.52%	0.68%	0.39%	0.33%	0.21%	0.02%	0.29%	0.26%	0.03%	0.12%
Cost of Goods Sold+	167.89M	252.28M	353.78M	457.53M	509.89M	535.25M	708.33M	855.79M	809.43M	955.46M
COGS % of Revenue	0.38%	0.34%	0.35%	0.34%	0.31%	0.32%	0.32%	0.31%	0.29%	0.3%
Gross Profit+	272.44M	475.7M	669.24M	902.3M	1.13B	1.15B	1.47B	1.9B	2.02B	2.21B
Gross Margin %	0.62%	0.64%	0.65%	0.66%	0.69%	0.68%	0.68%	0.69%	0.71%	0.7%
Gross Profit Growth %	1.81%	0.75%	0.41%	0.35%	0.26%	0.01%	0.28%	0.29%	0.07%	0.09%
Operating Expenses+	482.62M	708.16M	838.41M	1.07B	1.32B	1.41B	1.57B	1.81B	1.97B	2.13B
OpEx % of Revenue	1.1%	0.96%	0.82%	0.79%	0.81%	0.84%	0.72%	0.66%	0.7%	0.67%
Selling, General & Admin	315.98M	444.69M	575.2M	721.62M	891.17M	898.49M	988.98M	1.12B	1.2B	1.31B
SG&A % of Revenue	0.72%	0.6%	0.56%	0.53%	0.54%	0.53%	0.45%	0.41%	0.42%	0.41%
Research & Development	166.65M	245.82M	279.2M	349.94M	433.66M	480.47M	581.93M	692.53M	736.76M	804.4M
R&D % of Revenue	0.38%	0.33%	0.27%	0.26%	0.26%	0.29%	0.27%	0.25%	0.26%	0.25%
Other Operating Expenses	0	30M	0	0	0	31M	0	0	33.61M	15.9M
Operating Income+	-210.18M	-221.27M	-167.43M	-169.26M	-191.28M	-261.03M	-98.4M	83.51M	53.55M	85.26M
Operating Margin %	-0.48%	-0.3%	-0.16%	-0.12%	-0.12%	-0.15%	-0.05%	0.03%	0.02%	0.03%
Operating Income Growth %	-0.16%	-0.05%	0.24%	-0.01%	-0.13%	-0.36%	0.62%	1.85%	-0.36%	0.59%
EBITDA+	-177.93M	-171.07M	-105.69M	-98.38M	-101.57M	-190.99M	-15.25M	183.94M	177.97M	211.91M
EBITDA Margin %	-0.4%	-0.23%	-0.1%	-0.07%	-0.06%	-0.11%	-0.01%	0.07%	0.06%	0.07%
EBITDA Growth %	-0.08%	0.04%	0.38%	0.07%	-0.03%	-0.88%	0.92%	13.06%	-0.03%	0.19%
D&A (Non-Cash Add-back)	32.25M	50.2M	61.74M	70.88M	89.71M	70.04M	83.15M	100.43M	124.42M	126.65M
EBIT	-210.18M	-219.6M	-155.97M	-155.66M	-166.77M	-238.76M	-91.82M	96.56M	98.07M	155.65M
Net Interest Income+	0	4.01M	5.41M	-3.6M	-656K	-13.96M	-27.31M	12.57M	42.93M	68.2M
Interest Income	0	4.05M	5.42M	18.01M	27.24M	17.44M	9.37M	17.32M	50.41M	76.02M
Interest Expense	0	44K	19K	21.61M	27.9M	31.4M	36.68M	4.75M	7.48M	7.81M
Other Income/Expense	-2M	1.63M	11.45M	-8.02M	-3.38M	-9.13M	-30.1M	8.29M	37.03M	62.58M
Pretax Income+	-212.18M	-243.18M	-173.71M	-177.27M	-194.67M	-270.16M	-128.5M	91.81M	90.59M	147.83M
Pretax Margin %	-0.48%	-0.33%	-0.17%	-0.13%	-0.12%	-0.16%	-0.06%	0.03%	0.03%	0.05%
Income Tax+	1.57M	1.89M	3.89M	1.09M	6.32M	11.92M	14.76M	18.74M	29.27M	41.09M
Effective Tax Rate %	1.01%	1.01%	1.02%	1.01%	1.03%	1.04%	1.11%	0.8%	0.68%	0.72%
Net Income+	-213.75M	-245.07M	-177.6M	-178.36M	-200.99M	-282.08M	-143.26M	73.07M	61.31M	106.74M
Net Margin %	-0.49%	-0.33%	-0.17%	-0.13%	-0.12%	-0.17%	-0.07%	0.03%	0.02%	0.03%
Net Income Growth %	-0.17%	-0.15%	0.28%	-0%	-0.13%	-0.4%	0.49%	1.51%	-0.16%	0.74%
Net Income (Continuing)	-213.75M	-245.07M	-159.88M	-178.36M	-200.99M	-282.08M	-143.26M	73.07M	61.31M	106.74M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-2.59	-1.26	-0.84	-0.77	-0.79	-1.05	-0.50	0.23	0.19	0.31
