Latest Ratios: P/E Ratio 183.4x · EV/EBITDA 106.1x · ROE 13.0%. (2014–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.5B | $23.2B | $23.2B | $13.3B | $9.8B | $7.6B | $6.2B | $4.5B | $4.2B | $4.3B | $2.2B |
| Enterprise Value | $27.9B | $22.6B | $22.8B | $12.9B | $10.0B | $8.0B | $6.8B | $4.7B | $4.2B | $4.0B | $2.0B |
| P/E Ratio → | 183.45 | 142.57 | 218.68 | 210.47 | 125.83 | — | — | — | — | — | — |
| P/S Ratio | 7.78 | 6.33 | 7.33 | 4.70 | 3.56 | 3.47 | 3.68 | 2.74 | 3.06 | 4.16 | 3.00 |
| P/B Ratio | 20.64 | 16.04 | 17.78 | 10.47 | 10.43 | 10.04 | 8.26 | 5.42 | 5.63 | 8.56 | 4.63 |
| P/FCF | 46.27 | 37.66 | 44.09 | 27.56 | 16.12 | 24.60 | 66.85 | 48.53 | 64.76 | 553.77 | — |
| P/OCF | 32.37 | 26.35 | 30.83 | 19.62 | 12.79 | 18.47 | 33.01 | 23.74 | 25.28 | 58.58 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.16 | 7.19 | 4.55 | 3.63 | 3.68 | 4.02 | 2.88 | 3.06 | 3.92 | 2.75 |
| EV / EBITDA | 106.06 | 85.87 | 107.54 | 72.31 | 54.34 | — | — | — | — | — | — |
| EV / EBIT | 242.59 | 97.36 | 146.42 | 131.23 | 103.52 | — | — | — | — | — | — |
| EV / FCF | — | 36.63 | 43.25 | 26.67 | 16.41 | 26.06 | 73.02 | 51.06 | 64.79 | 522.06 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.4% | 70.4% | 69.8% | 71.4% | 68.9% | 67.5% | 68.2% | 69.0% | 66.4% | 65.3% | 64.4% |
| Operating Margin | 3.1% | 3.1% | 2.7% | 1.9% | 3.0% | -4.5% | -15.5% | -11.6% | -12.4% | -16.3% | -29.9% |
| Net Profit Margin | 5.1% | 5.1% | 3.4% | 2.2% | 2.7% | -6.6% | -16.7% | -12.2% | -13.1% | -17.3% | -33.2% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.0% | 13.7% | 8.3% | 5.5% | 8.6% | -19.0% | -35.7% | -25.6% | -28.9% | -36.4% | -47.0% |
| ROA | 4.0% | 4.4% | 2.8% | 1.7% | 2.2% | -4.8% | -10.9% | -9.3% | -11.7% | -17.9% | -27.7% |
| ROIC | 10.7% | 10.3% | 7.5% | 4.1% | 5.4% | -5.8% | -16.4% | -15.9% | -25.6% | -45.8% | -131.0% |
| ROCE | 4.2% | 4.5% | 3.7% | 2.6% | 4.2% | -4.6% | -13.7% | -11.9% | -15.5% | -24.9% | -33.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.22 | 0.21 | 0.81 | 1.21 | 1.21 | 0.72 | 0.61 | — | — |
| Debt / EBITDA | 0.82 | 0.82 | 1.33 | 1.53 | 4.14 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.44 | -0.34 | -0.34 | 0.19 | 0.60 | 0.76 | 0.28 | 0.00 | -0.49 | -0.38 |
| Net Debt / EBITDA | -2.43 | -2.43 | -2.09 | -2.42 | 0.98 | — | — | — | — | — | — |
| Debt / FCF | — | -1.04 | -0.84 | -0.89 | 0.30 | 1.46 | 6.16 | 2.53 | 0.03 | -31.71 | — |
| Interest Coverage | 31.56 | 31.56 | 19.92 | 13.11 | 20.33 | -2.50 | -7.60 | -5.98 | -7.20 | -8208.95 | -4990.93 |
Net cash position: cash ($855M) exceeds total debt ($216M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.60 | 1.60 | 1.61 | 1.83 | 1.42 | 2.30 | 2.51 | 3.08 | 3.34 | 2.61 | 2.86 |
| Quick Ratio | 1.56 | 1.56 | 1.58 | 1.80 | 1.39 | 2.26 | 2.45 | 3.01 | 3.25 | 2.51 | 2.77 |
| Cash Ratio | 0.81 | 0.81 | 0.95 | 1.12 | 0.90 | 1.48 | 1.65 | 2.11 | 2.35 | 1.65 | 2.00 |
| Asset Turnover | — | 0.78 | 0.80 | 0.77 | 0.78 | 0.70 | 0.60 | 0.70 | 0.69 | 0.95 | 0.82 |
| Inventory Turnover | 14.29 | 14.29 | 22.32 | 18.97 | 16.43 | 18.19 | 11.45 | 13.24 | 10.24 | 10.26 | 10.74 |
| Days Sales Outstanding | — | 94.15 | 78.44 | 85.39 | 81.19 | 90.74 | 99.88 | 101.86 | 101.66 | 86.55 | 83.44 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.5% | 0.7% | 0.5% | 0.5% | 0.8% | — | — | — | — | — | — |
| FCF Yield | 2.2% | 2.7% | 2.3% | 3.6% | 6.2% | 4.1% | 1.5% | 2.1% | 1.5% | 0.2% | — |
| Buyback Yield | 0.2% | 0.2% | 1.6% | 1.0% | 2.2% | 2.6% | 2.2% | 0.3% | 0.5% | 0.5% | 1.2% |
| Total Shareholder Yield | 0.2% | 0.2% | 1.6% | 1.0% | 2.2% | 2.6% | 2.2% | 0.3% | 0.5% | 0.5% | 1.2% |
| Shares Outstanding | — | $346M | $343M | $333M | $339M | $286M | $268M | $253M | $232M | $212M | $195M |
NAND supply chain volatility
