# Pure Storage Is Now Everpure — and Free Cash Flow Just Went Negative (P Stock)

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Text version: https://stenobird.com/podcast/chip-stock-investor-podcast-6441813/pure-storage-is-now-everpure-and-free-cash-flow-just-went-negative-p-stock.md
Podcast: [Chip Stock Investor Podcast](https://stenobird.com/podcast/chip-stock-investor-podcast-6441813)
Published: 2026-09-10T06:19:10+00:00
Episode link: https://podcasters.spotify.com/pod/show/chipstockinvestor/episodes/Pure-Storage-Is-Now-Everpure--and-Free-Cash-Flow-Just-Went-Negative-P-Stock-e3okoqm
Audio file: https://anchor.fm/s/e2cacf78/podcast/play/125509910/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-8-10%2F431588343-44100-2-c770a98d662e6.mp3
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Duration seconds: 1192

## Resource

Pure Storage just rebranded to Everpure — and in the same stretch, free cash flow went negative 20% in a single quarter. Here's what's really going on. Pure Storage has officially rebranded as Everpure (P), reflecting its shift from a storage-hardware company into a broader enterprise data management platform. In this episode, we break down what the rebrand actually signals about the business, then dig into the numbers behind a rough quarter: free cash flow swung negative as the company prepaid roughly $500 million for NAND flash and memory components amid a broader memory shortage. We map where Everpure sits in the semiconductor and data center supply chain, its suppliers (Micron, Kioxia), and its closest public peer, NetApp — comparing revenue growth, gross margin, and free cash flow margin side by side. We also unpack Everpure's growing hyperscaler relationships, including its Meta partnership and a newly disclosed second hyperscaler customer, and what that means for growth heading into fiscal 2028. Finally, we run a reverse DCF at current prices to show exactly what growth and margin assumptions the market is pricing in — and whether this could be a durable, long-term compounder. TIMESTAMPS0:00 - Pure Storage Is Now Everpure — Why the Rebrand Happened1:15 - Where Everpure Fits in the Semiconductor Supply Chain5:00 - Suppliers, Competitors, and the Rise of Vast Data7:00 - The Meta Deal and Second Hyperscaler Explained9:00 - Everpure vs. NetApp: Margins and Growth Compared11:30 - Why Free Cash Flow Went Negative 20% This Quarter14:00 - Product Revenue vs. Subscription Revenue Breakdown16:30 - Reverse DCF: What the Market Is Pricing Into Everpure18:00 - Is Everpure Stock a Buy? Our Long-Term Thesis — If you want the reasoning behind more names like this one, Semicondu…

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