EPS Growth %	-1.19%	0.51%	0.33%	0.08%	-0.03%	-0.33%	0.52%	1.46%	-0.17%	0.63%
EPS (Basic)	-2.59	-1.26	-0.84	-0.77	-0.79	-1.05	-0.50	0.24	0.20	0.33
Diluted Shares Outstanding	82.46M	194.71M	211.61M	232.04M	252.82M	267.82M	285.88M	339.18M	332.57M	342.7M
Basic Shares Outstanding	82.46M	194.71M	211.61M	232.04M	252.82M	267.82M	285.88M	299.48M	311.83M	325.77M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	788.07M	780.08M	944.83M	1.7B	1.89B	1.91B	2.19B	2.48B	2.5B	2.57B
Cash & Short-Term Investments	604.74M	546.66M	597.35M	1.2B	1.3B	1.25B	1.41B	1.58B	1.53B	1.52B
Cash Only	604.74M	183.68M	244.06M	447.99M	362.63M	337.15M	466.2M	580.85M	702.54M	723.58M
Short-Term Investments	0	362.99M	353.29M	749.48M	936.52M	916.39M	947.07M	1B	828.56M	798.24M
Accounts Receivable	126.32M	168.98M	243M	378.73M	458.64M	460.88M	542.14M	612.49M	662.18M	680.86M
Days Sales Outstanding	104.71	83.44	86.55	101.66	101.86	99.88	90.74	81.19	85.39	78.44
Inventory	20.65M	23.5M	34.5M	44.69M	38.52M	46.73M	38.94M	52.09M	42.66M	42.81M
Days Inventory Outstanding	44.89	34	35.59	35.65	27.57	31.87	20.07	22.22	19.24	16.35
Other Current Assets	15.7M	15.79M	21.09M	29.24M	37.15M	57.18M	81.59M	68.62M	262.12M	321.79M
Total Non-Current Assets+	82.71M	119.66M	134.57M	271.2M	473.81M	911.27M	943.14M	1.07B	1.16B	1.4B
Property, Plant & Equipment	52.63M	81.69M	89.14M	125.35M	235.59M	297.71M	307.05M	431.36M	482.55M	608.39M
Fixed Asset Turnover	8.37x	9.05x	11.50x	10.85x	6.98x	5.66x	7.10x	6.38x	5.87x	5.21x
Goodwill	0	0	0	11M	37.58M	358.74M	358.74M	361.43M	361.43M	361.43M
Intangible Assets	6.98M	6.56M	5.06M	20.12M	58.26M	76.65M	62.65M	49.22M	33.01M	19.07M
Long-Term Investments	7.1M	12.73M	14.76M	85.73M	15.29M	10.54M	10.54M	10.54M	0	0
Other Non-Current Assets	15.47M	17.83M	24.55M	27.94M	142.38M	178.18M	214.71M	226.6M	280.72M	407.78M
Total Assets+	870.78M	899.75M	1.08B	1.97B	2.36B	2.82B	3.14B	3.55B	3.66B	3.96B
Asset Turnover	0.51x	0.82x	0.95x	0.69x	0.70x	0.60x	0.70x	0.78x	0.77x	0.80x
Asset Growth %	1.41%	0.03%	0.2%	0.83%	0.2%	0.19%	0.11%	0.13%	0.03%	0.08%
Total Current Liabilities+	184.53M	273.13M	380.84M	509.82M	614.74M	760.65M	952.32M	1.75B	1.37B	1.6B
Accounts Payable	38.19M	52.72M	84.42M	103.46M	77.65M	67.53M	70.7M	67.12M	82.76M	112.39M
Days Payables Outstanding	83.02	76.27	87.1	82.54	55.59	46.05	36.43	28.63	37.32	42.93
Short-Term Debt	0	0	0	0	27.26M	32.23M	35.1M	574.51M	0	100M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	37.76M	21.38M	195.28M	32.71M	94.49M	138.19M	185.95M	756.14M	94.92M	0
Current Ratio	4.27x	2.86x	2.48x	3.34x	3.08x	2.51x	2.30x	1.41x	1.83x	1.61x
Quick Ratio	4.16x	2.77x	2.39x	3.25x	3.01x	2.45x	2.26x	1.38x	1.80x	1.58x
Cash Conversion Cycle	66.58	41.16	35.05	54.77	73.85	85.7	74.37	74.78	67.31	51.86
Total Non-Current Liabilities+	122.9M	148.19M	200.66M	725.43M	919.35M	1.31B	1.43B	852.36M	1.02B	1.06B
Long-Term Debt	0	0	0	449.83M	477.01M	755.81M	786.78M	0	100M	0
Capital Lease Obligations	0	0	0	0	92.98M	120.36M	93.48M	142.47M	123.38M	137.28M
