Muthu boy research report — Saturday prata shop closed for the day, apron off, flipping charts instead of prata.
Today, instead of serving kosong and egg, I sit down and dig into this company called Everpure (formerly Pure Storage). Confirmed early 2026 rebrand story, but the core business still same beast: high-performance all-flash enterprise storage, software-defined data platform, and subscription-based services targeting AI, cloud, and database workloads.
🔍 What Muthu boy found (verified, not kopi tiam rumours)
Everpure is basically a “no more HDD era” play — they push full flash storage systems using premium NAND from Samsung and SK Hynix, plus their own controllers and flash modules (DFM architecture). Instead of legacy storage bolted onto old HDD thinking, they run a vertically integrated stack with their Purity OS.
Now they also pivot more into “data platform + subscription”, meaning recurring revenue is becoming more important than one-time hardware sales.
💰 Numbers don’t lie (checked FY2026)
Revenue: ~US$3.66–3.7B full year (+16% YoY)
Q4 revenue: ~US$1.06–1.1B
Gross margin: ~70–74% (very healthy for infra hardware)
Subscription revenue: ~US$1.7B annually, growing fast
RPO (backlog): ~US$3.7B (+40% YoY) → strong future visibility
Operating income: strong growth, improving efficiency
Meaning: orders already in queue like prata queue during breakfast peak hour.
☁️ Why hyperscalers care
AI boom = data explosion.
Flash storage wins because:
faster latency
lower power usage
smaller footprint in data centers
better TCO long term vs HDD
Even though upfront cost higher, NAND cost is falling, so gap is narrowing.
Big validation: Meta already onboard as hyperscaler customer — this is not kopi-level rumour, confirmed strategic win. Market reacted strongly when this came out.
📊 Market position check
Market cap ~US$22–24B range
Seagate around ~US$170B+ (much larger, more mature cycle)
So Everpure still small relative to incumbents
Valuation wise:
not cheap
not value stock
more like “AI infra growth premium story”
⚠️ Risk side (Muthu boy also not blind)
Competition from Dell, NetApp, HPE, hyperscalers themselves
Storage is cyclical (capex slowdown = pain)
High expectations already priced in
Hyperscaler deals can squeeze margins early stage
If growth slows even slightly, multiple can compress fast
🧠 Big picture thesis
This is not just storage company anymore.
It is shifting into:
👉 AI data infrastructure layer
👉 recurring subscription platform
👉 hyperscaler validated enterprise flash leader
If execution continues (20%+ growth + subscription mix rising + hyperscaler expansion), then long-term re-rating into much higher valuation band is possible — but not guaranteed, must sweat it out quarter by quarter.
🍛 Muthu boy final takeaway
Closed prata shop for the day, but this one not kosong research.
Story is real, numbers mostly confirm narrative, but price already not sleeping.
This kind of stock:
can run hard if AI cycle continues
also can get slapped if expectations miss
So position sizing matters more than story excitement.
Now prata shop reopen tomorrow — back to flipping dough, not just flipping stocks.
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