According to recent market data, PSTG trades at a forward P/E of 37.59, which appears to price in significant future earnings expansion relative to legacy hardware peers like NetApp, whose forward multiples remain substantially more compressed despite their established, albeit slower-growing, enterprise storage market positions.
The current valuation suggests that investors are assigning a software-like multiple to the company, likely anticipating that the transition to subscription-based revenue will eventually drive margin expansion. However, the high P/S ratio of 7.78 warrants caution, as it implies that any deceleration in the adoption of the Evergreen//One model could lead to a sharp contraction in valuation multiples.
Based on reported figures, PSTG's ROIC has fluctuated significantly, reaching a peak of 8.3% in 2026Q4 before retreating to 1.8% in 2027Q1, a trend that suggests the company is still in a phase of heavy capital deployment rather than consistent value compounding.
The volatility in returns on capital appears tied to the aggressive scaling of the asset base and the ongoing investment in R&D. Investors should monitor whether the company can sustain higher ROIC levels as the subscription-based revenue mix matures and the need for incremental capital expenditure begins to moderate.
As reported in financial statements, the cash conversion cycle has shown notable variance, ranging from 30 to 61 days over the last ten quarters, reflecting the inherent challenges of managing inventory and receivables during a transition toward a consumption-based service model.
The fluctuation in the CCC suggests that the company's working capital efficiency is highly sensitive to the timing of large-scale hardware deployments. While the DPO remains relatively stable, the variability in DSO indicates that the company's ability to collect cash is tied to the complex, multi-year nature of its enterprise service contracts.
According to the latest quarterly data, PSTG maintains a current ratio of 1.54, which provides a sufficient cushion to navigate potential supply chain disruptions or temporary slowdowns in enterprise IT spending without requiring immediate external financing or compromising its ongoing research and development initiatives.
The company's liquidity position appears healthy, particularly given its low debt-to-equity ratio of 0.16. This financial flexibility is critical, as it allows management to absorb the cash flow volatility associated with the shift toward subscription-based revenue recognition while maintaining its competitive edge in the storage hardware market.
The most commonly misapplied metric for PSTG is the traditional P/E ratio, which obscures the company's true earning power by failing to account for the significant non-cash impact of stock-based compensation and the revenue recognition headwinds inherent in the Evergreen//One subscription model.
Analysts should instead focus on metrics like EV/Revenue or adjusted free cash flow, which better capture the underlying velocity of the business. Relying on GAAP P/E ratios likely leads to an inaccurate assessment of the company's profitability, as it ignores the strategic trade-off between current earnings and long-term customer lifetime value.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying PSTG stock.
Everpure, Inc's current P/E ratio is 183.4x. The historical average is 134.2x. This places it at the 100th percentile of its historical range.
Everpure, Inc's current EV/EBITDA is 106.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 70.8x.
Everpure, Inc's return on equity (ROE) is 13.0%. The historical average is -29.0%.
Based on historical data, Everpure, Inc is trading at a P/E of 183.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Everpure, Inc has 70.4% gross margin and 3.1% operating margin.
Everpure, Inc's Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.