Everpure, Inc
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Everpure (P) trades at 126x trailing earnings and 85x EV/EBITDA versus peer medians of 27x and 14x respectively, pricing in sustained hypergrowth that the most recent completed quarter does not support.
Q1 FY2027 revenue surged 35.2% YoY to $1.05B, but Q2 FY2027 (ended 2 Aug) came in at $861M with 0.0% YoY growth—a sharp deceleration that breaks the AI-driven re-acceleration narrative at exactly the valuation level that requires it. With operating margin at just 3.1% for FY2026, FCF margin of 16.8%, and the stock below its 200-day MA at $74.61 as of 18 Jun, the risk/reward is asymmetric to the downside given the thin margin of safety embedded in the multiple.
What could go wrong
- Q2 zero-growth could be transient. Q2 FY2027's 0.0% YoY revenue growth may reflect seasonality or a demand pause rather than structural deceleration; Q1 FY2027 showed 35.2% growth, so a re-acceleration in Q3 would invalidate the bearish case.
- AI capex supercycle extends. Hyperscaler capex and AI inference demand are cited as tailwinds with price increases up to 40%; if these sustain multi-quarter growth, the premium multiple could be justified.
- Margin expansion trajectory. FY2026 operating margin improved to 3.1% from 2.7% in FY2025 and net income grew 76.3% YoY; continued operating leverage could rapidly compress the effective PE.
- Smart money accumulation. Fund count rose from 58 to 62 quarter-over-quarter as of 30 Jun, and Banque Pictet increased its stake by 5.0% per a 17 Oct filing, suggesting institutional conviction may be building.
What would change my mind
Where this comes from: peer comparison · results, quarter to 2 Aug · results, quarter to 3 May · FY26 fundamentals. Orin's read on P; not advice.
How has the share price moved?
Up 45.3% over twelve months, from $95.47 on 27 Oct 2025 to $138.73 at the Tue 27 Oct 2026 close. Its highest close in that time was $156.97 on 13 Oct 2026; the last close is 11.6% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 73.1M, on 18 Sep 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
- Rose flags: large share sales by the company's own officers and directors, from the Form 4 each one files after trading.
On file
All P filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| FMR | $3.9B | 0.2% |
| BlackRock | $2.7B | 0.0% |
| Vanguard Portfolio Management | $1.3B | 0.1% |
| Vanguard Capital Management | $1.1B | 0.0% |
| State Street | $921.4M | 0.0% |
| Geode Capital Management | $666.1M | 0.0% |
| Disciplined Growth Investors | $366.1M | 6.2% |
| Norges Bank | $304.1M | 0.0% |
| Invesco | $238.8M | 0.0% |
| Northern Trust | $234.4M | 0.0% |
94 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 73 Form 4 filings; open-market trades net −$133.9M. Of the 50 on hand, 0 were open-market purchases and 44 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about P
Orin answers questions about P from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 183× its last 12 months of profit (Tue 27 Oct close) — higher than in 2 of the 4 of its last 5 fiscal years with a P/E (middle 173×); the typical Technology company on the NYSE is at 39.5×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 183×above usual | 173× | 39.5× |
| P/S | 10.8×above usual | 4.61× | — |
| EV/EBITDA | 107×above usual | 58.2× | — |
| P/B | 30.0×above usual | 10.3× | — |
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $141 (from $80 to $215) — 2% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$141
$80 – $215 · +2% against the last close
- 15 buy or overweight
- 1 hold
- 1 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 183× its last 12 months of profit; the middle P/E of the 9 companies it is compared to that made a profit is 28.7×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| PEverpure, Inc | $46B | 183× | 107× | 69.7% | 5.9% | 17% |
| ALABAstera Labs, Inc. Common Stock | $50B | 132× | 149× | 75.1% | 30.7% | 25% |
| DELLDell Technologies Inc. | $319B | 28.7× | 18.6× | 19.8% | 7.5% | n/m |
| HPEHewlett Packard Enterprise Company | $81B | 30.2× | 15.1× | 36.0% | 6.6% | 11% |
| HPQHP Inc. | $30B | 12.7× | 8.8× | 19.8% | 4.1% | n/m |
| MRAMEverspin Technologies, Inc. | $339M | lost money | n/m | 52.3% | −4.2% | −4% |
| NTAPNetApp, Inc. | $45B | 31.7× | 21.3× | 70.6% | 19.2% | 114% |
| SMCISuper Micro Computer, Inc. | $23B | 9.6× | 7.2× | 10.8% | 5.7% | 25% |
| SNDKSandisk Corporation | $189B | 16.8× | 13.9× | 71.5% | 56.5% | 93% |
| STXSeagate Technology Holdings plc | $152B | 33.9× | 27.1× | 50.4% | 31.9% | 245% |
| WDCWestern Digital Corporation | $143B | 13.3× | 22.7× | 52.6% | 69.2% | 114% |
- MRAM: lost money over the last 12 months, so no P/E.
- DELL, HPQ: return on equity is not meaningful (n/m) — book value is below zero.
- MRAM: EV/EBITDA is not meaningful (n/m) — its cash exceeds its market value plus debt, or the business lost money before depreciation.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 183× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now183×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Technology companies on the NYSE were priced at a typical 39.5× their yearly profit (Tue 27 Oct close).
- Now39.5×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $16 a share — 88% below the $138.72 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $16 | 88% below $138.72 |
| Levered | $41 | 70% below $138.72 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.