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Everpure (P) is reaching new all-time highs and is the top performer in the S&P 500 today following a bullish Analyst Day yesterday. The storage and data management provider reaffirmed its FY27 outlook; however, the main driver is its preliminary FY28 view, where it expects revenue of $7.0-7.3 bln, well above expectations. The outlook implies growth of 39-45%, accelerating from the 37-38% growth implied by its FY27 guide.

• Momentum: P said it has reached an inflection point, with revenue growth accelerating for eight consecutive quarters. The acceleration reflects continued share gains in its core enterprise storage business, while AI is expanding the opportunity as data volumes grow and customers increasingly require accessible, high-performance data for inference and agent workloads.
• Growth vectors: P outlined four growth vectors spanning Core + Core AI, Modern Data Software, Scale AI and Hyperscale Solutions. Core + Core AI includes its existing FlashArray, FlashBlade and Evergreen//One offerings. The latter three expand P into data intelligence and management software, storage for large-scale GPU environments and DirectFlash solutions for hyperscalers.
• TAM: P sees its total addressable market nearly doubling from $108 bln in 2026 to $207 bln by 2030, consisting of $79 bln in Core + Core AI, $97 bln in Hyperscale Solutions, $22 bln in Modern Data Software and $9 bln in Scale AI. These markets are expected to grow at 12%+, 22%+, 26%+ and 18%+ CAGRs, respectively. P also sees its serviceable addressable market expanding from $34 bln to $69 bln.
• Leverage: P expects the faster growth to come with significant operating leverage. FY28 non-GAAP operating income is expected at $1.7-1.9 bln, up 80-100% yr/yr, while operating margin expands to 24-26% from 18.7-18.9% in FY27. Management is targeting a Rule of 40 score of roughly 60-70 in FY28 and a 50-70 range through FY30.
• Hyperscale: P secured a second top-five hyperscaler design win in August, adding to its first win in late 2024, with a meaningful revenue ramp expected in FY28. P is targeting a hyperscale market of more than 1,000 exabytes annually with DirectFlash, which P argues offers greater efficiency and reliability, along with lower operating costs, relative to conventional SSD and HDD architectures.

Briefing.com Analyst Insight

What stands out about P's Analyst Day is the magnitude of the FY28 step-up. P has already been accelerating over the past two years, and now expects growth to accelerate further to 39-45% in FY28 while non-GAAP operating margin expands to 24-26%. That combination suggests its newer growth vectors can scale with substantial operating leverage. Scale AI, Modern Data Software and Hyperscale Solutions meaningfully broaden P's addressable market, while its two hyperscaler design wins provide early validation of that expansion. Execution remains important given the size of the FY28 step-up, but the new framework could support a meaningfully higher long-term growth profile as these markets ramp.