Deferred Tax Liabilities	0	11.22M	21.22M	41.77M	5.32M	0	0	0	0	0
Other Non-Current Liabilities	1.21M	3.16M	4.03M	6.26M	8.08M	27.23M	31.11M	42.38M	54.33M	82.18M
Total Liabilities	307.43M	421.31M	581.5M	1.24B	1.53B	2.07B	2.38B	2.6B	2.39B	2.66B
Total Debt+	0	0	0	449.83M	597.25M	908.41M	951.49M	750.69M	272.25M	281.15M
Net Debt	-604.74M	-183.68M	-244.06M	1.84M	234.61M	571.26M	485.29M	169.83M	-430.28M	-442.43M
Debt / Equity	-	-	-	0.61x	0.72x	1.21x	1.26x	0.80x	0.21x	0.22x
Debt / EBITDA	-	-	-	-	-	-	-	4.08x	1.53x	1.33x
Net Debt / EBITDA	-	-	-	-	-	-	-	0.92x	-2.42x	-2.09x
Interest Coverage	-	-5028.91x	-8812.32x	-7.83x	-6.86x	-8.31x	-2.68x	17.59x	7.16x	10.91x
Total Equity+	563.35M	478.43M	497.91M	737.78M	830.12M	750.01M	754.34M	941.23M	1.27B	1.31B
Equity Growth %	2.88%	-0.15%	0.04%	0.48%	0.13%	-0.1%	0.01%	0.25%	0.35%	0.03%
Book Value per Share	6.83	2.46	2.35	3.18	3.28	2.80	2.64	2.77	3.82	3.81
Total Shareholders' Equity	563.35M	478.43M	497.91M	737.78M	830.12M	750.01M	754.34M	941.23M	1.27B	1.31B
Common Stock	1.12B	1.28B	1.48B	1.82B	2.11B	2.31B	2.47B	2.49B	32K	33K
Retained Earnings	-555.34M	-802.48M	-980.08M	-1.08B	-1.28B	-1.57B	-1.71B	-1.54B	-1.48B	-1.37B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-52.21M	-562K	-1.92M	-338K	5.45M	7.41M	-8.37M	-15.5M	-3.78M	954K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	-7.86M	-14.36M	72.76M	164.42M	189.57M	187.64M	410.13M	767.23M	677.72M	753.6M
Operating CF Margin %	-0.02%	-0.02%	0.07%	0.12%	0.12%	0.11%	0.19%	0.28%	0.24%	0.24%
Operating CF Growth %	0.95%	-0.83%	6.07%	1.26%	0.15%	-0.01%	1.19%	0.87%	-0.12%	0.11%
Net Income	-213.75M	-245.07M	-177.6M	-178.36M	-200.99M	-282.08M	-143.26M	73.07M	61.31M	106.74M
Depreciation & Amortization	32.25M	50.2M	61.74M	70.88M	89.71M	70.04M	83.15M	100.43M	124.42M	126.65M
Stock-Based Compensation	58.23M	116.67M	150.67M	210.65M	226.71M	242.34M	286.96M	327.62M	331.43M	421.31M
Deferred Taxes	0	0	-216K	-3.7M	0	7.5M	0	0	0	0
Other Non-Cash Items	10.81M	1.58M	2.05M	19.69M	28.52M	36.41M	45.12M	7.36M	18.32M	12.8M
Working Capital Changes	104.61M	62.25M	35.89M	45.27M	45.63M	113.42M	138.15M	258.76M	142.24M	86.1M
Change in Receivables	-67.29M	-44.05M	-74.5M	-135.65M	-79.44M	410K	-81.25M	-70.72M	-49.69M	-18.64M
Change in Inventory	1.48M	-3.78M	-12.6M	-12.29M	2.39M	-8.69M	4.12M	-12.56M	6.81M	-1.04M
Change in Payables	24.9M	10.64M	29.28M	14.29M	-18.86M	-14.36M	6.71M	-7.08M	13.47M	30.44M
Cash from Investing+	-41.84M	-447.22M	-59.19M	-511.34M	-324.71M	-418.11M	-153.28M	-221.41M	3.25M	-218.2M
Capital Expenditures	-39.35M	-77.77M	-65.06M	-100.25M	-96.85M	-94.97M	-102.29M	-158.14M	-195.16M	-226.73M
CapEx % of Revenue	0.09%	0.11%	0.06%	0.07%	0.06%	0.06%	0.05%	0.06%	0.07%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.48M	-4.6M	-2.03M	0	0	-5M	-600K	0	0	-1.75M
