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P, Everpure Inc.

Everpure is a global technology company providing an integrated storage and data management platform.

As data volumes expand and artificial intelligence (AI) becomes more deeply embedded in customers' operations, the ability to store, manage, govern, and derive greater value from their data is becoming as important as the infrastructure used to store it.

Latest annual: FY2026 10-K

P · Everpure Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$3.7B

+15.6% YoY · 17% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.9B 5-yr avg $2.9B

Gross margin 70% 5-yr avg 70%

Operating margin 4.2% 5-yr avg 1.2%

ROIC 11% 5-yr avg 6%

Owner-earnings margin 16% 5-yr avg 20%

Free cash flow margin 13% 5-yr avg 17%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Products (54%) and Services (46%).
What moves the needle: Operating margin has run around −12% through the cycle on a 68% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Stock-based pay runs about 13% of sales, a real and recurring claim on owners that the GAAP margin understates. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −12%, above 15% in 1 of 10 years). By owner earnings: roughly 12% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 2 lines, the largest Products at 54%.

Revenue by product line, FY2026

Products54%$2.0B
Services46%$1.7B

By geographyUnited States67%International33%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2026

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMMay 2026
											Income statement
$739M	$1.0B	$1.4B	$1.6B	$1.7B	$2.2B	$2.8B	$2.8B	$3.2B	$3.7B	$3.9B	RevenueRevenue
66%	65%	66%	69%	68%	68%	69%	71%	70%	70%	70%	Gross marginGross mgn
11%	9%	10%	10%	11%	9%	9%	9%	9%	9%	9%	SG&A / revenueSG&A/rev
33%	27%	26%	26%	29%	27%	25%	26%	25%	26%	25%	R&D / revenueR&D/rev
($221M)	($167M)	($169M)	($191M)	($261M)	($98M)	$84M	$54M	$85M	$115M	$166M	Operating incomeOp. inc.
−29.9%	−16.3%	−12.4%	−11.6%	−15.5%	−4.5%	3.0%	1.9%	2.7%	3.1%	4.2%	Operating marginOp. mgn
($222M)	($160M)	($178M)	($201M)	($282M)	($143M)	$73M	$61M	$107M	$188M	$226M	Net incomeNet inc.
—	—	—	—	—	—	20%	32%	28%	16%	12%	Effective tax rateTax rate
											Cash flow & returns
($14M)	$73M	$164M	$190M	$188M	$410M	$767M	$678M	$754M	$880M	$776M	Operating cash flowOp. cash
$50M	$62M	$71M	$80M	$57M	$66M	$87M	$113M	$115M	$137M	$145M	DepreciationDeprec.
$40M	$20M	$61M	$83M	$170M	$201M	$280M	$172M	$111M	$73M	($103M)	Working capital & otherWC & other
$77M	$65M	$100M	$88M	$95M	$102M	$158M	$195M	$227M	$264M	$260M	CapexCapex
10.4%	6.3%	7.4%	5.3%	5.6%	4.7%	5.7%	6.9%	7.2%	7.2%	6.6%	Capex / revenueCapex/rev
($65M)	$8M	$94M	$102M	$131M	$344M	$680M	$565M	$639M	$743M	$631M	Owner earningsOwner earn.
−8.7%	0.8%	6.9%	6.2%	7.8%	15.8%	24.7%	20.0%	20.2%	20.3%	16.0%	Owner earnings marginOE mgn
($91M)	$8M	$64M	$102M	$93M	$308M	$609M	$483M	$527M	$616M	$516M	Free cash flowFCF
−12.3%	0.8%	4.7%	6.2%	5.5%	14.1%	22.1%	17.0%	16.6%	16.8%	13.1%	Free cash flow marginFCF mgn
$0	$0	$14M	$52M	$340M	$0	$2M	$0	$0	$4M	$4M	AcquisitionsAcquis.
$0	$0	$20M	$15M	$135M	$200M	$219M	$136M	$374M	$343M	—	BuybacksBuybacks
-49%	-40%	-18%	-16%	-18%	-7%	7%	5%	9%	16%	11%	ROICROIC
-41%	-28%	-24%	-24%	-38%	-19%	8%	5%	8%	13%	16%	Return on equityROE
−41%	−28%	−24%	−24%	−38%	−19%	8%	5%	8%	13%	16%	Retained to equityRetained/eq
											Balance sheet
$547M	$597M	$1.2B	$363M	$337M	$466M	$581M	$703M	$724M	$855M	$1.7B	Cash & investmentsCash+inv
$169M	$243M	$379M	$459M	$461M	$542M	$612M	$662M	$681M	$945M	$887M	ReceivablesReceiv.
$23M	$34M	$45M	$39M	$47M	$39M	$50M	$43M	$43M	$76M	$78M	InventoryInvent.
$53M	$84M	$103M	$78M	$68M	$71M	$67M	$83M	$112M	$153M	$173M	Accounts payablePayables
$140M	$193M	$320M	$420M	$440M	$510M	$596M	$622M	$611M	$867M	$792M	Operating working capitalOper. WC
$780M	$943M	$1.7B	$1.9B	$1.9B	$2.2B	$2.5B	$2.5B	$2.6B	$3.1B	$3.0B	Current assetsCur. assets
$273M	$363M	$510M	$615M	$761M	$952M	$1.7B	$1.4B	$1.6B	$1.9B	$1.9B	Current liabilitiesCur. liab.
2.9×	2.6×	3.3×	3.1×	2.5×	2.3×	1.4×	1.8×	1.6×	1.6×	1.6×	Current ratioCurr. ratio
—	$0	$11M	$38M	$359M	$359M	$361M	$361M	$361M	$365M	$365M	GoodwillGoodwill
$900M	$1.1B	$2.0B	$2.4B	$2.8B	$3.1B	$3.5B	$3.7B	$4.0B	$4.7B	$4.7B	Total assetsAssets
—	$0	$450M	$477M	$756M	$787M	$575M	$100M	$100M	$0	$756M	Total debtDebt
—	($597M)	($748M)	$114M	$419M	$321M	($6M)	($603M)	($624M)	($855M)	($961M)	Net debt / (cash)Net debt
-5028.9×	-8812.3×	-7.8×	-6.9×	-8.3×	-2.7×	17.6×	7.2×	10.9×	34.0×	91.8×	Interest coverageInt. cov.
$537M	$574M	$738M	$830M	$750M	$754M	$941M	$1.3B	$1.3B	$1.4B	$1.4B	Shareholders’ equityEquity
15.8%	14.7%	15.5%	13.8%	14.4%	13.2%	11.9%	11.7%	13.3%	13.1%	12.9%	Stock comp / revenueSBC/rev
											Per share
195M	212M	232M	253M	268M	286M	339M	333M	343M	343M	343M	Shares out (diluted)Shares
$3.80	$4.84	$5.86	$6.50	$6.29	$7.63	$8.12	$8.51	$9.24	$10.68	$11.46	Revenue / shareRev/sh
$-1.14	$-0.76	$-0.77	$-0.79	$-1.05	$-0.50	$0.22	$0.18	$0.31	$0.55	$0.66	EPS (diluted)EPS
$-0.33	$0.04	$0.40	$0.40	$0.49	$1.20	$2.01	$1.70	$1.86	$2.17	$1.84	Owner earnings / shareOE/sh
$-0.47	$0.04	$0.28	$0.40	$0.35	$1.08	$1.80	$1.45	$1.54	$1.80	$1.50	Free cash flow / shareFCF/sh
$0.39	$0.31	$0.43	$0.35	$0.35	$0.36	$0.47	$0.59	$0.66	$0.77	$0.76	Cap. spending / shareCapex/sh
$2.76	$2.71	$3.18	$3.28	$2.80	$2.64	$2.77	$3.82	$3.81	$4.21	$4.20	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+12.2%/yr	+11.2%/yr
Owner earnings / share	—	+34.8%/yr
Capital spending / share	+7.7%/yr	+16.8%/yr
Book value / share	+4.8%/yr	+8.5%/yr

The record, charted

FY2017–2026

Each measure over its full record; the current point and the worst year marked.

Share count

343Mpeak FY2026

ROIC

16%low FY2017

Gross margin

70%low FY2018

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$743Mowner earningsvs.$188Mnet incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2018FY2026

Owner-earnings bridge

FY2022–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business earned $743M of owner earnings, the operating cash left after the $137M it takes just to hold its position. It put $128M more into growth; free cash flow, after that spending, was $616M.

Reported net income$188M

Owner earnings$743M · 20% of revenue

	FY2026	FY2025	FY2024	FY2023	FY2022
Reported net income	$188M	$107M	$61M	$73M	($143M)
Depreciation & amortizationnon-cash charge added back	+$137M	+$115M	+$113M	+$87M	+$66M
Stock-based compensationreal costnon-cash, but a real cost	+$482M	+$421M	+$331M	+$328M	+$287M
Working capital & othertiming of cash in and out, other non-cash items	+$73M	+$111M	+$172M	+$280M	+$201M
Cash from operations	$880M	$754M	$678M	$767M	$410M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$137M	−$115M	−$113M	−$87M	−$66M
Owner earnings	$743M	$639M	$565M	$680M	$344M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$128M	−$112M	−$83M	−$71M	−$36M
Free cash flow	$616M	$527M	$483M	$609M	$308M
Owner-earnings marginowner earnings ÷ revenue	20%	20%	20%	25%	16%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $137M, roughly its depreciation, the rate its assets wear out). The other $128M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $482M), owner earnings is nearer $262M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 34.0×

Comfortable

Operating income $115M ÷ interest expense $3M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$849M

Net cash

Cash $855M + ST investments $749M − debt $756M

What this means
Cash and short-term investments exceed every dollar of debt by $849M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 68d