Cash from Financing+	461.73M	40.52M	46.81M	551.91M	49.25M	200.24M	-127.79M	-431.17M	-560.24M	-509.78M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.31M	40.52M	46.81M	-546.11M	86.2M	91.78M	-10.84M	-19.6M	54.88M	-127.68M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-47.21M	-92.14M	7.7M	64.18M	92.73M	92.67M	307.84M	609.1M	482.56M	526.87M
FCF Margin %	-0.11%	-0.12%	0.01%	0.05%	0.06%	0.06%	0.14%	0.22%	0.17%	0.17%
FCF Growth %	0.76%	-0.95%	1.08%	7.34%	0.44%	-0%	2.32%	0.98%	-0.21%	0.09%
FCF per Share	-0.57	-0.47	0.04	0.28	0.37	0.35	1.08	1.80	1.45	1.54
FCF Conversion (FCF/Net Income)	0.04x	0.06x	-0.41x	-0.92x	-0.94x	-0.67x	-2.86x	10.50x	11.05x	7.06x
Interest Paid	0	0	0	371K	718K	2.28M	5.02M	1.19M	5.83M	7.18M
Taxes Paid	1.12M	2.87M	3.09M	4.7M	4.82M	10.52M	12.66M	14.39M	28.67M	38.08M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-162.23%	-47.05%	-36.38%	-28.87%	-25.64%	-35.7%	-19.05%	8.62%	5.55%	8.29%
Return on Invested Capital (ROIC)	-	-131%	-45.78%	-25.56%	-15.9%	-16.41%	-5.76%	5.33%	4.12%	7.51%
Gross Margin	61.87%	64.36%	65.31%	66.35%	68.97%	68.22%	67.52%	68.92%	71.4%	69.84%
Net Margin	-48.54%	-33.15%	-17.33%	-13.12%	-12.23%	-16.75%	-6.57%	2.65%	2.17%	3.37%
Debt / Equity	-	-	-	0.61x	0.72x	1.21x	1.26x	0.80x	0.21x	0.22x
Interest Coverage	-	-5028.91x	-8812.32x	-7.83x	-6.86x	-8.31x	-2.68x	17.59x	7.16x	10.91x
FCF Conversion	0.04x	0.06x	-0.41x	-0.92x	-0.94x	-0.67x	-2.86x	10.50x	11.05x	7.06x
Revenue Growth	152.41%	67.87%	38.64%	32.7%	20.86%	2.48%	29.49%	26.26%	2.8%	11.92%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	-	-	1.24B	-	1.44B	1.79B	1.62B	1.7B
Product Growth	-	-	-	-	-	-	-	24.25%	-9.45%	4.72%
Service	-	-	-	-	-	-	738.51M	961.28M	1.21B	1.47B
Service Growth	-	-	-	-	-	-	-	30.16%	25.64%	21.60%
Product Revenue And Support Subscription Revenue	-	-	-	191.1M	-	557.39M	-	-	-	-
Product Revenue And Support Subscription Revenue Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	-	-	979.45M	1.18B	1.2B	1.58B	1.97B	1.98B	2.21B
UNITED STATES Growth	-	-	-	-	20.98%	0.89%	32.17%	24.79%	0.38%	11.52%
Non-US	-	166.63M	260.63M	380.37M	458.52M	488.75M	600.83M	781.68M	851.3M	960.79M
Non-US Growth	-	-	56.42%	45.94%	20.54%	6.59%	22.93%	30.10%	8.91%	12.86%
Non Us	96.71M	-	-	-	-	-	-	-	-	-
Non Us Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Pure Storage, Inc. (PSTG) has a price-to-earnings (P/E) ratio of 233.4x. This suggests investors expect higher future growth.

Growth & Financials

Pure Storage, Inc. (PSTG) reported $3.35B in revenue for fiscal year 2025. This represents a 7740% increase from $42.7M in 2014.

Pure Storage, Inc. (PSTG) grew revenue by 11.9% over the past year. This is steady growth.

Yes, Pure Storage, Inc. (PSTG) is profitable, generating $139.2M in net income for fiscal year 2025 (3.4% net margin).

Dividend & Returns

Pure Storage, Inc. (PSTG) has a return on equity (ROE) of 8.3%. This is below average, suggesting room for improvement.

Pure Storage, Inc. (PSTG) generated $549.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.