Long (60+ days)

DSO 94 + DIO 26 − DPO 52 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -16%

Below average through the cycle

10-yr median, range -49%–16%; 7% latest = NOPAT $96M ÷ invested capital $1.3B

Industry peers: median 10%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 7% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 8%

Solid through the cycle

10-yr median margin, range -9%–25%; latest $743M = operating cash $880M − maintenance capex $137M

Industry peers: median 10%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 20% of revenue this year, a 8% median across 10 years. It chose to put $128M more into growth, so free cash flow this year was $616M — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $482M of SBC) leaves $262M.
Are earnings backed by cash? 4.68×

Cash-backed

Cash from ops $880M ÷ net income $188M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 46%

Returns about half

Dividends + buybacks $343M ÷ Owner Earnings $743M

What this means
Of $743M Owner Earnings, $343M (46%) went back to shareholders, $0 dividends, $343M buybacks. But the buybacks barely exceed stock issued to employees ($482M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.93×

Expanding

Capex $264M ÷ depreciation $137M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $3.7B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.60×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $756M vs $1.2B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.36/share (latest year $0.57), the averaged base the calculator's gate runs on, and book value is $4.35/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 10

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −20% → 3% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −20% early to 3% lately, median −12% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2017 · −29.9% op. margin

What this means
Operations went underwater in 2017, understand why before trusting the good years.
Share count +6.5%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Named as a competitive risk

Its FY2026 10-K names artificial intelligence as a competitive threat.

“Our future financial performance depends on our ability to adapt to competitive dynamics and emerging customer demands and trends, such as the opportunities created by the recent advances in artificial intelligence (AI).”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, May 3, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$3.0B

Cash & short-term investments$1.7B
Receivables$887M
Inventory$78M
Other current assets$368M

Current liabilities$1.9B

Accounts payable$173M
Other current liabilities$1.7B

Current ratio1.62×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.58×stricter: inventory excluded

Cash ratio0.91×strictest: cash alone against what's due

Working capital$1.2Bthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+35.2%the freshest read on whether the business is still growing

Current ratio, recent quarters2.0× → 1.6×

Deeper floors

Tangible book value$1.1Bequity stripped of goodwill & intangibles

Net current asset value($258M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$231M$231M of it operating leases

Deferred revenue$2.4Bcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2026

Over the record, the business generated $4.1B of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$1.4B · 34%
Buybacks$1.4B · 35%
Retained (debt / cash)$1.3B · 31%

Returned to owners$1.4B
44% of the owner earnings the business produced over the span, $0 as dividends and $1.4B as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $1.2B.
Average price paid for buybacks—
Buybacks ran $1.4B over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count76.4%
The diluted count rose from 195M to 343M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	Mr. Giancarlo	$9.8M	$14.6M	$344M
2023	Mr. Giancarlo	$11.3M	$15.3M	$680M
2024	Mr. Giancarlo	$36.7M	$40.5M	$565M
2025	Mr. Giancarlo	$14.1M	$45.7M	$639M
2026	Mr. Giancarlo	$18.4M	$40.0M	$743M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio90:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$482M
The slice of the business handed to employees in shares this year, 13% of revenue, equal to 419% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Everpure Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2026.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?76.4%
Diluted shares grew 76.4% over 2017–2026, even as the company spent $1.4B on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Technology Hardware

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
STXSeagate Technology Holdings PLC	$9.1B	28%	13.2%	29%	11%
SNDKSandisk Corporation	$7.4B	16%	-18.7%	-11%	-7%
NTAPNetApp Inc.	$6.9B	67%	18.8%	70%	20%
NATLNCR Atleos Corporation	$4.4B	—	7.0%	10%	6%
DBDDiebold Nixdorf Incorporated	$3.8B	24%	-0.6%	-4%	7%
PEverpure Inc.	$3.7B	69%	-8.1%	-12%	12%
FFIVF5 Inc.	$3.1B	81%	23.1%	26%	27%
VYXNCR Voyix Corporation	$2.7B	25%	2.0%	1%	10%
Group median	—	28%	4.5%	5%	10%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Everpure Inc. has delivered.

Everpure Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Everpure Inc. earns about $431M on its 11.8% median owner-earnings margin. This year’s 20.3% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($431M) Net of stock comp (−$507M) Steady-state · maintenance capex ($640M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’22→’26+8%/yr

Owner-earnings growth · since FY2018+73%/yr

Owner-earnings yield—

P/E (3-yr earnings ’24–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $516M on 332M shares outstanding, per the 10-Q cover, as of 2026-06-01; net cash $961M. The if-converted diluted count is 343M, 3% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($260M) runs well above depreciation ($145M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $640M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh P against another business →

Cite: Owner Scorecard, "Everpure Inc. (P), the owner's record," https://ownerscorecard.com/c/P, data as of 2026-07-09.

Manual order: ← OXY its page in the Manual PAA →

Industry order: ← OSS the Technology Hardware chapter PANW →